You're extremely misinformed. This is going to age horribly. Halving event causing surge that will take place all next year. Just because you were a early adopter doesn't mean you understood it, which is clear once you said you sold your bitcoin position. Buy back in, still cheap. Your argument on bitcoins scarcity is LOL, bitcoin isn't scarce its FINITE, 21 million. Buy while you still can afford a full bitcoin, soon enough the average person won't be able to even imagine owning a full coin.
in Austrian school of economics one of the main concepts is that VALUE IS SUBJECTIVE, F what you think, its what other people think dawg, again, this will age horribly. Bull cycle all 2021.
For Bitcoin to challenge the status quo it needs to be recognized by governments and by people on Wall Street. If people in government and big business think that Bitcoin is just some fake money for computer nerds and Ron Paul Supporters, then its not going to change anything. Bitcoin will serve as a bridge between the offshore financial sector and Wall Street. It will serve as a portable tax free haven for your assets. It will continue to be the official currency of the Darknet. It will create a new global network of exchange for people and money that is outside of the control of Bankers and government. Is this not enough for you? Would you rather it be a video game currency that you trade with all your gamer friends on the internet? Bitcoin will only change the world if it is valued and coveted as an asset by those people who control global finance.
@@ganjaheals9001him selling doesn't mean he's clueless. His dilemma is a moral one & doesn't seem to have anything to do with wealth. The point is that he can no longer be a proponent of bitcoin & the direction it is going in and as such is pulling out.
This is very true, alot of the arguments he made has been out there for a long time. I quit Bitcoin like 3-4 years ago for the same arguments hes making. But after look around and around there is no other Virtual Coin who is more decentralized and clean than Bitcoin. All other tokens have financial incentives behind their owners. Satoshi is the only one who made Bitcoin and didn't give a shit about his own Bitcoin. He made it for the people. So i am back into Bitcoin :P
Dude, I saw you in an interview and i found you on YT and i can't get enough of your content... finally someone who can tell the truth... I was also a BTC purist, i was one of the first people to mine BTC in the US with ASICs... and as time went on shit got perverted (e.g. centralized) and then i lost faith...
That’s mad. Kudos to you for timing it. But all you hear now is just fantasy talk nobody can makes the gains of those like you who were in 5+ years ago so all the sites talking it up now are basically just pissing everywhere and proclaiming it’s raining. Surely youve noticed. It wouldn’t kill me town a few btc but I’m more doubtful about its dubious pursuits and find it to be virtually little more than a Digital Fiat Currency disguised in the form of a Ponzi scheme. Which it is.
There was a story, that all the people who could not see the Emperor's clothes were fools. But it was the child, who shamelessly pointed at the Emperor and exclaimed, "The Emperor is not wearing any clothes!"
@@singaporeghostclub When you have internet, being ignorant is a choice. If companies add only 1-2% of Bitcoin to their portfolio the price jumps to above 100k, you may say tulip mania, I say it has much more to rise.
It's always good to look on both sides of the spectrum. I also remember when bitcoin was underground back in 2012, and now with all the institutions it sort of feels so manipulated. I just can't trust these big hedge funds to do the right thing for the "little guy". Maybe it'll work, but maybe it's just the Myspace of crypto paving the way for a better product. Who knows?
I think Monero is the answer. Monero is designed to be libertarian privacy coin for the "little guy/" It will always be CPU mineable and has no supply limit/halving. So that allows grassroot cpu miners to join Monero anytime without feeling they missed out on the early adoption era and create a truly decentralized network. Unlike Bitcoin mining that is becoming more and more centralized to big business mining.
For those who don't know Bitcoin well, the guy is joking. If you know Bitcoin well, you know that the truth is just the opposite of everything he said. He should have smiled a little at the end to let the naive know.
@@CarlosRodriguez-ww5rl The only truly private coin is XMR (Monero) Look it up. I still think Bitcoin Cash is going to be adopted worldwide, If you want privacy you can just swap between coins at leisure. Atomic Wallet lets you swap between coins without a third party.
