Can You Hold Bitcoin To Zero?
AI Image Thumbnail Made Using Grok AI
One of the biggest haters of Bitcoin is a guy named Peter Schiff. This man never misses a chance to throw punches at Bitcoin.
On one show he told the host he's going to stick around longer than Bitcoin and Peter Schiff is 62 years. With as much passion as Micheal Saylor speaks on behalf of Bitcoin, Peter Schiff uses the exact same passion to speak against Bitcoin.
His recent strategy against the image of Bitcoin is to use Microstrategy's reduced stocks and Bitcoin valuation to create doubt in the minds and hearts of crypto investors.
You know sometimes I'm tempted to assume guys like that are paid by some rich groups to create FOMO or doubt so they could control the market. The reason is that, if you think Bitcoin is so bad and you see that many people using it and being loyal to it, why fight them with this much anger and passion?
Why not just talk about the value of gold and drop the mic, why shit on crypto? The agenda could be to get more people influenced to invest in a stock they have plenty of so it can rise and then they dump. What do you think about this reason guys?
Literally, this guy has been waiting for years to see the end of Bitcoin but after all those years, Bitcoin is more popular and compared to it years ago, it's stronger than ever.
We've watched Bitcoin and crypto itself defy all expectations in the past and I see no reason why that won't happen in the near future. Yes we're still in the bear season but the word season means it's not forever.
MicroStrategy took a hit in the stock market, dropping 11% and Schiff wants to take that as an opportunity to really speak against them.
The question is, how many people are loyal enough to hold Bitcoin all the way down to zero.
Here's my opinion about that question from Schiff; this is bullshit, lol.
Honestly, it's been the same old story for way too long. We enter a bear season or get a serious dip and the critics start acting like Bitcoin is on the edge of its final extinction. Give it time and it rebounds.
Sometimes bears seasons can take so long that it looks like the coin will never rise and yes perhaps it won't rise instantly or smoothly but history speaks for itself.
The reason they'll get people to believe what they say against Bitcoin is that the market isn’t exactly screaming confidence right now. Trading volume is down 45%, and that’s not great at all because low trade volume can mean disinterest but it can also mean people are just holding tight.
With Bitcoin, it's just clear if you'll be honest, that low trading volume is because everyone has become a hodler but critics will take advantage of less trade to lie to the inexperienced ones.
If you're in doubt, just know that Bitcoin has been through worse cases. It has seen crashes that should have wiped it out, yet it keeps coming back up. Not because it’s invincible but because enough people believe in it.
They are not blindly holding on, they’re making a bet that the world is shifting to the side of cryptocurrency with Bitcoin as King of money or the new digital gold.
Maybe they could be wrong. Maybe Schiff is right, but history is telling you to hold on tight. For now, just allow the skeptics to talk. Bitcoin doesn’t need their approval to keep moving and you shouldn't either.
Posted Using INLEO
Congratulations @thehivetuber! You have completed the following achievement on the Hive blockchain And have been rewarded with New badge(s)
Your next target is to reach 4500 comments.
You can view your badges on your board and compare yourself to others in the Ranking
If you no longer want to receive notifications, reply to this comment with the word
STOPCheck out our last posts:
https://www.reddit.com/r/Economics/comments/1jplz8r/can_you_hold_bitcoin_to_zero_no_and_who_is_peter/
The rewards earned on this comment will go directly to the people( @uwelang ) sharing the post on Reddit as long as they are registered with @poshtoken. Sign up at https://hiveposh.com. Otherwise, rewards go to the author of the blog post.
Thanks for spreading the word about Hive!
lol mate @thehivetuber - please see a looooong comment of a crypto hater on the reddit post here :-) - since the reddit intiative I tried to engage and answer but am careful as some of these guys already destroyed my comment karma (was already writing a comment now, also long, but might not help to convince such people
https://www.reddit.com/r/Economics/comments/1jplz8r/can_you_hold_bitcoin_to_zero_no_and_who_is_peter/
*This article is an extremely poor argument for whatever case they are trying to make.
