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I think this is a good strategy if you look at the fundamentals. But the thing that's been making BTC work isn't the market or the technology, it's the behavior

I think this is a good strategy if you look at the fundamentals. But the thing that's been making BTC work isn't the market or the technology, it's the behavior of other people. That's something that isn't taken into account in his list of justifications. People are behaving 'irrationally' and it's been working over and over again. It's created throngs of people who are believers and nothing will change their minds. BTC isn't going anywhere, despite my reservations about it's use as a tool for financial systems.

bawolff 5y ago
Its been what? 10 years? That's not a huge amount of time to conclude people will never change their mind and btc will go to the moon forever.
- anonporridge 5y ago
  Doesn't matter if bitcoin stalls out or even slowly bleeds out in price. There is a subset of true believers who will hold bitcoin in their portfolio's forever because they value the self sovereignty and globally accessible wealth it provides. Even the bulls believe that we'll eventually reach a steady state where hyper growth stops and it starts behaving more like gold, tracking inflation and economic growth.