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In practice you rally all of the Bitcoin HODLers who are "desperate" and on average have "decent" losses - and want Bitcoin to become popular again, and ideally
by loceng 4y ago
In practice you rally all of the Bitcoin HODLers who are "desperate" and on average have "decent" losses - and want Bitcoin to become popular again, and ideally for them, become mainstream.
This then incentivizes them to use only platforms and services that are integrated with Bitcoin (et al), in order to try to continue the charade that Bitcoin overall provides a net benefit, in hopes that its price, based on demand, reaches at least what they paid for it to begin with - but "hopefully 10x more!" However, it's described in part as Ponzi scheme as someone is always left holding the bag, and it will be the present moment wave who are most heavily holding the bag, who will then be more willing to rally and be a coercive group; it's like religion, or a cult, that you buy into - but where you not only have a profit motive, you're motivated to make back your losses too.
The problem is they've never actually been able to compete with non-Bitcoin platforms and services - and perhaps at its foundation due to the higher cost of using Bitcoin vs. just using the internet with encryption and other security protocol; let alone story after story showing the $ billions stolen in Bitcoin; from the beginning in Bitcoin-related startup pitch decks - you'd never see a price comparison slide for Bitcoin vs. current offerings.
This "army of HODLers" is however a potentially dangerous situation, as these are real people with voting power in democracies - and as I referenced above there was fairly early on an effort to "educate" politicians: how much the broader society be manipulated into adopting Bitcoin, simply through nudging of making it more normalized, all so the current HODLers can profit and pass the bag onto the next unsuspecting, misled laypeople? It only takes a single person with $ billions to $10s of billions to gain if this scheme continues, and who may already have $ billions of cash to spend say 50% of trying to manipulate to move it along strategically.
- loceng 4y agoRe-reading this: a Freudian slip perhaps, I meant to say cohesive group - not coercive.