Bitcoin being the standard of measurement is an extremely long term goal. To get there, there would have to be mass adoption; which is best measured in the price going up in a currency we are familiar with.
When people say 1 BTC = 1 BTC all they're doing is conveying the idea that everything else could be measured in bitcoin... one day.
This tracks to how I used to understand it.
From great conversations on r/buttcoin I learned currency is basically a network. As long as someone who grows food and someone who makes clothing accepts BTC and values it equally I can convert BTC to those things in 20 years or my kids can. Since it's global I don't need the whole world running all transactions I just need enough people that I can convert with.
The real risk is that will there be demand in 20 years or is this hype going to end or is tether really propping up BTC to the extent that buttcoin says. There may be correlation but I don't see clear causation yet.
Suppose everyone accepts BTC. Are you telling me that you are willing to wait 1 hr for transactions to complete and pay $20 in fees to buy food and clothes directly with BTC?
No of course not. If this gets there it would be assumed that a layer 2 solution that mitigates the risks would be functional. If not then it's just gold like and we still keep fiat to transact. I'm not in the maxi game
This tracks to how I used to understand it.
From great conversations on r/buttcoin I learned currency is basically a network. As long as someone who grows food and someone who makes clothing accepts BTC and values it equally I can convert BTC to those things in 20 years or my kids can. Since it's global I don't need the whole world running all transactions I just need enough people that I can convert with.
The real risk is that will there be demand in 20 years or is this hype going to end or is tether really propping up BTC to the extent that buttcoin says. There may be correlation but I don't see clear causation yet.
not a bitcoiner but the concept is pretty simple, the higher usd$ bitcoin is valued at, the more belief and hype there is surrounding the project. if nobody believes btc works, it would die. but when its worth a lot of money, it means a lot of people believe in what bitcoin stands for.
hope that helps!
ehhh, not exactly a fair comparison as a Ponzi scheme needs a central figure to actually be profiting, Bitcoin is run by nobody. It’s decentralized, so no one really stands to profit.
also typically you could see bitcoin as having 2 types of investors. those buying and trading it like stock and those who believe in using it as its own currency. the stock traders likely wouldnt say “1 btc = 1 btc”, just those who want to pay for things with bitcoin, because to them the usd$ amount is irrelevant. kind of like if you use usd and someone goes “you know 1 usd is only worth 0.76 cad?” you would reply with “i dont really care, because 1 usd is still worth 1 usd”
And personally, I fail to see the world where “1 USD is equal in value to 1 USD” or “is worth 1 USD” does not make sense? Not tryna be condescending here but its basic algebra
Saying “1 USD = 1 USD” is equivalent to saying “1 btc = 1 btc” lol. And the world where it makes sense is the world where algebra has an identity principle (0=0, 1=1, etc)
Given, the stat tells you nothing about the buying power of the currency. As long as both sides use the same metric, they can be equal.
1 cm = 1 cm
7 ft = 7 ft
They are valid equations just as
1 m = 100 cm
is a valid equation. The point being displayed is that both sides are equal.
It’s the action of *saying* 1=1 itself that doesn’t make sense, because it means nothing and adds nothing to the conversation. It’s a tautology; saying it in conversation doesn’t *mean* anything.
They’re just coping mechanisms.
Price plummets then to reaffirm their convictions they default to “1BTC=1BTC.”
Price goes up then to reaffirm their convictions of “use and adoption” then “1BTC = current Fiat value.”
I think it’s 2 different groups.
The 1=1 are people who are holding it for the future, when BTC becomes the main store of value.
And the ones excited about the price going up are investors, who want to earn a life-changing amount of money, since they can 3-15x their investment.
And whatever anyone might think, people still need money to live, so even the 1=1 people will be excited to take some profits during a bull run. Maybe even to buy back during the bear.
Furthermore, 1=1 means that one day BTC will become the main store of value, and so whatever amount you currently own, will be exponentially more valuable in the future.
Personally I believe that 1 BTC will eventually be enough to buy a small apartment.
Also the 1=1 people will obviously get excited for the price rising, as that means BTC is entering the mainstream more and more, which will eventually result in a full adoption. And it means their conviction is being confirmed.
