At Which Point Bitcoin Critics Will Admit They Were Wrong
Immagine a person knowing about bitcoin at $17.5, being bearish at the time and still remaining bearish. It is hard to believe that we are speaking about a real person, not an imaginary person. He is Peter Schiff, the CEO of Euro Pacific Capital.
The project aims to build a trading platform and is supported, among others by billionaire VC fund Tim Draper.
Peter Schiff is a gold promoter and is well known from the crypto community on Twitter as a bitcoin opponent.
Let say Peter invested $100 in gold 20 years ago. With today’s prices Peter would have $500. Congratulations Peter you got an x5 profit in 20 years.
But let say Peter invested $100 in bitcoin 9 years ago when he knew about it. At today’s prices Peter would have $45,000 which is a x450 return.
But no Peter did not buy bitcoin because he was bearish when bitcoin was at $17.5 and remained bearish when the price hit $100, 1,000, 10,000 and will remain bearish regardless bitcoin price adds more zeros.
Another delusional bitcoin opponent is Nouriel Roubini. He has been mocking bitcoin since it was $58. Imagine how strong must be his frustration celebrating every dip from $58 to $20,000.
Another bitcoin opponent is Paul Krugman. He has an idea that people don’t need money they control because they have the inflationary government money. Of course, this is nothing new because he also thought that the internet will fail because most people have nothing to say to each other and the internet will be worthless after a few years. The ideal world according to Krugman’s dreams is where people have nothing to say, read his column and use the fiat monopoly money.
But what is the reason they are against bitcoin and will they ever admit they were wrong?
The main reason all those people bashing bitcoin is because they are nocoiners, and the urban dictionary clearly explains what a nocoiner is:
“A Nocoiner is a person who has no Bitcoin. Nocoiners (usually Socialists, Lawyers or MBA Economists ) are people who missed their opportunity to buy Bitcoin at a low price because they thought it was a scam, and who is now bitter at having missed out. The nocoiner takes out his or her bitterness on Bitcoin Hodlers, by constantly claiming that Bitcoin will crash, is a scam, is a bubble, or other types of easily refuted FUD. Nocoiners have little to no computer skills or imagination; even when they see the price of Bitcoin go up and its adoption spread they consider all Bitcoin users to be in a collective delusion, with only themselves as the ones who can see what is happening. This attitude comes from being steeped in the elitist priest cultures found at Harvard, Yale and Columbia, where anyone who is not part of their clique is treated with suspicion by default. The worst nocoiners are tenured academics and goldbugs. Nocoiners believe that the world owes them everything they want because they are part of an elite; they are hysterical liars, brats, prostitutes and losers.”
Bitcoin and cryptocurrencies have a lot of problems but definitely fiat money has a lot more and bitcoin helps to resolve some of these problems fiat money has.
Comments are welcome to add more bitcoin opponents on this page.