I appreciate your sincere response, and so I’ll give you my sincere response back on those points, and you can do with it what you like:

• Bitcoin is actually losing ground to the dollar, not simply losing value because it is a dollar-denominated asset. And then it is not just losing nominal value in exchange to the USD, but that loss against the dollar must then be further compounded by the ongoing devaluation of the dollar itself.

• “the value inherent in a good cryptocurrency is trust.” I’m sorry for the bluntness, but that is patently the language of a con artist peddling something that has no intrinsic value. I’m sure you heard it somewhere and thought it sounded reasonable; understand that it’s not. It’s transparent sophistry. Now that’s not to say that trust isn’t a critical factor in assessing value, but the calculus here is critical: people don’t pay for “trust”, they pay for value, and will prudently discount from that value according to their level of trust. But even in an environment of perfect trust (trust = 100%), if intrinsic value = 0, 0 x 1.00 = 0. “Trust” importantly functions as a coefficient in valuation, but not at all as a source of exchangeable value. And what’s the underlying value of a “Bitcoin”? Oh, you know.

Cheers, fren.

I appreciate your sincere response, and so I’ll give you my sincere response back on those point, and you can do with it what you like:

• Bitcoin is actually losing ground to the dollar, not simply losing value because it is a dollar-denominated asset. And then it is not just losing nominal value in exchange to the USD, but that loss against the dollar must then be further compounded by the ongoing devaluation of the dollar itself.

• “the value inherent in a good cryptocurrency is trust.” I’m sorry for the bluntness, but that is patently the language of a con artist peddling something that has no intrinsic value. I’m sure you heard it somewhere and thought it sounded reasonable; understand that it’s not. It’s transparent sophistry. Now that’s not to say that trust isn’t a critical factor in assessing value, but the calculus here is critical: people don’t pay for “trust”, they pay for value, and will prudently discount from that value according to their level of trust. But even in an environment of perfect trust (trust = 100%), if intrinsic value = 0, 0 x 1.00 = 0. “Trust” importantly functions as a coefficient in valuation, but not at all as a source of exchangeable value. And what’s the underlying value of a “Bitcoin”? Oh, you know.

Cheers, fren.