I was watching Michael Saylor interview on Yahoo finance today. This guy says Bitcoin is going to multi-million/coin. I have a simple question what is bitcoin and why people buy them?
A method to waste electricity
And electricity is the ultimate valuable form of energy!
This argument makes no sense. You could say that about everything.
A Gamble. Thats it.
He has a vested interest in convincing people that Bitcoin is undervalued.
E) Speculative investment
Doesn't that mean gambling?
It is not an "investment" really. Pure speculation.
Lol Michael saylor will soon say “I am fked”. He is a joke bro don’t follow him. His company stock only goes up if btc goes up and not for the business it is. Soon bust coming up
A time and energy sink
To put is simply, Bitcoin is today what the gold was back in the olden days when people used to exchange gold and silver coins and barter for goods and services. Back in the days, gold was a store of value and a form of currency. We can say gold is a waste of universe energy everytime a supernovae explodes it releases a lot of energy and just a few grams of gold and other precious metals. Similarly Bitcoin can be said as waste of energy to mine it. Hence it's called digital gold. It's value is in it's rarity and difficultiness & energy required to create one. When dollar bills were introduced, people saw a paper bill with 1$ written on it and asked 'how can this be $1?' which was a valid question. But since the government backed it up, people believed it and started adopting it. Today Bitcoin is the same way except there is no government backing, which is by design. Bitcoin empowers the users to be in control of it. It needs more people to understand why it exists and the power of decentralization.
Except nobody exchanged Bitcoin for goods and services.
There are thousands of cryptocurrencies. Why is Bitcoin a store of value any more than Dogecoin or Cumrocket?
MicroStrategy provides BI, Cloud Computing, and Mobile Software. That’s total bullshit, Michael Saylor is a con artist.
US dollar is a religion with many believers across the world. Bitcoin is an upcoming religion with a fewer believers. If Bitcoin can increase believers then price would go up.
That's what my confusion is. US dollar is backed by US military might and technology. What is backing bitcoin? Is it just belief that one day they will get rich like people who brought this early?
Bitcoin is backed by its properties of being uninflationary and decentralized. If you think about it the USD isn’t backed by shit either. Wtf is the US military gonna do if the value of USD crashes. Same concept with gold. Yea it has other purposes like jewelry and stuff, but that only makes up half of its market cap. What makes up for the other half? The fact that it’s low inflationary hard money.
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