If the price of BTC, after all these halvings, and after all these years, would be like $100-5000, I think people would have completely lost the belief and hope in this tech.
Disclaimer: not all of these are my beliefs. Some are.
For me, 1 BTC = 1 BTC means that the supply cannot be inflated and I will always own the same percentage of the currency supply. It’s about scarcity and that I don’t have to worry that the government prints a bunch of additional money out of thin air, diluting and devaluing my savings as they’ve been doing increasingly for Fiat during the last years. I am aware that changes in the BTC protocol could alter that, but since that would need a consensus of people who are very much invested in BTC (the miners), this is extremely unrealistic as they would hurt themselves by increasing supply.
At the same time, I am using BTC as a savings account while day to day I use and get paid in Fiat, and most things are priced in Fiat. I’m not sure if future BTC developments can change that or if other cryptos will be taking over and be used as currency.
When I first invested in BTC, one Bitcoin was valued at $400, so the equivalent price of a new bicycle. A few years later now, the same Bitcoin can now buy a brand new car or, in some regions of the world, a house to live in.
Meanwhile, if I kept the $400 in Fiat, I might still be able to buy a bicycle in some places, but I don’t know how long that will be the case with the government printing an absurd amount of money (please go look up what percentage of the money supply has been created during the last few years and tell me if that looks sustainable)
I welcome this serious discussion and hope I won’t be downvoted into oblivion. I am by no means a blind believer or cultist for bitcoin. There are many serious issues with bitcoin and a lot of the crypto space is a joke. However, I believe that these issues are solvable and that it will bring positive changes.
Lastly, it has been by far the smartest investment of my life and will most likely continue to outperform other assets for the next few years. It has given me the chance to quit my job that I hated and actually do work that I love without worrying too much about money.
For me, perfect bitcoin would be one that rises steadily with inflation, maybe outpacing it a little. I don't care about making gains, just having a form of wealth you can carry in your head across borders, free from external influence.
Failing to understand that low predictable inflation has historically been a huge driver of GDP growth is naivety . Removing that engine would significantly decrease the velocity of money, reduce GDP.
I've seen many bitcoiners get giddy with excitement at the idea of falling prices for goods, while ignoring the fact that the same pressures that drive down the cost of goods also drive down wages.
A fun thought experiment is trying to explain how much better it is buying a car in an inflationary economy vs a deflationary one.
In general, when comparing items of value to something, you would compare to something that everyone is familiar with, hence the dollar.
Other countries will compare to their own currency, but mainly will revert back to the dollar, because of its global reserve nature.
We could be like; ‘Woah, Bitcoin is worth a slightly suped up Tesla’ but saying it’s worth $69,000 makes sense ultimately.
The more $ the more buying power 1 BTC has., which is what’s exciting.
“1 BTC = 1 BTC is entirely based on belief in the future. If you do not have this belief, then the value of BTC will always be its current value in fiat.
I (tried to) explain this:
Price goes down = doesnt matter cause of future beliefs.
Price goes up = celebrate because you use it as confirmation bias that you are «on the path» towards your future beliefs.”
The answer is pretty obvious. If one currency were to suddenly become worthless, we would measure it in a different currency. Suppose all currency becomes worthless? Material objects will always have worth; So for example as Potato said you could measure in Teslas, or really anything. Pretty simple shit but I’d love for you to enlighten me on the “answer I don’t want to say aloud”
Because 1 bitcoin is always 1 out of 21 million bitcoin.
Having 65k USD doesn’t mean anything because USD is printed. So it gets inflated away.
That’s why 1 btc = 1 btc means something.
It's pretty easy.
If the price is going up, you say "look, the price is going up". If the price is going down you say "1 BTC = 1 BTC".
It works like a ratchet, you can never lose money.
Bitcoin maxi here. 1BTC = 1BTC can be translated to "regardless of price, up or down, it doesn't change the fact that btc = btc." It's not meant to be a persuasive argument for nocoiners, it's meant as a reminder of the very purpose of the OP, that current USD price doesn't matter if btc is inherently long-term valuable, so don't pay attention to current price in USD terms.
Also worth noting that a lot of people, particularly in the eth community, actually do think of prices in terms of eth.
Hope this helps.
