7 reasons Bitcoin is a scam…or is it?? Should you believe the propaganda? - Ep.30

Today we discuss 7 misleading bogus criticisms of Bitcoin that the state disseminates to bolster its fiat propaganda:

1. Bitcoin has no intrinsic value: This critique argues that Bitcoin is purely digital and backed by nothing, and therefore has no intrinsic value. The rebuttal to this is that Bitcoin's value is derived from its scarcity, security, and decentralization, which are all valuable properties.

2. The government will shut Bitcoin down: This critique argues that governments will eventually ban Bitcoin, making it worthless. The rebuttal to this is that Bitcoin is decentralized and operates on a global scale, making it difficult for any government to shut it down completely.

3. Bitcoin is too volatile: This critique argues that Bitcoin's price is too unstable to be a reliable store of value. The rebuttal to this is that Bitcoin is still a relatively new asset and is subject to price fluctuations, but its volatility has decreased over time.

4. Bitcoin wastes energy: This critique argues that Bitcoin mining consumes too much energy and is bad for the environment. The rebuttal to this is that Bitcoin mining is becoming more energy-efficient over time, and renewable energy sources are increasingly being used to power mining operations.

5. Bitcoin is too volatile to be a store of value: This critique argues that Bitcoin's price is too unstable to be a reliable store of value. The rebuttal to this is that Bitcoin's volatility has decreased over time, and it is increasingly being used as a store of value by institutional investors.

6. Bitcoin has failed as a means of payment: This critique argues that Bitcoin is not a viable global everyday currency and has failed as a means of payment. The rebuttal to this is that while Bitcoin is not yet a viable global everyday currency, it is increasingly being used for cross-border payments and is being integrated into payment systems by mainstream institutions.

7. Bitcoin is a giant fraud: This critique argues that Bitcoin is a scam and is used primarily for criminal activity. The rebuttal to this is that while Bitcoin has been used for illegal activities, so have traditional currencies. Additionally, Bitcoin has many legitimate use cases and is increasingly being adopted by mainstream institutions.

LEARN YOURSELF SUMTHIN’:

Read The Bitcoin Standard by Saifedean Ammous —> https://saifedean.com/tbs

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