One thing I love about having writing on the Internet is that I can look back and see how I did on predictions. 10 years after this one: I think I'd still endorse virtually everything I said here. (Though Facebook closed gap with Google much more than was apparent.) https://twitter.com/susheelsunil/status/1189377816271261698 …
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That is a good question. (Part a more than b.) Tell you what, I'll write a memo, because I think it's probably (like my thoughts on Bitcoin generally) not done justice by Twitter constraints and because I don't want a thought experiment quoted against me out of context.
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Bitcoin will never go to zero because there are literally millions of people who will never sell, for any price whatsoever. No matter how high or how low, they will hold and hoard. In that way, it is unlike any other money in history.
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The price is set in a market. If nobody is selling there is no market. People holding create scarcity and increase the price for those that do sell though, which is what we are seeing. Main concern should be the fewer services, products, jobs denominated in BitCoin. No economy.
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Do you dislike Bitcoin because of it’s purported function, or because you think it fails to achieve that function?
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No evidence? - 10 yr track record of the system working - $9k price point - proven use cases in Venezuela, China, etc
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To which extend do people in Venezuela, China, etc actually use Bitcoin? I do think Bitcoin could become a widely used or even the dominant currency but I don't think it is a foregone conclusion.
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The use case was "Buying recreational pharmaceuticals online from people who have really really good opsec"; it's not clear anybody's actually done this...
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Bitcoin is FOSS. It's the alternative to government's monopoly on currency. Also, any business that is locked out of the financial system has a strong use case for Bitcoin (re: Stripe's restricted businesses).
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Don't sell yourself short! You've been critical of Bitcoin since it was at $7 (and it's been as low as $2 since then)https://twitter.com/patio11/status/69927470744354816 …
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