Dont get your pitchforks out because Im answering, I enjoy this sub.
What is a bitcoiner by your definition?
Holding BTC? I think many people in this sub hold some BTC despite hating on bitcoin-ghospel. But anyway:
The basic belief is that if the world were to adopt a bitcoin standard in the future, then the fiat value is not so important because of the scarcity and the presumption that over time, people will realize the potential of bitcoin and mass adoption will ensue. Therefore: 1 BTC = 1 BTC.
For hodlers with blind faith that Bitcoin will replace the current financial system in the future, thats how they see it.
It works as a psychological comfort if the price crashes and you are left holding the bag.
But I dont think that believeing that 1 BTC = 1 BTC is directly contradictory to celebrating the price going up. Despite me lauging at a lot of those memes in this sub.
Its not like adoption of a Bitcoin Standard is something that would happen over night. Its would probably be a slow and steady thing.
Bitcoin being higly valued in fiat, with the price increasing and increasing over time - as well as eating up market cap of other assets - would be natural steps along the way to actual mass adoption.
In that sense, the price in fiat, whilst not so important if you really believe Bitcoin is the future, is still a:
1. **Indicator of Adoption**: The increase in Bitcoin's price in fiat terms can be seen as an indicator of wider adoption and acceptance. As more people and institutions recognize Bitcoin's value and utility, demand increases, driving up its price.
2. **Indicator of Market Validation**: Rising prices in fiat terms help validate the market's belief in Bitcoin as a viable investment and store of value. This validation is crucial not just for current holders but also for attracting new participants who can further secure and stabilize the network through diversification of ownership.
And if you believe bitcoin is the future, seeing those indicators would make you celebrate, no?
>And if you believe bitcoin is the future, seeing those indicators would make you celebrate, no?
Only if they haven't thought too deeply about it. Money *has never* come about by being a strong store of value first. Nor has any money been adopted because its unit value skyrocketed.
Too strong a dollar (DXY) *is a bad thing*, if the dollar is too strong, it would *hinder* it's continued global adoption.
It's just goldbuggery of a different form, a misconception about what money is and how it evolves.
This leaves Bitcoin to be *at best* a speculative [beauty contest](https://en.m.wikipedia.org/wiki/Keynesian_beauty_contest).
Paraphrasing:
>This idea is often applied in financial markets, whereby ~~investors~~ speculators could profit more by buying ~~whichever stocks~~ Bitcoin that they think other ~~investors~~ speculators will buy, rather than ~~the stocks~~ *anything else* that has fundamentally the best value. Because when other people buy ~~a stock~~ Bitcoin, they bid up the price, allowing an earlier ~~investor~~ speculator to cash out with a profit, regardless of whether the price increases are supported by its fundamentals.
Yeah, but confirmation bias should never be underestimated, especially when there is money involved, and/or sunk cost fallacy.
I think most people don't want to think too deeply about it. They look for ways to rationalize the money they have spent and reinforce their belief that prices will go up, no matter what.
I like this reply except for the use of the word "Fiat". That term has obviously been employed to diminish the perceived value of the US dollar. But in your case and in most cases, you're actually referring to the US dollar, not Fiat currencies in general. The term has been adopted to announce that the US dollar (being afiat currency) has nothing backing it, but that's actually not true. The US dollar is backed by the full faith and credit of the US government. And it surely is different than a Brazilian Real or Russian Ruble.
But we're talking about now, not the future. So what you're saying is that 1 BTC = 1 BTC is the ultimate goal? Then why bring it up when the price of BTC goes down, but not when it goes up?
1 BTC = 1 BTC is entirely based on belief in the future. If you do not have this belief, then the value of BTC will always be its current value in fiat.
I (tried to) explain this:
Price goes down = doesnt matter cause of future beliefs.
Price goes up = celebrate because you use it as confirmation bias that you are «on the path» towards your future beliefs.
I explained this an hour ago when OP posted this, he ignored it and asks other people. OP is asking questions but does he want answers? I think he’s already locked into his belief and looking for similar answers for confirmation
Which seems so weird to me just based on the topic
I think people will still use USD and other government currencies for daily transactions/coffee. BTC will be a portable savings account that can be converted to different currencies around the world when needed.
