While in Denver on a bachelor party for one of my college buddies the topic of Bitcoin had not been brought up during the first 36 hours of the trip. I was a little surprised with that actually since there was a finance guy and another business major there in addition to myself. The other three guys are in the meat processing/distribution/retailing business.
While getting ready to pay for dinner the topic of Bitcoin comes up and if I recall it was myself that brought up the subject. I am always intrigued by what others have to say on the subject. Of the group, 2/3rds of them were cryptocurrency bashers. There was one guy that hated it more than everyone else. The words that came out of his mouth about it were,
It's worthless and it will going to zero.
It is as useful as tulips.
You can't pay for anything with it.
Nobody uses it and they never will.
I like to pay with things with things that have actual value, the dollar.
I like to play along and prod people when they bring it up these reasons, which are backed up by nothing substantial.
He then said, "I'll bet you $100 that Bitcoin will hit $5,000 over the next 6 months as it goes to zero". I am not the gambling type and told him that it very well might go to zero, but to degrade something without doing any research at all is foolish in my opinion. But to each his own.
My favorite part of the night was on our walk home after the discussion ended a while ago, he brings Bitcoin back up when he said,
I'll never forget, one time a two and a half years ago I was at a bar with my buddy and this one guy who looked like a nerd was going around telling everyone to buy Bitcoin.
The funny thing is, the price of Bitcoin over that time was somewhere between $500-$1,000 so the return even to the $5,000 figure he mentioned earlier would still be 5-10x. Not too bad for a worthless investment.
While I was in the shower this morning I was thinking, why do people bash bitcoin, cryptocurrency, and blockchain technology. I am sure there are a ton of reasons behind it, but here are a few that I came up with.
- They have never taken the time to research what it is and how it works.
- They are too arrogant and think they know everything.
- They were told to invest in it at some in the past and did and got burned because they bought too high or they didn't invest and the price increased.
- It is too volatile and there is no reason for something to be so volatile to actually be worth something.
- They see no reason for a digital currency to exist and believe the US dollar will always be king.
Anyhow, back to the bachelor party festivities! I had to stop in here and share this with everyone while it was fresh in my mind! I will have a complete post of the incredible trip to Denver when I get back home!
I think tulips are pretty useful :) As if with the Dutch bubble the tulips disappeareed? well, no, they are still there! and cryptos will too!
I love it! People get really worked up over it! It’s quite funny!
Did you ask the guy how it was like living back in the 1600 during the tulip mania?
Damn! I should have done that!
Lol!
People seem to innately fear that which they do not understand. I do feel like it is a social construct rather than an instinctual reaction though.
That is so true. If someone has done the research and truly understands and doesn’t like the idea that’s fine with but to bash something because you heard this or that doesn’t sound logical in my view
The last quote "I like to pay with things with things that have actual value, the dollar." that is so funny because it is the dollar that actually has no value. That was a really hard reality for me to come to grasp with, but fiat money is the thing that actually has zero value. Great post!!
That was exactly my response! I showed him the US dollar and asked him what it was and he said it was how he got paid and what people accepted for payment..
Yes you are right, most of these people don't to do enough research about it. I think right now at these bitcoin price fluctuations, it's causing more bashes from these people. I have decided to shut the fuck for a while.
Though i welcome those who are willing to give it time.
Thanks for that.
I think it's funny any time someone mentions tulips in reference to cypto currency. Until 2 years ago I hadn't encountered a single person who knew anything about the tulip nonsense. Not one! Not me.
Now, anyone with a computer sees "Bitcoin like that old tulip situation" in some article posted by their grandma and they think they're some expert. That's all they know, but apparently a previously obscure fact that is in minor reference to a similarity about this situation is enough for them to be "informed" on the issue. Great!
You’re spot on with this. It really is funny that nobody ever mentioned the tulip mania until bitcoin came about!
Nice job! I'm actually facing the same situations over and over... And I'm a Youtuber also, so it doesn't help
I WISH it would go down more. I didn't trade enough US dollars for bitcoins when it was lower and now look forward to more opportunities.
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