Gold was money for thousands of years, read up on the Gold Standard. Gold was a SoV, an MoE, a UoA and stable simultaneously
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It's precisely because it's inelastic that Bitcoin is valuable. Fundamentals haven't changed. Human nature and human desires are still the same.
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I don't buy the distribution argument. Bitcoin's Gini coefficient is the best in the cryptocurrency space and is improving after each boom and bust. Bitcoin whales sell some to newcomers after every cycle, improving the distribution.
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People who identified the future winning money early deserve to be rewarded. "Faircoins" will not work and will not neccessarily be valuable. Bitcoin is not about equality, only about uninflatability & unseizability.
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When do we get to use BTC to buy food? I think we are currently at "nerdy food vouchers" where real food merchants are reluctant to accept the vouchers. BTC is fast becoming Peer to Peer Electronic Store of Hope.
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Payments aren’t important Store of Value is what’s important for now Spend dollars, Hold onto Bitcoins
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We may as well all move to holding Bitcoin ETFs when it comes as it will be SEC approved and Gov backed and Fed Reserve blessed. All the moms and pops can finally trust the nerdy coin and the central bankers can print supply to demand and suppress Bitcoin price. BTC economic fail
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No, just hold it on your hardware wallet. No point in spending it while there is a decade-long wealth transfer flowing from fiat to Bitcoin
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No point in spending Bitcoin before it’s market cap is at least $10 Trillion (in today’s terms)
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Then Bitcoin is just a pure Ponzi scheme.
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No, it’s a monetary good undergoing monetization.
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So is every unbacked derivative on the planet and they suck up more money than any currency.
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anyone thinking that small group of "whales" controlling most of BTC supply (more and more with every boom and bust) will create perfect financial system of the future is hopeless.
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do you have the evidence it gets worse after every boom and bust?
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do you think the whales that can afford a) best trading algos b) access to insider info c) push the price up or down (even if only temporally) - do they buy at ATH and sell during accumulation periods? Here is your answer.
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pure speculation. The way I see it Bitcoin's Gini coefficient is improving after each boom and bust as whales are selling some gains after spikes.
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it's not early believers' fault that most of the world hasn't seen the value of Bitcoin yet. Whoever notices the money of the future earlier than others deserves the rewards.
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LOL what do they do with the gains? I guess they don't believe in BTC because they WILL NEVER EVER buy it back lower (according to you) - ridiculous and self contradictory theory.
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buy yachts, houses, planes. no matter how rich a whale is, it is prudent to take some profits off the table after massive spikes.
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If you know what you are doing you can sell the spikes, buy the plane and still be up in BTC (if you buy the accumulation with the rest of the gains). Most of newcomers are up in USD but down in actual BTC (via BTC & alt trading) who is taking money (BTC not USD) from them?
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