Because it's illogical and more importantly the prices the least relevant or interesting part of Bitcoin
Can you explain that the economy to people because a lot of people would say oh that makes sense.
But if you explain it a little bit better and you understand that it doesn't really make sense. We'll think about it this way
in 2000s 90% of all internet start-Ups went belly-up
almost a Trillion dollars of value was destroyed and
That was the internet's best year.
Why? because that's when you started really seeing the web take off and the utility and
Adoption all hit these inflection points with the the real explosion in mobile
the beginning of smartphones and mobile internet the web had finally taken hold and was beginning to get
serious attention from Business and all of the first generation in the internet starts blew up
But what really happened is in that in the last two years in that bubble the the internet became entrenched in everybody's life
2000 was
Simultaneously the internet death and it's rebirth and so but that is
capitalism that process of creative destruction and rebirth is
the process that creates
tremendous Innovation and attention for things
Bitcoin has now gone through four bubbles like this and in fact everybody knows about the November 2013
went up to $1,000 crashed down to
230
We're at 270 now. Yeah! But what people don't know is that that's not the biggest bubble Bitcoin has ever had
two years before that
bitcoin shot up to $30 and crashed to 25 cents and
in relative terms that was a bigger climb and the much bigger drop and
it took almost two years to recover from that and
That was its second biggest bubble because a really big bubble was when it went from a thousandth of a penny to a dollar
at one dollar that was the real birth of Bitcoin because
Parity was almost considered unattainable the dollar per Bitcoin like a holy grail dream
Right because it started off as worth basically zero and an idea.
Absolutely and the idea that you can bootstrap a global currency from nothing was in itself a ridiculous idea
So when you hit dollar parity you've proven that you can bootstrap a global currency from nothing and that's never happened before
To then say that the Bitcoin is dead because it's a 260
If you go back the idea that it could ever reach 260 was insane and by the way
We're not done. We've got at least three or four more bubbles right bitcoin is not going to now be steady
Because every time attention shifts back it
blows another huge rise and
Because there's not enough to sustain that rise usually it will then revert and crash down again. This is a rollercoaster
It's going to continue to be a rollercoaster for three or four years
just like the internet was the big difference the internet didn't have a single stock price that everyone could pay attention to
So it's both a blessing and a curse. It's a blessing because it's an investment vehicle
by make attracting people to speculate on it
it's generated a lot of attention when it goes up it generates a lot of
investment in Bitcoin companies and a lot of the early bitcoin millionaires if you like
We're able to reinvest their bitcoin into startups, but at the same time double-edged sword
Every time it crashes someone writes in an obituary for bitcoin like "bitcoin is now dead"
By the way, there's a site called bitcoin obituaries.com where you can read 150 obituaries written since 2010 all of which are not true
And I am guaranteeing you they're going to be two or three more years of
Obituaries being written about bitcoin. Right just to score a few things away, how many bitcoins are in existence?
How many will be you know in the end? How many will exist and why does that ultimately not really matter?
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