Gold is a safe investment, they say.

JohnnyDoe said:

there’s always someone who buys at the top

That reminds me of the GME trolls on reddit. If it increases another 30% and this guy decides to exit then he’ll be happy. If not, then not.

I always point to the Great Inflation that occurred with a gold-backed currency when the Spanish started bringing vast quantities of gold back from the new world to fund wars across Europe. Inflation was estimated at 1.5% per annum but to a rigid, low-efficiency peasant economy that had been operating in a deflationary environment for centuries it was catastrophic. Today with lab grown diamonds, you are seeing major shifts in the diamond market. Bitcoin almost certainly will be abandoned some day. It’s a forecasting of short-term versus long-term probability. There is no rule without an exception.

Paratore said:

Bitcoin almost certainly will be abandoned some day

In 40-50 years 🤔 maybe

JohnnyDoe said:

In the long run we are all dead (cit)

Keynes had no idea what he was talking about

Columbus said:

In 40-50 years 🤔 maybe

Maybe in 100 years. Bitcoin is useful as a means of capital transfer and has considerable (and increasing) backing financial infrastructure. As long as that is true, it will be used. Once the utility is obsoleted, you’ll see use decline. Crypto offers significant advantages right now and my personal opinion is that it is the future. Exactly what that ecosystem eventually looks like and who are the winners and losers, well, good luck. I’d bet on Bitcoin over the numerous shitcoins, but payment processing and fintech applications are worth serious study.

JohnnyDoe said:

there’s always someone who buys at the top

this is a nice example of somebody not understanding that good money is a thing that is HARDEST to produce - doesn't have to be useful, doesn't have to be rare, doesn't even have to be necessarily scarce IF it's hard to produce - silver? :D

Paratore said:

Maybe in 100 years. Bitcoin is useful as a means of capital transfer and has considerable (and increasing) backing financial infrastructure. As long as that is true, it will be used. Once the utility is obsoleted, you’ll see use decline. Crypto offers significant advantages right now and my personal opinion is that it is the future. Exactly what that ecosystem eventually looks like and who are the winners and losers, well, good luck. I’d bet on Bitcoin over the numerous shitcoins, but payment processing and fintech applications are worth serious study.

Yeah, lots of time and money is put into bitcoin core, there is economic and substantial presence.

chaincatcher.com/en/article/2227383

Columbus said:

lots of time and money is put into bitcoin core

actually this appears to be a problem

void said:

actually this appears to be a problem

Too big to fail?

Just follow contrary Jim Cramer, you will be fine.

Columbus said:

Too big to fail?

no, core team messing with the protocol and network
ossification is a good idea when it comes to the most important technology in human history

void said:

no, core team messing with the protocol and network
ossification is a good idea when it comes to the most important technology in human history

“Messing” is the wrong term here.

Columbus said:

“Messing” is the wrong term here.

I believe it's spot on

void said:

I believe it's spot on

Wrong belief. Without developers contributing to the bitcoin protocol - it won’t go far. Think of it as employees in a company.

Columbus said:

Wrong belief. Without developers contributing to the bitcoin protocol - it won’t go far. Think of it as employees in a company.

different incentive model - they behave like employees and are paid by companies... which is far the biggest threat for bitcoin... perhaps you missed last 12 months in the space