Claims and Questions from a Bitcoin Skeptic

What gives you confidence in the Bitcoin founder or market makers?

The founder of bitcoin and market makers can only sell what they have already created or bought (or stolen). These are actions that demonstrate understanding the superiority of bitcoin.

21mm isn’t enough to pay all of Vancouver’s working population. Doesn’t the 21mm Bitcoin’s max limit the growth of the community?

Each bitcoin is divisible into 8 decimal places. If one bitcoin was worth $1million I could still buy a coffee for ~0.000,000,1 bitcoin, or pay someone 0.000,001 bitcoin an hour, or pay my mortgage 0.001 bitcoin per month.

Bitcoin has no interest rate.

This is false. What you might mean is: “there is no central authority setting the interest rate for bitcoin.” In fact, many sites allow people to lend bitcoin for a range of interest rates that are determined in a decentralized way by the market.

Bitcoin has no view of inflation

This is false. Bitcoin has an accurate view of inflation one hundred years into the future, as portrayed in this chart.

Bitcoin has nothing in reserve.

True. Bitcoin has nothing in reserve. However, it is backed by the world’s most secure database.

When gold was money it had nothing in reserve either. It was backed by trust in the knowledge that it is impossible to create gold out of something else, like copper.

If you had 99pct of the world’s gold in 1400, I don’t think you would be very rich.

On what information are you making this claim? In 1400, gold was money and money was gold. If you had 99pct of the world’s gold you’d be the richest man in the world!

You cannot expect bitcoin’s industrial value to go up. You buy in expectation that a ‘greater fool’ will buy from you at a higher price.

This is false. Bitcoin’s industrial value increases everyday. The code is cleaned of bugs, new features are written, tested, and released, and new services are built that utilize the immutability of the blockchain and the programmability of bitcoin.

That being said, ‘value’ is something that is applied to something by humans. From the 5 year price history of bitcoin, it is clear that the size of the network of people who accepts bitcoin has a tendency to grow. Is it because of greater fools? No, it is because of lesser fools. People are waking up to understand that government tokens lack:

  1. the ability to hold value over the long term
  2. the ability to be programmed
  3. justice in creation
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