When I heard of Bitcoin in 2016, I got excited and dive in the rabbit hole since. I have orange pilled some people along the way but I only met 1-3 Bitcoin Maxis in my life (those I know from Bitcoin Asia Conference), excluding those I know from Bitcoin Asia Conference I do not have Bitcoin Maxi friends at all.
Many nocoiners dismiss Bitcoin when I talk about it. Some even discredit Bitcoin with a sense of superiority as if they know more than we do.
Why are there so many nocoiners? Did they not study the fundamentals and history of money? Why don't they educate themselves?
Why do people pass Bitcoin after they hear about it?
byu/CorporateBuddha inBitcoin
Posted by CorporateBuddha
8 Comments
Because it requires belief that others will also see value for there to be value and many people think this is a scheme rather than a traditional investment in a revenue generating operation.
I am a Bitcoiner but I dismiss it in real life because I don’t want to get wrenched. Only my dad and girlfriend know
You are just superior to most people and are really special. Here is a cookie…
I was like “lol something digital can’t be scarce. Idiots.”
because people can’t separate bitcoin from crypto- and they see and hear how many scams are in crypto. they can’t understand what proof of work actually means and why blockchain length = security.
Because most people don’t reject Bitcoin… they reject uncertainty.
BTC basically says: “Hey, question your government, your bank, your entire understanding of money.”
Most people just wanted a savings account, not an existential crisis.
Also let’s be real — volatility scares the hell out of normal humans.
We see -30% and think “discount.”
They see -30% and think “call the priest.”
And ego plays a role too. Nobody likes admitting they ignored something for years and it kept going up anyway. That’s painful.
Some people will only buy at $250k when CNBC tells them it’s “safe.”
Others will never buy because it sounds weird and nerdy.
Despite the fact that Bitcoin has only gone up in price over its lifetime, it is still a very speculative asset. A lot of people don’t want to deal with it because they feel that the volatility is what’s going to mess them up. Let me give you a perfect example. People who are investing in Bitcoin and are not looking at the charts often are not going to be aware that because of some stupid press event or some stupid political conference, the price takes a big dip out of nowhere. We might be long-term holders and people who are in the stock market understand holding for the long-term but regular retail investors. Your typical pop or Mom or Grandma doesn’t understand those things and so they put in all this money at the top they get wrecked and then they sell instead of waiting until the market recovers. The fact that it has been over 10 years and cryptocurrency as a whole is still up in the air with regulations doesn’t help it.
It this is by design because the governments don’t want to legitimize it completely because they can manipulate the prices of Bitcoin going up and down and Wales don’t make it better when they also manipulate the price. So people kind of get turned off to cryptocurrencies and this is why we see a lot of retail investors now. Don’t care anymore about crypto.
When you have massive manipulation and unclear policies and unclear regulations, this is what happens. People get turned off to the whole idea.
Because they dont want to think / find solutions. They might be way higher when their bank will advice them to