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Bitcoin Talk with a Financial Advisor Chapter 1
1929 sats \ 8 comments \ @Slestak_Jack 5h bitcoin
I'm writing this in advance of my discussion with a friend who retired young after making millions in the finance world. I have opened a text conversation about Bitcoin with him, asking him if he has looked into Bitcoin. His response was, "Enough to know I’m not interested in it, I’m a player, not a gambler". So I followed with asking him objections and concerns regarding Bitcoin.
Here is the fun part. Let's guess his first objection and see who gets it right. I am going with "it has no inherent value". Next, "it's a pump and dump". I want to hear some of your guesses too.
My intention is to try and ask him questions, rather than make speeches, about finance and the fundamentals of Bitcoin to see if I can move the needle with him at all.
For example:
  1. How concerned are you about the global financial system in its current condition? Does Japan concern you?
  2. What do you think is the path out of this debt spiral?
  3. What do you think is the future of the dollar as a world reserve currency?
  4. How much of the stock market gains do you think is attributable to quantitative easing and loose fiscal policies?
What other questions do you think I should ask him that will elucidate a thoughtful conversation about Bitcoin?
Thanks for reading.
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11 sats \ 0 replies \ @siggy47 5h
I'll go with "no inherent value" too. Please let us know what happens. I like your idea about asking those questions.
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0 sats \ 0 replies \ @Bitcoiner1 1h
Can he name a scarce asset with no value?
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0 sats \ 0 replies \ @SimpleStacker 1h
IMO you have the right strategy.
My guess is that his first objection is some variant of "greater fool theory" which is itself a variant of "no inherent value." Essentially, he believes that you only make money on Bitcoin by buying it low and dumping it at a higher price.
To try to move the needle, I might say something like,
"I believe you're thinking about Bitcoin wrong. You are seeing it as an asset, but I am arguing that it is better understood as money." ... and see where the conversation goes from there.
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0 sats \ 0 replies \ @aS7017ur5 3h
Maybe you need to just let him decide on his own.
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0 sats \ 0 replies \ @ca 4h
https://casebitcoin.com/critiques
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0 sats \ 0 replies \ @Solomonsatoshi 4h
Does he understand the preferential position private banks enjoy under fractional reserve banking- especially since any restrictions upon the purpose to which profit motivated banks issue fiat debt finance were removed under neoliberal reforms?
If he does not understand how fiat debt based money currently undermines free market capital accumulation and allocation then fat chance he will understand Bitcoin.
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0 sats \ 1 reply \ @ndLightningBoy 4h freebie
How much longer do you believe Countries like Russia and Saudi Arabia will trade Oil and Gas for paper debt notes? If they can mine Bitcoin at direct cost of energy, shouldnt the price of oil itself be represented as premium to the extraction and mining fleet costs?