Could the smart folks here please persuade me of Bitcoin’s social value. I’ve been following for years and have at times owned BTC (not currently though) but have recently become quite jaded, here’s why, open to all honest and polite debate/rebuttals:
1) bitcoin, as of yet, hasn’t ‘solved anything’. It’s not been an inflation hedge, its not helped regular people in emerging markets improve their general prosperity, it’s not improved energy market dynamics, it’s not a widely accepted method of exchange.
2) culture - it feels that many people see it as no more than a way to accumulate wealth without actually doing anything to earn it. How many posts on here are along the lines of “I have 0.1BTC, when will I be a millionaire”.
3) national currencies, though not backed by any hard assets, are ultimately backed by the power of the state. Nation states (generally) are not going to cede the power to control monetary and fiscal policy.
4) distribution - current distribution of bitcoin is already vastly more unequal than other wealth. I do not see whales freely giving up any of their coins. I don’t think this distribution is good.
Come on, tell me I’m wrong! I love the idea of bitcoin, there is something wonderfully utopian about it, I’m just skeptical that all it will end up being is a vehicle for speculation for an indeterminate period of time.
Thank you!
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