As a new bitcoiner is the bull case? 1. Limited supply results in gains as fiat currency is printed in excess of what is necessary to support the economy (store of value) 2. Use as a medium of exchange for real world transactions 3. Way for emerging market and other unbanked people to hold something besides their local currency It seems to me 1 is true of a lot of things and moves in fads 2. Seems awful for this purpose relative to other forms both fiat and stable. 3, seems literally fully replaced by stable coins. Whats the value proposition?

It's a combo. Portable savings that (unlike other stores of value) gives the user the optionality to make permissionless payments should they want/need to. With more liquidity than competing solutions.

Meanwhile the bear case disagrees and argues one or both: -That the ledger will eventually have a breakdown in its security/permissionlessness for . -That something better will replace it. Both are possible, so part of the bull case is assessing those risks.