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258 sats \ 3 replies \ @SimpleStacker 11h \ on: Have fun tearing this apart, stackers: “BITCOIN: ALL THAT GLITTERS IS NOT GOLD” bitcoin_beginners
Two fallacies immediately jump out at me:
  1. Straw manning
    Bitcoiners never said there wouldn't be price volatility. When we say it's like digital gold, we mean that it has similar properties to gold; namely, a limited supply which makes it useable as a store of value. But because Bitcoin is much younger than gold, and because there is a lot of misinformation out there, it doesn't necessarily trade like gold.
  2. Cherry picking
    He focuses only on the downturns but not on the bull runs. If you zoom out, it's the one of the best performing assets in the last 10 years. Not that I recommend people have this fiat-minded view of Bitcoin, but I'm only going by the author's own standards, which is purely about increasing fiat gains.
And lastly, I'm not sure what the name of the fallacy is, but he is not helping anyone out there understand what bitcoin actually is. All he sees is numbers going up and down on a screen. To me, that's high-school level financial analysis. Sorry but it is.
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90 sats \ 0 replies \ @Undisciplined 10h
I think that third fallacy is a post hoc ergo propter hoc: i.e. bitcoin fell after reaching this trend line in the past, therefor it fell because it reached that trendline.
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77 sats \ 1 reply \ @frostdragon OP 10h
he is not helping anyone out there understand what bitcoin actually is.
I don't think he knows, haha
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30 sats \ 0 replies \ @kepford 8h
100% he is not even describing bitcoin at all. You could replace bitcoin with any speculative asset and his points would work...
That is if you are a lazy trader that only looks at charts. To be fair that's a massive amount of people IMO. Gamblers.
There's always going to be followers. Those that follow the crowd and buy some stock because they think it will go up. These people will buy bitcoin when it goes up and Apple when it goes up.
Bitcoiners understand what it is and value it much higher than its market price on any given day.
The reality is that bitcoin is a speculative asset to most people. This of course is completely subjective. You could say the same of a new penny stock company. People have no clue what it is or its value but buy it on hype. The owner and employees know what they are doing is incredible so they hold stock. They have knowledge. Its not a speculation for them. Its conviction.
  • Bitcoiners have conviction
  • Traders speculate
  • Bitcoiners want bitcoin
  • Traders want fiat
We are very different.
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