the leading ‘hashtable currency’ is net roi negative, this comes as a news for a lot of people as it did for me 2 weeks ago
1. Bitcoin is not ‘enforceable’
every time a new transaction occurs on the blockchain, $100 worth of electricity is spent to compute the result
this defeats the purpose of ‘decentralisation’
this puts the people who own the server farms in charge of this so called ‘currency’
Peter Thiel classifies bitcoin as ‘not a payment system’
these owners of server farms, even if they had infinite power sources which they could maintain independently without any government dependence (which is impossible and has no historical precedence)
they will still lack the power to ‘enforce’ this ‘currency’
since the USD left the gold standard, all FIAT currency is backed entirely by governments
even if the owners of these server farms came up with an army of AI bots in all their wishful thinking wanting to enforce their currency they will not be able to do it
they will need the existing supply chains to build their AI bot armies and the government control that
2. Bitcoin has created zero value for its holders
it has negative fundamentals, it costs $100 in electricity bills to process 1 bitcoin transaction
silicon valley is biased for bitcoin only because of fomo, top tier investors know if the bitcoin blockchain gets adopted by the us government they will make massive amounts of money
and I’m sure, 100% even if it 1 day got adopted by the largest economy in the world, a part of it will be distributed to the entire population or to banks and a massive dilution will occur
armies of twitter ‘bots’ have been deployed to create fomo for the retail investors
it has only taken value from the ‘holders’ and given to those smart enough to sell the highs, chamath bought some land when he sold his bitcoin
3. Bitcoin is intangible, and all intangible things are just that, intangible
the human mind always prefers and values tangible things over intangible things
Peter Thiel classifies bitcoin as ‘not a payment system’
Usman Gondal 