That's not what he's saying though. He's not advocating for everybody to buy BTC, he is predicting the total dematerialization of everything into an immutable ledger where things are no longer tokenized and tethered to real-world physical objects. Just like, in a different tweet I found, think of your music collection. It's no longer CDs. Just about every song you can think about listening to is available on Spotify or iTunes or whatever. He's not saying that gold will go away, he say that the physicality of everything, literally everything, is going away
Just like, very soon here nobody will own a physical car, they will just order whatever car is nearest and nearby on an app, and pay for the transportation they use, why would you even have a garage, anymore? By the same token, haha, no pun intended, he is asking, well, why would you own physical gold, when digital gold exists and basically represents the exact same thing?
Morning Bitcoin is not owning nothing. Just like with your Spotify music list, think of the audiobooks you have bought, do you own the book? No it's not physical. But that's the only thing. Nothing is preventing you from having the book and enjoying it. The same works with Bitcoin. Most people don't understand what makes Bitcoin valuable.
The way I see it, unless I have it in my hand, like a cd as you put it, how else am I supposed to know I'll actually own it and always have access to it? Just cause you pay for something online, which comes down to acquiring a license to use it, does not mean you own it. The physical will always beat the digital to me. Every time.
Digital gold is already in place today and for quite awhile but it just so happens that for every oz there are at least a 100 claims on it as it has been rehypothecated many times over. So what is the price when that get's unlinked? Where you can't redeem your gold from your digital certificate?
Jerome Powell said bitcoin is like gold but they are not much alike. Gold is not backed by anything - it's value is backed by it's atomic structure. Bitcoin is backed by Tether, which is partially backed by US debt.
This guy gets it. If you can’t hold it and feel its weight in your hand, you don’t own it.
Even if it’s on a block chain ledger and supposedly secure you have to take someone else’s word for it. You will have to trust someone else’s IT knowledge to confirm the ledger is true and secure. You will be removed from the physical management of your own wealth.
It is Satan’s way. Nothing authentic. Nothing real. All deception. Everything fake. You will own nothing but computer bit representations of what used to be real and have no choice about it.
What happens when you step out of line from the controllers of the ledger? Poof! Your fake wealth disappears. Moreover your account or transaction authorization disappears and you can no longer buy or sell. The end has been told from the beginning. Take heed.
Another concern of mine is the high transactions fees and it will only escalate further to maintain the public ledger. In order to address this it would need to change into something different.
Not different, but the value must skyrocket in order for mining to continue to be profitable. Bitcoin isn't a technology, it is an incentive structure until technological form. Bitcoin is a deflationary currency, it is designed by restricting its supply to an immutable number of 21 million to appreciate in value as the demand for ownership of Bitcoin increases.
Do not fixate on Bitcoin's limited transactional capabilities. It can only handle seven transactions per second. That's because the second layer transactions that settle daily or even weekly or developing, layers such as lightning (an l2 settlement structure)
This is absolutely 100% not true. You not do not need to physically own a Bitcoin. It can be still dematerialized and still have the same value or even more than a equivalent amount of gold.
That's not what he's saying though. He's not advocating for everybody to buy BTC, he is predicting the total dematerialization of everything into an immutable ledger where things are no longer tokenized and tethered to real-world physical objects. Just like, in a different tweet I found, think of your music collection. It's no longer CDs. Just about every song you can think about listening to is available on Spotify or iTunes or whatever. He's not saying that gold will go away, he say that the physicality of everything, literally everything, is going away
Just like, very soon here nobody will own a physical car, they will just order whatever car is nearest and nearby on an app, and pay for the transportation they use, why would you even have a garage, anymore? By the same token, haha, no pun intended, he is asking, well, why would you own physical gold, when digital gold exists and basically represents the exact same thing?
So, you'll own nothing and be happy?
Morning Bitcoin is not owning nothing. Just like with your Spotify music list, think of the audiobooks you have bought, do you own the book? No it's not physical. But that's the only thing. Nothing is preventing you from having the book and enjoying it. The same works with Bitcoin. Most people don't understand what makes Bitcoin valuable.
The way I see it, unless I have it in my hand, like a cd as you put it, how else am I supposed to know I'll actually own it and always have access to it? Just cause you pay for something online, which comes down to acquiring a license to use it, does not mean you own it. The physical will always beat the digital to me. Every time.
Digital gold is already in place today and for quite awhile but it just so happens that for every oz there are at least a 100 claims on it as it has been rehypothecated many times over. So what is the price when that get's unlinked? Where you can't redeem your gold from your digital certificate?
Jerome Powell said bitcoin is like gold but they are not much alike. Gold is not backed by anything - it's value is backed by it's atomic structure. Bitcoin is backed by Tether, which is partially backed by US debt.
This guy gets it. If you can’t hold it and feel its weight in your hand, you don’t own it.
Even if it’s on a block chain ledger and supposedly secure you have to take someone else’s word for it. You will have to trust someone else’s IT knowledge to confirm the ledger is true and secure. You will be removed from the physical management of your own wealth.
It is Satan’s way. Nothing authentic. Nothing real. All deception. Everything fake. You will own nothing but computer bit representations of what used to be real and have no choice about it.
What happens when you step out of line from the controllers of the ledger? Poof! Your fake wealth disappears. Moreover your account or transaction authorization disappears and you can no longer buy or sell. The end has been told from the beginning. Take heed.
Another concern of mine is the high transactions fees and it will only escalate further to maintain the public ledger. In order to address this it would need to change into something different.
That’s a legitimate concern. The Lightning Network illustrates your point wonderfully.
Not different, but the value must skyrocket in order for mining to continue to be profitable. Bitcoin isn't a technology, it is an incentive structure until technological form. Bitcoin is a deflationary currency, it is designed by restricting its supply to an immutable number of 21 million to appreciate in value as the demand for ownership of Bitcoin increases.
Do not fixate on Bitcoin's limited transactional capabilities. It can only handle seven transactions per second. That's because the second layer transactions that settle daily or even weekly or developing, layers such as lightning (an l2 settlement structure)
This is absolutely 100% not true. You not do not need to physically own a Bitcoin. It can be still dematerialized and still have the same value or even more than a equivalent amount of gold.
Whoosh!
I don't like sharing my stuff with people who break it. lol I'll still buy my own things and not eat bugs.