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100 sats \ 2 replies \ @om 5 Dec 2022 \ parent \ on: What is money? My 90 seconds pre-orange-pill pitch (feedback welcome!) bitcoin
First tell me, why do you assume that
they can't see the Venezuela/Lebanon/Turkey currency debasement problem
when
all of them are sore of the outrageous inflation
?
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12 sats \ 1 reply \ @sp OP 6 Dec 2022
As mentioned right before it, there's a "cognitive dissonance" problem. In their mind, the Dollar or the Euro will never suffer debasement - not because it cannot, but because they won't allow themselves to believe it
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0 sats \ 0 replies \ @om 6 Dec 2022
What they have is short-termism or high time preference. It's perfectly normal to be worried that Bitcoin would go down - after all, it went from $69K to $17K, why shouldn't they be worried about that?
There are two angles to approach this - one is long-termism, saving for 10+ years. Another is insurance against hyperinflation - after all, the $ debasement has already happened, it's just not fully reflected in the prices yet.
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