Confession: I hate Bitcoin…but…
For years now, I’ve been anti-crypto. I’ve called it a Ponzi…I’ve compared it to tulips…I’ve found pleasure in the markets grinding down over the past year. I’ve hated all the cryptards with their rocket emojies and asking “wen moon?”. I’m a metal stacker. I love gold and silver. But despite all of this, I just bought some Bitcoin, and here’s why.
First off, I want to give a shout out to my man [Jerry on Youtube](https://www.youtube.com/channel/UC_VEbZRk9LeDItX_uphKqhA). He too is a metal stacker. He too is a patriot. But unlike me before today, he owned Bitcoin and considers himself a Bitcoin ambassador.
While I still do not think that Bitcoin has intrinsic value, it’s not really the intrinsic value that is important here. Like gold and silver and other hard assets, the premise behind Bitcoin is to opt out of the “doll hair” system. Objectively, it makes little to no sense to hold any substantial amount of money in cash/dollars. The government excess and debt policy will inevitably fail. This is a massive alignment with the metals community, and common ground on which I can build.
And though I love metals, we do and will continue to live in a digital age. The longer I’ve stacked metals, the more obvious it has become that that we will not transact in metals again. Bitcoin makes me uneasy because I cannot physically touch it, but I see its transaction value. And while I do foresee CBDCs and overregulation/restriction by the government, metals and Bitcoin together can provide a risk-diversified portfolio that enables individuals to protect their wealth from multiple possible scenarios that spell doom for the dollar.
For that reason, I will be moving towards a 50/50 metals/Bitcoin portfolio outside of 401k/Roth/HSA investments. All other income not directed to tax-advantaged accounts will go to metals and Bitcoin (and no other crypto). Diversification is important as we must prepare for all outcomes. We do not know how long the dollar system will remain, thought we do know that it is eventually going to fall and must prepare for that, as well.
Anyway, this is a long-winded way to say, I’ve spent a lot of time shitting on crypto, and most of that is still valid. However, there is a laudable goal in Bitcoin, despite the clownery of the rest of the crypto world. There is greed in every asset, but many of us are just trying to make it through the awful mess we see coming. Thank you.
Humanity’s transfixation on metals is a bit of an artifact.
Money today, is like what it has always historically trended towards: ledgers.
Bitcoin is another ledger, but isn’t run by merchants, banks, governments, etc.
That’s enough to find the concept interesting.
Welcome to Bitcoin.
Intrinsic value is a fallacy. Nothing is intrinsically valuable. Value is an emergent property of consensus. Welcome.
Tight. I got into precious metals a few years ago, after that I reached the same conclusions as you and bought Bitcoin. Now go spread the word to the rest of the goldbugs.
Never understood why Gold and Bitcoin folks don’t like each other. People think they are competing but really they are both sound money competing against garbage fiat.
yes, shitting on crypto is fine.
Bitcoin, not crypto.
Honestly, Peter Schiff’s arguments for gold are so sound and one of the many reason I convert as much fiat as I can to Bitcoin. Non-government money is essential, and Schiff simply misses the fact the Bitcoin is the natural evolution of gold.
One of us!
Is gold really scarce?
One of the most amazing things about Bitcoin and what makes it unique compared to any other form of currency in the history of the world is that it is not only a currency that we can transact with but it is itself a transaction network.
A network and a currency.
You did it my friend…wise move!
Great, make sure you take custody of the Bitcoin yourself, and DON’T leave it on an exchange.
> Bitcoin makes me uneasy because I cannot physically touch it
Interesting. For me it’s the exact opposite. I guess I simply like the idea of being able to hide a fortune in information.
Really a great outlook.
Super cool. Welcome. I stack some gold and silver too, but it’s a small amount just for fun. I know you can’t hold Bitcoin physically, but you can see what’s going on at all times. Open your browser to: [https://mempool.space/](https://mempool.space/) and look at it go! You can’t see that with gold.
I had a similar path to you, I made similar conclusions and so in 2020 I went 50/50 bitcoin gold. By the end of 2021, I was like 97/3 bitcoin gold, just by holding. From then on I’ve been comfortable being nearly all in on bitcoin. I hope that the same happens to you. ☮️
Welcome friend. Stack those sats.
