Quote:
Originally Posted by Monkey Throttle
Out of curiosity, and I’m asking this question for all the non-believers… and I’m asking for real….What is the benchmark you would use to eventually determine that Bitcoin is not a tulip bulb, magic seed or a piece of paper cut into 15 parts?
Is the benchmark worldwide adoption? Wall St.? Main St.? $100,000 BTC? $500,000 BTC?
Who or what would trigger your reframe of Bitcoin as a worthless money scam to a legitimate asset? What would make you rethink it?
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My original post was in jest. But for me personally, try as I might, I have not been able to understand the value of bitcoin. I have watched many hours of the Michael Saylors of the world wax poetic about its virtues, and, while I dont disagree with many of the flaws they point out in the global monetary system, I still cant see any value in this digital "asset". As imperfect as the fiat system may be, currency is still backed by a government/nation and has centuries of culturally ingrained association (i.e. "the value of a dollar"). But what about a store of value like gold you might say? Well, gold is a physical asset with utility. It is a tangible object with use. Bitcoin is not tangible and has no utility.
I am not denying that many people have made a lot of money in bitcoin, including several people I know well. Their doom and gloom outlook on the world further bolsters their belief in Bitcoin as they are expecting some type of economic and societal collapse resulting from the current monetary policies of the world...but I choose to be happier and more optimisitic
That is nother discussion though...