The data doesn't lie (check the citation in one of my posts above). It's been proven that bitcoin volatility has already decreased over it's eleven years. It's intuitive that as its market capitalization and adoption expands, volatility will continue to decrease.The fact that you have explained its volatility umpteen times actually reinforces my distancing myself from Fella's opinion that btc volatility is now a thing of the past.
What's delusional is not having the objectivity to at least acknowledge certain fundamental characteristics that Bitcoin holds in terms of store of value/unit of account. That's ground zero for Brendan in this discussion.But one thing that confuses me is how can Brendan be so sure all these people that are delusional buying Bitcoin are going to stop and let it go to zero? How can you predict the behaviour of delusional people surely if they are delusional today they will be delusional tomorrow and the next day?
The Boss has also picked this one up. It is to be fair not new, it is what you have been saying all along. Your philosophy is that if it has a price then it has a value, you don't give a toss about things like intrinsic value. It's a position I would never have the courage to adopt myself. But I withdraw any suggestion that you are a cultist. You are sort of like someone who buys and sells religious artifacts even though you don't believe in the stuff itself.But one thing that confuses me is how can Brendan be so sure all these people that are delusional buying Bitcoin are going to stop and let it go to zero? How can you predict the behaviour of delusional people surely if they are delusional today they will be delusional tomorrow and the next day?
Clearly it hasn't been 'answered' insofar as you present with nonsensical examples such as tulips, toenails and your poetry and wrongly suggest that Bitcoin is no different to them in this context. That's ludicrous. I've asked you on each occasion you come out with this to go through the characteristics and consider these things against it - as a store of value. You refuse to do that because you know what the outcome is (i.e. Bitcoin is far more advanced in terms of the fundamentals necessary for a good store of value than these nonsensical things. Furthermore, you can see from the chart how it compares with FIAT and Gold).You have posted that chart often and I assume that it has been answered often.
I'm forced to repeat those points if you simply gloss over them in making claims that are nonsensical (re. Bitcoin is no better than toenails/poetry/tulips as a store of value).You repeat the same points time and again and it's not possible to keep up with you.
You're absolutely wrong - and the answer lies right there in front of you as per that chart.You miss the fundamental point that there is no fundamental value to Bitcoin. If there were a fundamental value, what is it and how is it calculated.
And you're confusing two things. You are now referencing intrinsic value - the thing that FIAT money has none of.My toenails meet all the same criteria as Bitcoin in that chart. But they are the same as Bitcoin in that they lack any fundamental value.
I'm not saying that in isolation. I'm saying that it clearly scores well in terms of the universally accepted characteristcs of a store of value. That's something that you continue to gloss over.Sorry, but you can't just wish away this really critical point by saying that its value is what people say it is.
And a few weeks ago, you tried your best and failed to deconstruct the clear reality - which is that Bitcoin scores very well comparatively when assessed in terms of the universally accepted characteristics of a good store of value.The Boss has also picked this one up. It is to be fair not new, it is what you have been saying all along. Your philosophy is that if it has a price then it has a value,
You underestimate your abilities your Dukeness - when you big up the goodness of the greatest conjob in terms of intrinsic value ever created following the dropping of the Gold Standard - FIAT money!you don't give a toss about things like intrinsic value. It's a position I would never have the courage to adopt myself.
Ready to take the Pepsi Challenge and see who the real 'cultists' are?Now tecate believes, for him Bitcoin is the Second Coming.
But I withdraw any suggestion that you are a cultist. You are sort of like someone who buys and sells religious artifacts even though you don't believe in the stuff itself.
Now tecate believes, for him Bitcoin is the Second Coming.
It seems I might have touched a nerve, which confuses me, as it's a perfectly logical question. If I said I would build a bridge from Shannon to New York I would expect someone (as well as asking why), how I would do it....Let me be very clear on this Firefly - now more than ever - the answer is NO!
All the while, the two of you can't be objective enough to recognise one single facet of decentralised digital currencies
As well you know, the question is rhetorical. And the point to it is that you want me to acknowledge that Bitcoin isn't widely accepted - which has never been contested. However, it will be far easier for the Duke to stand me a few pints via Bitcoin since I live overseas. I'd be left dying of thirst if he had to do it via International Wire Transfer. And for the record, where he would be sending that Bitcoin to I frequent regularly - and as of many months, I pay my bills there in Bitcoin.It seems I might have touched a nerve, which confuses me, as it's a perfectly logical question.
Thanks for doing that Brendan - the objectivity just oozes out of that post. I'll dwell on that a little - let it sink in. Who knows - maybe the Fax Machine People have been right about everything all along.OK, I will try
It's better than a bank account if you want to hide your tracks e.g. to hide payments for extortion
It's a really good live study for psychologists to study mass delusion
It's an opportunity for people like me to make money from cultists
It's a great opportunity for spread betting companies to make money from people like me who believe that they can make money from cultists
It's a Godsend to scammers as it's easy to attract the greedy and the stupid
It provides fantastic lively debates on askaboutmoney and other forums
It gives a sense of belonging to the cultists
It's a clever thought experiment
it will be far easier for the Duke to stand me a few pints via Bitcoin since I live overseas.
Paypal isn't supported in the country I'm living in. Even if it was, his Dukeness would pay extra fees for sending to me that way and on top of those fees, foreign exchange fees.What? If you give him your email address, he can send it to you by PayPal.
Well then we should drop the whole idea as that's a prerequisite of any such deal.I doubt that the Duke will go to the trouble of opening a Bitcoin account.
If yes, how do you rationalise what's happening?
Actually I think it is better than a brilliant analogy.That is a brilliant summary.
And I am a devout atheist.
Brendan
The irony as what you describe is closer to you once you check the mirror. Can the Fax Machine People get themselves designated as a cultist/religious group? If so, you're in business.Actually I think it is better than a brilliant analogy.
I presume Fella and tecate accept that religious artifacts are BOHA. Yet they have had a value for cultists for over a thousand years. I predict that these cultists will surrender in about 150 years.
I give the Bitcoin cultists 2 years and 4 months.
I guess Fidelity - one of the World's largest asset managers - and many of their institutional investor peers need to put 'The Madness of Crowds' and 'Extraordinary Popular Delusions' on their reading lists too. It's strange as I would have thought those guys would be up to speed with that sort of thing.. who knew?Very difficult to explain cultish behaviour or the madness of crowds.
Can the Fax Machine People get themselves designated as a cultist/religious group?
According to the Duke, he will only consider changing his view if some of these reverent Keynesian theorists change theirs. These people are not infallible and the basis behind Bitcoin was formulated to address deficiencies in that Keynesian theory they believe in and its application. They will be the last to change on that score.That has swung it for me. Paul Krugman got a prediction wrong in 1998, therefore we are all wrong about Bitcoin.
Makes perfect sense. I will go out and buy, buy, buy tomorrow
You stubbornly wont acknowledge any facet of Bitcoin in terms of the recognised characteristics of a store of value.
You have not once answered as regards consideration of Bitcoin vs. FIAT and these nonsensical examples you try and suggest Bitcoin is equal to - and compared them on the basis of the characteristics of a store of value. That is the following;I don't know how often I have answered this.
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