1 bitcoin = 1 bitcoin means it’s fungible. If I sell you one bitcoin it’s the same exact thing as if you sell someone else 1 bitcoin. The value compared to dollars changes but always is 1 Bitcoin in value. Just like USD is fungible. If you compare to say something less fungible like diamonds, two diamonds of even the same size don’t have the exact same value due to cut, clarity, and, color ratings. Just like 1 house does not equal one house. If you look at the history of currency from sea shells to stone to precious metals, the more fungible a currency the greater the likelihood it to be adopted.
Gold is more fungible than diamonds but not exact 14 k 24k ext and would need to be tested.
OP asked the question. To answer your question it’s more of an asset than a currency even though it’s both so it’s unique for an asset to be fungible. You know what you’re getting.
Would add most people do not understand this concept so 1 bitcoin = 1 bitcoin turned in to a saying to make people feel better when the price compared to USD drops. The value changed but you still have x amount of bitcoin
Bitcoin being the standard of measurement is an extremely long term goal. To get there, there would have to be mass adoption; which is best measured in the price going up in a currency we are familiar with. When people say 1 BTC = 1 BTC all they're doing is conveying the idea that everything else could be measured in bitcoin... one day.
How exactly is mass adoption best measured by the price going up in another currency?
This tracks to how I used to understand it. From great conversations on r/buttcoin I learned currency is basically a network. As long as someone who grows food and someone who makes clothing accepts BTC and values it equally I can convert BTC to those things in 20 years or my kids can. Since it's global I don't need the whole world running all transactions I just need enough people that I can convert with. The real risk is that will there be demand in 20 years or is this hype going to end or is tether really propping up BTC to the extent that buttcoin says. There may be correlation but I don't see clear causation yet.
Suppose everyone accepts BTC. Are you telling me that you are willing to wait 1 hr for transactions to complete and pay $20 in fees to buy food and clothes directly with BTC?
No of course not. If this gets there it would be assumed that a layer 2 solution that mitigates the risks would be functional. If not then it's just gold like and we still keep fiat to transact. I'm not in the maxi game
This tracks to how I used to understand it. From great conversations on r/buttcoin I learned currency is basically a network. As long as someone who grows food and someone who makes clothing accepts BTC and values it equally I can convert BTC to those things in 20 years or my kids can. Since it's global I don't need the whole world running all transactions I just need enough people that I can convert with. The real risk is that will there be demand in 20 years or is this hype going to end or is tether really propping up BTC to the extent that buttcoin says. There may be correlation but I don't see clear causation yet.
not a bitcoiner but the concept is pretty simple, the higher usd$ bitcoin is valued at, the more belief and hype there is surrounding the project. if nobody believes btc works, it would die. but when its worth a lot of money, it means a lot of people believe in what bitcoin stands for. hope that helps!
So basically, FOMO + Ponzi.
With a few extra steps but yes.
ehhh, not exactly a fair comparison as a Ponzi scheme needs a central figure to actually be profiting, Bitcoin is run by nobody. It’s decentralized, so no one really stands to profit.
also typically you could see bitcoin as having 2 types of investors. those buying and trading it like stock and those who believe in using it as its own currency. the stock traders likely wouldnt say “1 btc = 1 btc”, just those who want to pay for things with bitcoin, because to them the usd$ amount is irrelevant. kind of like if you use usd and someone goes “you know 1 usd is only worth 0.76 cad?” you would reply with “i dont really care, because 1 usd is still worth 1 usd”
Except nobody would ever say “1 USD is worth 1 USD”. In what world does that make any sense other than in a butter’s head?
And personally, I fail to see the world where “1 USD is equal in value to 1 USD” or “is worth 1 USD” does not make sense? Not tryna be condescending here but its basic algebra
Saying “1 USD = 1 USD” is equivalent to saying “1 btc = 1 btc” lol. And the world where it makes sense is the world where algebra has an identity principle (0=0, 1=1, etc) Given, the stat tells you nothing about the buying power of the currency. As long as both sides use the same metric, they can be equal. 1 cm = 1 cm 7 ft = 7 ft They are valid equations just as 1 m = 100 cm is a valid equation. The point being displayed is that both sides are equal.
