Gold update:
GLD has added 12 tons this week.
Gold holders get diluted once again.
Bummer bro.
Discussion
It’s weird because I find myself agreeing with Gold bugs so often on the problems. We disagree on the solution. They are almost blinded to Bitcoin.
Right. If people properly study #bitcoin they will learn about….
Computer science
Open-source software
Politics/law
Game theory
Economics/Money
History
Digital/physical security
Trading/investing
Zero chance you’re a gold bug after you put in the work. Much of them also lack humility and #bitcoin is a humility test.
Well said!
Never met someone who has over 1,000 hrs into Bitcoin and isn’t all in. I’m currently on my way to 10,000 hrs of learning!
For sure. 10k hours over 4 years is about 6-7 hours a day.
Three podcasts, a couple hours of reading a day. I was putting in 12 hour days no problem. You become obsessed early on in the journey. As you can see no longer a gold bug lol
Bitcoin is difficult to understand at first. Gold is not.
At first? I still have a difficult time explaining how #bitcoin solved the Byzantine Generals Problem.😂
I like to think of money as a collective psychosis.
We’ll your absolutely wrong and just doxxed yourself of not having put the work in. Keep studying 📚
You’re*
Absolutely wrong that the concept of money is based on an entire group of people believing it holds value, when it doesn’t, but it does, because people believe it?
I know it is more complicated than that. But to me, money is a collective psychosis, an hallucination, a store of fruit of labor.
“But to me, money is a collective psychosis, hallucination..” The fact of the matter is you are incorrect. You just think that to be true when in fact it is not truth.
There are certain properties that make a “money” (store of value) better than other forms money (ie. rocks,beads)
In the market place you provide value and in turn are rewarded because someone found your activity/product/service useful or “valuable.”
A good money holds that value (you provided) in a time capsule per se. that you may use at future time for products/service of your liking.
Purposely not listing the properties because you need to find that info for yourself. You might just fall down 🐇🕳️
Good luck. Start here. 👇🏼
« a “money” (store of value) better than other forms money (ie. rocks,bead »
That is comparing different forms of money. Not looking at the concept of money itself. Of course, the beliefs/rules that create the hallucinations will create very different results. But, they work only until people believe they do.
How much value would FIAT hold if people just stopped believing it holds value?
“Not looking at the concept of money itself.”
Great. Explain to me what is money?
Do we really need to? I mean in its simplest explanation it is an agreed upon mean of exchange. What is being exchanged? Goods and services.
That’s it. The idea evolved over the years, corrupted countless amount of times in countless amount of ways.
With Bitcoin we have a first ever, a beautiful experiment. Fixed Supply (money cannot be created from thin air or suddenly imported from an unknown territory). In theory, this would create a world where real offer and demand run the economic show.
Add to that it’s décentralisation, putting trust in a shared technology rather than 6 dudes in a dark room.
“How much value would FIAT hold if people just stopped believing it holds value?”
Posting that kids book is no insult it will answer this question for you.
Fiat paper money used to be certificates to redeem your gold on demand, until they severed that. Now it’s just paper so you think it’s a hallucination and in a sense you’re correct. However, it has a back story you should learn.
This is the website that made me go clic… I understand Bitcoin. https://wtfhappenedin1971.com/
Been down the rabbit hole since 2019, every day a little deeper, wish I had fallen a bit faster.
I am just certified weird and sometime express myself in odd ways. I mean no harm.
Non taken. Great website. I think you need to go back to first principles. You seem to focus a lot on fiat and not so much on the history of money, value, energy, etc. Fiat is a relatively new concept as well. (500 years)
I think there are many examples in the history of mankind where the concept of money makes for interesting and odd stories. (A salary being called a salary because of salt… )
You mention energy, and I think this is where it gets interesting. Sorry to stay in recent times…
The petrodollar. Energy. Portable energy needed to fuel entire nations. Forced to be attached to the dollar. USD gets a whole lot of its “value” from petrol and other sources of power.
Electric money. The money for the new energy, which has become and will become even more portable. You can harness it yourself at home, you can create it and many ways and the competition for cheap prices will do wonders in the long term.
Energy is a huge factor in that attempt at transitioning to another form of money.
Supply and demand determine value.
Dollars have value because there is demand for dollars.
Bitcoin has value because there is demand for Bitcoin.
The difference between these two currencies is the supply. Supply is the other half of the equation that affects value.
Man, to le you are continuously broadcasting your arrogance walking around assuming what you know is not known by others. This gif confirms it. Why you feel the need to talk like this? Only you know.