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Issue #575: Bitcoin's success in perspective

Issue #575: Bitcoin's success in perspective

Sep 23, 2019
Marty's Ƀent

Issue #575: Bitcoin's success in perspective

Here's a great thread from James Todaro that helps put Bitcoin's success over the last decade in perspective. Some of the most used weak critiques of Bitcoin is the fact that it is just "another tulip bubble", "another South Sea Company bubble", "another dot com bubble" waiting to pop in our faces. For those with little understanding of how Bitcoin actually works or its reason for being, these tropes are catchy and easy to remember and regurgitate when they feel the need to tell bitcoiners that Bitcoin will fail.

As you can see from the above chart, when one is tasked with facing the facts, these tropes really don't hold any water. The three go-to bubbles of centuries past were ephemeral. Exploding in value and then crashing back towards zero without ever recovering. Bitcoin, on the other hand, seems to be crashing upwards over the last decade and change. Consistently establishing higher price floors after every parabolic move upwards. If Bitcoin were truly analogous to these instances of pricing insanity it will have to stop recovering so strongly after price declines.

Now, this is not to say that Bitcoin cannot fail (though I do think the probability of failure is getting smaller by the day), but it is due time Bitcoin's critics ditch these tropes for better critiques for the sake of their long-term credibility. Bitcoin has consistently proven those comparisons inadequate time and time again. Recovery after recovery.

Make sure you peep the rest of James' thread as it has some great stats on Bitcoin's success compared to other assets over the course of its lifetime.

The haters want to paint Bitcoin as some craze destined to collapse. They don't want you to see that the common man is participating in the greatest wealth transfer that humanity will ever see.

Final thought...

The first Sunday roast of the football season is in the books. A very high quality roast it was.


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