That does not matter. If you bought at the peak in 2017 you would have had to wait 3 years later to come to equal and you would have been down 75% at the low in 2020. I would not consider this a store of value whatsoever. You are literally speaking to the volatility of btc by referencing the massive changes in value over short periods of time. Lets be honest, the majority of btc investors buy because they hope/believe more people will follow after them in a chase for massive gains. Not because the see intrinsic value in the product.
Surely that is why btc is more heavily concentrated in the hands of its top 10% holders than real estate, stocks, and gold. Delusional though process you have here where a couple people own btc worth millions/billions/trillions and society will benefit.
Nothing you said here matters to me. Btc being concentrated is completely orthogonal to my goals. What I want is to be financially independent, and for that I need assets that don't constantly depreciate b/c of socialist economic policies, and I want those assets to be protected from proto-communists trying to usher in their egalitarian dystopia. But you don't care about that, you care about "society". :-)
Even then, imo you are delusional to think that Marxism will benefit society.
You can't reason with an addict. This person is so embedded in their belief that all energy output is better utilized mining btc than any other endeavor. Forget about directing the energy back into the powergrid to power cars, phones, plumbing, manufacturing, etc. We could just have more btc in the hands of instagram shills and billionaires.
The most efficient use of energy is always to produce internet tokens that have the same tech as hundreds of other tokens /s.
This can be done with current dollars on a screen, the thousands of different cryptos out in the ether, gold, etc. Some take less energy and some take more. Then they can be converted for work, a service, goods etc. This is not new or solely a characteristic of btc.
I know too many people who aim to become millionaires off of btc and then move to countries without cap gains tax. I feel their sentiments are held by a large constituent.
To say crypto isn't being inflated by behind the scenes players or right in your face players for a matter of fact is wishful thinking. Look at how bitfinex and tether operate. Artificially pumping the price of bitcoin by purchasing with newly printed tether that many sources point to isn't actually backed by money as they claim. Same goes for many of these stable coins. The crypto industry is controlled by a powerful cartel of wealthy figures who use bought influencers and pay for play media outlets. BTC and others are the easiest way for new entities to scam the proletariat. This is no revolution of the common citizen. When a select few own the majority of btc how can one surmise that it is invented for all. For example, one btc maximalist I know claims a 100 million dollar btc is on the way. So we will have a couple thousand btc trillionaires, what a utopian vision.
