Every bitcoin critic reads from the same battle card, and just below “tulip bulbs” and “ponzi” you’ll always find the “no intrinsic value” catchphrase instead of a real argument.
Reading bitcoin threads over the past few years on FreeRepublic, I can safely say that large amounts of Freepers hold beliefs about Bitcoin that are exactly the same as the DU and woke crowd.
You’d think that now that Trump finally gets it, Freepers would too. But I’m not holding my breath.
Too many people just can’t stand admitting that they’re wrong, and will continue to pimp fiat bankruptcy until the end of time.
I think it’s a generational thing. A lot of older folks simply need government to give a currency value because that’s what was drilled into them for four to five decades. They don’t understand digital assets, don’t want to understand them, become angry, and start spouting catchphrases rather than embracing the chance to learn something new and exciting.
I examined bitcoin from the POV of someone who was trained in security analysis and spent most of my career in this business. BTW, I admitted that I might be missing the intrinsic value of cryptocurrency.
You smear people who disagree with your bias as old, confused, and possibly Woke instead of explaining why there is "real" fundamental value in bitcoin.
As you probably know, ad hominem (which describes your smearing people who disagree with you) is a logical fallacy typically used by people who don't have a good argument for their position.
As an aside, as a former New Yorker, I have followed Trump's career since the late 1970s. While I have supported him for president since 2015, I realize that he has limited experienced in investments outside of real estate, casinos, and golf courses. I wouldn't bet on his having a deep understanding of bitcoin. Same for Elon. Love Elon, but he makes mistakes from time to time.
Sorry, but that's not exactly true.
All intelligent investors expect the things they invest in to have fundamental (i.e., intrinsic) value. Companies have assets that grow in value and/or a process that creates an inflow of value (i.e., revenue, income, asset growth...even tax losses that can have value to owners).
Even people who buy assets like collectibles, real estate, intellectual property expect those assets will grow (i.e., inflow) in value.
That value is "intrinsic" value.
It is still debatable if the bitcoin system has such value.
This system started in Sumeria about 3500 years ago when cuneiform writing was invented.
Yes, governments can and do make stupid decisions that erode the value of currencies, but they make stupid decisions that erode the value of all assets. To correct that problem, citizens need to change governments (as happened in Argentina with Javier Milei).
That said, if you believe bitcoin offers a perfectly unbreakable, incorruptible replacement, please explain how it is perfectly created to have NO vulnerabilities (e.g., a 51% attack).
I have never heard anyone claim that the bitcoin system is so perfect.