"You're buying computing power" - this is sort of true because of Proof of Work. That doesn't mean inherent value though, only inherent costs from mining. Could rephrase this to "You buy something that requires computing power for its existence"
It's not just the poor: I suspect the lower 90% don't give a shit about bitcoin. As a result of group think, the community see's it the other way around.
@@eduardo112200 I think I missed the call. Maybe they're having connectivity issues... Perhaps Mr. Bukele defaulted on the phone bill... they are unable to raise any cash to fund the day to day government operations. I think it has something to do with the BTC bond placement.... credit rating issues.
Point 5 - Please refer to the Bitcoin Standard by Saefidean Amous. Bitcoin and its protocol does not care how humans frame it. If you want to use it as money then go for it. If you want to store it then go for it. Its in an S curve being a nascent for of money hence its volitile but that cos most people dont denominate in Bitcoin as yet. Its managed to solve a really really hard problem. Let it grow. Analogy - People expect an SLS Mercedes when we've just managed to create the first self propelled vehicle. In time....
Gold was originally regarded as valuable cos of its persistence against entropy. Go to a museum and you'll see that the gold looks new but all other materials look aged. This was the the basis for using it as money and this was a dynamic which too very long to develop. In time..
Son the "Big Blocker" argument was over years ago. We want security over speed and security over the ability to "scale". The Roger Ver (aka dumb dumb) idea that Bitcoin is going to be the next currency everyone is going to use to buy ice cream, coffee and socks, is a fantasy. Satoshi himself may have wanted that too (debatable), but it's still a fantasy. Or is it? Time will tell as more tech gets built and stacked upon this computer protocol. Bitcoin is a BASE LEVEL protocol. It's solid as a rock and every time a node is added it gets stronger. Look up Taleb's concept of "Anti Fragile" then look up how Taleb himself turned on Bitcoin once he started talking the nonsense you're talking here - as if Bitcoin is a currency NOT a computer technology. You are an intelligent, passionate young man who is simply missing the point of the tech. Be careful not to confuse the Bitcoin Computer Protocol with Wall Street players, government players, Exchange players, Blockstream players, greedy players, etc. Stick to the fundamentals of Bitcoin as a Cryptographically Secured Value Transfer Network. Bitcoin's greatest value is in how it allows the TRANSFER and SHARING of information from person to person without any intermediary. That value can be currency, but more importantly, that value in the future will be ideas. You yourself will use the Bitcoin Blockchain to share your content in a true peer to peer fashion. It won't be like RU-vid and there won't be a central server that can be taken down, hacked, or controlled by bad actors. Your content will be safe from censorship and THAT Mr. Coding Jesus (a silly name to be sure) is why we love bitcoin. Good luck now kiddo . . . you're gonna need it! : )
You just cannot accept that bitcoin became something different than it was meant to be. There is no demand for digital cash, but a digital store of value is quite another matter.
@@CodingJesus not even close. You sound like you might have got in at a good time, but sold the dip right before a huge rally, so you've just soured on it. $50 transaction fees are Ethereum's modus operandi. i get my BTC transactions confirmed in less than 5 minutes with 2000 satoshi fee. That's most of the time, not inclusive of rare instances of high network usage.
1. Tangled interests with centralized institutions (WallStreet, banks) 2. All discussions of the Bitcoin protocol are censored and moderated. 3. The poor are not interested in Bitcoin. 4. Transparency (ironically) of your transactions, exposure to other parties unnecessarily ( I mean privacy vs. security I guess?) 5. Became a commodity, instead of a medium of exchange (which is, wait for it...currency!), diverging from original purpose. 6. High difficulty in mining. Majority of miners from China. 7. No incentive to prefer it over normal fiat currency.
Agree on everything you said except the virus restrictions but that's really another debate entirely but it sounds like BCH and Monero are the crypto you want.
BCH and XMR are the only two cryptos you will ever need. Also BCH has cashfusion, which mixes your coins from directly inside the wallet on electroncash.
The ledger is public and transparent. Bitcoin transactions always have been, and remain anonymous as long as you own your own private key and don't stupidly attach your identity to it.
Interesting. I'm not sure I follow the logic of some of your arguments and would be interested to hear you expand more on, for instance, scarcity. Your comment about China at 11.00 has not aged well. Thanks for putting your thoughts out there. I appreciate it.
