Watermelon pizza anyone? 10,000 bitcoins and I’ll make you one and personally deliver it.
To answer that and just set the tone.
Yet when I log on my coinbase account and see this rather large number next to it, apparently someone is willing to pay 56k for a ‘Bitcoin’.
Im going to paint a drawing for you tonight and charge 100k. Why wouldn’t you pay it? It’s more unique than bitcoin, of which there are 21 million. Maybe if you felt sorry for my terrible drawing skills you might pity me a few bucks. Bitcoin is far more complex than my bad drawing.
No its more than scarcity or a fad. Bitcoin is two things as far as I figure.
First off its one of the greatest art projects of this century. Satoshi was ingenious for thinking up the idea of digital gold. And funny enough it has almost the same principles as regular gold. Why is gold worth anything? Despite its use in electronics and machinery, its only worth anything because people think it has value. Bitcoin is no different. It’s only worth something because people think it has value. Which is also the only reason the dollar in your wallet has any use. The US continues to print money with only faith in the government, of the US’s existence, keeping its value. Decades ago the dollar use to be backed by actual physical gold and then Nixon did away with that. This allowed the politicians to print money whenever they needed it and today we see the national debt, trillions in the red. Which brings me to my second point.
While the dollar is based on the faith in the us government, bitcoin is the people’s money. Bitcoin’s value is based on what the people, not the government are willing to pay for it. For example we all remember the story of Laszlo Hanyecz who bought a pizza for 10k bitcoin. At the time that’s what people thought of Bitcoin, not worth very much. But still useful even then, for what Jim Cramer calls, ‘phony money’. He misses the point really. Bitcoin is the peoples way of evolving out of the archaic banking system. Yes the government will try to ban it or regulate it to oblivion, but that’s like trying to turn off the internet. We see this case in point in countries like Nigeria. Despite the ban on cryptocurrency people are just trading it amongst themselves. It could be fully stamped out, but that would be a grave mistake. Just as the internet was perhaps the greatest invention of the 20th century, crypto is not far behind. The digitalization of money is just the next evolutionary step. Covid has even helped pushed this further ahead. I mean who would fool with physical cash when the pandemic hit? Do you really need it if we go back to “normal”? Who doesn’t accept a credit card nowadays? My hair cutter unfortunately.
Companies raced to bring more touch-less payment options to the table. And they also put up silly plastic barricades for which covid could just conveniently... go around. People are stupid sometimes. Haha
I think that’s enough ranting for today. Time for some lunch. I wonder how many pizzas I can buy for a bitcoin?...........