Rational Buyer: Hi. I see you have a price tag with a whooping number. You ask $27,000 for one Bitcoin. How come?
Bitcoin Seller: Yes, it is very valuable.
Rational Buyer: Why?
Bitcoin Seller: First of all, it's scarce. There will only be 21 million of them.
Rational Buyer: I see...
Bitcoin Seller: ... and it is nearly impossible to be stolen. Plus, if you buy it, I can transfer it fast and easy to you. And the fees are cheap.
Rational Buyer: Interesting...
Bitcoin Seller: ... Also, Bitcoin will protect you against inflation. Dollars, that I am asking, can be printed indefinitely. They'll be worthless soon.
Rational Buyer: Look, my man, I understand that you want to sell your Bitcoin. So you must say beautiful things about it. I understand that. But...
Bitcoin Seller: ... Yes, and all I have said is true.
Rational Buyer: I believe you. But, I want to know just one thing.
Bitcoin Seller: Ok, I am listening.
Rational Buyer: What can you, I, or anyone else do with this Bitcoin?
Bitcoin Seller: What do you mean?
Rational Buyer: I mean, what can we do with it besides selling it to next buyer? You bought it in the past, you want me to buy it now, I will need a buyer tomorrow. So, what else can we do with Bitcoin besides waiting for next buyer?
Bitcoin Seller: Of course, Bitcoin is sold on the market. What are you saying?
Rational Buyer: You see, with $27,000, that you ask, I can pay off my bank loan, save myself from a foreclosure. A lot of people can do that, given all dollars are issued as loans.
Bitcoin Seller: Ok, sure. But...
Rational Buyer: ... and banks are not next buyers, we are just fulfilling our obligations to them with dollars. And being saved from bank foreclosure is very valuable to people. This is what people can do with dollars besides waiting for next buyer.
Bitcoin Seller: There can be Bitcoin loans.
Rational Buyer: Sure, but they are returned to a Bitcoin investor, not Bitcoin issuer. And this investor also needs a buyer to return what they invested in Bitcoin.
Bitcoin Seller: but Bitcoin is believed by a lot of people to be very valuable.
Rational Buyer: Of course, and all those believes need buyers to return their Bitcoin investments. So, what anyone can do with Bitcoin besides selling it to next buyer?
Bitcoin Seller: well I guess ... nothing.
Rational Buyer: So, let me get this straight: you want $27,000 for an item so worthless that it can only be sold to a greater fool?
Bitcoin Seller: I don't want to talk to you anymore. Go away. Hey people!!! Who wants to buy my beautiful Bitcoin?! It's only $27,000, soon it will be $100,000...
Submitted May 18, 2023 at 02:44AM by Prodiction https://ift.tt/p6YmOdx
