I love posts like this, it lets me know most crypto lovers don’t have the first clue what they’re investing in. It’s honestly a bit impressive how you didn’t even try to actually argue against what I said because it’s just a list of facts.
Lol, you want me to spell it out for you dumb-dumb? Ok
4.7% believed to be in the hands of a single person,
You’re talking about Satoshi Nakamoro here. Other than a few test cases, no Bitcoin has ever been moved out of these wallets and Satoshi disappeared in 2010. People have continued to donate to these wallets over the years as a kind of tribute and to burn coins. While it’s technically possible he’s still alive, the fact that there has been zero movement from those accounts and that any movement, no matter how small, would immediately be seen and reported on makes it unlikely that these will ever be touched.
3.1% in the hands of four addresses.
Those are exchange addresses. It’s like trying to say that 4 entities control a percentage of all US currency and then it turns out you’re just talking about banks.
Deflatory so no incentive to use it to make transactions
Except of course the security, the fact it can be used across borders by anyone with an Internet connection, in poorer countries it can be more stable than their own currency, and just general preference.
Value depends on the network effect (i.e. a pyramid scheme)
This is absolute nonsense with “pyramid scheme” attached to the end. As more people use it, the value goes up because it’s accepted more and more places and has a higher liquidity? That’s literally part of every currency ever.
Small transactions now too expensive to be realistic
You show your hand that you haven’t bothered to update your views on Bitcoin since 2019. Not only are fees back to being low on the main network, with the introduction and adoption of the Lightning Network, fees are down to pennies or less.
24% of the supply was created in the first year, 35% over two years.
Yes, that’s how halving works. You present that with an insinuation that any point they could just mint more btc. This is ignorance at best, but more likely intentionally misleading.
Movement of funds takes too long to be useful.
Again, guess you haven’t been paying attention for a few years. This issue has been solved with the Lightning Network with transactions usually going through faster than tap-to-pay transactions with a regular debit/credit card.
Those who got in early are guaranteed to be richer than those who got in late without having made any effort.
Welcome to every investment opportunity. Those who get in early take a higher risk for more reward.
So yea, every point either misleading, or straight up wrong.
You’re right. But they don’t want to hear it. Just like how most of the world believes in sky people and don’t want to face reality.
The world has been living on FIAT currency since WW1 when virtually every country left the Gold Standard. It’s been ingrained into everyone that deflation = bad, inflation = good. Yet at the same time every single financial advisor recommends dumping your savings into deflationary assets (houses, stocks, etc)… Okay. Makes sense to me.
We’re blindly trusting this person not to do anything with their fortune!
Exchanges have never done anything shady and (for a second time) we’re trusting them even though they’re all established in countries with as little regulations as possible.
If something that can fluctuate by 50% of its value is more stable than your local currency you’re not investing in it, you’re buying USD, or in the case where you have access to Bitcoin you’re buying stable coins.
What the network effect means is that the only reason it keeps its value is that more people buy it at a price where people who were there earlier are making profit. If there’s no new buyers then it’s worthless. See the pyramid drawing itself now?
So the technology is bad enough that it requires a separate tech to work properly? Going back to your people in poor countries, how do you expect them to deal with the transaction cost to move their funds in and out of the L2 when required if they can only afford to buy a couple of dollars worth at a time?
It just shows how much early adopters could pocket and how unfair it is if it was to become the default currency, even more unfair than regular cash.
See #5 and let’s add that the reason fees are lower and transaction speeds faster is only because demand is low at the moment, Bitcoin’s network hasn’t changed. Still, when transactions were taking an hour or more to go through, how would you have dealt with paying for something if you had realized you didn’t have enough funds on the LN and you needed to transfer from your regular wallet? Or very simply, if you’re paying for something and the person at the receiving end is a true maximalists that sees how flawed the LN is, do you pay them hours ahead for something they’re selling you? That’s what I call a trustless transaction!
