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Bitcoin is anything but a currency since bonafide currencies cannot exhibit such crazy price volatility

Anything or even concepts can be currencies. Currencies are only tokens. Tokens are derivatives. Derivatives typically exhibit wild valuations when the benchmark being used is a derivative itself, like the federal reserve note. The author is trapped into the false idea that Federal reserve notes are stable. They are everything but stable. The supply is wildly manipulated and thus their value typically goes up and down based on monetary policies, demand and supply.

Bitcoin is anything but an asset which could be considered a store of wealth

The federal reserve note is not a store of wealth either. Because it's a derivative and is subject to the whims of monetary policy and market demands.

Bitcoin is wholly dependent on the existence of the Internet.

I've been saying this for a long time. It's wrapped up in a complex system of computer nodes and networks, requires enormous computer power and actually takes quite a long time to settle when these interconnected nodes are busy. This is a huge weakness the federal reserve note does not share.

it is based on a classic Ponzi-Pyramid scheme

Again, no different than the federal reserve note. The government enjoys the lift it momentarily gets as it counterfeits currency to enable its worldwide tyranny at the expense of people holding federal reserve notes.

And the author rambles on making assertions, some of which are true, some assertions are silly.

His conclusion?

Bitcoiners are perhaps the most deluded and obsessed group of addicts in world financial history.

Actually, holders of federal reserve notes are the most deluded group because they don't understand it's a jewish trick. Since they were born with it, it seems totally natural.

the biggest aspect of this CRYPTO CON commenced when the banksters decided to issue Bitcoin EFTs.

No, it's just more deception. A Bitcoin ETF is just an ETF of an ETF. This is pretty common. A federal reserve note is the same. Nixon really fucked us over in 1971 by removing gold as the underlying asset in the federal reserve note. This makes the federal reserve note an ETF where the underlying asset doesn't even exist. Bitcoin is the same here.

>Bitcoin is anything but a currency since bonafide currencies cannot exhibit such crazy price volatility Anything or even concepts can be currencies. Currencies are only tokens. Tokens are derivatives. Derivatives typically exhibit wild valuations when the benchmark being used is a derivative itself, like the federal reserve note. The author is trapped into the false idea that Federal reserve notes are stable. They are everything but stable. The supply is wildly manipulated and thus their value typically goes up and down based on monetary policies, demand and supply. >Bitcoin is anything but an asset which could be considered a store of wealth The federal reserve note is not a store of wealth either. Because it's a derivative and is subject to the whims of monetary policy and market demands. >Bitcoin is wholly dependent on the existence of the Internet. I've been saying this for a long time. It's wrapped up in a complex system of computer nodes and networks, requires enormous computer power and actually takes quite a long time to settle when these interconnected nodes are busy. This is a huge weakness the federal reserve note does not share. >it is based on a classic Ponzi-Pyramid scheme Again, no different than the federal reserve note. The government enjoys the lift it momentarily gets as it counterfeits currency to enable its worldwide tyranny at the expense of people holding federal reserve notes. And the author rambles on making assertions, some of which are true, some assertions are silly. His conclusion? >Bitcoiners are perhaps the most deluded and obsessed group of addicts in world financial history. Actually, holders of federal reserve notes are the most deluded group because they don't understand it's a jewish trick. Since they were born with it, it seems totally natural. >the biggest aspect of this CRYPTO CON commenced when the banksters decided to issue Bitcoin EFTs. No, it's just more deception. A Bitcoin ETF is just an ETF of an ETF. This is pretty common. A federal reserve note is the same. Nixon really fucked us over in 1971 by removing gold as the underlying asset in the federal reserve note. This makes the federal reserve note an ETF where the underlying asset doesn't even exist. Bitcoin is the same here.

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[–] • 1 pt

Bitcoin ETF is a derivative ETF. Really no different than SLV for example. It has an underlying asset which is BTC.

[–] • 0 pt

I've been saying this for a long time. It's wrapped up in a complex system of computer nodes and networks, requires enormous computer power and actually takes quite a long time to settle when these interconnected nodes are busy. This is a huge weakness the federal reserve note does not share.

USD transactions take days to settle during bankers hours, and cant be settled outside of that. Unless you want to work with briefcases full of cash and deal with security costs, SAR holdups, etc. Bitcoin can settle any sized transaction in minutes 24/7/365 for a trivial cost.

This makes the federal reserve note an ETF where the underlying asset doesn't even exist. Bitcoin is the same here.

You're misunderstanding what bitcoin is. It's a fungible, zero-trust, distributed public ledger. Humans value that because it's incredibly useful. E.g. if you want to buy a house from me for 5 BTC, the transaction completes in minutes for the cost of a latte. I know with absolute certainty that you have the funds and have paid me. You have indisputable proof that you paid me. Once we get out of the dark ages and start using NFTs for deeds, you'll know that I have a clean title without needing to screw around with title insurance to mitigate risk. This works just as well domestically as internationally. Which is a huge value proposition if you've ever made international transactions - it's expensive and takes days.