Dalio said BTC has three major flaws, but he actually overlooked a bigger trend. After reading Ray Dalio's latest views on BTC that many people are discussing, there are actually three points to summarize: one ️⃣ Bitcoin does not have central bank support, and the central bank will not buy it; two ️⃣ There is uncertainty in privacy and regulation, and wealthy people will not buy it; three ️⃣ Quantum computing may pose a threat to security, and people will not buy it. So his final conclusion was that Bitcoin has its flaws, this thing is not good, gold is the real reserve asset. But if we look at it from a larger historical and financial perspective, I think his viewpoint actually makes sense, but it is incomplete. one ️⃣ The essence and underlying logic of Bitcoin: I personally think that although we call it Bitcoin Digital Gold, in reality, Bitcoin has never been a replica of gold. A more accurate statement would be: Bitcoin is an asset without sovereign reserves, and the most practical problem it solves can be seen in my top post: interest rate hikes are temporary, water releases are eternal. So, when a country's credit declines, where does the money go? So Bitcoin itself is not a competitor to gold, but another new asset that the world needs. Furthermore, Dalio's viewpoint actually overlooks a key trend that has occurred in the past decade: funds are seeking assets outside of the country. What does it mean? In the past few years, the trend of de dollarization in various countries has intensified, and many assets around the world have been rising. Have you noticed that gold reserves and prices have continued to rise. In this situation, the global flow of encrypted assets has just entered everyone's field of vision, and stablecoin has just exploded in growth. Why is this happening? Essentially, they all follow the same logic: capital is seeking value anchors that do not rely on national credit. Gold is the old answer, Bitcoin is the new answer. two ️⃣ Talking about Bitcoin Privacy: Firstly, Bitcoin is indeed not "anonymous", but "open and transparent", The design of Bitcoin is that all transactions are publicly available on the chain, and anyone can see all transfer records. Therefore, theoretically, if an address is bound to a real identity, all historical transactions at that address can be traced. But this is actually a design choice, not a flaw. The original design logic of Bitcoin was: security>privacy. Because if completely anonymous, the system will become an unaudited, prone to wrongdoing, and difficult to establish trust system. So Bitcoin chose a structure: pseudo anonymity That is to say, the address is not directly linked to the identity, but the transaction records are completely transparent. This is also why many institutions are willing to accept BTC: because it is compliant and traceable. On the other hand, Bitcoin itself has weak privacy, but the ecosystem has been supplementing this ability, and privacy can actually be solved through "layer two technology". So privacy can be enhanced, not fixed. Looking at the issue mentioned by Ray Dalio from a different perspective, traditional finance is actually less private. So my point of view is that Bitcoin is not an anonymous currency, but a censorship resistant asset. If the national system wants to trace a certain asset, it can also play a regulatory role, but for individuals, privacy is relatively good. And it should be noted that privacy is not the core value of Bitcoin. Its core is: non freezing, non confiscating, and not dependent on any country or intermediary institution, which is the strongest aspect of BTC. three ️⃣ Regarding quantum attacks: This topic has been discussed several times before, and you can refer to the articles I wrote earlier. I won't go into detail here. Quantum computing is not a black swan, but a process risk that can be seen more than a decade in advance https://((x.com))/Bitwux/status/2000935672321048711? s=20 A16z Annual Analysis Helps You Understand the True Threat of Quantum Attacks | Quantum Computing x Blockchain: A Severely Misunderstood Future Threat "https://(x.com)/Bitwux/status/1998604495480304068? s=20