First it fundamentally conflates two important but very different things (the value of a currency vs a currencies value). Bitcoin has no value as a currency right now, the value of a currency is to transact, it’s a universal conversion mechanism allowing for friction less trade as opposed to bartering. Its only value is as a store of value built up in what ever actual currency you convert into Bitcoin.
Second, Crypto might be the most hypothecated asset on face of the planet. The majority of trading happens on brokerages not on the chains themselves. Further more, the brokerages (eg Coinbase), function as market makers who can also print crypto money. There are no rules there, no reserve requirements, no auditing no nothing. You want to buy crypto they sell you an endless stream, if you had infinite money they would sell you infinite bitcoin. Transparency is so bad in this market no one even knows what the total holdings of bitcoin are as compared to the number of bitcoins mined or the logical maximum number of bitcoins that can exist (21.5M)
Third, notice the incompatibility in the second as compared to the first, how can you store any value in a currency that lacks basic safeguards and transparency? You can’t, that’s your answer, the reason you can’t, any currency can sustain its self even if it’s functionally broken during boom times, or when everyone wants in, when market psychology changes, that’s when demands for conversion come, and that’s the moment you need a currency to be stable and convertible.
Fourth, yes it can be worth zero, it ONLY exists because there are people that invest in things like GPUs to mine for bitcoins, the value of a bit coin drives the value of the mining equipment needed, every miner has a break even price of equipment cost + electricity > price of bitcoin. Serious downward pressure on margins will see miners look for better margins with other Cryptos as they all compete for mining capacity (well really all proof of work coins). As mining capacity shrinks transactions take longer to commit, raising the risk profile of any transaction on the chain. A knock on effect of the drop in mining capacity is the re-emergence of the viability of the 50%+1 class of attacks which result in the the owner of 50%+1 capacity owning the Blockchain allowing the to rewrite it as they see fit.
And finally currencies die and become worth zero naturally, it usually takes a minute, but it happens quite often over a longer time horizon. Technologies also die or become worthless as the landscape changes. Crypto you now have 2x the existential risk because for some inexplicable reason some clowns convinced people that technology (which has utterly failed to improve aggregate productivity for over a decade now despite trillions invested in it) mixed with currency was a good idea. It’s not.**
Wow, that was a long comment just to completely miss the point. I'm glad you shared this with me bro, now I see some hater views hahaha.
@acidyo did good with this project because I get more attention for my Hive blog lol.
I love that you're using my blog for the @redditposh and I get to see more people respond. I hope I'm not disturbing you @uwelang if I ask for a favor for you to send this reply to the person that responded on reddit as what the author said hahaha.
You say Bitcoin has no value as a currency because it’s not used for everyday transactions, but that’s like someone saying gold had no value before it became money. Bitcoin’s value isn’t just in transactions, it’s in decentralization, censorship resistance and also its scarcity. It’s both a store of value and a currency in the making, deal with it.
Then you claim that Bitcoin is the "most hypothecated asset" and that no one knows how much Bitcoin exists. That’s just plainly false. Unlike fiat, Bitcoin is fully auditable, you can literally verify every single coin and transaction on the blockchain, if you don't use blochain please do for just 1 minute you'll change your mind
The supply is transparent, capped at 21M and can’t be manipulated like central banks manipulate you beloved fiat. If anything, traditional finance is the real black box here, but somehow that doesn’t seem to bother you.
You have also argued that Bitcoin lacks safeguards and isn’t stable in a crisis. This is so funny when you consider how fiat collapses all the time.
Just ask people in Venezuela, Lebanon,or Argentina how stable their government issued money is, they would prefer Bitcoin trust me. Bitcoin’s volatility is part of its early-l stage growth and it's just like the internet in the 90s.
If we thought like you back then, we’d still be mailing letters instead of using email on our smartphones which of course wouldn't exist thanks to you because we'd be using hummingbirds.
