A guy sends me a polite email, and says in a couple paragraphs that 1) he doesn't really see any role for bitcoin in a portfolio, it has no intrinsic value, and it just trades on sentiment and also that 2) it threatens USD hegemony and so politicians are likely going to add friction to it.
So I'm like, well, if there's nothing particularly valuable about it to give it any value or consideration for a portfolio, why does it threaten USD hegemony? Like, it threatens the largest and most globally salable monetary network in the world while having no intrinsic value, no portfolio role, while just being a thing that trades on sentiment?
¯\_(ツ)_/¯
Bitcoin has no value! But also we should ban/regulate/etc because some people value it!
"I don't want to wake up, I just want a softer pillow."
Very good point. And apparently the only ammo they have left is, it threatens them because muh laundry. (meanwhile banks and gift cards do much worse).
😂😂 the logic?!
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Name and shame
In my experience many of us carry enough shame for a lifetime. Might be why he can’t understand to begin with.
Nah we live in a shame deficit rn- need more so people stop behaving so badly lol
Respectfully disagree. I believe shame is a huge driver of all sorts of maladaptive and harmful behaviors. Totally agree that people behave poorly and want to see us treat each other better. But perhaps we have different definitions of shame. Care to share yours?
Shame is thinking ur bad. It drives you to behave more bad.
There may be two types of shame-
Group and individual.
Group shame keeps people from actin bad because they would deviate from group values
Individual shame is when a narcissist gets too self obsessed in the negative and acts out to gain attention from the group.
I like Brene Brown’s delineation between guilt and shame. Shame says “I am bad.” Guilt says “I did a bad thing.” In my experience, I act destructively when operating out of shame and constructively when operating from guilt. This framework has been really helpful to me when processing times that I acted out of alignment with my values.
I’d like to see a world where everyone is secure in their innate “goodness” but ready and willing to admit when they’ve acted poorly and take necessary steps to make amends. So less shame, more guilt.
No such thing as innate goodness
Heard. I’ve believed that in the past. It didn’t produce fruit for me. So far, assuming divinity in all does.
Breaking the 1st commandant- you shall have no other gods before me. Classic pagan.
It’s more nuanced than that for me. I view the Bible as a text to be wrestled with. It’s never worked as a rule book, especially to hold over others who don’t start from the same assumptions. Again, I come back to fruit. How does my reading of scripture express itself in how I treat myself and those around me? If it leads to more life and peace, perfect. If it leads to disconnection and violence (physical or verbal), no good.
You’re free to interpret scripture as you see fit. In fact, I believe you owe it to yourself. I hope however you interpret it leads to more peace and joy in your life.
Exactly. It’s “for you” because you are your own god. It’s never worked “for you” as a rule book. And if your reading leads to better things “for you” then you deem your way correct.
I am not free to read it as I see fit, but according to the intent of the author. Just as you are not free to read this message from me and insert your own interpretation which may differ from my intent lol
I appreciate your willingness to dialogue. I completely agree that the intent of the author is of utmost importance in understanding a text.
I take issue with your assessment that I am my own god. I don’t believe this. I believe each of us contain some element of divinity. Essentially what animates us and gives us life. I believe there’s scripture that alludes to this, but I don’t remember the passage right now.
I also agree that we shouldn’t read scripture and twist it to our own benefit. I’m curious, what tools do you use to help you interpret what you read well?
I would say we live in a guilt deficit. People behave poorly and don’t know how to process the guilt of their behavior, which leads to shame.
No need to process guilt- just stop bein bad lol
people just make excuses to cover the fact that they haven't thought about it.
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Yes I think so. My guess is the guy had a chance to buy bitcoin long ago and didn’t, and has to come up a reason as to why he didn’t so he can feel better about his decision, regardless of how illogical his reasoning is.
"The food here is terrible. And such small portions!"
Therefore sentiment undermines USD.
Which… actually does make sense, no?
He probably didn’t connect those dots though.
The dissonance is too much for his brain.
My mood for people with this mindset is now “If you don’t believe it or don’t get it, I don’t have the time to try to convince you, sorry.” If somebody legitimately wants to understand I’ll still take the time though.
Stop opening emails from Peter Schiff.
I’d also say stop opening emails from Paul Krugman, but we all know he doesn’t know how to use a computer.
Bitcoin doesn’t need him. You get the price you deserve.
Literally Satoshi said the perfect response at a time when “selling the idea” was warranted.
If you don’t understand it, fuck you (paraphrased).
I'll play devil's advocate for them, because I don't agree with what they say, especially with his first point (no intrinsic value). I'd interpret what he says as separated in time. "It's fundamentally flawed, but even if it overcomes those flaws, if it starts getting big, it will be crushed by authorities."
