0/ Bitcoin is *by definition* a pyramid scheme / multi-level marketing scheme To be fair, it's the most "fair" and egalitarian pyramid scheme ever devised, but it is none the less a pyramid scheme
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1/ Bitcoin maximalists rightly espouse Bitcoin as the best, hardest money every devised. They recognize Bitcoin's for its strengths. And they're right
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2/ In order for Bitcoin to work, Bitcoin *must* be evangelized For a given evangelist, the process goes like this a) learn about Bitcoin b) buy bitcoin c) tell everyone else to buy Bitcoin, and that all other cryptos are nonsense Can't get more pyramid than that
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3/ For those of you reading this on twitter, recognize the tremendous selection bias at play: that you even follow me on Twitter In the last few months, I've been talking to the CIOs of a lot of major endowments and pensions who collectively manage trillions in assets Trillions
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4/ About half of them "get" the hard money / digital gold narrative The other half, not so much They basically call out Bitcoin for what it is: a pyramid scheme! Then they ask why they should invest in a pyramid scheme?
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5/ Perhaps the ultimate manifestation of this world view is Buffet, who *rails* on gold. His rant goes something like this You can take all the gold in the world and put it in a room. 10 years later, it will have sat there, and not produced any value. Gold is therefore worthless
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6/ You can argue that this is missing the bigger picture - about how you denominate wealth to begin with - but there are *a lot* of asset managers and UHNWI individuals who believe in investing in things that are efficient --> improve productivity in the macro economic sense
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7/ These asset managers often ask "You say this stuff can be worth $50T+. What possible story can justify that valuation beyond just digital gold (aka pyramid)?" I think there are only two plausible answers, and one of them is pretty loose
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8/ One answer is "dapps, web3, and a ton of amazing things you can't even imagine yet. It's the next Internet!" This is a pretty poor argument IMO, but it does resonate with some. I don't care for it because it anchors too heavily on the Internet without justifying that anchor
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Lol this was your argument for months and now you’ve switched to “tokenization”. What’s next?
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