rajatsonifnance on Nostr: Most people reject #Bitcoin without studying it They think they're smart, so they ...

Most people reject #Bitcoin without studying it

They think they're smart, so they expect to understand it quickly and easily

So instead of digging deeper after things get complicated, they conclude that Bitcoin is a scam

This is why thousands of hours of study are required

If you don't put in the thousands of hours, you will always have doubts in the back of your mind

It's pretty interesting that someone who studied Bitcoin for thousands of hours can see how little someone else has studied bitcoin

I think
@PeterSchiff
is an example of a Bitcoin hater who hasn't put in the required hours to understand Bitcoin

In fact, I think he has put in no time at all

I don't think he's lying when he says he doesn't own bitcoin

He doesn't understand it!

He thinks we will go to a gold backed cryptocurrency

Anyone who has studied bitcoin realizes how stupid this is...

To back a cryptocurrency with gold, YOU NEED CUSTODIANS

We would be right back to a fiat currency system because whoever the custodians are...

Will collude with governments and you'll have your money confiscated again like in 1933

The point of bitcoin is to avoid custodians

You can have a custodian hold your Bitcoin for you (eg. Exchanges or ETFs)

But you have the option to hold it yourself!

"But hou can take self custody of gold too"

If someone has $10,000,000 of gold, would they feel safe keeping it in their house?

If they need to leave their country for whatever reason, can they take that gold with them?

A gold backed cryptocurrency BRINGS YOU RIGHT BACK TO CENTRALIZATION

You would need trusted custodians to settle payments...

The point of Bitcoin is to AVOID this

Governments can capture financial institutions that hold customer funds much more easily than millions or even billions of people who have their own secret way of keeping their Bitcoin