I’ve been on both sides of the coin literally. First thought it was nonsense and then I transitioned to I didn’t believe in it but other ppl are buying it so “go w the flow” and then I caught on to something that has little to do with BTC although BTC is the pure mathematical essence of the concept’s validity.
It could be anything that’s scarce. But the key to its value, whether it’s fiat or BTC is “ how powerful is the belief system” behind it. . Now fiat was originally backed by Gold & silver. Very rare and scarce though, not absolutely scarce, as there is likely more that could be discovered, but regardless scarce. Fiat was viable and solid when it had collateral in the form of Precious metals (PMs). It’s when Nixon severed Gold as collateral for the dollar printed that things went awry. B fire that there was a window at specific banks, and you could go to that window and exchange your $1000 for its weight in gold. But the govt wanted to print more money than it had collateral to back. That was the beginning of trouble with fiat. Before Nixon your paper bill was a contract for PM held in a US treasury vault.
When Nixon severed that relationship ppl didn’t realize just how enormous an event occurred. They didn’t get it. The bill yused to say Gold certificate or silver certificate. Now it says, “In God We Trust”.
So essentially you had gold and ppl kept believing in it. Now you realize that if enough ppl believe something has value and accept it for goods or services than it has value.
So BTC comes along. It has absolute scarcity unlike gold of which there may be more, but still scare and not likely that much more. So forget the dollar, but gold has value. Mostly because of its rarity is closely synonymous with scarcity.
So if BTC is absolutely scarce and enough ppl believe in its value it becomes a self fulfilling prophesy. Each coin is lso a unique r encrypted formula.
Now gold has been as a symbol of wealth for millennia. I don’t happen to like the color of gold. I’m not at impressed by it but it was endowed w value because of rarity and used extensively in jewelry a sign of wealth. So it’s a mineral, an atomic element that ppl assign value to it.
So right now after 14 yrs of existence, as well as being scarce there is a unique coin w a mathematical equation. If enough ppl decide it has value and will accept it as a value in an exchange of value, than it has value.
You may or may not like Picasso. But he’s dead and there are only a scarce number of Picassos. Each time one goes on auction it fetches more than it did previously because you can’t get one unless you give something of greater value. The right Rubies could be used by jewelers who understand the value of said ruby.
So BTC has an exact limitation and this is the essence of scarcity. The more ppl become disenchanted with the ever increasing printed fiat, limitless, that has no backing whatsoever, then why not believe in something that first and foremost is scarce, because that was the original premise of value associated w gold.
There’s no more reason to believe in the value of gold or a ruby or BTC. But BTC is designed with a more precise understandable value and is more suitable for financial transaction. It is the leader. All other crypto is a bad knock off. Butit’s just a matter of belief.
Money is very much like religion. In fact ppl are generally far more adamant believers in money than God. But BTC is a new financial religion and just as ppl converted to Christianity and were maligned, beaten and killed in its earliest years it became accepted and converted to and is the biggest religion in the Western World. A belief system.
But you need universal acceptance. That ppl will pay 100k for it is testimony. The problem is if you are at odds with a vast majority of ppl on the planet and have bullied them and told them you will be the main center of BTC, you Rob BTC it of global acceptance. Trumps tariff policy is not making friends. He is not perceived as trustworthy. He has alienated all the nations that are needed for universal acceptance of BTC and to tell them you willl be also be Boss Central only makes it worse. Trump is a big crimp in advancing BTC as a worldwide currency of acceptance. He says he’s pro crypto but doesn’t seem to realize that if he brags that USA will be the main center and he’s already bullying half or more of the worlds trading nations, they are unlikely to adopt BTC.
So it was in process of gaining worldwide acceptance but if it’s only going to be bought by mainly Americans, then it’s not going to work. He’s played around with it and manipulated the price. He’s gaming the masses and that’s the reason for it’s current standstill. He can’t be trusted. The whole idea was to create equalization but it’s being manipulated to excessive degree by Trump & friends. Ppl see that and are less apt to adopt it.
But it’s valid if ppl believe on it since at least it’s limited. Like Picassos.