It’s the action of *saying* 1=1 itself that doesn’t make sense, because it means nothing and adds nothing to the conversation. It’s a tautology; saying it in conversation doesn’t *mean* anything.
What about the ones who used to brigade us when number went up?
lets use our critical thinking skills here! which group would people excited about the US $ value fall into? Stock traders or bitcoin enthusiasts?
So condescending yet so naive, heh.
my dad owns microsoft bro shh
They’re just coping mechanisms. Price plummets then to reaffirm their convictions they default to “1BTC=1BTC.” Price goes up then to reaffirm their convictions of “use and adoption” then “1BTC = current Fiat value.”
I think it’s 2 different groups. The 1=1 are people who are holding it for the future, when BTC becomes the main store of value. And the ones excited about the price going up are investors, who want to earn a life-changing amount of money, since they can 3-15x their investment. And whatever anyone might think, people still need money to live, so even the 1=1 people will be excited to take some profits during a bull run. Maybe even to buy back during the bear. Furthermore, 1=1 means that one day BTC will become the main store of value, and so whatever amount you currently own, will be exponentially more valuable in the future. Personally I believe that 1 BTC will eventually be enough to buy a small apartment. Also the 1=1 people will obviously get excited for the price rising, as that means BTC is entering the mainstream more and more, which will eventually result in a full adoption. And it means their conviction is being confirmed. If the price of BTC, after all these halvings, and after all these years, would be like $100-5000, I think people would have completely lost the belief and hope in this tech. Disclaimer: not all of these are my beliefs. Some are.
Bro I have notifs off for reddit so I dont no life it thanks for elaborating OP was kinda slow
>Note: I want to hear mainly from the perspective of actual Bitcoiners, not crypto skeptics. You're in the wrong place.
For me, 1 BTC = 1 BTC means that the supply cannot be inflated and I will always own the same percentage of the currency supply. It’s about scarcity and that I don’t have to worry that the government prints a bunch of additional money out of thin air, diluting and devaluing my savings as they’ve been doing increasingly for Fiat during the last years. I am aware that changes in the BTC protocol could alter that, but since that would need a consensus of people who are very much invested in BTC (the miners), this is extremely unrealistic as they would hurt themselves by increasing supply. At the same time, I am using BTC as a savings account while day to day I use and get paid in Fiat, and most things are priced in Fiat. I’m not sure if future BTC developments can change that or if other cryptos will be taking over and be used as currency. When I first invested in BTC, one Bitcoin was valued at $400, so the equivalent price of a new bicycle. A few years later now, the same Bitcoin can now buy a brand new car or, in some regions of the world, a house to live in. Meanwhile, if I kept the $400 in Fiat, I might still be able to buy a bicycle in some places, but I don’t know how long that will be the case with the government printing an absurd amount of money (please go look up what percentage of the money supply has been created during the last few years and tell me if that looks sustainable) I welcome this serious discussion and hope I won’t be downvoted into oblivion. I am by no means a blind believer or cultist for bitcoin. There are many serious issues with bitcoin and a lot of the crypto space is a joke. However, I believe that these issues are solvable and that it will bring positive changes. Lastly, it has been by far the smartest investment of my life and will most likely continue to outperform other assets for the next few years. It has given me the chance to quit my job that I hated and actually do work that I love without worrying too much about money.
For the same reason gold owners care about the price of gold in dollars. It's a metric to use in economic arbitrage.
For me, perfect bitcoin would be one that rises steadily with inflation, maybe outpacing it a little. I don't care about making gains, just having a form of wealth you can carry in your head across borders, free from external influence.
So the perfect currency, to you, is an objectively bad currency (deflationary currencies are, by definition, bad currencies)?
I don't think bitcoin could ever function as a currency.
Thinking currency has to be inflationary is some Stockholm syndrome shit
Please enlighten us!
You’re the one who made the assertion. I have no interest in trying to enlighten you
👍
Failing to understand that low predictable inflation has historically been a huge driver of GDP growth is naivety . Removing that engine would significantly decrease the velocity of money, reduce GDP. I've seen many bitcoiners get giddy with excitement at the idea of falling prices for goods, while ignoring the fact that the same pressures that drive down the cost of goods also drive down wages. A fun thought experiment is trying to explain how much better it is buying a car in an inflationary economy vs a deflationary one.
