Oddbean new post about login | logout How can you possibly do well on Bitcoin? Those that bought 1BTC at $90k today now have $90k less than they had yesterday. That's not "doing well".
@frphank imagine you are measuring your nephew’s height. He is a healthy young lad visibly progressing well. Your ruler uses cm or inches - whatever your preference is. All of a sudden the international society of ruler central planners decree that today’s cm/inches are 40% smaller than yesterday’s cm/inches. Did your nephew grow 40% in height overnight? This is fiat central planning in a nutshell. All economic calculation is persistently and periodically rugged.
I see that fiat loses value. I can see it every day. But I can still buy "something". I can't buy anything with Bitcoin other than fiat.
Good point. Can you buy things with Nvidia shares, real estate, or silver bars? All investments are converted to currency accepted locally prior to consumption.
Btw on @BTCMap.org you can see density of merchants who accept
Nvidia shares get me dividends, real estate I can use for a shop or a factory or farming, silver can be turned into jewelry, cutlery, electronic things and a thousand other uses.
most people in the world don't have access to brokerage accounts or mortgages. They just need a way to save money that doesn't lose value. How is this hard to understand?
You're confusing "use" and "value". bitcoin might have no use, but it has value. And if it has value, it can be used as investment. But you're still wrong about "use", many activist groups could not have survived without bitcoin after they had their bank accounts closed by the states they were protesting against. Wikileaks is a prime example. And that's just the most obvious use.
If it has no use, it has no value. The value that Bitcoin has to some is some dream that they harbor that they might one day escape from their misery. Just like buying a lottery ticket or praying every night. WikiLeaks and your activist friends ride on the coattails of the dreamers, not for long of course, because right after the Bitcoin payment has been made it gets converted back to fiat just like all the shops on BTCMap.
Saving money is the biggest use case on the planet, smart guy $500 trillion market
That's right I have a couple $100k stashed away. You on the other hand spent it all on Bitcoin so now you have nothing.
Congrats, you lost 40% of your purchasing power in the last 5 years while ours increased 500%. Amazing work, keep it up
Sure. Happy to talk about that. Before we do that do you agree all your investments must be converted to your local fiat currency (I presume you are not in @BitcoinJungle, Btc Ekasi, or a similar village/town)?