Reply to I’m 10% BTC and 90% S&P 500

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I’ll be laughing when the government seizes all Bitcoin and jails everybody that ever possessed one. You’re gonna be first, buddy-o[/quote]

That's a grotesque way to say Bitcoin as a currency has shaky future.  More rational concerns for me is competition with government issued digital currency and Bitcoin never taking off and remaining a speculative asset.  People are banking on Bitcoin becoming universal currency.  CBDC is more likely, and competition will be killed or tightly controlled. [/quote]

Why would anyone put their money in a CBDC that can be inflated away just like regular USD? No investor is going to want to hold that.

The people who criticize bitcoin for being backed by nothing ignore that almost every currency now is backed by nothing, except faith. I don't know where it's gonna go but I still hold some to get proper exposure. I'm not a huge fan of alt coins because they're very flavor of the month. Only BTC and a few others endure multiple crypto bear markets while hitting new highs with each bull.[/quote]

This is where I struggle. I don't think BTC is the right block chain technology to be the long term winner if crypto were to ever become an everyday currency. All the other crypto currencies seem to small to be a reasonable high risk investment.[/quote]

That’s the problem. It has value because people trade it like it has value. But technology reinvents itself so rapidly (and constantly), who’s to say if it’s still relevant in 5, 10, 20 years. It needs government backing to have a long-term future. [b]As a crypto technology, it’s obviously antiquated.[/b] [/quote]

Hoarding stacks of yellow metal in underground storage vaults and shipping them around the world also seems antiquated, yet it's still done because of an informal acceptance among humanity that the yellow metal has value.

I share some of the concerns about BTC's technology becoming outdated. On the other hand, ultimately, BTC is software and can be modified (and has been over its short lifetime already). At the end of the day, it's just math.

Ultimately, BTC as a store of value comes down to people treating it as a thing of value; the same with every store of value in recorded human history. Whether it takes off or not remains to be seen, but I don't think it's as outlandish as I once thought it was.

For anyone interested in the topic, I recommend the book The Bitcoin Standard by Saifedean Ammous.[/quote]

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