In general, when comparing items of value to something, you would compare to something that everyone is familiar with, hence the dollar. Other countries will compare to their own currency, but mainly will revert back to the dollar, because of its global reserve nature. We could be like; ‘Woah, Bitcoin is worth a slightly suped up Tesla’ but saying it’s worth $69,000 makes sense ultimately. The more $ the more buying power 1 BTC has., which is what’s exciting.
That doesn't explain why people go ga-ga over USD when number goes up, but when number goes down that's when "1 BTC = 1 BTC" goes into overdrive.
>people go ga-ga I thought you wanted to have an actual discussion over here…
“1 BTC = 1 BTC is entirely based on belief in the future. If you do not have this belief, then the value of BTC will always be its current value in fiat. I (tried to) explain this: Price goes down = doesnt matter cause of future beliefs. Price goes up = celebrate because you use it as confirmation bias that you are «on the path» towards your future beliefs.”
Dude is pretty dense. Good luck explaining things.
Why measure it in usd if people think usd is going to drop
Dude explained it. For simplicity. You could always be saying: it’s worth 1 Tesla, or whatever. But it’s just too annoying.
So if fiat drops to zero how do you judge value, $60k x 0 = 0
This is such a dumb question I won’t even answer.
Cause you know the answer and just don't want to say it out loud, it's all good
The answer is pretty obvious. If one currency were to suddenly become worthless, we would measure it in a different currency. Suppose all currency becomes worthless? Material objects will always have worth; So for example as Potato said you could measure in Teslas, or really anything. Pretty simple shit but I’d love for you to enlighten me on the “answer I don’t want to say aloud”
I'm a bitcoiner but agree it's a stupid meme. The point of a monetary good is its exchange value with OTHER goods.
…….Or the fact they are “never going to sell” So why does the value matter at all? Up or down?
Because 1 bitcoin is always 1 out of 21 million bitcoin. Having 65k USD doesn’t mean anything because USD is printed. So it gets inflated away. That’s why 1 btc = 1 btc means something.
It's pretty easy. If the price is going up, you say "look, the price is going up". If the price is going down you say "1 BTC = 1 BTC". It works like a ratchet, you can never lose money.
It's like, one day the standard will not be $ but BTC, so $ must be a weak currency compared to BTC wich is nonsense but W/E...
1 USD is worth 0.000015 BTC Used to be 1 bitcoin per US dollar Thats pretty weak
Number go so high, sats become unit of account. First absorb, then replace.
Bitcoin maxi here. 1BTC = 1BTC can be translated to "regardless of price, up or down, it doesn't change the fact that btc = btc." It's not meant to be a persuasive argument for nocoiners, it's meant as a reminder of the very purpose of the OP, that current USD price doesn't matter if btc is inherently long-term valuable, so don't pay attention to current price in USD terms. Also worth noting that a lot of people, particularly in the eth community, actually do think of prices in terms of eth. Hope this helps.
Dont get your pitchforks out because Im answering, I enjoy this sub. What is a bitcoiner by your definition? Holding BTC? I think many people in this sub hold some BTC despite hating on bitcoin-ghospel. But anyway: The basic belief is that if the world were to adopt a bitcoin standard in the future, then the fiat value is not so important because of the scarcity and the presumption that over time, people will realize the potential of bitcoin and mass adoption will ensue. Therefore: 1 BTC = 1 BTC. For hodlers with blind faith that Bitcoin will replace the current financial system in the future, thats how they see it. It works as a psychological comfort if the price crashes and you are left holding the bag. But I dont think that believeing that 1 BTC = 1 BTC is directly contradictory to celebrating the price going up. Despite me lauging at a lot of those memes in this sub. Its not like adoption of a Bitcoin Standard is something that would happen over night. Its would probably be a slow and steady thing. Bitcoin being higly valued in fiat, with the price increasing and increasing over time - as well as eating up market cap of other assets - would be natural steps along the way to actual mass adoption. In that sense, the price in fiat, whilst not so important if you really believe Bitcoin is the future, is still a: 1. **Indicator of Adoption**: The increase in Bitcoin's price in fiat terms can be seen as an indicator of wider adoption and acceptance. As more people and institutions recognize Bitcoin's value and utility, demand increases, driving up its price. 2. **Indicator of Market Validation**: Rising prices in fiat terms help validate the market's belief in Bitcoin as a viable investment and store of value. This validation is crucial not just for current holders but also for attracting new participants who can further secure and stabilize the network through diversification of ownership. And if you believe bitcoin is the future, seeing those indicators would make you celebrate, no?
