Tin foil hat time : we're in the "then they mock you" phase. \ stacker news ~bitcoin

Tin foil hat time : we're in the "then they mock you" phase.

108 sats \ 12 comments \ @Public_N_M_E 21 Jul 2023 bitcoin

Just seeing MSM churning out shitpost after shitpost on bitcoin got me wondering. First they ignore you -> been there. Then they mock you -> somewhere here. Then they join you -> then you win.

All I'm hearing is how bitcoin is a "store of value" from people like BlackRock and even JP Morgan. But here's my tin foil moment. I don't think the language used "store of value" is by accident at all, infact I think it is designed to undermine bitcoin as "just some digital gold". It can't become a currency if it's "just a store of value" right?

I do think that they (whoever they are) are attempting to tell the masses that bitcoin adoption isn't worth anything, it'll never become as fluidly usable as USD or GBP or EUR or whatever. Because they want to remain necessary. Who needs them at all when I can send money straight to you without the need for them? I think they're afraid of becoming irrelevant.

Tin foil hat removed. Enjoy your day & weekend.

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21 sats \ 2 replies \ @UnitOfAccount2 21 Jul 2023

So long as the network keeps chugging along the path through store of value > medium of exchange > unit of account will continue.

You’re also forgetting the “then they fight you” stage, which I feel we are yet to fully see.

0 sats \ 0 replies \ @kepford 22 Jul 2023

My thoughts exactly. The war hasn't begun.

0 sats \ 0 replies \ @Public_N_M_E OP 21 Jul 2023

You're right I did forget that stage. I think we're somewhere in the middle between the mock and the fight. But like you said we've yet to see them really fight.

13 sats \ 0 replies \ @k00b 21 Jul 2023

I think it’s less about undermining bitcoin and more about getting one over on regulators who might be concerned that bitcoin will compete with the dollar. Switching away from the dollar is really scary to people who rely on it to pay for things they haven’t earned.

0 sats \ 1 reply \ @kepford 22 Jul 2023

The more I think about the "institutions" and ETF crap the more it just seems like they see a money making opportunity. They see a market. Boomers want bitcoin and they see an opportunity to throw their weight around and push the crypto exchanges to the sidelines with regulators. This is a often repeated pattern. They want to win market share by using the state's stamp of approval. I dont think they wanna destroy bitcoin but they also dont see it like we do. They wanna make dollars selling IOUs to boomers with a lot of money.

I also don't think these boomers get bitcoin. They see it as just another investment. This is especially true of the younger folks I know into "crypto". They see it as another way to make a quick buck. When I find out a friend is into crypto I ask questions and this is the most common thing I learn. I don't push or preach but almost always tell them I'm bitcoin only. If they ask why I tell them.

0 sats \ 0 replies \ @Public_N_M_E OP 22 Jul 2023

I had a friend of mine ask me when I said I used the CDC card to spend fiat gain crypto then convert it to BTC how I was ok knowing that between the time I walked into a pub the distance between the door and the bar my the value of my asset had fluctuated so dramatically that i was worth let's say 5k now I'm worth 0.5k. it was this that told me that we are still early and people just don't get it. It was an exaggeration ofcourse but it made a very obvious statement. The general public are clueless.

0 sats \ 3 replies \ @SimpleStacker 22 Jul 2023

"Then they join you"? I think the quote is "then they fight you" 🤠

Anyway, I don't think the "store of value" terminology is a deliberate undermining. As it stands, Bitcoin is better as a store of value than as a medium of exchange. The throughput is just too small to allow it to function as exchange media for everyday transactions.

Lightning Network is supposed to fix that, but IMO it's still not ready (and I'm growing increasingly skeptical about its overall design).

0 sats \ 0 replies \ @Public_N_M_E OP 22 Jul 2023

I hadn't considered bitcoins lagging as a medium of exchange and you make a great point. I'd just looked at "store of value" as terminology to pigeonhole it into a box where they can contain it mostly.

0 sats \ 1 reply \ @skreep_ 22 Jul 2023

First they ignore you

Then they laugh at you

Then they fight you

Then you win

0 sats \ 0 replies \ @Public_N_M_E OP 22 Jul 2023

I knew I was missing something. Thanks 👍

0 sats \ 0 replies \ @OriginalSize 21 Jul 2023

Store of value is more correct and damaging to fiat than the typical spending mode. Capital controls are not about spending but capital flight to safety. They need to keep your value contained to delay the inevitable debasement.

0 sats \ 0 replies \ @premitive1 21 Jul 2023

Funny, I thought you were going to talk about Bobby the OP.