Oh so as pointed out in OP’s meme it’s not ok for traditional rich to be rich because they jumped on opportunities, but it’s ok for the Bitcoin rich to be rich because they jumped on an opportunity, got it 👍
I love posts like this, it lets me know most crypto lovers don’t have the first clue what they’re investing in. It’s honestly a bit impressive how you didn’t even try to actually argue against what I said because it’s just a list of facts.
What is the difference between speculating in bitcoin vs speculating on forex or gold? Is gold investing a pyramid scheme?
But that is what the initial post said: bitcoin works as an investment, but not as a currency. Reading comprehension skills are through the floor.
Lol, you want me to spell it out for you dumb-dumb? Ok
You’re talking about Satoshi Nakamoro here. Other than a few test cases, no Bitcoin has ever been moved out of these wallets and Satoshi disappeared in 2010. People have continued to donate to these wallets over the years as a kind of tribute and to burn coins. While it’s technically possible he’s still alive, the fact that there has been zero movement from those accounts and that any movement, no matter how small, would immediately be seen and reported on makes it unlikely that these will ever be touched.
Those are exchange addresses. It’s like trying to say that 4 entities control a percentage of all US currency and then it turns out you’re just talking about banks.
Except of course the security, the fact it can be used across borders by anyone with an Internet connection, in poorer countries it can be more stable than their own currency, and just general preference.
This is absolute nonsense with “pyramid scheme” attached to the end. As more people use it, the value goes up because it’s accepted more and more places and has a higher liquidity? That’s literally part of every currency ever.
You show your hand that you haven’t bothered to update your views on Bitcoin since 2019. Not only are fees back to being low on the main network, with the introduction and adoption of the Lightning Network, fees are down to pennies or less.
Yes, that’s how halving works. You present that with an insinuation that any point they could just mint more btc. This is ignorance at best, but more likely intentionally misleading.
Again, guess you haven’t been paying attention for a few years. This issue has been solved with the Lightning Network with transactions usually going through faster than tap-to-pay transactions with a regular debit/credit card.
Welcome to every investment opportunity. Those who get in early take a higher risk for more reward.
So yea, every point either misleading, or straight up wrong.
You’re right. But they don’t want to hear it. Just like how most of the world believes in sky people and don’t want to face reality.
The world has been living on FIAT currency since WW1 when virtually every country left the Gold Standard. It’s been ingrained into everyone that deflation = bad, inflation = good. Yet at the same time every single financial advisor recommends dumping your savings into deflationary assets (houses, stocks, etc)… Okay. Makes sense to me.
Remember the last time you traded your house for food?
Yeah, me neither 👍
What’s the title line of Bitcoin’s whitepaper?
deleted by creator
We’re blindly trusting this person not to do anything with their fortune!
Exchanges have never done anything shady and (for a second time) we’re trusting them even though they’re all established in countries with as little regulations as possible.
If something that can fluctuate by 50% of its value is more stable than your local currency you’re not investing in it, you’re buying USD, or in the case where you have access to Bitcoin you’re buying stable coins.
What the network effect means is that the only reason it keeps its value is that more people buy it at a price where people who were there earlier are making profit. If there’s no new buyers then it’s worthless. See the pyramid drawing itself now?
So the technology is bad enough that it requires a separate tech to work properly? Going back to your people in poor countries, how do you expect them to deal with the transaction cost to move their funds in and out of the L2 when required if they can only afford to buy a couple of dollars worth at a time?
It just shows how much early adopters could pocket and how unfair it is if it was to become the default currency, even more unfair than regular cash.
See #5 and let’s add that the reason fees are lower and transaction speeds faster is only because demand is low at the moment, Bitcoin’s network hasn’t changed. Still, when transactions were taking an hour or more to go through, how would you have dealt with paying for something if you had realized you didn’t have enough funds on the LN and you needed to transfer from your regular wallet? Or very simply, if you’re paying for something and the person at the receiving end is a true maximalists that sees how flawed the LN is, do you pay them hours ahead for something they’re selling you? That’s what I call a trustless transaction!
Oh so as pointed out in OP’s meme it’s not ok for traditional rich to be rich because they jumped on opportunities, but it’s ok for the Bitcoin rich to be rich because they jumped on an opportunity, got it 👍