11:15 It's 2023, China has banned #bitcoin mining. So... what do you say now? South American countries are running millions of transactions daily in Bitcoin and Lightning Network.
You spelled out exactly all the same arguments as me. Loved this video. What are your thoughts on Monero XMR? I think it could be the "Facebook", if not Digibyte, and Dogecoin also could have some potential. Other than that, I'm the biggest on Physical Silver.
You make everything so clear these days, media just creates their own subjective bias towards everything and everyone just jumps onto every thing they hear these days.
Nice to hear your opinion...and since it’s your opinion it is what it is....having said that must point out that many things in life have found new use cases that didn’t exist before and once attained that state- seem like the perfect fit- as if was designed for it. Eg. certain drugs- initially approved for certain indications , ultimately work far better in newer indications and see the most utilization in that space. 2. Choice of certain foods- which were earlier considered inappropriate now are used as staple, and so forth....similarly given the current macroeconomic climate - makes Bitcoin as a near perfect choice for store house of Value; there are other supporting details like network effects, legacy etc which can counter the traditional arguments of there being better ‘designed’ store houses of value.
Those aren’t contradictory statements. He’s saying he was long term a believer in the vision of Bitcoin but that he wanted the price to go up. People have different definitions of HODL.
So glad this is specific to the*Bitcoin* ecosystem and community and not just "crypto bah humbug" banter using "Bitcoin" as a stand-in for all blockchain systems.
I agree with your assessment on Bitcoin. Your Libertarian stand is interesting to say the least. Seeing how American Libertarianism is just a Koch brother bastardization of Social Libertarianism.. dropping the social contract and leaving in place just Feudalism. There is no free market. You know that. Economics is not an empirical science. Its a belief system. Your personal liberty ends where my personal well being and liberty starts. Why do software peeps not get the big picture on economics? Because they dont understand that math is a tool and thats all. Spot on with bitcoin. Fundamentally ignorant on the importance of the social contract for a functioning society.
"Money" is an accounting system. Accounting systems are, above all else, valued for their TRUST. People must TRUST the numbers on the ledgers. The Bitcoin ledger is the most trustworthy accounting system ever created by humanity. That's why, "people like Bitcoin".
Whatever. Everything is broken. Dogecoin, GameStop, nba top shots; honestly I’m stepping away and I hope banks take all the dumb money. I hope these people get wiped out. They’re bored, locked inside, and fucking up markets. The interest was cute at first but it’s gotten retarded. There is no semblance of proper market function anywhere.
Yeah fuck privacy. Everything should be tracked and traced perfectly at all times. That is a negative for bitcoin imo. I am an accounting major; that is not a valid argument. Nobody should “trust” ledgers. Giving authorities full access to a perfect accounting system for your life but not for corps has to be the dumbest fucking idea I’ve heard in my life. People are slaves.
I dont think saylor has any problem with this guy selling his bitcoin. The reasons this guy sold is not what saylors believes in so why would he even bother.
Crypto was supposed to be a decentralized apolitical method of exchange. Ever since they started to be listed on exchange; it’s ceases to be decentralized and became subjective to regulations
At least someone is telling the truth and no "pumping" Bitcoin for their personal gains! Well done and I admire your curriege! It's become the most transparent kind of money and its value is because another stupid person is willing to pay a higher price due to greed!!!!! THE BEST VIDEO I SOUGHT.
I need to rewatch this video a lot to grasp everything and you sound like you articulate strong arguments. I understand bitcoin was original meant to bring power to people and take it away from the establishment but one thing I don't get is that eventually wouldn't bitcoin have to integrate with society and the way we consume from the market? Isnt it inevitable that it would integrate with the big businesses and investment bankers?
