notices - See details
Notices
J
Jack (not verified)
10th November 2018 | 7:33pm

Goofy. I like this article for two reasons. One, it's inflammatory. And two, I'm a net buyer of BTC so keep up the negative press please.

Subjective belief of value is at the core of all currencies, stores of value, products. BTC is valuable for the same reason fidget spinners and USD are considered valuable, belief. BTC is a store of value if people accept it as a store of value. "That is silly and unsustainable", you might say. USD, EUR, diamonds, gold. "Those have objective utility", you might say. Oh my goodness please leave the econ textbook at home and look further. Why is jewelry valuable? Because we think it is!

BTC will remain a player in the space and will serve as a store of value. Fixed limit is the kicker. Watch USD M2 continue it's exponential path through bank issued credit (which it looks like you might be familiar with) and Abra Kadabra BTC keeps purchasing power. Why are gold and diamonds more valuable than other rocks? Subjective value and limited supply.

Check and check.