False.
The history of money, from seashells to silver, is to be a medium of exchange first. After a period of time, trust is built in the medium and is then stored because of the reputation built. That's the concept as promoted by Mises, Menger, Hayeck, and Rothbard. The reason its promoted this way is based off human action, psychology and individual preferences aligning over time.
But for some reason, Bitcoiners promote this idea entirely backwards. As if the concept is to never use the money, just to hoard it, thereby neutralizing its ability to be useful in trade. Why this is, I have no idea, but this SoV before MoE flies in the face of human nature and defies logic.
Maybe, its entirely possible, that its usefulness as a currency from 2009-2015 showed its desirability and trust that peopledecidesd it was better to store it for later. If that's the logic, I can subscribe to it and would agree. But with an adoption rate of 0.2% of the globe, and the only use for it is an asset backing the dollar as a means of inflating debt, with regression in adoption, I don't think so.
Should bitcoin be used as a currency in trade, as it was from 2009-2015, its value would be much high in USD, but also, there would be prices set in bitcoin, giving it legitimacy in exchange and then being a very strong store of value. What's currently promoted is a Speculation of Value.
I'm sorry the influencers have lied and promoted this false narrative.
Replies (4)
And what do you propose we do about this situation? Because while your points here all seem valid (at least to me), it looks like the majority rules and what you're laying out here just isn't the way things are actually happening.
Three things:
1. Use bitcoin as currency.
2. Continue to promote bitcoin as a currency.
3. Push back against the narrative.
They're small, but meaningful, efforts.
If you want to add a 4th point, meme the narrative into oblivion.
Why would someone accept it in a trade if it has no value? What you claim is ridiculous on its face
That's how trading works.
You have something I want. I have something you want. We can exchange goods.
You have something I want, but you don't want what I have, there is no exchange.
Value is subjective. Preferences need to align. You might see value in bitcoin, but your grocer doesn't. Its your job to convince them why they should accept it. Your answer needs to satisfy their want/need. Their want/need is to make profit, pay for the goods their selling and the labor cost of their employees. If you tell them that bitcoin is the greatest store of value on the planet, but they are already profitable because the owner has real estate, stock, and other assets, your store of value is of little use to them as they already have it. So you're not servicing their want or need.
Simply saying "number go up" is the equivalent to selling snake oil, especially when fiat prices crash or you're in a bear market.
Price isn't value. Value isn't price.
