Thread

Me grug. Grug buy orange coin.

Ornje guuuud

We’re all retards -> never selling -> mega bullish Match checks out ✅

When there’s no electricity the floor is obviously at $0.00 😏

If everyone is never selling, utility of it goes to nothing, which means price of $0.00. If nobody is trading (because they are never selling), then there’s no price discovery. The value of the asset cannot be determined. If asset has no meaningful price then it can be considered to be at zero and untreadable. The problem of #btc is fundamental demand for asset class. Government issued currency has fundamental demand built in. It is called taxes. Currency issuer doesn’t need tax revenue, because they can always print money for their needs. And they do. It is called government debt. The true purpose of taxes is to create initial demand for currency issued by government. The government power of enforcement is what makes system work. Otherwise, people could simply refuse to pay taxes and not deal in government issued currency. That initial tax demand bootstraps the trading in government issued currency and what gives value to money. Let’s go back to bitcoin. It has no initial demand. In US laws ensure that bitcoin is handicapped as medium of exchange. Because tax (!) system views bitcoin as asset for which one is expected to pay in dollars. Bitcoin is now just an asset. Just like old broken car, nobody wants, a painting from no name painter etc. Suddenly, value of bitcoin is the value in the eyes of the buyer. That value is directly impacted by amount of public value pump. Get the drift? The only interesting aspect is that bitcoin is divisible and there is limited amount of it. It is like collector’s edition.