I have come to accept that Bitcoin should not be viewed in economic terms, it should be viewed in political terms. It is a symbol of an anti-establishment movement. People have always been willing to sacrifice their best interests for a cause they believe in.
Martyrdom for a just cause is not something the faithful fear, it is a virtue to celebrate. That’s why nobody cares about the risk of collapse. But as with all well intentioned movements, parasites with ulterior motives attempt to misdirect passions for personal profit.
The choice for outsiders is whether it’s best to encourage the protest, protect the protesters, or join the parasites.
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…