Lol. Laughing stock, eh?
If these are people who are diehard fans of fiat, then it is very clear who is really laughing right now. But who cares if they are laughing at us? We are the ones making money by just sitting pretty doing nothing but wait. And we are not economists nor graduates of the best universities, etc. We are just believers.
They are obviously just bitter, trying to sweet lemons, either because they were not able to buy during the cheap days or because their fiat is now being threatened or even laughed at.
Topic: “Bitcoin is the laughing stock of our firm” - page 3. (Read 382 times)
How high must Bitcoin’s price go before they accept it as a self-sovereign Store of Value, HODLed as a hedge in case the Fed/Central Bank, and the government loses control of the financial system?
Bitcoin going higher actually doesn't change the perspective of nocoiners, it might even make them double down on their belief that Bitcoin is a bubble. The only thing that can change their minds if more adoption from institutions that they respect - notable investors, economists, governments, their favorite financial guru, etc.
Nice catch OP, have to say I've seen my fair share of old posts but this one really takes the juice on many levels.
Be super interesting to see where these traders are at today, probably also riding high since last year with stock markets hitting ATHs in various bourses but they'd probably be envious of what Bitcoin's done in the same span of time.
Better still, how many of them have gone to the other side;)
Be super interesting to see where these traders are at today, probably also riding high since last year with stock markets hitting ATHs in various bourses but they'd probably be envious of what Bitcoin's done in the same span of time.
Better still, how many of them have gone to the other side;)
There will be always people who never admit the benefit of bitcoin. So I believe even when bitcoin price goes to infinity, those people will still stick to obsolete investment and the outdated monetary system. Maybe those people are not smart enough to understand the concept of decentralization and globalization in a whole different scale. Afraid to change definitely makes them miss a lot of opportunity in their life.
Well, just keep on buying bitcoin and cryptocurrency. Who knows? maybe one day I will be rich enough to change those people' perspective
Well, just keep on buying bitcoin and cryptocurrency. Who knows? maybe one day I will be rich enough to change those people' perspective
"how high must the price go" (facepalm)
its not the price that sets it as being a good store of value
its the utility of being a store of value that makes it a good store of value
if it costs $5+ to make a transaction..average joe wont will like using it as a store of value for part of their wage
even if it has a 'store of value' status
yep even if gold is a store of value. if people are going to be charged $5 just to get hold of gold above its price. they are not going to want to handle it any any daily/weekly income amount
you might find institutions hoarding large amounts to dilute the fee down to sub percentages. but normal average joe people wont bother with it if it costs them $5 to swap ownership of say $100 amounts.
its not about waiting for a market price to declare 'store of value'
its about the trust/confidence and the underlying value(not market price) and the cost of utility that decides if something is a viable store of value
anyone asking "how high must the price go to" is very much a person that is playing the highschool economics tulip game and not understanding the underlying utility that creates true 'store of value' status.. because their mindset is purely on price spikes and bubbles and ATH's
...
i am pre-empting the usual rebuttal of advertising another network as the solution to the fee problem
anyone thinking that co-signing token payments are 'sovereign' needs to learn what sovereign means and how co-signing tokens is not anything like sovereign utility
no.. locking up gold to play with digital certificates/bonds/promissory notes is not the same as owning gold
no.. locking up btc to play with millisat htlc is not the same as owning btc
bitcoin can become a good store of value when it keeps a good underlying support no one wants to sell below and where it can be moved/transacted without huge fee's
at the moment its not a average joe/unbanked store of value. but a institutional reserve store of value.
its not the price that sets it as being a good store of value
its the utility of being a store of value that makes it a good store of value
if it costs $5+ to make a transaction..average joe wont will like using it as a store of value for part of their wage
even if it has a 'store of value' status
yep even if gold is a store of value. if people are going to be charged $5 just to get hold of gold above its price. they are not going to want to handle it any any daily/weekly income amount
you might find institutions hoarding large amounts to dilute the fee down to sub percentages. but normal average joe people wont bother with it if it costs them $5 to swap ownership of say $100 amounts.
its not about waiting for a market price to declare 'store of value'
its about the trust/confidence and the underlying value(not market price) and the cost of utility that decides if something is a viable store of value
anyone asking "how high must the price go to" is very much a person that is playing the highschool economics tulip game and not understanding the underlying utility that creates true 'store of value' status.. because their mindset is purely on price spikes and bubbles and ATH's
...
i am pre-empting the usual rebuttal of advertising another network as the solution to the fee problem
anyone thinking that co-signing token payments are 'sovereign' needs to learn what sovereign means and how co-signing tokens is not anything like sovereign utility
no.. locking up gold to play with digital certificates/bonds/promissory notes is not the same as owning gold
no.. locking up btc to play with millisat htlc is not the same as owning btc
bitcoin can become a good store of value when it keeps a good underlying support no one wants to sell below and where it can be moved/transacted without huge fee's
at the moment its not a average joe/unbanked store of value. but a institutional reserve store of value.
It’s completely wrong to think that someone has to change their mind just because Bitcoin is worth $60 000 today, and 8 years ago it was worth a few hundred dollars. It’s not a matter of price or blockchain, such people will always find a reason to have a negative opinion - some people are just like that and will never change their mind.
I personally know people who consider Bitcoin a scam which will fail sooner or later, they thought so 5 years ago, and they think so today - and when they ask me what’s going on with BTC, I tell them it really failed - time is too precious to we spend it on such people. The only difference that may exist then and now may be in their subconscious, before they really believed it was a scam, today they don't really believe it anymore, but they try to keep the idea alive - it's easier than admitting that they were wrong.
After all, how many of these nocoiners are paid to shill the existing financial system?
I personally know people who consider Bitcoin a scam which will fail sooner or later, they thought so 5 years ago, and they think so today - and when they ask me what’s going on with BTC, I tell them it really failed - time is too precious to we spend it on such people. The only difference that may exist then and now may be in their subconscious, before they really believed it was a scam, today they don't really believe it anymore, but they try to keep the idea alive - it's easier than admitting that they were wrong.
After all, how many of these nocoiners are paid to shill the existing financial system?
Everything is this market is cyclical, no coiners doubting it many years ago and still is up to this time. Nevertheless, bitcoin has proven them wrong in those years and yet they are still skeptics. And this is going to continue regardless of what the price will be in the end, $100k you will hear them talking about it not a good store of value. At $1 million per pop? still the same argument.
Surely they don't need Bitcoin to make good money. It reminds me of when people criticize Buffet and Munger for their views on Bitcoin, but you have to remember that they don't need it to get rich.
On the other hand, the bit about how in their firm they spend all day laughing at that reddit subforum sounds like trolling to me. That person may not even work on the firm he says and is writing from his mom's basement while eating Doritos.
But, finally, yeah, there are many people in denial following the principle: don't let reality to spoil your theories.
On the other hand, the bit about how in their firm they spend all day laughing at that reddit subforum sounds like trolling to me. That person may not even work on the firm he says and is writing from his mom's basement while eating Doritos.
But, finally, yeah, there are many people in denial following the principle: don't let reality to spoil your theories.
There are people currently like this today, as there was 8 years ago. Nocoiners. How long must the network run before they can admit that Bitcoin, and the idea of Bitcoin, has opened a Pandora’s Box, never to close again.
How high must Bitcoin’s price go before they accept it as a self-sovereign Store of Value, HODLed as a hedge in case the Fed/Central Bank, and the government loses control of the financial system?
How high must Bitcoin’s price go before they accept it as a self-sovereign Store of Value, HODLed as a hedge in case the Fed/Central Bank, and the government loses control of the financial system?
Jump to: