Intrinsic value zero
The less you understand it the more excited you get about it
Get rich quick scheme gambling device
Still no real use in the world except that criminals won’t be using suitcases so Warren Buffett says to go short suitcases
I think there's an opportunity to cash in on the early stages of the digital money era though. Anyone recommend any relevant stocks?? I have 3.5 bitcoin (bought for the low price), blockchain tech related stocks--hive and dmg block chain stock. Plus siren nasdaq nexgen economy ETF. Im thinking the more companies investing in blockchain, the higher this goes. Plus Square, Visa, Canaan, IBM stocks.
as i said bitcoin isn't the currency of the future and i should have specified that the high transaction rates are due to the high energy costs. if you do research and see, both cardano and ethereum 2 (should be official later this year) are wayyy more envioronmental efficient and quicker transactions. In case youve missed the news in the last few weeks, yes, sooo many people are pointing out bitcoin's energy and environmental hazards. But, instead of writing it off and saying "okay, bitcoin/crypto is over," the sentiment is now "how do solve this energy problem." Bitcoin is more than likely here to stay and the rich and powerful (not just elon) are looking for solutions to make it a more energy and environmentally friendly currency.
Yes, more regulations will be coming. Don't really understand why everyone fears regulations. Especially trying to pretend that regulations are new. In my last 2 tax returns, so before crypto was nonstop news, I've had to report every single crypto transaction I've made. Regulations are nothing new. Regulations actually prove that governments "accept" them as here to stay, and realize they need to do something before they get out of control. Look at smaller countries, such as Honduras (others in south america too) and several countries in Africa, with such a corrupt banking system, they rely on crypto. Crypto is their economy. There will be value in it. China has "banned" crypto 15+ times.
I've also been tracking China. Their blockchain stocks (Chinese market) seem to not be affected by the bitcoin crackdown there. Bitcoin is basically banned there but keep in mind their communist regime needs 100% control of everything and every person. Blockchain tech is something I'm focusing on and like I said, there is environmental concern but there is also proactivity towards curbing enviro footprints.
I was invested in both $MARA and $RIOT as mining companies that can be profitable. Also, look up $GRNQ. I had some shares of them for a while and they have some capital in crypto investments.
But a lot of people with low balances who just downloaded the robinhood app like speculating in it, so there you go
What’s hilarious to is to hear proponents say it’s being adopted because financial institutions are NOW offering turd packages of it to the clients and to even some companies dumb enough to dabble in it. Financial institutions create fund packages all the time of trendy speculative assets since their job is just to sell stuff and collect asset management fees . It doesn’t mean the underlying turds are worth anything.
Still no real use in the world except that criminals won’t be using suitcases so Warren Buffett says to go short suitcases[/quote]
no use in real world.. okay
here......... wrote:
Eyes are looking Goodr wrote:
Bitcoin is a Ponzi scheme. That being said, of course I wish I had been one of the people buying it when it was fractions of a penny so I could spend all day on Twitter telling Gen Zers to buy more. Wouldn’t touch it with a 50’ pole at these prices. Governments will eventually step in with their own digital currencies. Bitcoin doesn’t even make sense as a currency. What merchant would want to get paid in something that loses 50% of its value in a month because Elon tweets about it.
It's a ponzi scheme because it's really volatile? Sure.
It is a ponzi scheme because the only thing that gives it value is the ability to convince more people to buy it. It is 100% dependent on the greater fool concept because you cannot physically do anything with it and it will never turn a profit and par a dividend. Eventually there will not be any more fools.
Bitcoin also has two major issues looming. One is that there are now over 10K Cryptos and more every day. There are Cryptos arriving to the scene with far superior technology and that use less energy. So that destroys the argument that something that can easily be innovated out of its superior position is a store of value. The other issue it faces is there is a lot more leveraged buying in bitcoin and if it goes down past a certain point a lot of holders will get margin called which will put further downward pressure. During the previous crypto crash, you did not have the leverage in the market, so that is a recipe for disaster.
Just as a matter of common sense, anything that depends on Elon Musk's mood when he's using twitter, or how Elon performs on SNL is not a safe thing to invest in.
