Trump: "Bitcoin will be made in USA"
(twitter.com)
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There’s less than 2 million remaining to be mined. We already know it can’t exceed 21 million so we’re just watching the mathematical formula being executed. The protocol almost forces the price to increase. It’s a libertarian wet dream in cryptographic form. I believe the white hats may have started Bitcoin to provide us with a monetary lifeboat to survive these trying times.
What we need to be asking ourselves is what inherit value is backing bitcoin. Which sovereign nation, as we know, none nada zip, only hope. So, you have something that some people perceive is valued but no gold reserves or anything attached to it. It reminds me of the days when people were investing in beanie babies. Same exact scenario, limited production, perceived as valuable until they were not. I actually know people who invested retirement money in these things. So at the end of the day, people have to believe it is valuable and continue that hope, with no real assets backing it.
I know we can say the same about US currency as well as other nation's currencies, but at least in those scenarios, you have the backing of those nations and in this scenario, you have santoshi. Isn't there also another huge tranche of bitcoin that is sitting unreleased and not this last 2 million coins? I am just concerned that it really seems like a MLM scheme and someone is going to be left holding the bag.
Currently, only dollars are backing bitcoin.
However, it is viewed as an asset, and not a currency. A good analogy would be, you cannot buy food with your house (asset). It may appear you can buy items with Bitcoin, however the crypto needs to be converted to dollars if a seller was to take Bitcoin as payment.
Give the book "Softwar: A Novel Theory on Power Projection and the National Strategic Significance of Bitcoin" a read. It gives a real-world use for Bitcoin and not based on narratives.
https://dspace.mit.edu/handle/1721.1/153030