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To this second point, do you think uncensorable payments in shadow-economies the only relevant solution bitcoin presents now?
Or does the store of value thesis hold up against the financial engineering of banks and treasury companies?
do you think uncensorable payments in shadow-economies the only relevant solution bitcoin presents now?
More or less. There are places/situation where bitcoin is the only practical means of making transactions. That's a huge solution to a real problem.
The issue with store of value isn't that it's incorrect, it's that it isn't salient enough. Most people aren't savers and those who are tend to be fairly comfortable with their current savings vehicles. Bitcoin will make inroads here, but I don't think it's the revolutionary thing.
Most people aren't savers and those who are tend to be fairly comfortable with their current savings vehicles. Bitcoin will make inroads here, but I don't think it's the revolutionary thing.
I'd agree here. It seems real-estate is the choice store of value for most middle-class people with any real savings capacity. Those Gen Z with a more open-mind seem compelled by the prospect of choosing the 'right' crypto coins and hopefully reaping huge gains. Maybe these two factions eventually start to converge on bitcoin.
They do things because people they respect are doing them
Was that true for you? It wasn't for me.
It's an interesting sociological point though, and if it's generally true then perhaps (a) our popular culture lacks respectable people or (b) the respectable people are not advocating for bitcoin, since my general sense is that most people I encounter are still pretty averse/closed minded to it.
Was that true for you? It wasn't for me.
No, but I'm aware of how strange I am.
I think your point (b) is the more relevant one. Many conscientious bitcoiners don't like revealing to people that they are bitcoiners, so the respect they've earned from others isn't moving the needle for bitcoin's respectability.
Many conscientious bitcoiners don't like revealing to people that they are bitcoiners, so the respect they've earned from others isn't moving the needle for bitcoin's respectability.
Hopefully this is true and there are many more respected people who are bitcoiners than those that are willing to be transparent about it.
But Bitcoin as I see it is a revolution-rebellion against the state and bankers power.
Most citizens still worship at the alter of the fiat debt based banking, financial and monetary system because that is portrayed and perceived as the centre of power and source of wealth.
Bitcoin is saying fuck the banks and government - its not about being respectable.
People don't do things because they make intellectual sense. They do things because people they respect are doing them or they're an obvious solution to a major problem.