Some Really Great Perspective on Bitcoin Price

[wry]

Like (almost?) all of you I have been bummed out by the price action of Bitcoin this year.  I understand ups and downs, but this year has been such an unrelenting down year from such an amazing and breathtaking level that it has seemed to validate all the Bitcoin haters in established financial markets and that depresses me more than anything.  I actually read an article today where some finance professor was saying that Bitcoin had to go to zero because miners were now losing money.  What a bozo, he said the same thing in April, and while the price action has been depressing, Bitcoin isn't at zero and mining has almost always been unprofitable, you can look on Bitcointalk and see posts telling people they shouldn't be mining Bitcoin back when the price was 20 USD!

So anyway, I found a nice article today about the price that I really liked because it reminded me of how much I like the Bitcoin project and should not focus so much on the Bitcoin price.  It's here:  https://www.coindesk.com/the-crypto-winter-is-here-and-we-only-have-ourselves-to-blame

I have to say I agree with his central thesis that if we start to believe in Bitcoin only because of its price relative to USD we've made a major mistake.  Also he links to a Twitter feed that is just hysterical:  https://twitter.com/CandleHater/status/1064481715685605378?ref_src=twsrc^tfw  It shows lots of tweets from people who have lost money investing in Bitcoin and now hate all crypto, and while I enjoyed the tweets, it has a ring of truth.

The article reminded me of what has been my all time favorite Bitcoin article about price written in October of 2017 as an open letter to Jamie Dimon who you may recall was very down on Bitcoin and may now be proved correct.  It's here:  https://blog.chain.com/a-letter-to-jamie-dimon-de89d417cb80

and well worth your time.  It was a go to for me for quite some time since it makes the case for Bitcoin as a decentralized payment network.

So what do you think?  Can the case for Bitcoin be made outside of just its price or has that become too central for the Bitcoin Mainstream story?

[Jakubb]

Damn, thanks for that well detailed, rich post wryy! I also agree, It was a humongous surprising to see bitcoin go down so much. A lot of interesting facts in here also.