“Value is not intrinsic, it is not in things. It is within us; it is the way in which man reacts to the conditions of his environment. Neither is value in words and doctrines, it is reflected in human conduct. It is not what a man or groups of men say about value that counts, but how they act.”—Mises
Not really surprised. He said he traded on sentiment. That's a big mistake for him and it will be very hard for him to really see the clear picture of what #bitcoin stands for with his mix feelings about this wonderful digital asset.
😆 nice story - fact is -- "nothing intrinsic" about anything - all "perceived value" at certain point in time who u r where u will SPEND it finally
Answer should be something like:
No intrinsic value
Go back to start and don't earn sats. Try again.
Trades only on sentiment
Yes you're right, that's why it is still so damn cheap. Wait a month untill Blackrock opend the black hole for the Fiat system.
Threatens USD hegemony
Yes, polititions in countries that didn't suffer from the FED policy lastly will do but there are not so much left. So you mean the USA and Europe right?
LOL
“The SOM is tiny, even though the TAM is massive, so I’ll sit this one out”
It’s too weak and too powerful at the same time
We’ve seen that rhetoric in the past many, many times
I find difficult to get my head on the fact that somebody can be so confidently on contradiction.
I was there early days (2010+). At the time I couldn't get passed the slow transactions, threat to middlemen, and more significantly the inability for it to work effectively in a disconnected state. Yes I deleted coin back then. Formatted drives with wallets. I live in a disaster prone and seeing people trying to pay with cards was always bad. What I failed to realize was that people just wanted good enough not perfect. I also failed to understand that people could trade signed transactions just like they would personal bank checks during those times.
I think by the time I realized this the BTC price I deserved was $10k. That's when I started hodling and using BTC.
Dear fren,
HFSP.
Regards,
Lyn
Goldbugs/conspiracy morons/ doomers all use this argument too much
who takes the time to email crap like that?!?
weird.
Perhaps 2 is a hedge against 1?
It’s the eternal fud, isn’t it?
“Bitcoin is a scam, a ponzi, it’s not real.”
“Bitcoin will get hacked.”
“Bitcoin will get shut down by the Government.”
“Bitcoin is just fake internet money for basement-dwellers.”
I’ve certainly been there.
Still, every bull market brings exponentially greater legitimacy I suppose…
Good sell opportunities start becoming possible around Oct'24.
The next good time to buy the dip will be from around Oct '25.
He can "sentiment" that!
That may be the actual sentiment after all. It can be a simple sentiment that evolved to a complex ideology which challenges the status quo of the most globally salable network. Besides, anything that a bunch of people believe to hold a value to them has an intrinsic value. Like garbage has no value for many while it does have a great value for selective some who turns garbage into energy or so.
stop that logical nonsense. You might hurt peope's ego.
Sounds like Charlie Munger likes to write to Lyn Alden.
Weird logic, but it’s always nice to hear from Jamie Dimon…
Bitcoin is backed by mathematical logic and a globaly decentralized protocol.
It does trade on sentiment 100%.
Like 100% of absolutely every money that has ever existed.
That's what makes money, money. People want it. Or perhaps, just need it. But if it's really, really good money, people really, really want it.
Lmao, do people even listen to themselves speak or are they just programmed to regurgitate the crap they hear by the people manipulating them?
Buffett had a similar contradiction last time he was asked about bitcoin- it's probably going to zero and also it's a threat to the system 🤔
“In the first place, it’s stupid because it’s still likely to go to zero. It’s evil because it undermines the Federal Reserve System ... and third, it makes us look foolish compared to the Communist leader in China. He was smart enough to ban bitcoin in China.”
oops - I think that quote was actually Munger.
(Though Buffett doesn't like it either!)
Like the USD has no intrinsic value, which trades on sentiment and network effects.
Boom 💥 got em! Bet he had no answer for that!!
Things happen when you listen to the lessons of Buffett and Munger but don't understand them. Bitcoin is technology; it's a platform and a global network. Bitcoin is a product that has value because of its unique characteristics. It is vastly different from gold, even if it embodies some of gold's most compelling features, and it functions as a means of exchange, just as the USD did. This allows for the exchange of earnings assets based on it. When you buy bitcoin, you are purchasing a productive asset, just as past value investors did when they bought USD.
He only believe what he want to believe.
bitcoin nft has value
But rodent motherfuckers singing flat can go fuck themselves
Buy #bitcoin
What is Cognitive Dissonance
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Irrational cognitive dissonance is a symptom of hyperinformationalization
Physics to a cat. Either you study and know or you repeat others.
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