The data doesn't lie (check the citation in one of my posts above). It's been proven that bitcoin volatility has already decreased over it's eleven years. It's intuitive that as its market capitalization and adoption expands, volatility will continue to decrease.
What's delusional is not having the objectivity to at least acknowledge certain fundamental characteristics that Bitcoin holds in terms of store of value/unit of account. That's ground zero for Brendan in this discussion.
The Boss has also picked this one up. It is to be fair not new, it is what you have been saying all along. Your philosophy is that if it has a price then it has a value, you don't give a toss about things like intrinsic value. It's a position I would never have the courage to adopt myself. But I withdraw any suggestion that you are a cultist. You are sort of like someone who buys and sells religious artifacts even though you don't believe in the stuff itself.
Clearly it hasn't been 'answered' insofar as you present with nonsensical examples such as tulips, toenails and your poetry and wrongly suggest that Bitcoin is no different to them in this context. That's ludicrous. I've asked you on each occasion you come out with this to go through the characteristics and consider these things against it - as a store of value. You refuse to do that because you know what the outcome is (i.e. Bitcoin is far more advanced in terms of the fundamentals necessary for a good store of value than these nonsensical things. Furthermore, you can see from the chart how it compares with FIAT and Gold).
I'm forced to repeat those points if you simply gloss over them in making claims that are nonsensical (re. Bitcoin is no better than toenails/poetry/tulips as a store of value).
You're absolutely wrong - and the answer lies right there in front of you as per that chart.
And you're confusing two things. You are now referencing intrinsic value - the thing that FIAT money has none of.
I'm not saying that in isolation. I'm saying that it clearly scores well in terms of the universally accepted characteristcs of a store of value. That's something that you continue to gloss over.
And a few weeks ago, you tried your best and failed to deconstruct the clear reality - which is that Bitcoin scores very well comparatively when assessed in terms of the universally accepted characteristics of a good store of value.
You underestimate your abilities your Dukeness - when you big up the goodness of the greatest conjob in terms of intrinsic value ever created following the dropping of the Gold Standard - FIAT money!
Ready to take the Pepsi Challenge and see who the real 'cultists' are?
It seems I might have touched a nerve, which confuses me, as it's a perfectly logical question. If I said I would build a bridge from Shannon to New York I would expect someone (as well as asking why), how I would do it....
As well you know, the question is rhetorical. And the point to it is that you want me to acknowledge that Bitcoin isn't widely accepted - which has never been contested. However, it will be far easier for the Duke to stand me a few pints via Bitcoin since I live overseas. I'd be left dying of thirst if he had to do it via International Wire Transfer. And for the record, where he would be sending that Bitcoin to I frequent regularly - and as of many months, I pay my bills there in Bitcoin.
Thanks for doing that Brendan - the objectivity just oozes out of that post. I'll dwell on that a little - let it sink in. Who knows - maybe the Fax Machine People have been right about everything all along.
Paypal isn't supported in the country I'm living in. Even if it was, his Dukeness would pay extra fees for sending to me that way and on top of those fees, foreign exchange fees.
Well then we should drop the whole idea as that's a prerequisite of any such deal.
Actually I think it is better than a brilliant analogy.
The irony as what you describe is closer to you once you check the mirror. Can the Fax Machine People get themselves designated as a cultist/religious group? If so, you're in business.
I guess Fidelity - one of the World's largest asset managers - and many of their institutional investor peers need to put 'The Madness of Crowds' and 'Extraordinary Popular Delusions' on their reading lists too. It's strange as I would have thought those guys would be up to speed with that sort of thing.. who knew?
According to the Duke, he will only consider changing his view if some of these reverent Keynesian theorists change theirs. These people are not infallible and the basis behind Bitcoin was formulated to address deficiencies in that Keynesian theory they believe in and its application. They will be the last to change on that score.
You have not once answered as regards consideration of Bitcoin vs. FIAT and these nonsensical examples you try and suggest Bitcoin is equal to - and compared them on the basis of the characteristics of a store of value. That is the following;