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How’s it going everybody this is beat the bush i just made a video about me selling out all my bitcoins including all the other kinds of cryptocurrencies in that video i read through and answered hundreds of comments and in doing so i noticed a general trend of arguments between bitcoin bulls so this is a video response of ten of the most common things said against
Me selling all my bitcoins before i get to that this video is sponsored by north vee pn personally i’ve been looking for a vpn service and nord vpn came to me and allowed me to try out their services why do you even need the pn because any time that you visit a web site they know your ip address without vpn your internet service provider will essentially know
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Bush now the number one thing said in response of me selling out all my bitcoin is basically a lot of insult and i don’t understand this why would you care if someone else sold their position why would you get mad at this anyway here are the insults and i actually expected all of this before i even release the video so here are some examples you are stupid a fool
A dummy an idiot and my favorite one please educate yourself more such as you are clueless unintelligent short-sighted worst decision ever or scared not my response to this is not exactly insult for insult if you look up google trends here and you look up bitcoin versus kim kardashian kim kardashian is probably a search term that is kind of for the masses and if
You look up bitcoin versus kim kardashian you realize that wow the average person is looking up bitcoin which means something this basically tells me that yes it’s very popular and also that the average person looking at bitcoin and is interested in it basically probably will not understand the underlying technology not knowing how blockchain technology actually
Works the second argument most use against me selling bitcoin is less than 1% of population knows about bitcoin so it cannot be a bubble so therefore it can only be a bubble if 100% of the market participates or something close to it this is assuming that at some point 100% of the market will own bitcoin if it ever comes to pass it basically means it’s taken over
And all the other currencies probably won’t mean a thing anymore so this is usually a response of me talking about bitcoin kind of relating it to tulips tulips it was a bubble and they’re trying to argue that bitcoin is not a bubble the point here is that the tulip bubble happen even though a very small fraction of the population participated in it even if only
Less than 1% of the population is participating in buying into bitcoin it can still be a bubble even with limited participation another argument is that bitcoin has a limited amount of it so it’s kind of like gold there’s a finite amount of it and for gold they’re only digging up a very limited amount of it every single year so a typical argument is to compare the
Market cap of bitcoin versus the market cap of gold the current market cap of bitcoin is about sixteen point five million bitcoins times sixteen and a half thousand which is 272 billion so it goes to say that bitcoin needs to run up 25 times more in order to reach the market cap of gold bitcoin bulls usually use this as an argument saying that it has a lot more
Room to run up if it’s gonna go to anywhere near the market cap of gold it has to be valued at closest $400,000 per bitcoin so the way i look at this to me this is a bit of a hand waving i’ve seen this argument mainly for accessories for iphone products because iphones they sell so many of them so then you can go oh there’s so many millions out there then they look
At something called an attachment rate let’s say they’re selling an iphone cover or something and then they go oh there’s so many iphones out there if we reach let’s say 10% attachment rate then we’re gonna sell so many millions of these iphone covers this is a bit of hand waving because you don’t know what the attachment rate will be what its limit will be this
Is drawing in parallel to the bitcoin you don’t know what the full market cap is going to be you can’t look at gold and look at the market cap and then go oh it’s gonna be just like gold or maybe it will be half of as much as gold the fourth argument is that us dollars and other fiat see essentially loses money overtime due to inflation about two to three percent
Every year me changing all my bitcoin in two united states dollar essentially means that as soon as the money just sits there it’s going to lose value over time however i see this as less of a risk because it’s so volatile it may go down by a lot in the short term so i would rather sit on my united states dollar for the next year and lose two to three percent and
Wait for a bitcoin to come down i don’t know eighty percent or something if it ever happens then i would be far better off in exchanging all my bitcoin into fiat currency of course now if you don’t believe that it’s in a bubble and that you know the sky is the limit here and it will keep on going up then yeah of course i’m gonna be losing two to three percent versus
