Who actually believed that outside of /r/bitcoin?

I mean, if you believed that you would be very long on btc

You know, you people in comments, here were saying Bitcoin was scam years ago. Price made like 50x or more since then. So now that finance take it seriously, you come up with this? Thanks for reminding me this place has no important information.

It's been fun watching the goalposts move over the years.

2011 - it's a scam, nobody uses it

2013 - it's a scam, only criminals use it

2015 - it's a scam, no companies accept it

2017 - it's a scam, only small companies accept it

2019 - it's a scam, no countries officially recognize it

2021 - it's a scam, only small countries officially recognize it

2023 - it's a scam, it's not the world reserve currency

Wow, it's 2023 and 1 (one) small country officially recognises it (and no one actually[1] uses it there, except for small tourist attractions), no companies accept it, and criminals don't even use it anymore.

[1] Number Go Up by Zeke Faux tries actually using BTC in El Salvdor. Many don't know how, some people tell him to leave, some try but it's strictly inferior to existing payment methods.

Read. https://fortune.com/2023/10/16/cryptocurrency-ferrari-cars-e...

Then understand and stop lying.

oh in that case ill use it next time a buy a ferrari on my weekly shop.

It would be worth you reading https://news.ycombinator.com/newsguidelines.html, especially

   Be kind. Don't be snarky. Converse curiously; don't cross-examine. Edit out swipes.

   Comments should get more thoughtful and substantive, not less, as a topic gets more divisive.

   When disagreeing, please reply to the argument instead of calling names. "That is idiotic; 1 + 1 is 2, not 3" can be shortened to "1 + 1 is 2, not 3."

There have been plenty of these announcements over the years.

They’re almost always rolled back in some number of months.

See Tesla as the most famous example:

https://www.cnbc.com/amp/2021/05/12/elon-musk-says-tesla-wil...

>2015 - it's a scam, no companies accept it

I have actively tried to use bitcoin to pay for daily life stuff in 2022/2023 and its basically impossible without converting to fiat. The only 2 bills I can pay directly with it is my VPS host and AT&T. I can't buy groceries with it, pay my rent, fuel my car, or see a doctor. I was once able to buy steam games and Chinese food with it but both have since dropped it.

I would not call bitcoin a scam but I also would not say it is useful currency for Americans.

Aswath Damodaran: https://www.businesstoday.in/crypto/token/story/currency-tha...

Bitcoin is the currency that nobody uses and a collectible that doesn't behave like a collectible.

He also questioned its role as a hedge, stating, "It's gone up as stocks have gone up, it goes down when stocks go down. This is not the way a collectible is supposed to behave."

More like:

2023 - still nobody uses it

2023- Some people don't even know what "nobody" means? But still use it in a sentence. Wow.

Yadda yadda yadda... and the year of the linux desktop is coming soon(tm) (I promise guys for real this time just hodl(tm) one more decade)

Do you speak English?

Only if you sell me a cryptobro course on how to become a millionaire for $99.99

No, first you need to take English language course.

Literally this is what they said for years.

BTC evangelists a decade ago were promising mass adoption by now. they were way wrong. no getting around this.

I remember John McAfee promising to eat his own dick if Bitcoin wasn't worth $500k in 3 years. He later said those hyperbolic statements were just to onboard new users (making them lies? fraud?) which makes sense as he was doing a daily coin/project shill for a while which pumped and dumped various coins he held.

A real world example of how Bitcoin didn't work, even though it could have worked is Steam[1]. They tried, and while gamers are more likely to be able to handle the intricacies of crypto than most of the rest of the population, there are just some really difficult issues to solve with using raw Bitcoin.

Virtualized networks on top of Bitcoin like Lightning[2] seek to solve some of those issues, but bring their own complexity and issues including finding enough VC money to bootstrap the network into even having money to function.

1. https://steamcommunity.com/games/593110/announcements/detail...

2. https://finance.yahoo.com/news/bitcoin-lightning-network-sca...

2023 - its what intelligence services use to monitor and steer criminal activities

2009 - CIA invented Bitcoin.

With that logic.

I'd love to get some closure in my lifetime about Satoshi and the creation of Bitcoin. Which human(s) actually wrote the paper and the initial code?

Afaik that's still an unsolved mystery with several competing theories.

It isn't like that good this past 3 years, isn't it?

You may not know this, but there is no reserve asset on this planet any more. Central banks world wide use the dollar, which was backed by gold when this agreement started. But it isn't any more, and it is only backed by more debt creation/money printing.

Historically, money backed by weak reserves has always lost against money backed by stronger reserve assets. I find it funny that people believe that infinite debt creation is superior and will win against absolute digital scarcity.

> Historically, money backed by weak reserves has always lost against money backed by stronger reserve assets.

Can you say more about where this has actually happened, and how it's applicable in this situation? (I'm actually curious)

I'd recommend https://www.lynalden.com/broken-money/

USD is backed by literally nothing. LITERALLY NOTHING.

https://www.treasury.gov/resource-center/faqs/Currency/Pages...

> Federal Reserve notes are not redeemable in gold, silver or any other commodity, and receive no backing by anything

> USD is backed by literally nothing. LITERALLY NOTHING.

that is not quite right. historically USD has been backed by the USA military

Let's be real, fiat currencies are essentially backed by Uranium 235 and defense industry engineering capabilities. (both as it relates to turning the U235 into large amounts of energy in a small amount of time and producing other things like aircraft carriers)

funnily enough you CAN actually redeem the banknotes for these things but most people don't typically enjoy the experience

also known as "an offer nobody can refuse"

agree. the USD dollar is backed by the threat of violence which is how I understand what it means to be an empire; in contrast with a 'civilization' (though it seems as though empire is the early stage of civilization, it boots things up)

And the US military is backed by debt, it's turtles all the way down. Force is not a reserve asset.

I don't think there's anyone who actually thinks that using the debt fueled dollar as reserve is the best position. And digital scarcity is not a thing unless you are talking about pokemon cards. Bitcoin is not backed by anything other than crime, money laundering & financial derivatives.

> Bitcoin is not backed by anything other than crime, money laundering & financial derivatives.

Then short it.

???