My friend won't buy Bitcoin because he thinks it's unfair that some people bought it early and have already profited massively from it.
This is obviously flawed thinking and it shouldn't matter to you what price somebody else bought it at. But I haven't turned this into a coherent argument.
10k sat zap to the best argument against this mentality. Go!
What I would say is simply that if you buy now, then in 2033 you will be one the people who he says massively profitted.
Buying in 2023 will make you an early adopter in 2033, exactly the same way buying in 2013 makes you an early adopter now in 2023.
It's the power of number go up, deflationary hard money.
Going for bitcoin early meant taking on some risk.
Every entrepreneur takes on risk.
Should risk not get rewarded?
Should we then end all entrepreneurial pursuits?
People who baught #Bitcoin early had a much higher risk!
- shady exchanges
- completely new threats by self custody
- and not to forget the risk of the whole project to fail
Your friend can’t compare his opportunity now to buy btc at 30k when it is well established and much more secure, with the opportunities at 10k or below.
The price itself is the argument because it mirrors the degree of adoption.
You don’t just pay more than ppl some years ago. You buy knowledge, experience, trust und peace of mind with the „premium“ that those ppl simply didn’t have. Thuss they are rewarded with a higher benefit for higher risk.
At the base of this, lies a human flaw of envy……….
Is envy good?
Does it help you here and now?
Does it obviate your personal responsibility to take care of yourself?
Does it cause you to wallow in your own insecurities?
Focus, brother, on the here and now and take personal responsibility for yourself!
Your friend is not wrong. I would encourage him to read Cryptoeconomics by Eric Voskuil. He acknowledges the flaws in Bitcoin while recognizing it as a tool to diminish state control over money. This chapter is particularly relevant as the stability property implies no expectation of gains from holding Bitcoin. In fact, he points out elsewhere that ALL money depreciates simply by holding it.
This is not number go up technology, it is freedom go up 🔥
https://github.com/libbitcoin/libbitcoin-system/wiki/Stability-Property
That was a good read. I'm going to have to ponder that for a while before i can translate it into Barney speak.
Bitcoin still the best asset to hedge against high inflation, it has the potential to yield high returns based on the past price appreciation, the best performing asset amongst other assets. Because Bitcoin is decentralized it is free from censorship, secured and transparent. So because of these reasons, buying Bitcoin even of this price, you are assured that your investment will be at good hand and guaranteed of returns.
Isn't this the case for every investment that turns out to be worthwhile? Buying Coca-Cola or Amazon stock year 1, buying land and real estate and holding long term, artwork, precious metals, etc..
All these things could end up creating wealth..or going to zero. Getting in early and being risk adverse can pay off. Easy to be critical looking back in time, not having entered at the beginning.
Also, number go up probably shouldn't be the sole deciding factor in this particular case.
Number go up is not a feature but merely a knock-on effect of sound money principles
have fun staying poor...
