Bitcoin price bounces from lower high to lower high as the buyers rejoice in their buying opportunity prior to a rally to the moon. The chart has been keeling into decline and the social mood is negative. But buying, at all costs, it seems, is still the norm.
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Time of analysis: 13h00 UTC OKCoin BTC/USD 1-Day Chart
Today we consider an article by new-found Bitcoin superbull, Charlie Morris , of MoneyWeek UK.
Charlie Morris argues that, given the upcoming block reward halving, the only option for speculators is to be long bitcoin, and his conclusion is an hyperbolic buy-buy-buy (exclamation mark).
Hold on. Hold on. Let’s consider the facts.
His article makes a false comparison and the author proclaims the erroneous conception that:
“The more people who use it, the more valuable it becomes.”This is the same “myth dream” that informs efforts such as ClassicCoin, an age-old manifestation of human society’s propensity for Cargo Cultism . The reasoning, based on the assumption that more adoption equals more value (cargo) delivery, has led people, throughout history, to engage in elaborate projects to pave the way for greater adoption. The More People Who Drink Water… The misguided belief’s logic-chain is that:1) an infrastructure increase will increase adoption, and that 2) greater adoption will increase valueOn the surface it seems logical, but strangely, it is not objectively true in any market, at any time in history. The inversion where it IS true, of course, is the well-known Ponzi scheme where the false logic is flim-flammed by trust, exuberance and greed.Greater adoption does not equate to an increase in price, and the reason […]
