It is difficult having a real discussion on Bitcoin. I just watched a podcast that this maximalist said, "Bitcoin demand is created by limited supply." Once again, the scarcity, supply side nonsense misunderstands demand and makes everything subservient to supply. 1/n
This idiotic premise rears its head over and over because the nerdy jackasses have never tried to sell anything. Every salesman, even bad ones knows that scarcity does NOT create demand. If that was the case, sales would be simple. 2/n
Then the no coiner atheists also seem to be confused about value and what creates and destroys value. If I hear *intrinsic value* one more time, I will put thiese people into the trash like the maximalist *chart frauds*. 3/n
Maybe Twitter isn't an ideal forum to discuss, but we seem to have a lot of people confusing volatility with risk as a concept. Volatility with value. For me, maybe I am weird, I see volatility as opportunity& what informs the level of opportunity is clipping the left tail. 4/n
Not giving any specific advice BECAUSE each person needs to clip their left tail in a business or personal fashion, but the convex right tail should not be ignored BECAUSE of *infinite variance* as a friend suggested. Infinite variance is a positive since one can clip losses. 5/n
To be clear. I *think* the chances of BTC going to zero are over 50%, but there is a reasonable chance that it increases 10x. Unless the US gov gets behind it, it will not allow it to thrive (opinion). So I placed the bet within the parameters of uncertainty. 6/n
Here is what I do know with mathematical certainty. The cash on our corp balance sheet or in my bank account will be worth less next year and ten years hence than today. This also informed my bet. 7/n
• • •
Missing some Tweet in this thread? You can try to
force a refresh