If you keep it you’re gonna gain you know ten times the amount that you have in there–from right now it’s not like tulips it’s not like the talk calm bubble nor is it like beanie babies it’s not a bubble this is a new paradigm for this argument please look at my favorite economic bubble chart notice at the very peak of this economic bubble says paradigm the six
Argument is that people are adopting bitcoin more and more it’s sort of like a network effect because the more people that you have the more valuable the underlying asset it’s going to be listen one person oh people own bitcoin and if there’s a very slight variation let’s say it just doubles then that means bitcoin is gonna double my counter-argument to this is
Buying bitcoin on coin base or any other exchange is not adopting bitcoin to me adopting bitcoin is if i can go to all kinds of stores and be able to use bitcoin to buy whatever products i want for example if i want to go to the local gas station or local supermarket right now i cannot use bitcoin yes i know that there are some places that would asset bitcoin but
Generally right now it’s a novelty for most people most people that are buying in right now are speculators and buying in is not adopting bitcoin adopting bitcoin is when you can actually use it as a utility more than just buying it for the price gains in the future another argument against me selling my bitcoin is to point out the obvious things that bitcoin and
Tulip is not exactly the same there are countless things that a bitcoin is different from tulips of course i obviously know that tulips is a flower bitcoin is the digital currency now you can argue if it’s a currency or not but the only comparison i’m making between the two is the rapid price gains i’m not saying bitcoin is like a flower obviously people like to
Point out other attributes such as a bitcoin has blockchain technology yes it has all these new fancy bells and whistles but the only only thing i’m comparing between the two is the price gains i’m not comparing you know the utility of it or anything i’m looking only at the price the eighth argument has to do with holding bitcoin long term called hold which is
Misspelled 2h o dl this pertains to people who plan to hold on to bitcoin for life now later on they made a acronym for that which is basically hold on to dear life or the way i like to think about it is now why is there a parallel to this seen here because hold or he was holding the door even though he was getting stabbed to death basically this is what people
Are gonna do when they’re holding for bitcoin they’re gonna hold off forever and they’re gonna get stabbed to death as the bubble pop basically losing all their assets now what i see in the comments section is that people repeat this almost like a religion it’s scary ix argument is a bit scary to me because sometimes people say they’d like to part their money
In bitcoins because it is deflationary yes strictly speaking it may be because there’s a limited amount of bitcoin but the volatility just kind of kills it for me most fiat currency has a property that it’s pretty stable however it loses a little bit of value every single year about two to three percent although bitcoin can gain a lot of people a lot of money
Recently i do think that it is in a bubble and people can lose a lot of money you know within a week 80% even the point here is that bitcoin is very very volatile so you better hold on tight losing 80% of your initial principal has happened before so if you’re gonna hold on for dear life you better hold on very tight and not flinch even if the value drops by
80% the tenth and final argument and i quote here the government will adopt cryptocurrencies you don’t understand the power of digital technology where do i begin when someone says i don’t understand the power of digital technology it’s scared to hear that this person did not even say you don’t understand the power of blockchain technology not digital technology
Digital technology only pertains to when something is being represented as a 1 or a 0 for example in computers or digital versus analog so the usage of all of these insults and these arguments for bitcoin going up really really worries me especially in the language used in the grammar that’s used so i still stand by my soul position and some of you noted that if
You join coinbase through my referral link down in the video description below i do get a referral amount and i have been getting a little bit of that i did sell all of my holdings from my previous video i hope you guys enjoyed this video and sort of shed some light on how alarming this is in terms of the types of comments that i get the basic delusion of these
Comments and the actual use of the word paradigm is actually very very frightening don’t forget to give me a like on this video comment down below let me know if you agree with my opinions or if you want to leave a hate comment please please leave something more unique than the ones that i keep on reading if you’re interested in supporting this channel check out
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Transcribed from video
10 Things Bitcoin Bulls Say By BeatTheBush