The mining argument is another classic misunderstanding of Bitcoin. No, miners are nor going to jump ship and leave Bitcoin vulnerable to a 51% attack. Bitcoin is the most secure network on the planet because miners compete for block rewards and difficulty adjusts accordingly. A 51% attack is a theoretical scare story and not a real life risk for Bitcoin’s scale and security.
And then there’s your currencies and technologies die argument.
Yes you're right, fiat currencies die, because governments mismanage them. Bitcoin doesn’t have that problem. And comparing it to failed tech trends, come on Buddy, email didn’t die, the internet didn’t die and Bitcoin isn’t going anywhere.
It’s a powerful protocol like TCP/IP and every year, more people adopt it, don't ask me, ask the charts.
You’re basically repeating the same criticisms people have thrown at Bitcoin for over a decade and you make me burying you too easy. Mediocrity is too boring, gimme something that could actually make it harder to argue.
Bitcoin keeps surviving, thriving and proving people like you wrong. Keep betting against it, it’s entertaining to watch. The billionaires are laughing at you right now.
Thx mate - I can comment this - I drafted my own one but probably yours is suited better - and who care if the downvote. Will comment in 2-3 hours
nice one man, if he comments again I'll smoke him with details there's no way a Fiat lover will take on a crypto member and actually win 🤣🤣🤣🤣
I can add / start at the top with "Greetings from the author" :-)
perfect man perfect... Thanks for this 🙏
ok, comment delivered - will let you know feedback :-)
oh I missed this comment from you... Thanks for the favor man, it's an honor 🙏💯🥹
Hi mate, another one - what would YOU reply here :-)?
If Bitcoin is fully auditable, why do owners lose so much to thieves and scammers? A Coinbase customer recently lost $35 million, for example.
Why is a man in South Wales trying to obtain the right to search Newport City Council's municipal rubbish dump for a hard drive that contains a wallet storing £600 million in Bitcoin? If I lost my bank card, I could have the bank cancel it and issue me a replacement. A Bitcoin owner who loses a wallet loses everything. This is hardly a sophisticated digital currency; everything depends on a hard drive.
Why are promoters of Bitcoin so vindictive? You respond to reasonable arguments with, "you make me burying you too easy", and "The billionaires are laughing at you right now". You are unremarkable in that respect. It is all about winning, defeating and mocking. It is all rather unstable.***
So sorry for the late reply my friend I was asleep haha. Oh this is amazing he actually responded, I'm glad because it'll give your redditposh more traction.
Alright so please send this as the author's reply to the person and man, thank you for your work, you're awesome.
Author's reply;
Your points don’t disprove Bitcoin in anyway they only address the difference between personal responsibility and centralized control.
First, you ask why Bitcoin is fully auditable yet people still lose money to thieves and scammers. That is like asking why people still get scammed out of fiat currency even though banks have security measures. Your arguments are made without realizing that fiat is in the exact same spot.
The problem isn’t Bitcoin, it’s human error, poor security practices and the worst of it all, centralized exchanges like Coinbase. If you store your Bitcoin on an exchange instead of holding your private keys, you’re trusting a third party just like trusting a bank.
Here's the cooler thing when we compare banks and Bitcoin, unlike banks, Bitcoin itself has never been hacked. You can audit every transaction on chain, but if someone is careless with their security, that’s on them, not on Bitcoin.
The hard drive argument is just weak man. Losing Bitcoin due to a lost wallet is not a flaw in Bitcoin, it’s a flaw in the user’s storage method or technique and you blame it on Bitcoin.
Let's use gold for example, if someone lost gold bars in a landfill, would you say gold is useless, or gold is the reason? No you wouldn't.
Bitcoin’s security model is self sovereignty, you control your money without relying on a bank, but that means you also bear the responsibility of securing it. And guess what buddy, there are backup methods like multisig wallets, seed phrase storage, hardware wallets.
