Led by the same people responsible for AMC and bitcoin prices. When millions of people act irrationally...
Led by the same people responsible for AMC and bitcoin prices. When millions of people act irrationally...
Hope is the denial of reality
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.Originally Posted by Loki
In other words, it's badly overvalued.
"When I meet God, I am going to ask him two questions: Why relativity? And why turbulence? I really believe he will have an answer for the first." - Werner Heisenberg (maybe)
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.
When the sky above us fell
We descended into hell
Into kingdom come
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....
I hope you listened to this and didn't bail during the disappointment phase. If the volatility was giving you heart attacks, consider taking your profits before the end of the year.
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.
Last edited by Loki; 11-05-2021 at 05:20 PM.
Hope is the denial of reality
Wait, why not your finest hour? Or is it because you sold because there was a pullback?
Because the things I sold promptly went up 10-15% more.
Hope is the denial of reality
Ah gotcha. Yeah, I try to just not look at anything except maybe once a month otherwise I get stressed out
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.
Hope is the denial of reality
Selling doesn't look like such a bad decision after all.
Hope is the denial of reality
Really wish I discovered bitcoin now and not during the pandemic. Still bullish long term though.
It was an expensive turnip then. It's a slightly cheaper turnip now.
Hope is the denial of reality
Hey don't be mean to turnips, they taste great in soup.
"When I meet God, I am going to ask him two questions: Why relativity? And why turbulence? I really believe he will have an answer for the first." - Werner Heisenberg (maybe)
I think you are trying to make a tulip reference, unless I'm missing something about turnips.
Close enough. Unlike the current bitcoin value to its value from last year.
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.
Hope is the denial of reality
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.
When the sky above us fell
We descended into hell
Into kingdom come
Who do you think the 'house' is with Bitcoin?
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.
When the sky above us fell
We descended into hell
Into kingdom come
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.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.The government should not control the value of currency - that's incredibly invasive.
When the sky above us fell
We descended into hell
Into kingdom come
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