I just heard another noob — who is selling crypto classes by the way — give that old "bitcoin doesn't have a use case" argument to justify excluding bitcoin from his portfolio.
Now I don't really care what you hold in your portfolio. You can choose not to hold bitcoin for any reason you want. But when you put out a nooby message while marketing yourself as a teacher, I have to call you out. I won't call the guy's name out, but just understand — if you hear anyone say "I don't have bitcoin because the use case has failed/you can't buy Starbucks with bitcoin" — run, don't walk, the other way.
Coca-Cola was originally a cough medication. It isn't used that way now. Does it have no use case?
The argument should really stop there, but I'll put a bit more out there to help noobs see just how crazy the bitcoin-no-use-case argument is.
There's a whole slew of scammers/schemers who have skimmed Satoshi's whitepaper and claim that bitcoin is the Netscape of crypto because bitcoin today doesn't serve the purpose that Satoshi originally set out. These people are so proud of themselves that they've actually read something since high school that they can't hold in their ego. They start a crypto school to let everyone else know they've read the bitcoin whitepaper and they've discovered that today's bitcoin doesn't exactly coincide with yesterday's vision of bitcoin.
And of course the people in the class haven't had the time to read the bitcoin whitepaper. They've got kids and jobs and girlfriends, so they trust the "teacher" to bring them the best information. What the students don't know is that everything is going up in crypto now. You can have any philosophy right now because everything is going up.
So this teacher with his crap philosophy is going to get you paper rich. But when the tide goes back out and only the correct philosophies remain, you're going to lose those paper gains very quickly. And the teacher is going to be nowhere to be found.
Getting money in crypto is easy. Keeping it is hard.
Bitcoin doesn't need to buy your Starbucks, even though it actually can. Paypal (God forbid) and others are creating layer 2 solutions on top of bitcoin that solve this problem. And although people don't realize it, bitcoin settlement is actually faster than traditional methods right now. Multiples faster. Your debit/credit card's base layer actually settles days after you make purchases, but the layer 2 solutions allow you to walk out of Starbucks with your coffee instantly. But if you've ever been the victim of a chargeback that overdrafted your account and made you to pay a $35 fee, then you have been the victim of the incredibly slow settlement process in traditional finance.
If you bought a coffee with bitcoin right now, you might have to wait a few minutes to settle. But it would be settled. The layer 2s on top of bitcoin's settlement layer will be much more efficient because they are working off of a more efficient system. Those layer 2s ARE HERE. RIGHT NOW. But they haven't proliferated into mainstream society.
So the bitcoin no use case bullshit is ridiculous and any teacher talking that shit doesn't understand the financial system. Which means they will make you money while everything is right. But you'll lose money when their ignorance is revealed. You have been warned.
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Gems I'm investing in:
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Banking - Fortube
NFT - Doki Doki
Gaming - Abyss
