I hope it’s the nature of this echo chamber, but it reading r/Bitcoin makes it seem like people who have no significant assets truly and honestly believe this is no way bitcoin could fail, and they read articles and watch youtube videos posted by people who share that opinion, because being wrong is no longer cognitively acceptable option.
Scarcity does not mean valuable. Bitcoin is not scarce, even if crypto currency becomes a thing it’s hard to say it’ll definitely be Bitcoin.
Purpose of money is to present itself as abstraction of work, because exchanging work is cumbersome and complex (perhaps we could make some work solver today, where we’d always directly exact work, when I buy carton of milk, I’d use mobile phone to solve work-demand problem, so that I give my work to someone, where the chain ultimately leads to the grocery store selling milk). But solving that complex problem of exchanging work is much easier with money, if money itself increases or decreases rapidly in value, that is a problem, I didn’t receive or perform more work.
Historically hyperinflation is about lack of availability of products, there is nothing to buy, so prices go up, it doesn’t matter what assets you’re holding, because there isn’t enough goods the seller can ask as much as the richest people who want that good have. And this lack of goods to buy problem can happen very easily.
If fiat were to fail wholesale only valuable asset class are tools, technical clothing etc, because global supply chains are fragile, they would simply fail and we wouldn’t have anything to spend our assets on. It is in everyone’s best interest to keep fiat working, fiat failing won’t be resolved to new crypto currency future in our lifetime, maybe our children’s children could have working global economy based on something else.
There are no fundamentals supporting value of bitcoin in our lifetime, but getting rich is still in anyone’s reach.
Because money is abstraction of work, being able to perform in-demand work is always very good investment, learn something that is highly compensated and no matter what medium of exchange is used, you can accumulate it more than you need. If you access to Internet you can in 3 years time, with 4-5h a day educate yourself with no monetary investment to a place where you can work remotely anywhere where you want and invoice at least 100kEUR/YRC, more once you gain experience and become recognised in your chosen industry. If you are not based in Brazil or US you can also entirely forego income, dividend and capital gains taxes by choosing where you live.
This method will get anyone from 0 to first million in less than decade, with assumption that market continues to return 8-9% average. Only hard investment you need, is to put in the 4-5k hours investment to learn to perform work someone wants to pay you for. The reason why this works, is because very few are willing to learn something that takes thousands of hours to learn.
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