Yeah - don't tell me Satoshi set out to create "Store of Value" and decided to call the whitepaper (the freaking WHITEPAPER) "Peer to Peer digital cash"
5:35 As someone from Finland who decided to not take a risk spreading corona to my aging father or grandmother and pretty much kept following instructions and even when there was loose restrictions i didnt take a chance till i was vaccinated i find this angle a little odd. There was no people that became homeless here due to hard restrictions but that is because of the strong social safety net. Saying i dont care about the poor when i sacrifice 1.5years of my life not seeing anyone from my family or attending events does upset me little bit. Its not selfinterest to follow restrictions, its the most unselfish thing one could do. The increase of poor people in America due to restrictions is problem with its politics, maybe you need to solve the problem why the citizens can go poor on a time when they need the most help during a time when their actions affect more than just themselves.
@@thesuperiorman8342 That wasnt the point made. Also its not always about mentality and more often the lack of resources available to them that keep them poor . Here the point was that the poor have less understanding of BTC and its not widely understood in most developing countries. Btc is out of the reach of most if not all of the poorer folk
@@winstonmartin7149 Concentration of wealth is a fact of life and anyone who believed bitcoin came to solve this problem is naïve to put it mildly. I believe this was addressed to Satoshi but he didn't seem to care, perhaps knowing that wealth inequality is beyond him. I'm middle eastern and bitcoin is a godsent for the few of us who invest time to learn it. We don't have to worry about our corrupt government confiscating our wealth every time they run out of money. Bitcoin doesn't promise to solve every problem; it will in fact introduce new problems, but ultimately, we need to make progress.
@@thesuperiorman8342 you've made two very different points in the two comments. Also Bitcoin or any alt currency may provide benefits now but i because of its current market value but i am sceptic to its long term relevance. I fear that many will get sucked into it because its going well now and regret it in times to come. If its going well for you good for you and I wish you well
@@winstonmartin7149 You're right, I am making two points. The first is that bitcoin, or any cryptocurrency for that matter, cannot solve wealth inequality. That is beyond it's objectives. The second point is something that bitcoin can address even for people in the developing countries. What bitcoin tries to accomplish is to take power away from central authorities like governments to the individual. I gave an example of that in the middle east. If governments find it harder to take money from its people, it means they lose power (at least some) and this will change the power dynamics. Bitcoin won't make most people rich because at some point it's value will stabilise. But it promises to preserve your wealth and that affords power to the individual. Just my opinion.
Stop generalizing, it's poor thought. Crypto crowd contains a large variety of persons, many who are technical, have very deep understandings of these protocols...
Sub. Totally agree. Way back when the institutions started getting involved it was then I said, "Crypto is doomed." I'm a follower of Austria.Econ and it has taught me that crypto has no value. Just my opinion, of course.
Great points. I'm a recent subscriber and I've watched a handful of your vids-- keep up the good work. Disagree with the fact that btc can't be a storer of value. Btc could be used to barter if need be, regardless how slow it is. Gold is a storer of value even though it's not used to barter in today's world
I have the same believe with what you said in the video, however, i think this bitcoin thing happening right now will only shine light to other cryptocurencies and blockchain networks that have an actual function for the society, so overall its still a good thing right?
Simply incredible. From the looks of it we have here a successful adult male who is a functioning and productive member for society, as well as being a college graduate that is STILL a self professed libertarian. I'm intrigued to say the least.
You aren't a hodler if you use it as a MOE. China banned bitcoin mining just after you posted this, but Chineese are still secretly mining because even the CCP can't stop it. I prefer a ledger system where I can personally audit the transactions (even tho I don't control it) of anyone I do business with. I'd love to hop on a podcast with you if you're ever open to discussing why, despite your concerns, Bitcoin will eventually hold the reserve currency status.
I clicked on one video and now I’m watching them all You got the store of value part wrong It’s utility that’s the value not the ability to be a medium of exchange
Theres few youtubers that post on here criticizing btc it seems. Btc is utterly worthless because its tx fees. No one is using it for anything. Bch is at least more useful in that regard but bsv will take the cake.
I’m devastated by your statement about Bitcoin losing its core values! Could you point which crypto space efforts keep those values and are worrh supporting? Thx
Seems like most if not all crypto miss their initial mission statement. Unless you are looking at something that chose a niche application. Btc is a novelty. Test net
7:20 this, to me, has been one of Bitcoin's biggest drawbacks as a viable financial instrument. If I was designing a cryptocurrency (and I am!), I would not put it on a blockchain. The blockchain has some great uses but money ain't one of them. I don't think that people understand: Bitcoin was designed for a post-apocalyptic dystopia in which central banks don't exist (some would call that a utopia) and trust is the most valuable commodity. But I don't think, barring global nuclear war, that scenario will play out no matter how bad things get, and if GNW does happen, well, better hope that the internet still has power and your phone is operational...
