I am so happy to receive serious criticism, thank you for that. I just want to say that I don't have all my reserves in Bitcoin. I do own my stocks or other coins, but at my age I still live with my parents, just graduated from high school and have no current expenses.
Believe it or not, I still have dirty fiat as a reserve for emergencies.
Of course, Bitcoin doesn't have to experience the total mass adoption that many people imagine, but to be honest, that's not so important to me because I know that Bitcoin is already helping and has helped a lot of people and will very likely continue to do so in the future due to its properties.
You're right, people aren't rational and don't always think much about things (fiat bitcoin/problems), but people don't have to understand bitcoin at all to get sucked into it. The majority don't understand fiat either and take out loans anyway. Due to its monetary properties, Bitcoin's game theory alludes to the fact that Bitcoin could prove to be a superior store of value and draw people into the ecosystem as a result. I could go on at length, but it's too stupid for me to write.
On your last point you have a mistake, you are comparing Bitcoin vs other cryptocurrencies to Microsoft vs Apple, which is a bit off the mark.
Yes Bitcoin has the first mover advantage and was able to build a PoW without attracting much attention and the advantage that the "founder" has gone underground.
The other cryptocurrencies have a disadvantage compared to Bitcoin not only because of the first mover, but in the whole idea behind it, they are not decentralized and therefore do not have good monetary properties. This will eventually draw everyone into Bitcoin (if you can use it in terms of tps etc., which I strongly assume you can)
That's why I see the best bet ever before my eyes, it doesn't have to work out but the risk asymmetry is huge. If Bitcoin fails, I will go down with Bitcoin and be sad that we will never be able to build such a decentralized network again and our money will always be centrally governed.
But if bitcoin doesn't fail, then I'LL BUY A LAMBO🤤
Believe it or not, I still have dirty fiat as a reserve for emergencies.
Of course, Bitcoin doesn't have to experience the total mass adoption that many people imagine, but to be honest, that's not so important to me because I know that Bitcoin is already helping and has helped a lot of people and will very likely continue to do so in the future due to its properties.
You're right, people aren't rational and don't always think much about things (fiat bitcoin/problems), but people don't have to understand bitcoin at all to get sucked into it. The majority don't understand fiat either and take out loans anyway. Due to its monetary properties, Bitcoin's game theory alludes to the fact that Bitcoin could prove to be a superior store of value and draw people into the ecosystem as a result. I could go on at length, but it's too stupid for me to write.
On your last point you have a mistake, you are comparing Bitcoin vs other cryptocurrencies to Microsoft vs Apple, which is a bit off the mark.
Yes Bitcoin has the first mover advantage and was able to build a PoW without attracting much attention and the advantage that the "founder" has gone underground.
The other cryptocurrencies have a disadvantage compared to Bitcoin not only because of the first mover, but in the whole idea behind it, they are not decentralized and therefore do not have good monetary properties. This will eventually draw everyone into Bitcoin (if you can use it in terms of tps etc., which I strongly assume you can)
That's why I see the best bet ever before my eyes, it doesn't have to work out but the risk asymmetry is huge. If Bitcoin fails, I will go down with Bitcoin and be sad that we will never be able to build such a decentralized network again and our money will always be centrally governed.
But if bitcoin doesn't fail, then I'LL BUY A LAMBO🤤
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@Stewie I don't even want to discuss here why Bitcoin is so great or so bad. Ultimately, it doesn't matter. A bad product can also be successful, just as a good product cannot be successful. That's it.
How do you know that there won't be a more decentralized currency than Bitcoin at some point? Or that Bitcoin will become more centralized? Or both?
Anyway, if you're aware of your risk and want to go down with Bitcoin or get a Lambo, good luck 😘
How do you know that there won't be a more decentralized currency than Bitcoin at some point? Or that Bitcoin will become more centralized? Or both?
Anyway, if you're aware of your risk and want to go down with Bitcoin or get a Lambo, good luck 😘
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@DonkeyInvestor Bitcoin is anchored at the lowest level (energy/time) and is decentralized through this model. How do you want to make it even more decentralized? Therefore, if Bitcoin fails, all decentralized ideas will fail afterwards imo.
You're comparing money with laptops. They are two completely different things. If one money can't hold its value, such as Venezuelan pezos (bad product), then it won't be used either, provided you have an alternative
You're comparing money with laptops. They are two completely different things. If one money can't hold its value, such as Venezuelan pezos (bad product), then it won't be used either, provided you have an alternative
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@Stewie I really don't want to have the 400th discussion about Bitcoin technology here 😅. The point is simply that even if Bitcoin is the best solution, it won't necessarily be used accordingly. That's it. If you don't like my examples, no problem, think of others. There are always reasons why something fails, even if nobody expected it to
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@Stewie It may be necessary to differentiate again here what is meant by all-in.
For me, and probably for many people, it's more about the later portfolio, which is used as a retirement provision, for example. In other words, when you have already paid in for a few years. You're still just starting out and everything can still change, especially if your life situation, job, etc. changes.
With a few €100 or even a four-digit all-in amount, you still have enough money to somehow cope with the loss.
With 5-6 digit sums, I personally wouldn't be able to live with an all-in risk.
For me, and probably for many people, it's more about the later portfolio, which is used as a retirement provision, for example. In other words, when you have already paid in for a few years. You're still just starting out and everything can still change, especially if your life situation, job, etc. changes.
With a few €100 or even a four-digit all-in amount, you still have enough money to somehow cope with the loss.
With 5-6 digit sums, I personally wouldn't be able to live with an all-in risk.
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•@Michele1988 Yes, I see what you mean. I'm 18 and for me that's a "bet" I can totally take.
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@erT Depending on what you mean. If people adopt Bitcoin and accept it in the stores, then it's adoption. If they also use it and bring it into their daily lives, it's adoption
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