The Wolf Den #162 - The Dollar Is A Faith-Based Asset
thewolfden.substack.com
This newsletter is sponsored by PHEMEX, the only exchange that I use to trade crypto with leverage. Sign up with the link above and get some free Bitcoin. I really encourage you to check them out - you know that I never endorse a product that I do not use!I read an article this morning that pissed me off. I am generally level headed, but this legitimately made me angry.HERE IT IS, a hit piece in Bloomberg entitled "To Understand Bitcoin, Just Think of It as a Faith-Based Asset."First of all, the image that they used is absurd, with a gold Bitcoin chain on a hairy chested man with a collar reminiscent of John Travolta in Saturday Night Fever. Once I got past this travesty, I dug into the actual article, which effectively minimizes the important of Bitcoin, making it into a joke only fir for believers rather than a serious asset. Then he goes further:"Bitcoin’s worldview has other religious features. There are devils (bankers and central bankers), implicit promises of riches for the true believers who HODL (hold without selling), and damnation for the no-coiners who reject the way (“Have fun staying poor” is a popular Bitcoin incantation).There’s a Bitcoin diet (carnivory). There are holidays, such as Bitcoin Pizza Day, and the Halving, which occurs every four years, when the pace of new Bitcoin issuance is cut in half. And there are sects and schisms. In 2017 a group that had a different vision for scaling Bitcoin forked off Bitcoin Cash. Then within that community, another group forked off and created Bitcoin SV (for Satoshi’s Vision)."First, we all know that endless money printing and central bank policy is damaging to most people. This is fact, not fiction. To view this assertion as a "religious feature" is dangerous and untrue. To call the Halving a "holiday" rather than to recognize it as the key feature that keeps Bitcoin deflationary and mathematically scarce is absurd. To attribute a few idiots eating raw meat to the entire community as our "Bitcoin diet" is lower than low.Most importantly, you can replace the word "Bitcoin" in the title with "US Dollar" and it would be far more accurate. Fiat currency is LITERALLY a faith-based asset. The value of the dollar is determined by trust in your government and the belief that they will back the currency. That's it."To Understand The Dollar, Just Think of It as a Faith-Based Asset."There, I fixed it.As I tweeted this morning: If you sold Bitcoin because of: a) a slightly negative comment from Janet Yellen that was the same nonsense criticism we have heard a thousand times or... b) a completely false report about a $21 double spend then...You have no conviction and should move on.I address both of those in the news section today, but all of these are attempts to suppress an asset that can change the lives of many people. Don't fall for it.Invest and be patient.In This Issue:Bitcoin Thoughts And AnalysisAltcoin ChartsWhen And How Should I Sell My Crypto?Inflation 101Did Bitcoin Double Spend? Is This Doomsday?Yellen Doesn’t Hate Bitcoin After AllMichael Saylor Buys The DipMy Recommended Platforms And Tools
The Wolf Den #162 - The Dollar Is A Faith-Based Asset
The Wolf Den #162 - The Dollar Is A…
The Wolf Den #162 - The Dollar Is A Faith-Based Asset
This newsletter is sponsored by PHEMEX, the only exchange that I use to trade crypto with leverage. Sign up with the link above and get some free Bitcoin. I really encourage you to check them out - you know that I never endorse a product that I do not use!I read an article this morning that pissed me off. I am generally level headed, but this legitimately made me angry.HERE IT IS, a hit piece in Bloomberg entitled "To Understand Bitcoin, Just Think of It as a Faith-Based Asset."First of all, the image that they used is absurd, with a gold Bitcoin chain on a hairy chested man with a collar reminiscent of John Travolta in Saturday Night Fever. Once I got past this travesty, I dug into the actual article, which effectively minimizes the important of Bitcoin, making it into a joke only fir for believers rather than a serious asset. Then he goes further:"Bitcoin’s worldview has other religious features. There are devils (bankers and central bankers), implicit promises of riches for the true believers who HODL (hold without selling), and damnation for the no-coiners who reject the way (“Have fun staying poor” is a popular Bitcoin incantation).There’s a Bitcoin diet (carnivory). There are holidays, such as Bitcoin Pizza Day, and the Halving, which occurs every four years, when the pace of new Bitcoin issuance is cut in half. And there are sects and schisms. In 2017 a group that had a different vision for scaling Bitcoin forked off Bitcoin Cash. Then within that community, another group forked off and created Bitcoin SV (for Satoshi’s Vision)."First, we all know that endless money printing and central bank policy is damaging to most people. This is fact, not fiction. To view this assertion as a "religious feature" is dangerous and untrue. To call the Halving a "holiday" rather than to recognize it as the key feature that keeps Bitcoin deflationary and mathematically scarce is absurd. To attribute a few idiots eating raw meat to the entire community as our "Bitcoin diet" is lower than low.Most importantly, you can replace the word "Bitcoin" in the title with "US Dollar" and it would be far more accurate. Fiat currency is LITERALLY a faith-based asset. The value of the dollar is determined by trust in your government and the belief that they will back the currency. That's it."To Understand The Dollar, Just Think of It as a Faith-Based Asset."There, I fixed it.As I tweeted this morning: If you sold Bitcoin because of: a) a slightly negative comment from Janet Yellen that was the same nonsense criticism we have heard a thousand times or... b) a completely false report about a $21 double spend then...You have no conviction and should move on.I address both of those in the news section today, but all of these are attempts to suppress an asset that can change the lives of many people. Don't fall for it.Invest and be patient.In This Issue:Bitcoin Thoughts And AnalysisAltcoin ChartsWhen And How Should I Sell My Crypto?Inflation 101Did Bitcoin Double Spend? Is This Doomsday?Yellen Doesn’t Hate Bitcoin After AllMichael Saylor Buys The DipMy Recommended Platforms And Tools