2/ When Bitcoin does become the world’s primary currency, its market cap will stabilize & fluctuate much less wildly. Any increase in the currency value at that point will be due more to the increase in general level of production / total number of available goods & services…
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Hugo Nguyen Retweeted Hugo Nguyen
3/ …and less due to the people’s buying in to the vision of Bitcoin. The market of people who could be convinced of BTC would have already been saturated. The ideological conviction that’s required to bootstrap BTC will matter less at that point.https://twitter.com/hugohanoi/status/1021133723423584256 …
Hugo Nguyen added,
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4/ As long as GDP keeps increasing, your bitcoins will also increase in purchasing power - since BTC supply is fixed & there're more goods going around. This happens even when you sleep or when you stop working.
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5/ Investing in a currency is unlike investing in a stock because stocks represent productive assets, and any potential rise in stock value can be attributed back to your initial investment. You are not free riding.
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Hugo Nguyen Retweeted Brendan Bernstein
6/ Whereas if you invest in a currency & it gains in purchasing power, that is through the collective effort of society, not your own. Check out this good article from
@BMBernstein that stresses the crucial difference between equity & money:https://twitter.com/BMBernstein/status/1021065633285500929 …Hugo Nguyen added,
Brendan Bernstein @BMBernsteinThe debate around pts@naval raised is just about exhausted, but instead of banging my head against the wall I figured I'd chime in. This article discusses some of the fundamental misconceptions in crypto and the pivotal role investors play https://medium.com/@BMBernstein/cryptocurrencies-are-money-not-equity-30ff8d0491bb …1 reply 1 retweet 0 likesShow this thread -
7/ Not all Bitcoin hoarders will be free riders of cos, but many will be. There’s a personal level of contribution that makes you a free rider or not.
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8/ A much simplified example: you own 1% of all BTC supply, and the economy grew by 10%. If you contributed less than 1% of that 10% growth, you are a free rider.
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9/ The more you hoard & the less you contribute back *relative to the amount you hoard*, the more of a free rider you become.
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10/ To clarify: I do think a shift towards saving mentality is a huge improvement over the blind consumption-for-consumptions-sake cycle we have now. But *saving alone* won’t be enough for a prosperous society. And IMO it’s important to be aware of its shortcomings.
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Hugo Nguyen Retweeted Hugo Nguyen
11/ Money != Equityhttps://twitter.com/hugohanoi/status/1021918438678122496 …
Hugo Nguyen added,
Hugo Nguyen @hugohanoiMoney is not equity of the global economy
Money is not equity, period.
When you park capital in a non-productive asset, it is OUT of the system completely. Decommissioned.
The non-productive asset value can only rise if it piggybacks on the success of productive assets. https://twitter.com/timos_m/status/1021893267733000192 …1 reply 1 retweet 2 likesShow this thread
Hugo Nguyen Retweeted Hugo Nguyen
12/ Sliding scale not binaryhttps://twitter.com/hugohanoi/status/1021921656913068032 …
Hugo Nguyen added,
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Does this make any sense at all or am I crazy?
@real_vijay@nic__carter@TuurDemeester@BMBernstein2 replies 0 retweets 0 likesShow this threadThanks. Twitter will use this to make your timeline better. UndoUndo
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