Led by the same people responsible for AMC and bitcoin prices. When millions of people act irrationally...
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Led by the same people responsible for AMC and bitcoin prices. When millions of people act irrationally...
Is it irrational? Bitcoin has the power to change the world. For over a decade naysayers have been so unbelievably wrong about it at almost every turn. We now have a nation that views it as currency. It takes just a few minutes to invest in it and transactions are being processed cross border seamlessly. Regarding TSLA - I too think he trillion dollar market cap is premature but I have no doubts in the next 10 years it would get there, just a bit early IMO.
In other words, it's badly overvalued.
Cryptocurrencies have major technical issues to overcome before they're usable for day to day transactions. Even if you think the future of finance is crypto (dubious), it's not going to be bitcoin.
Good article on how billionaires are using *legal* loopholes to avoid paying taxes that protect/propagate their obscene wealth growth:
https://www.bloomberg.com/features/h...=pocket-newtab
Yes, I was perhaps too much of a naysayer. I think there's a good chance they will survive. But the market cap is wowsers.
Yes but what does that mean. What widespread use is it serving? With each proliferation of new "coins", the whole idea seems less tethered to any real world application and more tied to the momentum of itself.
Sounds a lot like Facebook....:popcorn:
Made a decent amount of money (not on crypto). Decided to sell most of the high risk investments a few days ago. Not my finest hour. :o
Wait, why not your finest hour? Or is it because you sold because there was a pullback?
Ah gotcha. Yeah, I try to just not look at anything except maybe once a month otherwise I get stressed out :o
I chose a good year to gamble on leveraged ETFs. Most are up 70-90% this year. Obviously I wasn't smart enough to keep them the whole time. Unless you were shorting stuff, there's no way you lost money this year.
Selling doesn't look like such a bad decision after all. :o
It was an expensive turnip then. It's a slightly cheaper turnip now.
Hey don't be mean to turnips, they taste great in soup.
Close enough. Unlike the current bitcoin value to its value from last year. :o
But seriously, there is no inherent value to bitcoin. It does not produce revenue. The things it does are also done by other cryptocurrencies. Its value is based entirely on speculation.
It is an alternative money supply not dependent on government. I understand why you dislike the idea of a truly independent currency but for a lot of people who dislike the all powerful state its success is important.
It's not a 'money supply' because it's essentially unspendable, and it's not 'independent' because the price is more or less openly manipulated by individuals and entities with large holdings of crypto. It's just a casino, and the first thing anyone will tell you about casinos is that the house always wins.
Take your pick: the exchanges and miners front running transactions, large holders and exchanges engaging in wash trading, Tether 'printing' billions of dollars worth of USDT out of thin air, the pump and dumpers or insider traders.
The entire space is almost completely unregulated, so you can pretty much dust off the entire lexicon of Wall Street fraud, plus come up with a few new entries, and the consequences are pretty much zero. If you're holding millions of USD worth of bitcoin, it's almost irrational to not do it, given the volatility of crypto prices.
USDT is not bitcoin. And I find it quite hilarious that 'printing' more currency is considered so bad... because that's the entire problem with sovereign currencies. The government should not control the value of currency - that's incredibly invasive. The government shouldn't be in charge of the economy. When they go too much in debt they shouldn't be able to inflate their currency away.
Step 1) Print some Tethers out of thin air
Step 2) Use those Tethers to buy bitcoin
Step 3) Price of BTC goes up
Actually the scam is probably more complicated than that, but that seems to be the gist of it.
Crypto isn't currency. Currency is a medium of a exchange for goods and services, crypto is a speculative investment, brought and held in the expectation that it will increase in value. Those two uses are fundamentally incompatible.Quote:
And I find it quite hilarious that 'printing' more currency is considered so bad... because that's the entire problem with sovereign currencies.
No, it should be VC's moving BTC back and forth between their 35 bitcoin wallets who control the value of a currency.Quote:
The government should not control the value of currency - that's incredibly invasive.