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#GM12 – Bitcoin Isn’t Just Speculation

GM Bitcoiners,

“This dog doesn’t play catch.”   

*1 minute later*

It’s playing catch. 

There wasn’t really a magic trick to make the dog play, it just wouldn’t bother if the person throwing the ball didn’t seem interested enough. Instead, it would sit there with a puzzled look. 

Once you show some interest in the ball, then in the dog, and then back to the ball, the dog suddenly wants the ball. He really just loved to be involved in what you’re interested in and excited about.

“It’s like people… it only wants something because other people want it.”

A common criticism of Bitcoin (and sometimes money in general) is that it only has value because we agree it has value. 

If the market determines something to have value, it likely does, and even if it doesn’t, one could still cash in on the perceived value before reality sets in… this is often why you see organisations support crypto projects; they don’t often see the value, but they do see the money, marketing opportunity and exposure to be gained over the short-term. Bitcoin and ‘crypto’ are not the same. 

Someone who sees Bitcoin as just being a collective illusion probably hasn’t determined the difference between crypto and Bitcoin yet. Once you do, you see that there’s far more backing Bitcoin than pure speculation… there’s a reason we’ve made it our mission to help people acquire Bitcoin only

“Nakamoto’s innovation is real.” – Gary Gensler

Value is subjective, and we’ve determined that Bitcoin has enormous value based on foundational monetary properties that have been hardened by its technical capabilities…

  • Decentralised network
  • Open to anyone
  • Verifiable finite supply
  • Peer-to-peer transactions that no one can stop

Unlike fiat money, anyone can take a look ‘behind the curtain’ and see why so much value is stored in the network. You can follow the market signals AND verify for yourself if it’s more than just FOMO driving this growth

“The economic reality of the way that money works means that it’s just a technology like all others. And so for me when people say, well if we hallucinate that this thing can be money then it’ll be money, if we can hallucinate bananas to be money then we’ll have money, for me it’s like saying, well if we hallucinate that bananas can be spaceships, they’ll be spaceships. I mean, you can call them spaceships if you want, but a banana is not going to get you to the moon with it.” – Bitcoin from First Principles, Saifedean interviewed by Lex Fridman

If you also see value in Bitcoin, you might see the value in creating an Auto-savings plan that lets you stack sats in your sleep, even every block – check out FastBitcoins.

Written by Henry

Content Manager at FastBitcoins. Came to Bitcoin for the sound money... stayed for the memes! When not on Bitcoin Twitter, Henry can be found dancing Argentine Tango or in the gym.

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