Post
Topic
Board Bitcoin Discussion
Re: The general public still doesn't understand Bitcoin is still growing
by
legiteum
on 01/01/2024, 17:10:08 UTC
I used to create bait articles in the past where I would make a headline about something so sensational about bitcoin's death only to slowly marinate the reader into realizing that bitcoin's not death, basically reel them in with misinformation, and then beat them in the face with facts and logic. I don't know if stuff like these will still work, but hey, worth a try right?

I think a big part of the disconnect is that most people don't understand the power of a meme, which is what Bitcoin is, and what major brand names like Coca Cola are. People will always pay a lot more money for a shirt that says "Gucci" on it than a shirt that says, "Fruit of the Loom". The value might fluctuate over time, and memes are completely hype-driven and very volatile, but the ones that have been around for a while like Bitcoin will necessarily have a lot of staying power as well.
 
This conversation gets confused by the common mythos of Bitcoin and cryptos generally, e.g. that they will "take over existing currencies" or that they represent some vague notion of "freedom" or something. All of those arguments are very easy to refute, and Bitcoin isn't going to do any of those things and that's okay because it doesn't need to: Bitcoin's power comes from the name "Bitcoin" and the fact that so many people think it's valuable. It has become this valuable despite most of the mythology about it being false or unfounded.

If you understand Bitcoin to be the "mother of all memecoins"--and nothing more--then the market dynamics are much easier to understand and predict.