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Why I’m Growing More Skeptical Of Bitcoin (Ep. 213)

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Productive assets are becoming increasingly liquid and exchangeable thus disrupting the value of money and relegating money’s value to numbers in a database. This disruption will likely disrupt Bitcoin. Just my opinion at this moment.

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6 Comments

  1. Awful commentary that ignores the fundamentals of Bitcoin and try to pigeon-hole it into something it is not.

    Its anonymous and portable nature in itself is worth the transaction costs. You even covered this point but just swept it aside because it doesn't apply to your own needs and expectations. But what about the needs of others?

    I can literally leave Hong Kong on a day's notice and will be able to take my assets with me without first reaching for the custodians that normally maintain my assets (banks). A lot of people here are having to go through the hassle of arranging for their assets to be lead through different hurdle to transfer their assets away.

    Connect the dots: The reason why mining is so expensive is because it is now strong enough to protect higher value transfers now.

    It's true that Bitcoin is pricing out lower transactions, but why do I need hide my identity when I am buying a coffee? Bitcoin can't stop the government from spying on me, but being bad at this doesn't detract from the fact that Bitcoin is VERY good at what it's good at – high value transactions.

    Bitcoin is NOT supposed to replace the M2 cash pool! It is what it is: a transmission network for large volume, without restrictions, detached from FIATs, across borders.

    Hell, there might be even be a day when Bitcoin transaction becomes so exorbitantly expensive to send that it would be unthinkable to use it unless you want to send millions but by then, Bitcoin could have capped trillions and it would had been the best investment of the century!

    It might not be what you want but a lot of other people will use it. And when it comes to investing, it's not about seeing what you need but the needs of society and the world.

  2. I agree with you that BTC is a weak asset store of value. Its more of a speculative store of value. Saying houses and assets etc are becoming more liquidfied with disruption makes those assets better store of value to compete against BTC is a weak argument because those assets have been liquid as listed securities e.g. REITs. They are becoming more liquid yes, but they will not compete against BTC

  3. This is a very interesting argument, but I want to add a point. The conceptual trade scenario that you are proposing in this video, as interesting as it is, does not exist as of today; however, bitcoin does, and apparently it's popularity is increasing.

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