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I once came across bitcoin a long time ago. Immediately, I was interested enough to at least follow it. It fascinated me, in fact, very much. At the time, I thought you were just downloading a program on your computer, and then you suddenly got coins for it. It did not happen. Nothing really happened, or so it seemed. In fact, the program, bitcoin-qt, was downloading the bitcoin blockchain. I was not aware of that. No idea. In fact, I did not even know that thing was called a ‘purse’. The world around it was for me shady, full of jargon and special, perhaps not always accessible at first glance.

Why did I come across bitcoin? Well, there was once a financial crisis in 2008, and in 2011, as benjamin on the editorial board of a science television program, I had to make an episode about economics. A topic that no one would burn their fingers on, because well, is economics actually an exact science or is it psychology? It was a great episode about tipping points and financial anthropology. My brain was filled with knowledge. Also with ‘ordinary’ economists.

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That bitcoin stayed in the back of my mind even though I did nothing about it. The latter is primarily due to the fact that I wanted to get involved in the system, but I denied the economic or value side of the currency.

Gradually it became clearer that value matters, e.g. for network security.

Yet for years I have tried to deny myself that the value is relevant. There are quite a few bitcoiners who often say something along the lines of: oh yes, the price I never look at it. Maybe it’s a shame, because it’s very interesting how such a digital value object behaves in this world of speculation. Despite the fact that there is now a lot of regulation around cryptocurrencies, the Bitcoin network continues to do what it does: very good to execute a transaction or not. If your transaction meets all the requirements (you have the right to execute the transaction via the secret key, you have paid transaction costs and signed the transaction), then you can be 100% sure that the transaction has been completed after a few confirmations in blockchain. is. No one, no government, rich or powerful person can stop this.

You can call it one of the most valuable online systems.

And yet, there are constant influences that you feel should have nothing to do with it, which exert a lot of influence. Such as nowadays moves strongly with the prices of primarily technology stocks. Or if there is an interest rate decision from the Federal Reserve in the United States. Or when some ‘stablecoin’ collapses.

Maybe it’s time for me to stop denying the very speculative side, not least because it’s a window to the rest of the financial world as well.

What am I most curious about? Maybe by the time, if it ever comes, when bitcoin manages to break free from venture speculators who are more risky assets (which includes technology stocks). I’m also curious why some can tell the story so beautifully about when the price drops and then there is a long-term bear market that not everyone just profits from it? You would say: if it’s written in the virtual stars, then you should only go against it, right? I would think too simplistic. On the other hand, if it’s all psychology, there might still be hope. In the meantime, I’m happy to go on to explain the technical side of things and the importance of a stateless network that can act very well. And the other side that I love to deny? Well, maybe you should take a trading course.

PS, the science program in question is unfortunately no longer available online. It was about Labyrinth TV ‘Economics and Debt’, which was broadcast on 15 February 2012.

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