An Old Man (I'm Talking About Mental Age) Talks About Bitcoin
https://www.youtube.com/watch?v=IllImMvvOEo&feature=emb_title
The lack of intrinsic value argument
Roubini mentioned the store of value narrative and mentioned how gold, even though it does not yield any income, has been a store of value for thousands of years. What Roubini does not appreciate is the ongoing, unstoppable megatrend of everything going digital, including assets capable of being used as collateral such as Bitcoin.
Scary volatility + manipulation
The way to get over these issues is to look at the big picture. Bitcoin is amazingly regular if you look at its entire price history on a logarithmic chart. The key is not to allow yourself to be lost in the day-to-day fluctuations of its price action. By the way, given its regularity, I wouldn't be surprised to see synthetic (decentralized) Bitcoin-based assets that tackle the short time-span volatility.
Gold as jewellery and industrial material
Roubini mentioned that you can get pleasure from wearing a gold chain unlike from owning Bitcoin.
Hah, I wouldn't get any pleasure from wearing a gold chain. I personally find gold chains too tacky to wear myself. Also, I'd be afraid of losing any gold chain I wear. One could be stolen. I could get robbed and the robber could demand my gold chain at gunpoint. Owning Bitcoin, however, is actually a source of pleasure for me. A secret treasure only I know about and don't even have to physically possess to gain access to. I only need to know a 24-word passphrase to regenerate my wallet.
Bitcoin is borderless and intangible
A bitcoin holder could waltz over national borders and carry billions of dollars worth of assets in his head. Without mind reading technology, it would be completely impossible to seize anyone's Bitcoin brain wallet.
The tangibility of gold adds absolutely nothing to its attractiveness to me. I'm an idea person. I see ideas as being the primary reality and any physical manifestations thereof as secondary. I don't care about being able to hold a lump of gold in my hand.
The beauty of cryptography
Bitcoin is powered by cryptography. Mathematics is the most powerful language known to man. Cryptography is the language of freedom and sovereignty. It has the power render the violence ineffective.
Conclusion
Bitcoin is the first solution to the previously unsolved problem of Byzantine generals or distributed consensus. There is beauty and power to it that not everyone can see. The world is waking up to it. I feel privileged to have been introduced to the concept much earlier and most people and to have been able to grasp it.
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