Thread

Link to the reference? I don’t think I know the ones in question

https://twitter.com/SamanthaLaDuc/status/1746363515022049555 Here’s my attempt to summarize key disagreements btwn #tradfi & #bitcoin-ers There is no premium in scarcity, just because it’s limited, but THIS is the major claim that has been offered up by #bitcoin-ers in both the respectful+ disrespectful rebuttals in my very busy feed past 24 hrs. #TradFi gets that value is not assigned just because something is scarce. We assign even less value in bitcoin given all the concentration risk of ownership, corrupt actors (Russia, China), charlatans, crime and confiscations. But here’s where #tradfi folks really align: BITCOIN IS NOT MONEY Beyond the core “monetary, commodity, circulation” attributes of money, actual money has to be measured in relation to... a demanded "in kind" commodity or currency or asset. AND it has to be “forced” on us by the Govt (eg. taxes in local FX). So why would #TradFi folks (en masse) trade “in-kind” real assets for Bitcoin - other than with disposable money because of bitcoin’s speculative properties?!? Bitcoin IS a “convertible currency with an equivalent value in REAL CURRENCY”. THE STATE does not force/enforce bitcoin as a real currency, so it IS NOT money. So we can trade it! Transact with it where we can! But it is too much risk for the reward for those who HAVE money. For those who need it, I agree it is a powerful, effective payment system. Does that sound elitist or just realist? Speaking from a #TradFi perspective, Bitcoin is a great little alt investment, to diversify returns from equities or otherwise, real estate, real commodities, even cash that earns interest, etc. But the main reason most #TradFi types have no interest in it is because they don’t need or trust get-rich schemes. And they KNOW those with real power and money know how to take yours away! Sadly, if I was a betting woman, I would say THIS is now THEIR tool to use against you. #BitcoinETFs I’m sorry. Its not fair. They suck. I’m not being facetious. Maybe you will change the game by changing the players or the pieces but until then… Bitcoin does not meet the definition of MONEY - regardless if the bitcoin gospel writers have changed the definition of money or intrinsic value or ascribe bitcoin with the characteristics of money, value, trust, scarcity, whatever. Bitcoin is ROGUE MONEY, which is on the opposite spectrum to sound money. Rogue money has a purpose, but not transformational power - unless you change the STATE and get it to literally force it upon US. In the meantime, #bitcoin-ers, feel free to treat crypto-assets as a cause within a religion, but don’t disrespect those who don’t share your beliefs. #TradFi We can survive and thrive together. It’s not all or nothing!! But do study the strengths and weaknesses of your new weapon of change. For example, I can call USD “monopoly money,” because it can be printed, devalued, debased, dedollarized … but it is still THE TOOL that enables all other tools. I hope Bitcoin sticks around and grows more popular, but in its current form to most in #TradFi it is the opposite of SOUND MONEY, especially if it takes cult-like behavior to make it grow. It needs the STATE to force its use on everyone. That is what makes it MONEY. And what are Vegas odds for that? Especially since you disdain the STATE and the STATE disdains your rogueness!? Final Word: There are many here in #TradFi who don’t dismiss you, but that doesn’t mean we will ever convert to your gospel of #Bitcoin. Or worship terms most of you don’t understand. Like “Debasement”! Seriously, how many of you ever knew this term existed before jumping on the bitcoin train? Warning: this one term has become the calling card for enabling this cult-like separateness. Your “rogueness” is cool, but wishing/promoting bad things on your STATE is a really bad investment framework! To do so, you just separate yourselves even farther away from the people and policies that will continue to label you and your “money” as rogue.

I can not understand this worldview even a little.

Guy’s take dropped!!