OK. Great video. I'm just your avg person who's heard of Bitcoin but it's meaningless. It's supposed to be currency yet I can't buy groceries with it? Is bitcoin mining like the equivalent of printing money or something?
Bro, loved everything you said, loved the passion, loved the sincerity, except for one thing. Bitcoin is *_not_* money. It is a type of crypto fiat currency with no intrinsic value and backed by nothing but a belief. The word money, the actually linguistic morphology of the word, comes from the root "M-N" (bilabial voiced nasal)-vowel-(alveolar dental voiced nasal), which means to dig in the earth. You can actual see the M-vowel-N pattern in words like "to mine" (which means to dig in the earth), "mineral" (which is a substance you get from digging in the earth, "to mint" (which means to forge into coins the metals you got from digging in the earth, and "moneta" (which means the coins you minted), etc. That is money, gold and silver. Thank you for being a true voice for freedom. Promote _real_ money gold and silver and let's take back our freedom!
Yeahan the reality is everything human made is based on thoughts and ideas. We've come up with an idea that is now decentralized. This I itself has more value that a metallic shiny yellow. Crypto is the move.
I am still a believer in Bitcoin and this is hands-down the best critique of Bitcoin I have yet encountered! I have big ideas and desperately need to speak with you. I will be in contact in the near future. I would also be curious to hear your thoughts on the Chinese crackdown that has eventually taken place since you created this video (as an aside).
Bro!! I absolutely love it! I’d love to see you and Michael Saylor have a discussion about this. He tries to make everyone who disagrees with his views As BTC being digital gold and it being the “supreme Alpha Asset” feel like an idiot. I have to see this discussion take place!!!! I’m sure he’d be game cause he’s 1 dimensional. His idea or no idea lol💪💪💪💪❤️❤️❤️
Yes, these are principle-based contentions I have with Bitcoin. Nowhere here do I discuss price. But it seems like all my opposition has in retort is “LOL Price moon”. Which further solidified my position.
Point 7 - Sort of agree. This is exponentially more relevant to alts. However its currently changing though. the site 99 bitcoins list some of the companies some that will surprise you though. Please list them on a video so the audience can decided on this point
Point 8 the last one. Please watch it again and see your own narrative that you're projecting onto 'everyone'. Heres a quick and dirty rebuttal - Price and volume and number of Bitcoin addresses. And me and my lizzard brain saying NOOOOOOOOOOOOOOOOOOOOOO ahaha.
Bro, very similar story to you, I was using BTC in deep web 2011 and started stranding it 2014 around BTC bottom. I live off Crypto, I have been for the past 5-6 years but I agree with you completely. Ever since BTC hardfork i think 2015/2016 blocksteam has been head of the whole thing. I think eventually players in any field, any ecosystem will eventually consolidate power to just a few.
You should read a book about market collapse. You have plenty of good arguments, but all your arguments fall short if you realize that Fiat currencies have a date where they collapse.
i think at some point you'll come to the realization that money is their game and if you don't like the rules of their game then it's time for you to leave the game. find some fertile land, try to source some water, grow your own food, etc. not hating but i have made peace with this possibility. i understand that at some point some kind of restriction or exercise of control will cross the line and everyone's line or limit of sovereignty is different. conspiracy theories aside, just looking at the trajectory society is going, i imagine some 20% or less people will jump ship and remaining majority will happily live in a fear-driven matrix-like society.
Im also a early adopter but coding jesus looks at bitcoin with his coding eye that’s the issue. I’ve dealt with quite a few blockchain devs and the problem lies within the lack of seeing past 0s and 1s!
Massive rant about Coronavirus restrictions framed as a negative, followed by an on-screen diagram and the phrase "I'm not going to argue the efficacy of coronavirus restrictions"... irony 101.