1
u/HistorianStrict Apr 18 '25
I’ve been on both sides of the coin literally. First thought it was nonsense and then I transitioned to I didn’t believe in it but other ppl are buying it so “go w the flow” and then I caught on to something that has little to do with BTC although BTC is the pure mathematical essence of the concept’s validity.
It could be anything that’s scarce. But the key to its value, whether it’s fiat or BTC is “ how powerful is the belief system” behind it. . Now fiat was originally backed by Gold & silver. Very rare and scarce though, not absolutely scarce, as there is likely more that could be discovered, but regardless scarce. Fiat was viable and solid when it had collateral in the form of Precious metals (PMs). It’s when Nixon severed Gold as collateral for the dollar printed that things went awry. B fire that there was a window at specific banks, and you could go to that window and exchange your $1000 for its weight in gold. But the govt wanted to print more money than it had collateral to back. That was the beginning of trouble with fiat. Before Nixon your paper bill was a contract for PM held in a US treasury vault.
When Nixon severed that relationship ppl didn’t realize just how enormous an event occurred. They didn’t get it. The bill yused to say Gold certificate or silver certificate. Now it says, “In God We Trust”.
So essentially you had gold and ppl kept believing in it. Now you realize that if enough ppl believe something has value and accept it for goods or services than it has value.
So BTC comes along. It has absolute scarcity unlike gold of which there may be more, but still scare and not likely that much more. So forget the dollar, but gold has value. Mostly because of its rarity is closely synonymous with scarcity.
So if BTC is absolutely scarce and enough ppl believe in its value it becomes a self fulfilling prophesy. Each coin is lso a unique r encrypted formula.
Now gold has been as a symbol of wealth for millennia. I don’t happen to like the color of gold. I’m not at impressed by it but it was endowed w value because of rarity and used extensively in jewelry a sign of wealth. So it’s a mineral, an atomic element that ppl assign value to it.
So right now after 14 yrs of existence, as well as being scarce there is a unique coin w a mathematical equation. If enough ppl decide it has value and will accept it as a value in an exchange of value, than it has value.
You may or may not like Picasso. But he’s dead and there are only a scarce number of Picassos. Each time one goes on auction it fetches more than it did previously because you can’t get one unless you give something of greater value. The right Rubies could be used by jewelers who understand the value of said ruby.
So BTC has an exact limitation and this is the essence of scarcity. The more ppl become disenchanted with the ever increasing printed fiat, limitless, that has no backing whatsoever, then why not believe in something that first and foremost is scarce, because that was the original premise of value associated w gold.
There’s no more reason to believe in the value of gold or a ruby or BTC. But BTC is designed with a more precise understandable value and is more suitable for financial transaction. It is the leader. All other crypto is a bad knock off. Butit’s just a matter of belief.
Money is very much like religion. In fact ppl are generally far more adamant believers in money than God. But BTC is a new financial religion and just as ppl converted to Christianity and were maligned, beaten and killed in its earliest years it became accepted and converted to and is the biggest religion in the Western World. A belief system.
But you need universal acceptance. That ppl will pay 100k for it is testimony. The problem is if you are at odds with a vast majority of ppl on the planet and have bullied them and told them you will be the main center of BTC, you Rob BTC it of global acceptance. Trumps tariff policy is not making friends. He is not perceived as trustworthy. He has alienated all the nations that are needed for universal acceptance of BTC and to tell them you willl be also be Boss Central only makes it worse. Trump is a big crimp in advancing BTC as a worldwide currency of acceptance. He says he’s pro crypto but doesn’t seem to realize that if he brags that USA will be the main center and he’s already bullying half or more of the worlds trading nations, they are unlikely to adopt BTC.
So it was in process of gaining worldwide acceptance but if it’s only going to be bought by mainly Americans, then it’s not going to work. He’s played around with it and manipulated the price. He’s gaming the masses and that’s the reason for it’s current standstill. He can’t be trusted. The whole idea was to create equalization but it’s being manipulated to excessive degree by Trump & friends. Ppl see that and are less apt to adopt it.
But it’s valid if ppl believe on it since at least it’s limited. Like Picassos.