By early adopters in an MLM scheme. If you have conversations with normal people, generally older people who have more understanding and education of these things, they understand Bitcoin et al are MLM schemes - though the propaganda sure has strong narratives they've been evolving/changing over the years to see what sticks or feels more legitimate; all the while ignoring answering of questions relating to its unavoidable pitfalls.
It's an unnecessary and unreasonable transfers of wealth weighted from late adopters to early adopters.
There's a better way. Bitcoin only gained traction and aligned people primarily due to greed and ability to profit off of others simply because of adoption - furthering the army/mob of HODLers who are then become aligned financially, to promote Bitcoin via mostly propaganda, to 1) to push it until it's back to the price they bought it at, or 2) hoping it skyrockets - only because the majority of people are HODLing with their HODL rally call - to then realize a profit.
So of course there's a collective belief it's worth something - because you keep essentially tricking more people with propaganda to buy into it, making it seem like it has more value than it actually does - because the value it has is speculation; now the rest of society will have to fight the greed and mob of HODLers from regulatory capture, as the current latest adopters don't want to be "holding the bag" at the end when there's finally no one left to buy the bag from them; do you understand how, this is why Bitcoin is also correctly compared to a Ponzi scheme as well? Or you'd be happy being the last person to buy Bitcoin?
Funny thing is, no pro-Bitcoiner is incentivized to create a system that would work just as well - better in fact, being able to then do policy like the Magnitsky Act - where there isn't a wealth transfer simply due to adoption; the incentives aren't aligned to be good for society, it's driven by a selfish mechanism - it's just the next evolution of the Finance Industrial Complex, and that's accessible to all via decentralized, global reach it has. BUY NOW!! GET IN EARLY!!
It's an unnecessary and unreasonable transfers of wealth weighted from late adopters to early adopters.
There's a better way. Bitcoin only gained traction and aligned people primarily due to greed and ability to profit off of others simply because of adoption - furthering the army/mob of HODLers who are then become aligned financially, to promote Bitcoin via mostly propaganda, to 1) to push it until it's back to the price they bought it at, or 2) hoping it skyrockets - only because the majority of people are HODLing with their HODL rally call - to then realize a profit.
So of course there's a collective belief it's worth something - because you keep essentially tricking more people with propaganda to buy into it, making it seem like it has more value than it actually does - because the value it has is speculation; now the rest of society will have to fight the greed and mob of HODLers from regulatory capture, as the current latest adopters don't want to be "holding the bag" at the end when there's finally no one left to buy the bag from them; do you understand how, this is why Bitcoin is also correctly compared to a Ponzi scheme as well? Or you'd be happy being the last person to buy Bitcoin?
Funny thing is, no pro-Bitcoiner is incentivized to create a system that would work just as well - better in fact, being able to then do policy like the Magnitsky Act - where there isn't a wealth transfer simply due to adoption; the incentives aren't aligned to be good for society, it's driven by a selfish mechanism - it's just the next evolution of the Finance Industrial Complex, and that's accessible to all via decentralized, global reach it has. BUY NOW!! GET IN EARLY!!