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Fidelity Digital Assets Group - "Bitcoin First Revisited - Why investors need to consider bitcoin separately from other digital assets"

Background​

In January 2022, we outlined Bitcoin’s unique characteristics, why they make Bitcoin fundamentally different from other digital assets, and why this is important for investors to consider. Over a year and a half later, Bitcoin continues to gain adoption and market share in the digital asset space, while other digital assets have faced separate headwinds. While we encourage those seeking a detailed understanding of Bitcoin’s unique value propositions to read the earlier overview, we aim to reiterate many of Bitcoin’s fundamental advantages below while contextualizing Bitcoin’s progress and position within today’s current digital asset market.

Executive Summary​

Once investors have decided to invest in digital assets, the next question becomes, “Which one?” Of course, bitcoin is the most recognized, first-ever digital asset, but there are hundreds—even thousands of other digital assets in the ecosystem.

One of the first concerns investors have regarding bitcoin is, as the first digital asset, it may be vulnerable to innovative destruction from competitors (such as the story of MySpace and Facebook). Another common consideration surrounding bitcoin is whether it offers the same potential reward or upside as some of the newer and smaller digital assets that have emerged.

In this paper, we propose:

  1. Bitcoin is best understood as a monetary good and one of the primary investment theses for bitcoin is as the store of value asset in an increasingly digital world.
  2. Bitcoin is fundamentally different from any other digital asset. No other digital asset is likely to improve upon bitcoin as a monetary good because bitcoin is the most (relative to other digital assets) secure, decentralized, sound digital money and any “improvement” will potentially face trade-offs.
  3. There is not necessarily mutual exclusivity between the success of the Bitcoin network and all other digital asset networks. Rather, the rest of the digital asset ecosystem can fulfill different needs or solve other problems that bitcoin simply does not.
  4. Other non-bitcoin projects should be evaluated from a different perspective than bitcoin.
  5. Bitcoin should be considered an entry point for traditional allocators looking to gain exposure to digital assets.
  6. Investors should hold two distinctly separate frameworks for considering investment in this digital asset ecosystem. The first framework examines the inclusion of bitcoin as an emerging monetary good, and the second considers the addition of other digital assets that exhibit venture capital-like properties.
 
moe said:
Bitcoin is a primitive crypto. It's one of the remaining proof of work (POW) coins that requires banks of noisy computers consuming massive amounts of electricity. When used to move money it is slow and expensive. It is controlled by large Chinese miners.

Natural State or 'Bitcoin State?' Rural Arkansas County passionately fights against introduction of crypto mines
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so Moe knows more about this stuff than Fidelity' Digital Asset team?

TCIP is "primitive" but don't expect them to change it anytime soon
PoW is a good thing and if you would rather someone be able to make money out of thin air without having to input resources you've already got that have fun with your inflation
Noise can be mitigated if needed with immersion mining facilities. close to a year and a half ago at this point now

You have no new arguments you have been proven wrong over and over again get better. You're really bad at this.
And if you do wanna learn something new and cool since you said Bitcoin is such a primitive Crypto here is the latest development in Bitcoin development space: https://bitcoinmagazine.com/technic...tation-now-possible-on-bitcoin-without-a-fork

 
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cam_blev said:
so Moe knows more about this stuff than Fidelity' Digital Asset team?

TCIP is "primitive" but don't expect them to change it anytime soon
PoW is a good thing and if you would rather someone be able to make money out of thin air without having to input resources you've already got that have fun with your inflation
Noise can be mitigated if needed with immersion mining facilities. close to a year and a half ago at this point now

You have no new arguments you have been proven wrong over and over again get better. You're really bad at this.
And if you do wanna learn something new and cool since you said Bitcoin is such a primitive Crypto here is the latest development in Bitcoin development space: https://bitcoinmagazine.com/technic...tation-now-possible-on-bitcoin-without-a-fork

View embedded media
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I just worry that no coiners might believe your sales pitch since they haven't researched. Bitcoin will be ok in the short term but good luck beyond that. Its liabilities and lack of unique use case will ultimately hold it back or worse imho. I've made good money off of BTC but don't hold it now. How can I be proven wrong when the race is just beginning? Relax, the rubes will be pouring into it when the spot ETF gets approved. Fidelity wants to sell BTC and related products so to hold them up as a neutral info source is a fail.
 
