Money for sale

Bitcoin is north of $50K today, which is extremely impressive considering it has no fundamental value in itself.
I never even imagined that it's price would go that high. Does that mean that I'm totally wrong about Bitcoin? No. It means I was totally wrong about the people who buy bitcoin.

If bitcoin couldn't be duplicated then it would have fundamentals.

But we all know that isn't true. An infinite number of cryptocurrencies can be created tomorrow.

The only thing that is special about bitcoin is it's branding.

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20 users have voted.

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CB's picture

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14 users have voted.
CS in AZ's picture

Wow, I am surprised and delighted to see you posted this video gjohnsit! I just watched this earlier today and thought it was great! By far the best explanation of what Bitcoin (and cryptocurrency in general such as NFTs) is all about that I have ever come across, which is to say, he makes it actually understandable!

I was considering sharing this video here myself, but to be honest I figured Thought Slime was probably too far out for the folks here. Smile Yes, really. He has a lot of really great content though; I have been watching many from his extensive back catalog ever since I discovered him a couple of weeks ago. (All thanks to the infamous YouTube Algorithm.)

Thank you for bringing this here. I hope people take the time to watch the video, and also check out more from his channel. ("Defund the Tone Police" is also a fun one that I think people here would likely enjoy.)

As for buying Bitcoin ... yeah, no. That ship has clearly sailed but it never made sense to me. It does demonstrate the incredible power of just believing in something, if you can get enough people to go along with it. I also never had any idea or even thought of considering there's an environmental cost to it. Most enlightening.

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15 users have voted.

@CS in AZ
To his credit he called Bitcoin very early, and has probably gotten rich from it. More power to him. I don't hold that against him at all.

But when I watched the video he just flat out lied about bitcoin's properties. For instance, that there was a finite amount of cryptocurrency in the world, and that it serves as a store of value.

The bigger a speculative bubble gets, the more lies and bullshit get pushed.
Cryptocurrencies have a useful purpose, but only as a means for exchange.

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9 users have voted.
CS in AZ's picture

@gjohnsit

That would be a necessary part of the getting people to believe in and buy into it. People absolutely did and are getting rich from it though, until it falls apart, so a typical ponzi scheme all dressed up for the new century I suppose.

If I may, I would like to go ahead and post the Defund the tone police video here to encourage people to take a look. I am just watching it again and I love it. Smile

This is very relevant to most of what we talk about here and it gave me a new way of thinking about the general political discourse today. And his take down of Obama is pretty rockin' so there is that.

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11 users have voted.
Dawn's Meta's picture

@CS in AZ Listening makes a lot of sense. I saw the Max Keiser episode of Jimmy Dore and felt bad that he sold Jimmy on Bitcoin. This is the guy who went bankrupt because of a terrible bone losing disease that no medical doctor was competent to diagnose until he used every bit of money he could scrape up for the one and only specialist who could help him. By then his body was fairly ruined.

Max is delusional as far as I can tell on this one. I always thought he had integrity, but alas, don't think so now.

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7 users have voted.

A society grows great when old men plant trees in whose shade they know they shall never sit. Allegedly Greek, but more possibly fairly modern quote.

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