Somehow the mining is bad for the environment argument went away; but the its backed by nothing argument is pretty consistent. Bitcoin is backed by the trust of people believing in Bitcoin. Which sets the price for all assets. Nobody would buy a house with a thirty year loan if trust would not be there that prices stay at least stable or appreciate. Without this trust housing would plummet 50% to immediate utility value. Trust is everything, and people will more and more trust an asset that requires no trust at all to run, store, transfer. Enjoy the journey, I am not at all concerned.
Medical-Molasses615 on
And you assume this time is the same?
Despite an ever increasing number of coins being held in large reserves by the likes of MSTR etc. Despite that the mineable coins have largely been exhausted?
These two factors combined completely destroy the entire concept of BTC. How is it of any value as a digital blockchain when coins will only become available when large reserves want to sell? The inflation of the price of BTC is completely controlled by these reserves which completely defeats the point. All that has happened is corrupt banks have been replaced by corrupt companies headed by former criminals.
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Somehow the mining is bad for the environment argument went away; but the its backed by nothing argument is pretty consistent. Bitcoin is backed by the trust of people believing in Bitcoin. Which sets the price for all assets. Nobody would buy a house with a thirty year loan if trust would not be there that prices stay at least stable or appreciate. Without this trust housing would plummet 50% to immediate utility value. Trust is everything, and people will more and more trust an asset that requires no trust at all to run, store, transfer. Enjoy the journey, I am not at all concerned.
And you assume this time is the same?
Despite an ever increasing number of coins being held in large reserves by the likes of MSTR etc. Despite that the mineable coins have largely been exhausted?
These two factors combined completely destroy the entire concept of BTC. How is it of any value as a digital blockchain when coins will only become available when large reserves want to sell? The inflation of the price of BTC is completely controlled by these reserves which completely defeats the point. All that has happened is corrupt banks have been replaced by corrupt companies headed by former criminals.