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  • The truth about Bitcoin – Rules of Engagement – Episode 1

The truth about Bitcoin – Rules of Engagement – Episode 1

Posted on December 22, 2020 By In Bitcoin With 1 comment

I will be posting a series of blogs describing the reason I believe Bitcoin is more hype than reality.

Rules of engagement

In my attempt to be intellectually honest, I will state the conditions for reversing my views on Bitcoin:

1 – I would like to see a use for Bitcoin beyond price speculation that is (subjectively) 2X better than what it is replacing.

2 – The use it is replacing must be sufficiently significant to justify the amount of investment in Bitcoin (savings, nodes, miners, wallets, apps, exchanges, energy consumption).

In order for this exchange of ideas to be fruitful, we need to set a very important ground rule — no debate can succeed if the participants are incapable of separating what they “wish” from what “is” — meaning, wanting something to “be” isn’t enough evidence that it “is”. We must start from a shared understanding that reality and fantasy are two separate realms. This discussion must be firmly rooted in what the evidence shows is actually happening.

Let’s get started…  

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One comment
  1. Steve Hirsch
    January 1, 2021 at 10:54 pm

    Hey there, I think you are asking the same questions I have.

    How, if at all, does Big Finance plan to use BTC to create revolutionary, industry-wide, value? The digital gold use case doesn’t create operational efficiency.

    I do believe the latter still adds legitimacy to the price of Bitcoin.

    And right now, there’s definitely institutional investment in the form of buying and holding. But is there substantial Big Finance investment in creating a Bitcoin plus a second layer that will actually drive operational changes, efficiency and ultimately profit?

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