Don't log on to crypto twitter. Just don't.

Many people over there are saying many different things. Some feel that Bitcoin has failed, while others believe the price will go to zero.

I actually saw a tweet where someone said he longed at 6k, and got out at 5.5k taking a small loss, because he believes that this thing is going to zero.

Here's how I see it.

Whether bitcoin becomes valueless or has no price tomorrow doesn't defeat its purpose or mean it has failed.

Remember the first few words in the legendary white paper: "A peer to peer electronic cash system". 

If it's a cash system, that means that theoretically it should have no value in USD.

The fact that we're still comparing it against the US dollar is the problem we still have.

We place a certain value over the dollar, believe it or not. We're the ones that decide what a dollar can get you, or what it can't get you.

If tomorrow we decided that Lamborghini's would be worth a dollar each, then what we have done is that we have raised the value and the purchasing power of one dollar. So one dollar can no longer just buy you things at the dollar store. It can now feed a family for years.

And how would we do this?

Well, someone with a large, scratch that, enormous amount of money would have to come into the system and make the rules. The system here is the market.

He would buy a bunch of Lamborghini Aventadors and sell them off for a dollar. If he can convince enough people, the price becomes a dollar in everyone's mind. 

Obviously this isn't possible, because then even little kids would be millionaires. It would be the fall of the American society and economy. But that was just an example.

Back to the topic.

Whatever Bitcoin's value in USD is doesn't matter. That's the whole point.

Think about it. Whoever satoshi is, the person has a bunch of Bitcoin locked up. He or she would be a much bigger whale than any of the ones we have today, because they were the only ones that believed in it for a while. Satoshi actually mined the genesis block to completion, so he/she should have a few thousand Bitcoin in holdings.

Why didn't Satoshi cash out at the all time high at 20000? He or she could have become one of the richest, if not the richest person in the world.

But if satoshi did that, then the whole aim of a peer to peer electronic cash system would be wasted. The government would win again. 

Bitcoin is to act as a store of value. That's why we are able to exchange our fiat for it. Most of us see it as buying or investing into bitcoin, but that's the case. We are simply converting our valueless fiat into something of value. A digital currency that we can carry anywhere and isn't controlled by anyone.

That value associated with Bitcoin however isn't pegged to something like the US dollar. Because the US dollar in itself is valueless, and is only given value by the faith, or "fiat" that people have in it that it will be able to buy what it can buy today tomorrow.

Saying that Bitcoin has failed due to its inability to withstand a massive sell off that plagued markets all over the world, and that has affected economies and driven stocks from costing hundreds of dollars to costing pennies is the dumbest thing any sane person can imagine saying.

The value associated with Bitcoin isn't based on its dollar value. It is an intrinsic value that would emerge once mass adoption has been reached, and people begin to view Bitcoin for what it really is: An opposition to government centralisation, and the ultimate form of peer to peer digital value storage.

Thank you for reading this write up. Kindly support my work by sending crypto to any of the following channels. It costs you even less with the recent crash.(not to make light of the situation)

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