Then Bitcoin bubbled. People panicked and jumped on board without researching, Bitcoin went up a bazillion %. I wonder how the creator felt? "Oh wow... Lots of people want this!"
Then the bubble burst, price went down, people got mad, but, most importantly, Bitcoin inspired others. I wonder how the creator felt? "Oh huh... This is really changing the world..."
Now, the problems are rearing their heads. Energy consumption, 51% attacks, scalability issues, etc. I wonder how the creator feels? "Oh dear..."
[ this is, of course, assuming the creator is still alive ]
It just boggles my mind that this weird internet currency exposed something so powerful in society: The intense desire for personal wealth that one truly owns.
Not at all. It's the desire to get rich quick without lifting a finger. Also philosophically speaking, "wealth that one truly owns" as in "wealth that is not dependent on others" is not a thing. If your wealth is in Bitcoin, you are trusting in fellow Bitcoin users and your wealth is entirely dependent on their feelings about the cryptomarket. That is hardly a better safer store for your wealth.
I disagree with that. Bitcoin did not start off with get-rich-quick schemes. It started off with a core bunch of people who wanted independent options to wealth.
One of the major issues we're going through today [ in terms of tech-misinformation ] is how everyone assumes cryptocurrency & blockchain are just buzzwords that people only got interested in to make money & scam. Not true.
Bitcoin started off with a completely different ideology among the early adopters before it got to where it is today. Don't look at the current trend of youtube """educators""" [ read: hype-beast / scammers ] and think that's what drives the development.
> "wealth that is not dependent on others" is not a thing
That's actually a very good point! I wouldn't necessarily agree to your ending statement of whether it is / isn't a safer store for one's wealth, but I do agree that wealth needs dependencies. I guess I should have made my statement to be more along the lines of: "Independent wealth OPTIONS where users can control their dependencies."
Sure the Tesla makes mistakes and kills someone every now and then, but I’d take that over the brick.
The market is relatively 'dumb', but its decisions are based on human expectation and applied peacefully through voluntary transactions. The state is relatively 'dumb' too, but it's also evil most of the time, and its decisions use violence to be committed.
Also, when the market is wrong, some people may lose money (specially those that were the most wrong), but the system corrects itself. When the state is wrong, the error accumulates because the system can't self-correct.
>It’s like saying you trust a car with a brick on the accelerator over a self drive Tesla.
The market is much like a machine learning algorithm. I say the market is the Tesla AI and the state is a drunk driver.
Bitcoin is just another alternative. Yes you're not buying a loaf of bread at the corner store with it, but it's definitely useable (and is used) for other types of payments.
I'm not against BTC, and I'm not saying it's dead, I'm just pointing out the obvious crash that recently happened :^)
I'm not against BTC, I love blockchain & decentralization, I toy around with many cryptocurrencies myself. I'm not ragging on anything with my comment, just making an observation about events and attaching how I would feel if I were the creator / catalyst for said events :^)