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Comment by axiosgunnar | Hacker News Reader

When arguing with a Bitcoin-fanatic, try this line:

"Yeah I agree that cryptocurrencies are interesting, perhaps some day one will replace the USD. It will probably not be Bitcoin, but rather some other cryptocurrency“.

Watch how they recoil!

For they have been found out, they do not actually care for financial freedom, etc., all these noble crypto goals which can also be achieved with a cryptocurrency that is not Bitcoin.

All they care about is their speculative investment in Bitcoin in particular, so it won't help them much if another crypto becomes the world standard.

It‘s probably <1% that are true believers and >99% that have missed out on a few bull runs and are now hoping to get rich quickly.

Really, try this line some time and you will come to the same conclusion.

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>perhaps some day one will replace the USD

USD is fiat currency. Fiat simply means by decree. USD is a currency by decree of the US Govt.

It's highly unlikely Bitcoin would ever become a fiat currency by the US Govt. It's also highly unlikely the US Govt would allow a free banking system and allow a cryptocurrency like Bitcoin to fill the void naturally.

Also, Bitcoin can evolve overtime through consensus of it's users. So it is highly unlikely it would be surpassed by a cryptocurrency that is like Bitcoin but marginally different, it would have to be something radically different.

This is a strawman argument against Bitcoin.

The majority of BTC owners are probably not Bitcoin-fanatics or Bitcoin-maximalists as you described them. I personally know no cryptocurrency owner who only holds Bitcoin or who truly believes it is the be-all-end-all of (crypto)currency.

Maybe these people exist as a small but vocal minority, but those should be disregarded in any online community.

I think it's very fair to say that Bitcoin is not the best cryptocurrency. From a technical standpoint, it's probably near the bottom of the list.

But it was the first and there is something to that in my opinion. Especially given the network effect.

What Bitcoin will never be is:

- A replacement for daily spending

- A stable store of value

What Bitcoin is, imo:

- An appreciating store of value/currency devaluation hedge

- Resistant to government intervention

Got-em! Very clever! Never mind trying to understand each others point of view without being hostile about it. It's better to stick to your preconceived opinions and defend them with witty slogans.

In all seriousness, there are various replies to this line of argument. I'm not gonna post them because if you have a genuine interest in learning more instead of just "arguing with a Bitcoin-fanatic" you can easily find them on the internet.

No please, do post them. Saying "I have an argument that would convince you" but not posting it is bluffing :-)

Just like a crypto-contrarian to be so smarmy in the face of a trillion dollar idea. "Bitcoin-fanatics" are not using BC for transactions just like we don't currently use gold coins at the grocers. Nor are we lugging around a suitcase of paper bills to buy a car. Spending methods evolve and crypto currency is in an interesting new frontier.

People have rebutted this on HN ad nauseum. It always is a core group of HN perma bears moving the goalposts and playing ignorance.

“Could it be that I don’t get this technology and the market is better at valuing it than me? ... No! It is the market that is wrong! I AM SMARTER!”

The inverse can be a trap equally. "Could it be that I don't get the market and the technology is better than I value it to be? Yes! The market is right! I am dumber!"

If both can be true then you're left analyzing the fundamentals and making a call based on that.

Just like GME, Bitcoin requires a "greater fool" to pay more and more. It's only worth what people are willing to pay. Eventually you'll pay 100k for a string of characters that a specific network can process. Similar to Confederate American currency. Never worthless, but a curiosity/collectable to speculate with.

Unlike many (most?) on HN I do believe in the fundamental value proposition of BTC / crypto an have been tirelessly advocating for it throughout the bear market. It isn't a "greater fool" theory of investing for me and many other people. The single best investment over the past 12 years was Bitcoin. At peak price before the last bear of 20k, you still would have doubled your money (at least!) in 3 years.

You can keep shouting ponzi but there is so much more to bitcoin than that.

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