Give it time. Itll grow on you. Cool post btw
I like to think of Bitcoin as gold for the digital world. It has the same sound money properties that make gold useful as money, but with the benefit of being digitally native which I think is necessary for the modern economy.
Thanks for sharing your perspective.
Welcome to bitcoin ❤️
The “intrinsic value” of gold is meaningless. As a thought experiment, let’s pretend that gold could not be used for it’s “utility”. Let’s pretend that it doesn’t work in dentistry, it’s not conductive, and it’s not pretty enough for jewelry. But everything else about gold is still there. It’s “scarce”, it’s hard to create, it’s divisible, it’s durable, etc…
Given that scenario, how much of its 12 trillion dollar market cap would gold lose? If we can’t “use” it, how would it be valued? I would argue that it may go down a few hundred billion, but that’s it. It would still have a multi trillion dollar value. This is because it’s utility has nothing to do with it’s monetary properties. It was/is a big deal because it has all the best characteristics of a good money. Its durable, divisible, fungible, verifiable, scarce, semi-portable, and distributed. It’s a great form of money.
When you look at Bitcoin through a monetary lens, it’s not just a great form of money, it’s the best form of money we’ve ever seen. It’s almost perfectly engineered. The only thing it doesn’t have on gold is established history. I’m just glad im here when it started and im not too blind to see.
[gold v fiat v bitcoin comparison](https://i.redd.it/csmptb3sns651.jpg)
You realize china owns half the gold on the planet and jp Morgan owns half of all the silver. The metals market is incredibly manipulated by the ETF Futures markets. Metal is highly susceptible to confiscation and theft by the state. It is impossible for anyone to steal your your Bitcoin. It is not easily divisible, portable, or secure. Metals failed. If you bought gold or silver 10 years ago you would be down. Not trying to shit on your investments, but this is a Bitcoin forum, and metals suck as a medium of exchange and store of value.
What is a” Patriot “
You are already halfway there, good job. Keep on learning!
Do you not also buy productive companies that produce value?
Only metal that sits in a closet and bitcoin? Seems odd to invest in only metals and bitcoin tbh
I stack metal as well, I love any asset that has reason to retain value, Gold, Bitcoin, crypto and anything in between
Most people here, myself included, shit on crypto all the time lol. But bitcoin is not crypto. The deeper we understand bitcoin the more we can see bitcoin and crypto are actually polar opposites.
Gold bugs and bitcoiners have 90% in common really, I feel that the main gap is the digital and intangible aspect of bitcoin.
This is the Bitcoin group. Come on back, after you learn the difference between Bitcoin and crypto.
Yep. It isn’t either, or, but rather, yes, both
You have a good mindset and will absolutely accumulate wealth!! The defence industry is also going to “boom”, though Bitcoin will get you richer without burning in hell.
Even if btc has no intrinsic value, its measurable. This means accountability, something all fiat currencies have eluded overtime. So aside from my other believes it represents, truth, simplicity and so on, I think there is value in accountability. Im also a believer in metals, which i have, but try getting on a plane with them…
Good for you. The more you learn about BTC, the more you’ll divest from metals.
P.S. just because you don’t understand the intrinsic value doesn’t mean it’s not there. You’ll learn…
your ex goldbug bud.
You are on the right track, good job dude 🙂
While you are right that you can’t hold bitcoin, it is the most physical out of all digital assets. If you create a seed phrase you can store it on a metal plate like my brother, or in your brain like myself. As long as you have access to the words you can restore your wallet and the bitcoin you have sent there.
The origin of money is that people did not want to settle transactions immediately, so people made a ledger to record what they owed eachother. The ledger does not have any intrinsic value, the value comes from the mutual trust between the people that are transacting.
Fiat and gold are great intermediaries but both struggle with debasement, and are therefor not great to adopt as global currency or use to send value to the future.
Gold and fiat does not only increase supply faster than bitcoin, but it also casuses more brain drain. The more % supply increase per year and inefficiencies, the worse the brain drain is. Fiat is clearly the worst offender of this, the amount of energy wasted on econmics is insane. we also don’t need jewelry. If gold was priced at utility value not only would the price of gold be much lower, the goods that need gold to function would also be cheaper. It is the utility value that gives gold its intrinsic value, but you don’t actually want your money to make it more expensive to make certain goods, you want your money to make it cheaper. That is why perfect money does not have any value outside of being used as a monetary tool.