Read on Twitter
1/ The Bitcoin (double) Standard
A deep dive into the cognitive dissonance of nocoiners, and the ridiculous double standard they have for Bitcoin.
Thread
A deep dive into the cognitive dissonance of nocoiners, and the ridiculous double standard they have for Bitcoin.
Thread
2/ Manipulation
Over the last decade, banks globally have been fined with more than $321 billion in penalties, following investigations into manipulation of various markets/instruments: FX, metals, LIBOR, etc. Those cumulative fines = near current total crypto market cap.
Over the last decade, banks globally have been fined with more than $321 billion in penalties, following investigations into manipulation of various markets/instruments: FX, metals, LIBOR, etc. Those cumulative fines = near current total crypto market cap.
3/ Intrinsic Value
Complaining it has no intrinsic value when their primary currency has absolutely no intrinsic value.
“Bitcoin units have no intrinsic value… the U.S. dollar, the euro, and the Swiss franc, have no intrinsic value either.” https://www.stlouisfed.org/open-vault/2018/april/three-ways-bitcoin-regular-currency
Complaining it has no intrinsic value when their primary currency has absolutely no intrinsic value.
“Bitcoin units have no intrinsic value… the U.S. dollar, the euro, and the Swiss franc, have no intrinsic value either.” https://www.stlouisfed.org/open-vault/2018/april/three-ways-bitcoin-regular-currency
4/ Money Laundering
Approximately $2T a year globally is laundered, Americans spend $100B on drugs annually, Crypto market cap is $440B as of this tweet storm.
“Cryptocurrency [represent a] “low risk” for money laundering and terrorist financing activities... according to FATF
Approximately $2T a year globally is laundered, Americans spend $100B on drugs annually, Crypto market cap is $440B as of this tweet storm.
“Cryptocurrency [represent a] “low risk” for money laundering and terrorist financing activities... according to FATF
5/ Complexity
Consumers don’t understand how their existing financial system works, nor their cell phone, microwave, etc. There is minimal new training needed for them to be literate/enjoy basic interactions, just like any new technology in their life.
Consumers don’t understand how their existing financial system works, nor their cell phone, microwave, etc. There is minimal new training needed for them to be literate/enjoy basic interactions, just like any new technology in their life.
6/ Volatility
The only constant in markets is volatility. No one says “Gold isn’t a good SoV because the price fluctuates” but we hear that all the time with #bitcoin
. What did you expect with a new emerging sound money? It certainly wasn’t going to be a linear price path.
The only constant in markets is volatility. No one says “Gold isn’t a good SoV because the price fluctuates” but we hear that all the time with #bitcoin
. What did you expect with a new emerging sound money? It certainly wasn’t going to be a linear price path.
7/ Energy Consumption
Electricity police!
Complaining about energy consumption, without first comparing it to the energy consumption of gold mining, the financial system, government, courts, military, selfies, or watching the Kardashians. https://www.danheld.com/blog/2019/1/5/pow-is-efficent
Electricity police!Complaining about energy consumption, without first comparing it to the energy consumption of gold mining, the financial system, government, courts, military, selfies, or watching the Kardashians. https://www.danheld.com/blog/2019/1/5/pow-is-efficent
8/ Monetary Policy
Worried about deflationary spirals when they most they’ve spent studying deflation is the 15 second dismissal argument from their econ 101 professor
Worried about deflationary spirals when they most they’ve spent studying deflation is the 15 second dismissal argument from their econ 101 professor
9/ Control
Worries that it was created by an anonymous “hacker” vs highly flawed founding individuals of their government/financial system. Worries that no one “controls” the monetary policy vs a group of old people they can’t even name
Worries that it was created by an anonymous “hacker” vs highly flawed founding individuals of their government/financial system. Worries that no one “controls” the monetary policy vs a group of old people they can’t even name
10/ FUD
What all of this FUD represents is the magnitude change Bitcoin brings. Any new technology evokes FUD, which is proportional to the impact it will have on the world. Humans don’t like change, FUD is a representation of the change that a new technology rings.
What all of this FUD represents is the magnitude change Bitcoin brings. Any new technology evokes FUD, which is proportional to the impact it will have on the world. Humans don’t like change, FUD is a representation of the change that a new technology rings.
11/ History rhymes
When the bicycle debuted in 1800s, it was blamed for all sorts of problems—from turning people insane to destroying women’s morals
In the future, we’ll look at these double standards as we do now with bicycle objections: with laughter https://twitter.com/PessimistsArc/status/1003241357534691328
When the bicycle debuted in 1800s, it was blamed for all sorts of problems—from turning people insane to destroying women’s morals
In the future, we’ll look at these double standards as we do now with bicycle objections: with laughter https://twitter.com/PessimistsArc/status/1003241357534691328
12/ Learn More.
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https://danheld.substack.com/
