Can you put away your arrogance? - page 2.

witcher_sense

legendary

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Quote from: Mcphail on August 17, 2021, 05:02:15 AM

Today, a friend who works in the traditional Internet field announced his opinion after knowing that I bought Bitcoin and some altcoins:

1. He thinks this is a casino. Only those who open the casino and the lucky ones can make money. Don't indulge in gambling and don't be blinded by the deviation of survivors;

This reasoning is somewhat justified, but it can only be applied to cryptocurrency trading or gambling but definitely not to cryptocurrency holding. If your choice is a reputable digital asset, for example, bitcoin that has proven many times it is able not only to store value but also significantly increase it then it is anything but a casino. The very fact that bitcoin is functional and scarce makes it a desirable investment, but its inflation resistance makes it unique. If something is unique and more and more people start fighting to obtain it then it is common sense to invest in it early and wait until it becomes globally widespread. Those who call it casino and speculation today will try to deprive you of your bitcoin tomorrow. Because you were smarter and people hate that.

NeuroticFish

legendary

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I would start with telling him read the white paper. Or, at least, most of it. It's only a couple of pages and it tells that it's a currency, what is aimed for and how it should work. I think that this would be a good start.

Then, explaining that the max number of coins is fixed and known makes it an asset with the price bound to grow and this is the reason for many speculating on its price. Forex and stock markets are similar, but with stronger regulations and smaller price variations. So it's not gambling/casino.

The software parts are upgraded - in a way or another - since Bitcoin was created. It's not easy indeed because of the consensus, but it's possible and actually done. Latest change is Taproot which was accepted and will go live this November. Keep in mind that it's normal for a software working with multi-billion worth of money take longer to get updated.

Mixing up facts with news and various coins and blockchains is a sure direction for failing get a proper idea what is what. Keep the discussion only on Bitcoin and after that is pretty much clear, only then move on to other blockchains, coins, tokens, NFTs and whatever (of which, keep in mind, most are just made to get your money hence it's better to avoid to insist much on them).

Mcphail

newbie

Activity: 24

Merit: 6

Today, a friend who works in the traditional Internet field announced his opinion after knowing that I bought Bitcoin and some altcoins:

1. He thinks this is a casino. Only those who open the casino and the lucky ones can make money. Don't indulge in gambling and don't be blinded by the deviation of survivors;

2. He believes that the fault tolerance of the blockchain is too poor and the efficiency is too low;

3. He pointed out that the public chain cannot be upgraded, otherwise the consensus will be torn and various forks;

4. He believes that giants represented by Facebook can apply blockchain in the financial field, but this has nothing to do with ordinary people's speculation, and it has nothing to do with the public chain;

5. He believes that Bitcoin is essentially a religion, so it's okay to be bullish, but it's nonsense to talk about blockchain killer applications.

I think what he said is right and a bit wrong, I don't want to say anything more.
Most people in the traditional field will only say that this is a liar, a pyramid scheme. This is not what the first friend told me, but so what?

Weakness does not hinder a person's survival, arrogance does. Weakness is not the end, but a state that can be changed.

Time will prove everything.

Put away your arrogance.

Topic: Can you put away your arrogance? - page 2. (Read 295 times)