Bitcoin is taking a dump with all the other shtcoins

Your thoughts?

You seem to understand what “value” is. Nothing has the kind of value you describe.
The price of Aluminum dropped by 99.95% in 50 years starting in the mid 1800s. Similar to BTC returning to $20. This clear proves Aluminum is a scam and has no value.
If someone buys a house, finds out it’s on a ancient spooky graveyard and now no one will buy it again. That house now has no value.

Things are only worth what someone will pay for it.

Ok… not what I asked. I can get a loan with only crypto as collateral in under 30 seconds. Do you really think such a system has no value?
Also plenty of DeFi is built on chains with no mining… and there are a wide variety of stablecoins that and transparent and exchangeable.

That’s very scary. DeFi is a scam. Milo Credit and others look like the new sub prime . Look up BlockFi. Regulatory authorities are cracking down and in response DeFi platforms are no longer offering the kind of yield that could only be expected out of a Ponzi. The whole thing wreaks sht. It’s basically like going back to the type of financial systems we had pre-1930s where there were no rules to protect, no FDIC insured banks, private money, no securities laws, front running, wash trading, insider trading all allowed within the shtcoin world.

If you would pay for something based on what your neighbor paid for something (eg beanie baby stuffed animal in 1999 for $900 and Bitcoin for $60k Nov 2021, Tesla stock for over $900/share last week) and not based on its intrinsic value then I guess you just pay the trading price and NOT the underlying value

Homes have utility. Aluminum metal has utility. Gold has utility in jewelry. Crypto does not have any utility just a greater fool theory. If that house in a spooky graveyard can rent for x dollars per month, then based on a rental income approach an appraiser would assign some value. maybe it has some good value as an Airbnb
The Jon Benet Ramsey home in Boulder Colorado sold discounted for only $ 2 million… due to the murders of course& I believe the cellar had been cleaned up but it still sold for 2 million. without the history I suppose it would’ve been more like a $3 million home? not really sure

Utility is not an objective thing.

Aluminum now has 1000X more utility than in 1850 buts 99.99% cheaper. Supply and Demand is what matters. Demand is not equivalent to utility.

Nothing you said relates to DeFi at all.

crypto bros love to say “few understand”…lol we crypto skeptics do understand it. It’s all a bunch of crap

I’m now talking about LPs I’m talking about lending.tYes many LPs and yield farms are scams but stop changing the subject.

I’m not talking about LPs I’m talking about lending. Yes many LPs and yield farms are scams but stop changing the subject.

Well we know crypto basically isn’t desired to be used as money, a medium of exchange. It’s being used as trading chips to hold onto. The demand of persons is based off the expectation of selling it for higher price to next person in the future. “Number go up,” etc.

with aluminum I agree its price is based on supply and demand of the material at time you wish to purchase it, but the difference is that construction companies want to buy aluminum because aluminum actually does something, and can be molded into something for use in constructing a product.

Lending based off something that’s worthless artificial gold seems like it would be a disaster and the next sub prime, but I understand in this scammy part of the economy they’re doing it. How much were you able to get a loan for? Did you take out a mortgage backed by crypto from Milo Lending in Miami?

It really does not sound good. is this what you mean?

No I didn't take out a mortgage. Can you even read what I said?

There are many DeFi and CeFi crypto-collateralized lending apps. I got ~$25k with a click of a button @ 2.4% APY. Pretty easy! I recommend you learn more and not just post tweets that are entirely unrelated to the topic at hand!