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Buying spot ETF is not buying Bitcoin! NOT YOUR KEYS NOT YOUR COINS! There is financial war coming and you're going to quickly realize your "crypto" is like a electric scooter and BTC is the bunker. That was the whole point form the beginning. BEARER ASSET! Asysmetrical security. Individuals can protect themselves financially from the collectives.

FEW!
 
cam_blev said:
Buying spot ETF is not buying Bitcoin! NOT YOUR KEYS NOT YOUR COINS! There is financial war coming and you're going to quickly realize your "crypto" is like a electric scooter and BTC is the bunker. That was the whole point form the beginning. BEARER ASSET! Asysmetrical security. Individuals can protect themselves financially from the collectives.

FEW!
Click to expand...
Thanks for that lol. I know how to store crypto and I know what an ETF is. Starting soon, crypto (led by BTC) will go on a 1+ year run and my holdings will do great thx.
 
I'm honestly curious, have you actually researched/studied Bitcoin? Do you think about second third order consequences of this stuff? Do you look at it from a global view or just from a US centric/US economical model?
Or other cryptos you find interesting for that matter.
Or do you look at charts and think of it solely as an investment tool?
 
cam_blev said:
I'm honestly curious, have you actually researched/studied Bitcoin? Do you think about second third order consequences of this stuff? Do you look at it from a global view or just from a US centric/US economical model?
Or other cryptos you find interesting for that matter.
Or do you look at charts and think of it solely as an investment tool?
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BTC was developed by the NSA (sha-256) so there's that. When do you think the BTC developers will be revealed?
 
moe said:
BTC was developed by the NSA (sha-256) so there's that. When do you think the BTC developers will be revealed?
Click to expand...
are you suggesting that Sha-256 is vulnerable?
You can find a list of the current devs here along with the source code: https://github.com/bitcoin/bitcoinIm I'm guessing you mean Satoshi, which probably never. But that doesnt mean what you think it means, this is open source code. Basically every thing that was originally written has been rewritten.
 
cam_blev said:
are you suggesting that Sha-256 is vulnerable?
You can find a list of the current devs here along with the source code: https://github.com/bitcoin/bitcoinIm I'm guessing you mean Satoshi, which probably never. But that doesnt mean what you think it means, this is open source code. Basically every thing that was originally written has been rewritten.
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There are 4 developers, DHS (Homeland Security) met with them. I'd just be interested to hear what they have to say.
 
moe said:
There are 4 developers, DHS (Homeland Security) met with them. I'd just be interested to hear what they have to say.
Click to expand...
theres a lot more than that, you can view their discussions here if you would like. As you said DHS probably is.
Open source is just like a pandoras box now like printed guns its just data files and once the info is out to change the world it cant be contained.
 
cam_blev said:
theres a lot more than that, you can view their discussions here if you would like. As you said DHS probably is.
Open source is just like a pandoras box now like printed guns its just data files and once the info is out to change the world it cant be contained.
Click to expand...
No, 4 who developed the original BTC. They are Satoshi.
 
Some were claiming Bitcoin would be worth $500k to $1 million at this point. How'd that forecast work out?
 
moe said:
No, 4 who developed the original BTC. They are Satoshi.
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i doubt it but even if so what is your point?


oceantide83 said:
Some were claiming Bitcoin would be worth $500k to $1 million at this point. How'd that forecast work out?
Click to expand...
are you saying the best performing asset on the 1 year, 3 year, 5 year, 10 year time frame has been unsuccessful because some people made crazy claims it might do even better than it did?
 
cam_blev said:
i doubt it but even if so what is your point?



are you saying the best performing asset on the 1 year, 3 year, 5 year, 10 year time frame has been unsuccessful because some people made crazy claims it might do even better than it did?
Click to expand...
I'm saying those who are big believers in Bitcoin failed astronomically in their estimations of its true "worth" if that can even be used to describe lines of computer code.
 
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12032750.jpeg
 
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moe said:
Good luck with BTC. XRP has had nearly twice the return (4,830% vs. 9,200%) over those same 10 years and will do even better going forward.
Click to expand...
Had someone else extolling the virtues of XRP, why that one?
 
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