Greater fool theory and Ponzi scheme allegations

Got banned from Buttcoin nice.

Anyways, putting aside environmental concerns for a second (Not trying to ignore those, more so I think that value Bitcoin provides is worth it).

one of the biggest sentiments I here from anti bitcoiners are as follows.

• it follows the greater fool theory
• it is ponzi like
• there must be losers for there to be winners
• it has no intrinsic value

I would argue none of this is true. Starting with greater fool theory.

The greater fool theory implies that eventually we will realize that Bitcoin in fact was worthless all along, and everyone will pull out, leaving the last investors with nothing. So if down the road this happens, sure the greater fool theory applied. But I think this stems on too many assumptions to decide this is the case without further thought.

Those against Bitcoin will then argue that this must happen, because Bitcoin has no intrinsic value, and therefor MUST eventually fail. I think using this as an argument is ignoring the fact that humans collectively pretend about a lot of things. Fiat, government, laws. These things bring society stability and are the result of a collective “pretending” thing is we all pretend together, and eventually something that was made up has a strong enough foundation that it is here to stay.

Combing the above two premises we can see, that in fact there do NOT need to be losers. If Bitcoin is collectively chosen as a store of value by people, for long enough, it simply will become that.

Because of its fixed supply we know it is safe from the whims of some too small subsection of society. Now everyone invests some of there wealth forever, and when needed withdraws wealth into a more liquid asset to buy things for you know, living. Key thing here is people will always want to protect their wealth. Under this premise, there is a future where there are not losers and winners, but rather just a permanent place to protect assets you plan to use in the distant future. Similar to savings accounts that we already all use.

Bitcoin won’t replace inflationary assets, as those are still useful for day to day life and have great liquidity which is important.

Anyways I know I am preaching to the choir here, but anyone who disagrees with me, even if your pro Bitcoin, or thinks I am on the wrong track, please let me know. The above are my personal reasons for buying and supporting Bitcoin.