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It exactly because opinions like this exist that I am bullish on bitcoin. Because nobody fully understands bitcoin, it means it is either undervalued or overva
by billions 11y ago
It exactly because opinions like this exist that I am bullish on bitcoin. Because nobody fully understands bitcoin, it means it is either undervalued or overvalued. Since old people have trouble adopting new tech and have most of the investment capital, with all other things being equal, it is undervalued.
- jcranmer 11y agoBy exactly the same arguments, you should have been buying loads of CDOs and mortgage-backed securities in 2006 and 2007. It's actually very scary how many people have already forgotten the lessons of the causes of the Great Recession.
- billions 11y agoRarely have new markets been created by older generations-they have multiple incentives to maintain the status quo. The recession was caused by the passing of "everyone should have home" legislation during the Bush administration. Bitcoin eliminates politics out of finance, increasing stability in the long term. Time will tell which system is best. Either bitcoin crashes and centralized control proves its worth or it wins and the smart ones in the center turn out not to be so smart.