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Bitcoiners: The New Gold Bugs?
779 sats \ 24 comments \ @crenshaw 10 Apr bitcoin
It's interesting how similar the two communities spin narratives and foretell of economic collapse on a regular basis. And also how most of the time these stories fall short of expectations. If you're not familiar with the gold community, it's worth a shallow dive -- at the least for some self-reflection. Gold bugs have been talking about dollar collapse and gold's rise for decades. And yes, they were wrong. And bitcoin might be right. But it also might be wrong.
"We're not so different, you and I."
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136 sats \ 1 reply \ @unschooled 10 Apr
I heard someone on a podcast recently reflect on something similar. But he pointed to a major difference, that being: Gold bugs tend to be very pessimistic about the future whereas bitcoiners tend to be optimistic.
I know it doesn't behoove to speak in generalities but I liked this nevertheless
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0 sats \ 0 replies \ @SimpleStacker 10 Apr
Gold bugs tend to be very pessimistic about the future whereas bitcoiners tend to be optimistic.
Hmm, this makes a lot of sense.
Both groups see the unsustainability of the current financial environment.
Gold bugs think that requires us to move backwards, to an older technology. Bitcoiners think we can move forwards, to a newer technology.
It makes sense why one group is more optimistic and the other more pessimistic.
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47 sats \ 0 replies \ @Riberet 10 Apr
in the end the enemy is common, fiat money...
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19 sats \ 10 replies \ @Undisciplined 10 Apr
It’s absolutely worth reflecting on why we might be wrong when “they” (many of us before bitcoin too) were wrong.
I think it mostly has to do with bitcoin’s ability to transfer value over great geographic separation. Fiat has that advantage over gold, but not over bitcoin.
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74 sats \ 1 reply \ @crenshaw OP 10 Apr
Bitcoin may be technically superior but history has shown repeatedly that the best tech doesn't always win. With money being a social instrument as much as a technological one means the challenge is that much greater for anything to replace standards like dollars and gold.
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10 sats \ 0 replies \ @Undisciplined 10 Apr
That's the reason I said this.
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32 sats \ 2 replies \ @028559d218 10 Apr
gold's mc is over what 13 trillion? and it was around during the Egyptian pharisees. btc brand new by comparison
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36 sats \ 1 reply \ @ek 10 Apr
Yes, but gold wasn't engineered to be money unlike bitcoin
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0 sats \ 0 replies \ @Undisciplined 10 Apr
I’m not sure that’s better, in and of itself.
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26 sats \ 4 replies \ @Solomonsatoshi 10 Apr
Gold was captured by the US in its rise to global monetary hegemony. See Order 6102. Bitcoin is being captured and controlled via ETFs and US domiciled institutions accumulating their custody of an ever growing market share which enables the potential for a future Order 6102B.
Both the Gold bugs and Bitcoiners frequently under estimate the strength of the imperative for the nation state (and the bankers, who in the background quietly control your government) to seize and hold its power over money. From an individuals perspective Bitcoin and gold are superior to state sponsored fiat- both gold and Bitcoin treat all users equally without fear or favour. That is why the nation state will tend to seek to capture and control them.
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0 sats \ 3 replies \ @028559d218 10 Apr
bitcoin at least is widely available. the vast majority of countries allow withdrawals and the software apps to custody are free.
in other words we've never had an easier time for self custody if ppl want it
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0 sats \ 2 replies \ @Solomonsatoshi 10 Apr
Yes use of Bitcoin as a speculative commodity (taxed and tracked and traced) has been allowed widely. Legal and regular use of Bitcoin as a MoE however involves extremely complex tax reporting obligations which are for any ordinary citizen or business a huge disincentive and effectively obstruct widespread adopt/use.
Used as a speculative commodity Bitcoin is of little threat to the governments and bankers strategic monopoly over payments.
We can zap here on SNs, but it is doubtful whether many, if any, of us are recording and collating our zaps in accordance with the tax reporting obligations of our governments. Use of Bitcoin as a MoE is quasi banned in most jurisdictions. Other less 'liberal democratic' nations have simply outright banned citizens use of Bitcoin as a MoE- such as China, Thailand, Russia, Turkey, Cambodia, Indonesia, Vietnam and most other autocracies.
An increasing portion of Bitcoins entire issuance is held by corporate bankers custody under terms which explicitly exclude use of it for P2P or trade payments.
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14 sats \ 1 reply \ @028559d218 10 Apr
Legal and regular use of Bitcoin as a MoE however involves extremely complex tax reporting
i think the world is changing. and when the US the world's largest economy is basically looking like a banana republic... nobody is going to care about zaps.
the ironic thing in my opinion... is just how much Trump (the idea and the election) was a boost to bitcoin - but not for reasons people think.
