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The market is so boring these days, $BTC is stagnant again, it doesn't increase, it doesn't decrease, it doesn't decrease, altcoins are bleeding, let's sit down and tell you stories about the old days of Bitcoin to get over this boredom.
Ae F0, even F1, F2 after 2018 always default to Bitcoin value, which must be converted into USDT price, converted into US dollars. But to be honest, thinking like that is wrong in nature and wrong with Satoshi's original goal.
👉You should remember, Mr. Shi originally wanted Bitcoin to be a PAYMENT TOOL, not an ASSET. What does that mean?🤔🤔
This means that people will know Bitcoin in the way 1 BTC = 1BTC, not 1 BTC = 70,000 USD = 5.7 million RUB = 480K Yuan, as is the current habit.
However, because the influence of USD is too great, combined with the fact that CEX exchanges dominate the market, supporting people to exchange fiat currency into USDT to buy Bitcoin too easily => has caused the crypto community to default on BTC price. must be tied to US dollars ($).
😕😕From here, the crypto community is fascinated by the BTC/USD exchange rate, every step of Bitcoin is converted into milestones based on the dollar exchange rate. In particular, when Bitcoin first reached 1 USD, the community almost exploded with... joy, thereby forgetting that Bitcoin had deviated from its original goal.
According to recorded data, Bitcoin officially reached $1 on February 9, 2011. At that time, all posts on the Bitcointalk forum (a forum for early crypto researchers) mostly mentioned this event. They even composed a song to commemorate it.
As for Hal Finney, Satoshi's best friend, he also posted to celebrate with the community:
“We are the lucky ones to witness this moment. Just in terms of returns compared to other asset classes in recent years, Bitcoin is a good choice for your investment portfolio. In my opinion, everything has just begun." 😅😅😅
The fomo when Bitcoin first reached $1 mark has not stopped. The news quickly spread to the entire internet space, drawing more money to buy Bitcoin. Without wasting much time, Bitcoin price increased rapidly from $1 to more than $31.5, before being sold off in August of the same year. However, even when the crypto market was at its worst, people no longer had any chance to buy more Bitcoin at $1, until today. In other words, when BTC broke out of $1, it just increased and increased, the bottom of the next cycle was always equal to, or higher than the top of the previous cycle.
To be fair, at that time, there were still some people who were alert enough to warn about Bitcoin's increasing dependence on USD, and not to be too happy that 1 BTC = 1 USD. Sharing on Bitcointalk in 2011, tk Veltas said:
“Bitcoin and blockchain have only undergone 2 years of development. Therefore, the chaos created by the crowd of investors could adversely affect it.”
👉He also believes that Bitcoin's anti-inflation, high value, and promise of great profit characteristics will turn it into an ASSET instead of a PAYMENT TOOL, which governments will seek to manage and control. .
“If the government views Bitcoin as a legitimate commodity, they will find a way to tax it. In principle, anything that can be traded for profit, will be taxable,” Veltas said.
🤔More than 13 years later, after the moment BTC reached $1, Veltas' prediction has come true. Through the issuance of Bitcoin ETF, the US government has recognized Bitcoin as an ASSET. Currently no one uses Bitcoin as a PAYMENT TOOL, except people trading Altcoins on the ALT/BTC pair, or hacker groups demanding ransom in Bitcoin. 😅😅😅
