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42 sats \ 2 replies \ @028559d218 10 Dec \ parent \ on: The Fallacy of Store of Value vs. Medium of Exchange bitcoin
A few times when I've brought up Bitcoin to people... they've been receptive (which is cool!).
And then I see them the next day and they're like 'ya so I bought some dogecoin or Shiba Inu coin on Coinbase! "Elon is going to pump them! Have you heard the recent Tesla news?!" (I've had someone tell me exactly this... like this exact situation.)
And at which point I'm just like kinda speechless lol.
Just to be clear... people are 100% free to do what they want with their money and time... but if they're buying Shiba Inu, even Doge to leave on Coinbase i'm not sure they're ready yet.
I've never had this experience but everyone I know that has at some point had bitcoin also bought shitcoins and they will say the stuff you outlined.
I usually hear bitcoin or crypto brought up and based on the context I usually clarify that I'm not into shitcoins (alt-coins) and a brief reason why. It feels like something I have to do for exactly your experience. There are so many scams. I've even had a rather well off businessman ask me if he should buy bitcoin. I told him he should understand it. Spend a few hours of research and offered to help him. He passed...
I mean, I get it. He's focused on his business and has a guy do his investment for him. Investment advisors are not recommending bitcoin in high numbers from what I've heard. Not the types that small business owners use at least. The big boys people might be though.
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I think Bitcoin really appeals to people who want to take the time to learn self-custody.
Why? Because if you are buying the etf... and don't know what a seed phrase is, you don't know what the 'mempool' is, you don't know how a transaction works or and you've never made one (EVER) and you've never even looked one up...
How the heck could you know what you're buying?
???
And if you've never heard of Lightning or used it (incredibly unlikely if you haven't done the other things) then how could you possibly appreciate Bitcoin's value and utility?
I think this is what results in the 'editorial' or 'cnbc' syndrome... where the 'critiquers' have never made a Bitcoin transaction and have never even heard of the 'mempool' so they are completely in the dark lol.
Value appreciation starts in Self-Custody... it doesn't start with the ETFs even if those are 'more available' through a brokerage they don't teach someone anything.
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