Mr trump is 'the chaos president' and bitcoin thrives in chaos. eventually the chaos, the incentives for bitcoin become so great, that noone will care about 'tax reporting' people will just do what's natural. The us government doesn't really care about rule of law anymore anyway, the trump administration is 100% clear on that, and I think the MoE will happen and it will be a natural progression.
when the S&P starts looking like a memestock... isn't bitcoin a huge improvement
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100 sats \ 0 replies \ @Solomonsatoshi 10 Apr
Bitcoin undeniably is an algorithm of hope, implicit equity and decency, without fear or favour, in a world of increasing cronyism, fracturing and indecency. If enough of us vote with our sats we can build an alternative to the centralised mechanisms of power projection. As long as we can zap and keep developing the ideas and implementation of the Bitcoin protocol, there is hope.
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22 sats \ 2 replies \ @grayruby 10 Apr
Gold bugs underestimated inertia and the ability of the fiat system to kick the can down the road. I expect bitcoin and fiat will run parallel for decades to come. They can print infinite fiat. They have a lot of tools to perpetuate the system. Also, people who understand the fiat system tend to be rewarded by it, thus don't want change, and those that don't understand it don't understand why they are getting poorer so they blame everything except the system itself.
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40 sats \ 0 replies \ @crenshaw OP 10 Apr
I think this underestimation you describe, of kicking the can down the road, is one of the most interesting biases in the community. Some of the comments in this thread, including this one, do reassure me though that many aren't walking blindly through this as some influencers would like to have people do.
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30 sats \ 0 replies \ @028559d218 10 Apr
gold is having a good week
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105 sats \ 0 replies \ @Solomonsatoshi 10 Apr
Gold was the best money in the past. Bitcoin is the best money in the post industrial digital present and future.
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55 sats \ 0 replies \ @fiatbad 10 Apr
Yea, gold is pretty cool.
But when you compare their fundamental properties, side-by-side, Bitcoin shines. Especially when you look at their respective market caps. Gold is inferior, and much more expensive.
I'll stack a little gold once their market-caps are roughly the same. For now, I'm only buying the cheaper, superior option.
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7 sats \ 0 replies \ @siggy47 10 Apr
I was a gold bug for years. I think the similarities stem from austrian/libertarian hard money roots. It's always worthwhile to study history.
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5 sats \ 0 replies \ @Bishop 10 Apr
goldbugs and bitcoiners are similar in terms of the diagnosis of the world's problems but quite different in terms of solutions. for example, hoarding gold and sitting out the 'imminent' crises is quite different to working on establishing circular bitcoin economies
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137 sats \ 0 replies \ @justin_shocknet 10 Apr
economic collapse
They were wrong? It's a zombie apocalypse out there.
Teleport someone from Silicon Valley from the 90's to today
Teleport someone from 1971 to the rust belt
Tell them about the GFC.
Show them the demographics, birth rates, household formation.
Show them the size of the healthcare industry and how sick people are.
Show them Berkshire Hathaway stock, effectively an index unto itself, struggling to keep up with gold.
Show them the 3rd world on their doorstep.
Just because the economic collapse doesn't look the way you thought it might doesn't mean it didn't happen.
A gold bug living gold bug values has been more insulated from the collapse of society than people that think things are just fine, and Bitcoiners are doing even better than that.
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0 sats \ 0 replies \ @Dkryptoenth 11 Apr
Has anyone else noticed that Bitcoin Is getting Stronger Despite the China Ban and Global Trade Tensions?
Check out these facts...
Market Reaction to Shifts in the Economy
With sharp price fluctuations and market turbulence impacting both traditional and cryptocurrency assets, Bitcoin is at the core of the chaos. Following U.S. President Trump's declaration of a 90-day tariff respite, Bitcoin had a jump of over 11% after a period of panic selling, with the exception of China, which is subject to a 125% levy. This change in policy demonstrated how quickly Bitcoin reacts to changes in the macroeconomic environment.
Adaptability in the Face of External Shocks
Although the 2021 China mining restriction had a significant negative impact for Bitcoin, analyst Axel Adler pointed out that the ongoing trade tensions show how resilient the cryptocurrency is. Tariffs and other external economic shocks are highlighting Bitcoin as a possible hedge or safe-haven asset.
Important Price Points and Market Attitudes
At this critical juncture, Bitcoin has recovered to the $80,000 mark and is up against a test that may determine the next stage of the market cycle. To validate a long-term upward trend, bulls aim to surpass the daily resistance level at $88,700. Global equities and other financial markets are volatile throughout the current rebound.
Technology Prowess and Investor Faith
Bitcoin's technology and its supporters' faith are what make it so resilient. When it trades above $81,000, optimism is generated. Bitcoin might reach $88,000 and possibly $90,000 if it breaks through the main resistance, which is located between $85,000 and $87,000. If upward pressure is not maintained, consolidation or reselling may result. While breaking $88,000 is the goal, maintaining over $80,000 is essential.
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0 sats \ 0 replies \ @Satoshi__Nakamoto 10 Apr
Btc is right always
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