How more excuses are you ready to produce to rationalize irrational behavior?
None, unless you think what I'm doing is irrational.
You are completely ignoring the crucial point I am making and just repeat irrelevant generic phrases.
I'm very sure I don't ignore your point. I've understood what you're trying to say and I'm explaining you that there's another way to see things in life.
Replacing a capital based system with a faith based system is irrational behavior.
This is just your opinion.
In a banking system, once you trade things you can live off of, you are protected with the capital (collaterals) of the borrowers to be able to return those things.
I'm protected by the collaterals, but who's gonna protect me from inflation?
If you replace that system with bitcoin system you are left only with faith that people will voluntarily return you the said things.
Wrong. I don't believe people will ever give me things voluntarily. I'll have to pay them in our agreed currency.
You behave irrationally because you believe you will get more than you invested.
I never said that, you made it up. All I said is that it's a hedge to inflation and I like it as a concept. It fits my character.
But this believe is also irrational because this is not the system of stocks where capital is used to create new value.
Exchanging stuff using Bitcoin does create new value, as it contributes to division of labour. (Which in continuance, creates value)
So you can make profit only like in ponzi schemes.
But, Bitcoin is not such scheme, because:
In a ponzi scheme, there's a leadership team that
promises high returns and
misleads the public with
wrongful statements regarding an
illegitimate business.
- Is there a leadership team that promised high returns? No, Satoshi or the people who worked to create this innovation didn't promise you anything.
- Have the developers ever lied or misled the public? Nope. Their actions reveal the exact opposite: The software is open source, anyone's allowed to contribute; it promotes free speech.
- Is there an illegitimate business? If we assume that buying and selling bitcoin is a business, then that depends on how you see things. However, I think that the transparency of bitcoin discloses objectively that there's nothing illegitimate behind it, by default. If you start manipulating the crowd, then that's you who's problematic and illegitimate.
but PoW coins actually have a cost that comes with its creation. and due to other features and benefits, they have utility too
But, cost has nothing to do with the utility. Just because there's a cost in the procedure of extracting
something from the ground doesn't make it useful.
fiat does not have the 'borrowers liability/security' you think it does. you are owed nothing when you hold a bank note
Banks supposedly consider both the same, whether it's a bank note or a promise of a bank note. When you own a $100 bill, you can redeem it for a $100 worth liability. So, I'd say that you can actually “buy” other people's debt with cash, again if we consider that banks consider both the same. Therefore, you're indirectly owed if you hold their money.
No need to comment the example you've given... No one's gonna redo the work for the last 510,000 blocks. Ever heard of the $5 wrench attack?