13 Αυγούστου 2019

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Bitcoin: So revolutionary and awesome!

Bitcoin: So revolutionary and awesome!

Hypothetical Questions:

• What if, someone back in the ‘80s had told you, that Windows are the best and revolutionary computer system, but imagine that Bill Gates didn’t use it?

• What if, someone told you that the Mac is the best computer, but imagine that Steve Jobs didn’t use it?

• What if, someone told you that TESLAs are revolutionary cars, but imagine that Elon Musk didn’t use the TESLA cars?

The (common) answer in the above hypothetical questions is that in these cases, the Windows, Mac or TESLAs, if their creators wouldn’t use them, obviously they would not have any special use and value; but because in reality they have use and special features, they do use them.

July 26th, 2019

When I heard about Bitcoin, it’s been three years now (about 2017), and because I have no bias in everything new, I started studying it, obviously to see if this new thing is worthing. No matter how much I have studied, I have not been convinced, and I have studied a lot, I have spent hours and hours with interactive discussions with its supporters.

I had reached a point where I said, «What’s happens? Am I a stupid and I do not understand?«, but on the other hand, I immediately thought that «How do I understand all other things? Why this inability to understand occurs only with Bitcoin?«.

So, after some time, I formed the view that Bitcoin is not really something special, and the only interesting about it, is the bubble, from which, if you buy at ‘low’ levels and sell at higher ones, you can get a very good profit, even though I do not do it, because when I realize that something is a bubble, I avoid it because otherwise I can get emotionally involved (due to possible short-term high profits) that separates you from logic, you think that you’ll get rich, as you think you found the once in a lifetime opportunity to get rich, but sooner or later the bubble pops, and you lose all your money.

Those who support Bitcoin, and I talk with them, they usually end up in the argument that I do not understand it. But I thought: Do I really do not understand it? Maybe just this one? So let aside my view and let’s go to the one or those who understand it better and deeper than anyone else, and see and examine their behaviours.
And who can know Bitcoin better, but those pioneers who discovered it, those who created it and they are, de facto, very familiar with it. And I mean the programmers, hackers and tech geeks that back in 2010, they created this Bitcoin or even if they didn’t created, but learned about it when BTC was in its initial stages. And those pioneers (tech geeks, programmers and hackers) know better than anyone else, what Bitcoin is, how is created, what you can do with it, what is its potential etc.

My thought was that if they, those tech pioneers, believed in Bitcoin’s revolutionary potential, they would strongly accumulated it.

Common sense tells us that if they were among Bitcoin’s designers or not, but they listened and learned about it in its early stages, all these tech geeks that understood very early that BTC was so pioneering and with so great potential and revolutionary etc, etc (the classic bitcoiners argument), if anything, knowing all this awesome prospects, they would start accumulation of Bitcoins through mining process (that back in 2010 and 2011, was much easier) or / and buy all the bitcoins they could find, and of course they wouldn’t sell not even one of their precious BTC possessions, not even once time.

So Let’s see…

From the webpage

https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html

which has the largest bitcoin wallets in value, the bigger 100 wallets, I see that the big majority has made the first insert (acquiring) of Bitcoin since 2017, that is, to date (it is the column that says First in, with the arrow). On the list of the 100 biggest bitcoin wallets in value, I see that from the two years 2010 and 2011, only 8 exist. Eight per cent. Again for emphasis: 8 out of 100.

What does this mean? (though I imagine you understand it because it’s simple logic)

 

Back in years 2010 and 2011, only the best pioneers, e.g. programmers, hackers and tech geeks, the crème de la crème, knew bitcoin. The pioneers that always are a step ahead from others, ‘common’ (average) tech geeks, programmers and hackers. Those pioneers knew earlier than anyone else, the outstanding potential of this new technology (blockchain), of this creation (Bitcoin). IF it has.
Because if it has not, they would probably have sold any bitcoins that may have acquired for any reason, in this early time. And in other hand, if they were convinced about Bitcoin’s revolutionary potential (that will crash the whole financial system and will prevail, as today’s bitcoiners say), then they should have buy as many Bitcoins as they could, in years 2010 and 2011, when Bitcoin prices were, at a range of a few cents up to a few dollars. But if they weren’t convinced, then why to buy something, even if it is nearly free and very cheap, if it has nothing special, nothing revolutionary? … so, of no high value?

The fact that in the List of 100 bigger Bitcoin wallets, cannot find many that exist since 2010 or 2011, it means only this (with common sense): That those pioneers that had found / discovered Bitcoin in its early stages, they finally didn’t evaluated it high. We are talking for the people that were pioneers, that know better the bitcoin than anyone else. The only logical answer is that they didn’t appreciated it because it has no special value; maybe it has some use under some circumstances, but that’s it, nothing more. And that’s why, in ten (10) years that have passed since its creation, we don’t see Bitcoin in our everyday life. It’s not a currency and can never become, it has not wide use.
If Bitcoin had some special (high) value and great potential, then these early pioneers that knew BTC since 2010, would have buy more and more and more bitcoins and they wouldn’t sell; so we could find in the List of 100 bigger Bitcoin wallets, most of them to be from 2010 and 2011 and having much much more bitcoins than they have today (the wallets, would be bigger and richer).

I have those wallets (among the 100 bigger) that exist since the years 2010 and 2011, with dark green outline. The ‘richer’ is positioning 6th, with 79.957 BTC or equal in today’s $791,6 million ; and being followed in 28th position with 31,000 BTC or $306,9 million, in 30th position with 28,151 BTC or $278,7 million, and so on, as you can see yourselves.

Thus, the basic argument of today’s Bitcoin’s supporters, who say to those who are opposed (like me), that they do not understand it, it is abolished, it is cancelled. Because those who today, say to us that we are opposed, that we do not understand Bitcoin, they cannot know Bitcoin better and in more depth, than the pioneers who created Bitcoin or discovered it in its early stages, and as a rule, choose to ignore it (they didn’t buy it and didn’t accumulate it when it cost only a few cents or a few bucks). And anyone can see the facts and data, as described; whoever chose to ignore them, he’s acting frivolously and senseless, but it is his money that risks to lose; so, it is his problem.

You can also read another article of mine:

• Bitcoin: “King” of all bubbles!

The same article in Greek, HERE

Panayotis Sofianopoulos
Author of
HERETIC INVESTOR: A work smart, not hard, way to profit on Wall Street!

http://amzn.to/2dz6CVV • English Version
http://amzn.to/2qsjkbU • Greek Version

 

 

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