While BTC has been shown to only be a “pump and dump,” Bitcoin SV is focused on utility.
I would like to hear more about your thoughts on speculating in and on Bitcoin, as well as in general.
In Austrian economics, all costs are opportunity costs, so the cost of BTC is not owning productive assets like land or capital goods, not consuming something that is already produced, and not joining the BSV religion.
Everyone in BTC is complicit in preventing each other from thinking clearly about what I have just written and from facing the true state of things.
There are also illusions in BSV but they all keep the price down whereas BTC’s illusions all contribute to pumping the price.
There is a lot we can do to make success more certain, but they will not happen without a successful inquiry into the true nature of things and accepting that we are worse off than we have believed.
Every real-life situation is different and while it is usually possible to see a lot about the future from the information available at any given time, it is not easy to know what is relevant.
I have been surprised by how successful BTC has been at maintaining its illusion and how difficult it has been to communicate the value of BSV to other people.
You should not feel bad if you did not make a lot of money off of BTC.
As I have said above, people in BSV have accepted that self-deception is anti-success but have not managed to dispel all illusion.
Thus, people who attempt to give you knowledge should be mistrusted because if what they had was real knowledge they would be giving away their own bread and butter.
If someone was really making a great project, he would want to keep it secret until it was all ready so that he could buy up coins at the lowest possible price.
BSVers believe that they need to build, but, these markets do not act like anybody understands the true value of what is being bought and sold.
What I would want is for people to understand how to speculate so well that they have no choice but to build.
If you could easily verify that what I am saying had partially inverted hashes associated with it, then you know that I wasn’t trying to mess with you and that I was saying something I thought was really important.
What I have experienced from speculating in the digital asset sphere myself is that—at least for now!— it does not seem to be a successful way to bet on the basis of what the superior technology is, but rather on what the other speculators will do.
This market is a little different in that there is no end to the game.
I have said in my video, Homo Bitcoinus, that Bitcoiners are a herd animal or like a flock of birds.
In nature there are ranks in a flock because there are differences in birds’ ability to survive and these differences must be understood because there is competition for mates.
Instead of trying to time the market, you should be ready for the right time to arrive without trying to predict when it will be.
This is, of course, not investment advice, but what I think makes the most sense is to ensure that you will have a job and will not have some sort of crisis that requires you to spend a lot of money.
A crisis will always occur at the worst time when the price is lowest and will not be over until BSV has hit a new high.
Thus, the game of the market is arbitrarily difficult, depending on how good everyone else gets at it.
To me the most important fundamental is the Austrian theory of money but I don’t think people in Bitcoin have ever really talked about it.
They are so obsessed with gold that they can’t imagine any money that is not gold, even though their theory ought to be able to tell them about it.
People in BSV are like a flock that understands that food and safety is needed but is not aware of the need to be a flock or any idea how.
If they cannot learn how to use these advantages of Bitcoin, then they are birds who don’t know how to flock, and Bitcoin has no value.
There may be something about the language that makes people better at growing the economy, but an understanding of the language without the economy can only explain what is theoretically possible.
If people wanted me to think that BSV was going up a lot, they wouldn’t be telling me about something on BSV that you could already do on Ethereum five years ago.
This game is about maintaining integrity over time and that is what is really brave, not pretending to know something when you really don’t.
My family and friends acted like they thought I was a failure and other people I knew in Bitcoin all became cult members who wanted to ignore me rather than serve my needs.
I had assumed that people involved in Bitcoin would want to understand the truth so that they could always stay ahead of the rest.
I didn’t know how good they were going to be.
In a private chat with me, you said, “People in BSV seem to believe in the quantity theory of money.
This theory suggests that we can improve the value of Bitcoin by increasing the transaction volume.
The goods that you can buy with money are, in fact, in competition with money.
I tried to make this point a while back in BTC and people used it as an excuse to destroy all trade with small blocks.
If you could know what goods were coming out and win, you would just buy stocks or bonds to sell before the new goods came out.
As long as a good is in an uncertain future, it is a reason to hold money.
Not everyone is equally valuable because not everyone is as good at being an entrepreneur, but on the other hand you don’t really know who will do something especially good beforehand, so it is better to improve everybody.
Of course, you would want to earn Bitcoin so you want to drive up transaction volume because of that but in that case you don’t care about transaction volume.
Savings are “money for a rainy day.” In other words, savings prepare you for times when there are big changes.
Thus, people produce fewer consumer goods and more capital goods when they save more.
You cannot observe that resources are being wasted because waste occurs by making a worse choice when you could have made a better choice.
In particular, knowledge in markets is always relative because you need to be ahead of other people in order to be successful.
On the other hand, if you keep the money, you may be able to take advantage of a better opportunity that may show up later which would not be available had you bought the land.
The Austrian theory of money is that the value of money has to do with being first in line to take advantage of new opportunities.
On episode 8 of the CoinGeek Weekly Livestream, host Kurt Wuckert Jr.