People lose money in cash, gold, stocks and even bank accounts due to fraud, so acting like Bitcoin is uniquely vulnerable is being very unfair and that's the real vindictiveness here, don't you think?
And speaking of vindictive, you claim Bitcoin supporters are vindictive just for shutting down weak arguments but here you are, throwing out exaggerated generalizations at Bitcoin which Fiat and gold suffer same and you just ignore facts. The reason Bitcoiners push back hard is because we've been hearing these same debunked arguments for over a decade while Bitcoin keeps proving critics wrong.
If you want a reasonable discussion with no one getting vindictive, just bring something better than emotional appeals and recycled misconceptions, it'll make our dialogue more professional.
A good argument should be made and then followed by factual reasons why it's a good argument.
At the end of the day, Bitcoin doesn’t care whether you believe in it or not. It keeps running, keeps securing transactions and keeps being adopted worldwide. Meanwhile, the people who’ve ignored it for the past decade are still making the same arguments while Bitcoin keeps growing.
Governments used to say what you say and now they're pushing for Bitcoin reserves. Even the very banks you made mention of are now working on adding Bitcoin to their assets.
Are you smarter than BlackRock and the experts there? They are going into Bitcoin with so much money.
When I use these words like weak argument and burying you, it's not to sound vindictive it's because as a crypto enthusiast I've seen way too many people say the same thing over and over and you realize that those people are just spitting out opinions without fully backing it.
Coinbase hack was true and I'm aware of more of these than you are. But why put the blame on Bitcoin. If you think that's an ok thing to do, the next time somebody's cash gets stolen from a bank, don't blame the bank or the person, blame cash.
Peace out ✌️ God Bless and oh, follow Hive you'll get a Decentralized wallet which you have more control over.
You rock mate, thanks - I like the closing words :-)
hahaha thanks man, any further reply let me know, I got you 👍 also because it was getting attention I'll be making Bitcoin posts regularly, just made one recently about Tarrifs and the token, anytime fell free to use em and we grow Hive's image on Web 2
lol his reply :-) - would love to post in crypto subreddit but suffer from too low comment karma still
hahaha he replied to long Didn't read huh? 🤣🤣🤣 Well if he couldn't have a final say then he shouldn't be making those claims 🤣🤣🤣🤣🤣
thanks a lot man, thanks for sharing my opinions out there 💪
As much as there are lovers of crypto, there are also haters who take every opportunity to trash talk. Just let them be, !LOL
lolztoken.com
He goes under cover.
Credit: marshmellowman
@thehivetuber, I sent you an $LOLZ on behalf of ifarmgirl
(1/4)
Farm LOLZ tokens when you Delegate Hive or Hive Tokens.
Click to delegate: 10 - 20 - 50 - 100 HP
you're absolutely right, there's no reason to even bother about them. Funny enough my post got attention on reddit through a good person sharing it and it got met with hater views 🤣🤣🤣 I see a lot of serious haters
I like gold. Schiff likes gold. But Schiff's flippant dismissal of crypto is stupid. It's certainly a volatile world full of shitcoins and scams, but I trust it far more than I trust government fiat.
you made the perfect argument. I don't like gold, I love and think it's one asset any portfolio should have. Like i made mention of, Schiff should just praise gold and drop his mic, but decided to talk down on Bitcoin sadly.
The statement you made is the truest, hahahaha I don't buy crypto that much I usually try to accumulate it performing simple tasks but I trust it more than the government too man. That was cold ass Truth hahaha
Gold is always great. But I agree, dismissing things which fall outside your experience is not the sign of intellect.
I think Peter Schiff needs Bitcoin to make himself relevant.
I agree that in general you should spend your time talking good about your favorite asset, and less time speaking bad about someone elses asset, unless it is the only thing keeping you relevant, which may be the case for him..
you're absolutely right, he fights it and that's what really makes him relevant 🤣🤣🤣
Thanks for publishing your article in #bitsocial a place for people to talk bitcoin.