Would you like to see people be more reasonable about what Bitcoin can and can't do?


I think it would be good to see more informed options regarding Bitcoin. It's not going to replace the dollar and the Fed isn't going to go away.

If we are lucky it will be some competition to the dollar to help keep government financial actors more disciplined. It may exist alongside the dollar in the US. It may serve as a store of value. It has first mover and networking advantages and it's decentralized and limited.

It's not going to eliminate the Fed (nor should we want it to). It's not going to eliminated fractional reserve banking.

The dollar is going to remain the de factor global reserve currency for a long time (IMO). It's there now because people chose for it to be used that way. That's not going to change even though other currencies may/will be used for certain transactions as is currently playing out.

When Black Swan events come along (and they always do) gold couldn't react to that and Bitcoin can't either and for similar reasons. That's not a bad thing. The Fed isn't a bad thing. The problem is just that after we increase the currency to deal with Black Swan events, we don't then raise taxes later when times are good and go back to tight money.

I think Bitcoin may hit $500k in 10 years or so if all goes well and if it essentially replaced the investment use case of gold. Maybe the US economy will greatly improve by then, maybe politicians will become more disciplined and responsible and the use case/need for Bitcoin will decline and maybe it won't be as popular.

To me, these are reasonable things to consider regarding Bitcoin, both the pros and cons. No one is going to get "rich" on Bitcoin because they own .5 Bitcoin today. So far, I'd guess, the majority of Bitcoin holders aren't breaking even. Coinbase is still a pain in the butt to deal with. This experiment isn't even a sure thing yet.