It's still not liquid enough and has done nothing to prove itself as being counter-cyclical or at least uncorrelated with USD which is a hill that a lot of evangelists have died on. I believe in crypto but I think BTC's primary value is currently just that it has the biggest 'brand'.
I think we all agree on that. The difference seems to be whether you think the liquidity will ever happen or not. I'll be the first person to tell you that BTC's price/value is definitely attached to how well/poorly USD and the legacy banking system is doing at any given moment, but there have been moments of significant growth and contraction in the past that haven't seemingly coincided with USD or the stock market, etc. In a way, you're right. A currency/asset's value is largely tied to how many people want and use it... but perhaps you should consider why people seem to want BTC more than any other crypto. Its popularity is not a result of marketing.
At this point . . . Cypto is like those Gold Coins in John Wick They have more value than their weight but That value is only understood and honored by those in that world Rocket River
Depends on if you count virality or grassroots growth as marketing I suppose. Strictly speaking, it's not, but that's what I attribute a lot of BTC's popularity to.
Yeah but then you have to ask yourself... why are people spending so much of their own time and energy promoting it? There's first mover advantage, but that only gets you so far. The fundamental utility of the product is key.
So your theory is that the 12th most valuable asset in the world is a pyramid scheme and everyone is in on it? Lol.
Stanley Druckenmiller “When you have free money for 11 years, people do really stupid things.” those stupid things include, but not limited to bitcoin SPACs NFT
Interesting development this morning. One of the biggest players in the cold storage market, Ledger, announced a firmware update to their flagship product that would allow users to recover their funds (seed phrase) if they were to ever lose access. "Essentially, Ledger Recover is an additional safety net; for the price of $9.99 a month, it takes the jeopardy out of crypto’s version of stuffing dollars under the mattress. A lot of people say they cannot enter crypto because they can’t manage the recovery phrase. It’s the industry problem. Making that pain point go away will trigger a lot more people to join the space,” -Ledger CEO Pascal Gauthier This, unsurprisingly, triggered an F5 poop storm in the BTC world, whose current participants overwhelmingly distrust hot/connected products and third parties to be involved in their personal finance management. There's just this natural tension between BTC and third parties. The whole reason BTC exists is to circumvent the third party. Meanwhile, the biggest barrier to widespread adoption remains the complexity and danger of financial autonomy. It's a very chicken and egg style problem. I'm a maximalist who believes BTC will eventually be the primary unit of value for all of mankind, but I also recognize that it's completely impractical to have that happen without some type of service providing third party involved to ensure the average user can navigate life with digital currency safely and easily.
Ledger was already hacked once. I definitely trust them less now than before. But then I'm not about to pay them a monthly fee to split up and "safeguard" a passphrase.
