There is *nothing* to prevent an insane run up of value in Crypto like what happened with Gamestop.
It has no underlying fundamentals, it’s not regulated on the stock exchange. You can barely use it to purchase anything (anyone remember when Kohl’s accepted Bitcoin?).
I’m trying to envision how this plays out.
...how is Bitcoin valued ? If it’s on the USA dollar, it’s not much better than your Starbucks card.
^ wrote:
...how is Bitcoin valued ? If it’s on the USA dollar, it’s not much better than your Starbucks card.
It’s sort of like gold or diamonds. There’s a limited amount of coins and people have speculatively decided it’s valuable. So the price goes up. But it’s not backed by anything nor does it have anything fundamental underlying it. The only way I see it actually being valuable is if it’s accepted in stores and exchanges (it was at one point but very little), or if the US dollar collapses.
Isn’t all crypto a Ponzi scheme in that sense?
You guys, or guy, are talking in a circle.
The US dollar isn't backed by anything. All I hear these past few days is a bunch of dudes trying to square with themselves, publicly, how they've missed the boat on whatever is flying high today.