Bitcoin Talk with a Financial Advisor Chapter 1 \ stacker news ~bitcoin

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Bitcoin Talk with a Financial Advisor Chapter 1

1950 sats \ 15 comments \ @Slestak_Jack 13h bitcoin

I'm writing this in advance of my discussion with a friend who retired young after making millions in the finance world. I have opened a text conversation about Bitcoin with him, asking him if he has looked into Bitcoin. His response was, "Enough to know I’m not interested in it, I’m a player, not a gambler". So I followed with asking him objections and concerns regarding Bitcoin.

Here is the fun part. Let's guess his first objection and see who gets it right. I am going with "it has no inherent value". Next, "it's a pump and dump". I want to hear some of your guesses too.

My intention is to try and ask him questions, rather than make speeches, about finance and the fundamentals of Bitcoin to see if I can move the needle with him at all.

For example:

How concerned are you about the global financial system in its current condition? Does Japan concern you?
What do you think is the path out of this debt spiral?
What do you think is the future of the dollar as a world reserve currency?
How much of the stock market gains do you think is attributable to quantitative easing and loose fiscal policies?

What other questions do you think I should ask him that will elucidate a thoughtful conversation about Bitcoin?

Thanks for reading.

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18 sats \ 0 replies \ @siggy47 13h

I'll go with "no inherent value" too. Please let us know what happens. I like your idea about asking those questions.

14 sats \ 0 replies \ @SimpleStacker 9h

IMO you have the right strategy.

My guess is that his first objection is some variant of "greater fool theory" which is itself a variant of "no inherent value." Essentially, he believes that you only make money on Bitcoin by buying it low and dumping it at a higher price.

To try to move the needle, I might say something like,

"I believe you're thinking about Bitcoin wrong. You are seeing it as an asset, but I am arguing that it is better understood as money." ... and see where the conversation goes from there.

7 sats \ 2 replies \ @_b_o_n_e_s_ 7h

my guess is he'll mention tulips that's the textbook tradfi bubble and shows you know some history of markets

14 sats \ 1 reply \ @Slestak_Jack OP 1h

Good point! If he mentions Tulips I will definitely zap you some sats on that call.

0 sats \ 0 replies \ @_b_o_n_e_s_ 21m

sounds good we're all ready for chapter 2 good luck

7 sats \ 2 replies \ @aS7017ur5 11h

Maybe you need to just let him decide on his own.

21 sats \ 1 reply \ @Slestak_Jack OP 1h

Yes, of course that's true. However, I think Bitcoin is a good for everyone who. holds it. Therefore I want those in my sphere of influence to benefit, if they are willing. After all , you chose to attempt to persuade me by offering your thoughts on the subject, so why shouldn't I do the same?

21 sats \ 0 replies \ @Solomonsatoshi 1h

Loved Bitcoin as soon as I heard of it and understood it. But have been amazed how few people I know can even understand it let alone understand its value- my conclusion is that most people blindly follow the dictates of society and accept the established power structures- therefore they cannot easily question fiat money and therefore cannot easily understand Bitcoin. While it is good you want to help those you know, imo many of them may not be capable or willing to question or even understand the fiat dogma upon which their financial lives are based. Bitcoin appeals to those prepared to question a corrupt system while it does not appeal to those who cannot question the fiat regime. Maybe let them understand when they are ready. Ultimately am not sure anyone who does not want to be part of the peaceful revolution building an alternative to the state imposed monopoly that is fiat, should be.

0 sats \ 0 replies \ @Bitcoiner1 8h

Can he name a scarce asset with no value?

0 sats \ 0 replies \ @ca 12h

https://casebitcoin.com/critiques

0 sats \ 2 replies \ @Solomonsatoshi 12h

Does he understand the preferential position private banks enjoy under fractional reserve banking- especially since any restrictions upon the purpose to which profit motivated banks issue fiat debt finance were removed under neoliberal reforms?

If he does not understand how fiat debt based money currently undermines free market capital accumulation and allocation then fat chance he will understand Bitcoin.

7 sats \ 1 reply \ @Slestak_Jack OP 1h

I intend to find out those things exactly if he desires to have the conversation.

0 sats \ 0 replies \ @Solomonsatoshi 1h

Good luck. My impression of financial advisors is they are deeply mired in the dogma of fiat debt and will struggle more than most people to understand and accept the logic and integrity of Bitcoin. They have after all been actively engaged in touting fiat financial products and so have vested a lot of faith and trust into the fiat system.

0 sats \ 1 reply \ @ndLightningBoy 12h freebie

How much longer do you believe Countries like Russia and Saudi Arabia will trade Oil and Gas for paper debt notes? If they can mine Bitcoin at direct cost of energy, shouldnt the price of oil itself be represented as premium to the extraction and mining fleet costs?