What is the point of Bitcoin?

Like actually though

3-min read

if bitcoin can’t go up in this environment then what’s the point?

One of my friends who works in the financial sector posed this question on Twitter and then messaged me privately to comment. I usually don’t engage with cryptocurrency on social media because of a multitude of reasons - the first being the pseudo-intellectual fan following and social pariah crap that comes along with it - but he insisted.

To answer the question, I replied through a series of broken threads. I’m going to use Substack to somewhat organize it.

Quotes are questions, tweets are replies. Shower thoughts are in italics.

The question once more:

if bitcoin can’t go up in this environment then what’s the point?

Correction: This was supposed to be no bull market. Really butchered the quip.

that’s the same with everything else mate... jus leverage

so once again... since it is tied to mainstream investment vehicles... what is the point

the usd has gone up in value related to other currencies

Should have been clearer - when I meant bitcoin affecting other currencies I meant cryptocurrencies, not fiat. But I answered the rise in USD FX pairs anyway…

so if it acts like a general market security once again what is the point of bitcoin?

but earlier you mentioned whales selling off causing the price to crash that doesn’t sound like democratized ownership/ manipulation

sure eth may reach a better place but we are discussing bitcoin and delivering on its basic premise

ok so to sum up your many paragraphs... simply to remove the middle man

After spending 34 minutes collating my thoughts, I didn’t end up replying to this.

pretty sure trust and accountability go into the shitter after losing 40% in a week and about privacy... the ledger is public u can see everything... so how is that private?

I didn’t draft up a reply for this since the thread was anyway so stratified, but ledgers and anonymity are explained everywhere on the internet in depth.

In reply to democratized ownership not being in the case of bitcoin, his thirst for knowledge wasn’t quenched yet:

yes it is@not the case hence... WHAT IS THE POINT OF BITCOIN?

On a slightly more serious note:

Branching Off

They ended up branching off in random paths which is why I wanted to amalgamate everything on this post.

isn’t the whole point of crypto to be a hedge in these sell@offs... / be a store of value in tumultuous times

it’s not stable at all your mortgage lost 40% of its value last week