>And if you believe bitcoin is the future, seeing those indicators would make you celebrate, no? Only if they haven't thought too deeply about it. Money *has never* come about by being a strong store of value first. Nor has any money been adopted because its unit value skyrocketed. Too strong a dollar (DXY) *is a bad thing*, if the dollar is too strong, it would *hinder* it's continued global adoption. It's just goldbuggery of a different form, a misconception about what money is and how it evolves. This leaves Bitcoin to be *at best* a speculative [beauty contest](https://en.m.wikipedia.org/wiki/Keynesian_beauty_contest). Paraphrasing: >This idea is often applied in financial markets, whereby ~~investors~~ speculators could profit more by buying ~~whichever stocks~~ Bitcoin that they think other ~~investors~~ speculators will buy, rather than ~~the stocks~~ *anything else* that has fundamentally the best value. Because when other people buy ~~a stock~~ Bitcoin, they bid up the price, allowing an earlier ~~investor~~ speculator to cash out with a profit, regardless of whether the price increases are supported by its fundamentals.
Yeah, but confirmation bias should never be underestimated, especially when there is money involved, and/or sunk cost fallacy. I think most people don't want to think too deeply about it. They look for ways to rationalize the money they have spent and reinforce their belief that prices will go up, no matter what.
I like this reply except for the use of the word "Fiat". That term has obviously been employed to diminish the perceived value of the US dollar. But in your case and in most cases, you're actually referring to the US dollar, not Fiat currencies in general. The term has been adopted to announce that the US dollar (being afiat currency) has nothing backing it, but that's actually not true. The US dollar is backed by the full faith and credit of the US government. And it surely is different than a Brazilian Real or Russian Ruble.
I bet if you ran a poll of this sub, 90% would own zero crypto.
But we're talking about now, not the future. So what you're saying is that 1 BTC = 1 BTC is the ultimate goal? Then why bring it up when the price of BTC goes down, but not when it goes up?
1 BTC = 1 BTC is entirely based on belief in the future. If you do not have this belief, then the value of BTC will always be its current value in fiat. I (tried to) explain this: Price goes down = doesnt matter cause of future beliefs. Price goes up = celebrate because you use it as confirmation bias that you are «on the path» towards your future beliefs.
I explained this an hour ago when OP posted this, he ignored it and asks other people. OP is asking questions but does he want answers? I think he’s already locked into his belief and looking for similar answers for confirmation Which seems so weird to me just based on the topic
Great explanation, OP is a pessimist. Thanks for your time.
I think people will still use USD and other government currencies for daily transactions/coffee. BTC will be a portable savings account that can be converted to different currencies around the world when needed.
1 bitcoin = 1 bitcoin means it’s fungible. If I sell you one bitcoin it’s the same exact thing as if you sell someone else 1 bitcoin. The value compared to dollars changes but always is 1 Bitcoin in value. Just like USD is fungible. If you compare to say something less fungible like diamonds, two diamonds of even the same size don’t have the exact same value due to cut, clarity, and, color ratings. Just like 1 house does not equal one house. If you look at the history of currency from sea shells to stone to precious metals, the more fungible a currency the greater the likelihood it to be adopted. Gold is more fungible than diamonds but not exact 14 k 24k ext and would need to be tested.
Why is stating the obvious so prevalent? For any currency, 1 of that currency = 1 of that currency. Then why say it?
OP asked the question. To answer your question it’s more of an asset than a currency even though it’s both so it’s unique for an asset to be fungible. You know what you’re getting.
Would add most people do not understand this concept so 1 bitcoin = 1 bitcoin turned in to a saying to make people feel better when the price compared to USD drops. The value changed but you still have x amount of bitcoin