Bitcoin Hype Criticisms

Bitcoin is 98% Under-Brought Despite all the Hype Level and Criticism

October 31, 2020 Off By Maheen Hernandez

Someone stated that Bitcoin is the strange game where the only winning move is to play.  Some of them who responded to this statement expressed that by playing you are tilting your odds of BItcoin winning. Network effects and all that. Many agree that Bitcoin is a highly addictive game where the only move is to play.

There are thinkers who feel, why would someone get into Bitcoin if there’s already massive whales that have done nothing in terms of job creation or product development/invention? I prefer billionaires to be founders.

For all practical reasons, the winning move is to Hodl.  And, unless your coins are in cold storage they can all magically disappear is a warning

Yet other clarifications have to state that Bitcoin as an asset class is like any other, you lose or you earn. As technology follows Hype Cycle.  Further expanding discussions stated that if BTC gets people stacking sats and saving rather than spending, fantastic. At the “has replaced central banks” hype level it smells like canned goods survivalism.

Still Believers in Bitcoin state that first they laugh and then they learn. In response to a statement which claimed that Bitcoin is overbought, someone felt that it was a funny statement as only 2 to 7% of the Americans know what it is and the rest are not really serious about it.  They clarified stating that Bitcoin is 98% under Brought.

Some new entrants continue to ponder on basics like how would Bitcoin be able to be used as a currency that replaces what we have if it is so volatile? The dollar doesn’t fluctuate like a Bitcoin does.  There are others who are pondering on ideas like how would you view the role of silver in this? Is Bitcoin replacing silver’s role? Is silver having a more industrial than monetary role? Not knowing Litecoin is already competing to be the silver in the cryptocurrency space.

In this regard, crypto expert tweeted:  “Bitcoin (BTC) is indeed under bought and even if the hype is set aside, it should be bought even better.”

Bitcoin (BTC) Mass Adoption and Volatility

Some of them hope that the volatility will decrease with Adoption. However, for this to happen mass adoption should be in place and when BTC does not scale well, there will be no mass adoption either. Someone said, Bitcoin and Gold are two species competing for the same resource.  Now it is Tether in the list.  Someone felt the best time to go all in on BTC will be when Tether is finally exposed and shut down.

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