All the legends are changing their minds. At this point if you still think its all a bubble based on nothing, you are a frigging moron https://cointelegraph.com/news/ray-dalio-does-180-on-bitcoin-calls-it-one-hell-of-an-invention
The real problem IMO is the proof of work algorithm. It is an interesting computer science idea on paper but at a global scale it is beyond stupid and a total waste of resources.
Bitcoin, I believe, is a government psyop. An experiment, if you will. Since we're calling people morons, you have to be a moron to think that bitcoin is going to take over the financial system. Governments will simply create their own electronic currency instead of adopting one that they don't control. Even as a currency between private parties, that can only go so far because bitcoin isn't legal tender. Meaning that it can't be used to pay taxes or debts. To pay for either in bitcoin, you have to convert bitcoin to dollars. So, let's not jump out of the window with our capes on calling names just because someone isn't buying into the hype. Don't confuse a bull market with anything else.
Say after me: Appeal to authority I think we already danced to this song. Here is education for you, so I don't have to go one by one: https://thebestschools.org/magazine/15-logical-fallacies-know/ Leading up to 2000 I bet all HF managers signed up for and invested in the new tech websites. Because it was a new market economy, until it wasn't. We are reaching that state again. But he is right, it is one interesting invention.
I think BTC is cool as its own separate thing. What i think most peoples misdirected hard-on for BTC is not about BTC itself, its the tech behind BTC. That is what makes BTC valuable, nothing more. once governments adopt Blockchain in a more ubiquitous fashion, then BTC goes bye bye.
Yea great, too bad that is not what bitcoin is using. I really wonder how many people that comment on bitcoin have read Satoshi's paper? 1%? That seems too high. How many people realize that a proof of work blockchain is solving an absolutely useless cryptographic puzzle? BTC is not a scam but at a thousand foot view we are metaphorically digging empty holes then someone else fills in the hole to validate a currency that basically no one uses. That is not genius that is stupid.