Herman Cain (blojos haha yo super serial) wrote:
https://www.nytimes.com/2021/05/20/opinion/cryptocurrency-bitcoin.htmlIntrinsic value zero
The less you understand it the more excited you get about it
Get rich quick scheme gambling device
Still no real use in the world except that criminals won’t be using suitcases so Warren Buffett says to go short suitcases
What’s the intrinsic value of a $100 bill?
formerucla wrote:
as i said bitcoin isn't the currency of the future and i should have specified that the high transaction rates are due to the high energy costs. if you do research and see, both cardano and ethereum 2 (should be official later this year) are wayyy more envioronmental efficient and quicker transactions. In case youve missed the news in the last few weeks, yes, sooo many people are pointing out bitcoin's energy and environmental hazards. But, instead of writing it off and saying "okay, bitcoin/crypto is over," the sentiment is now "how do solve this energy problem." Bitcoin is more than likely here to stay and the rich and powerful (not just elon) are looking for solutions to make it a more energy and environmentally friendly currency.
Yes, more regulations will be coming. Don't really understand why everyone fears regulations. Especially trying to pretend that regulations are new. In my last 2 tax returns, so before crypto was nonstop news, I've had to report every single crypto transaction I've made. Regulations are nothing new. Regulations actually prove that governments "accept" them as here to stay, and realize they need to do something before they get out of control. Look at smaller countries, such as Honduras (others in south america too) and several countries in Africa, with such a corrupt banking system, they rely on crypto. Crypto is their economy. There will be value in it. China has "banned" crypto 15+ times.
so you are basically saying you hear these various concerns and take them in stride.
That doesn't change the underlying reality that a marginally viable monetary instrument has become engulfed in a veritable sea of forces that threaten to sink it.
The writing is on the wall. Maybe a few like yourself like sailing in those rough waters, but there's enough investors that sea the dark clouds on the horizon and are jumping ship.
No one wants to be left holding the bag, having waited too long, and finding the lifeboats (a decent sale price) are all gone.
FWIW. I used to own the stuff.
Now it has lost almost half its value from it's peak just weeks ago. Choke on that! It has lost almost half its value.
yeah id say i take the concerns and take them in stride. buying at these prices right now i might not see profit for 4 years or i may never see profit. i feel that you acknowledge some value to crypto, just not bitcoin and as I've stated earlier i only have about 20% of my crypto portfolio in bitcoin. other crypto's do way more and sail through those "sea of forces" threatening to sink bitcoin
Forget what you think about political view points. Crypto currency is a scam, and has absolutely no true tangible value. There is literally no financial value that can accurately be assessed without any financial data to assess. It is merely what the next person is willing to pay, and ultimately will not last forever, regardless of a political party's stance.
Cryptocurrency is a digital form of fiat currency. There is no gold or silver behind bitcoin that can be obtained through redemption. It is strictly a technological floating currency. Nothing but zeroes and ones. The US Government at least has a military force that can be used to compel acceptance of the US Dollar. Make your fortune on Bitcoin while the going is good.
How many businesses will provide real goods and services in exchange for bitcoin ? Not many. The list is small and limited.
Spaghetti, unlike Bitcoin, is edible.
Tulip bulbs , Beanie Babies and Bitcoin all are examples of illogical enthusiasm.
Hinckley Bear wrote:
Tulip bulbs , Beanie Babies and Bitcoin all are examples of illogical enthusiasm.
Except that no one got rich off of tulip bulbs and beanie babies. Bitcoin has gone from no value to a peak of over 50k USD per coin. Some people bought numerous bitcoins for less than a couple thousand or hundred bucks and became millionaires. Do better.
formerucla wrote:
Finally, this environmental issue that has been a problem for a while. Bitcoin is not efficient. It can cost $20 to send $100 transaction and sometimes that transaction can take 30+ minutes (I've had a transaction take over 8 hours). Bitcoin is not the currency of the future. People need to learn that. No one, and I mean no one, believes bitcoin will be the currency our grandchildren use. Bitcoin was the first. Started an era of crypto currency. Bitcoin is more so a store of value (hence the common comparison to gold - you can't really buy anything with gold, yet it has a lot of value that tends to grow), yet there are soooo many other crypto currencies that provide cheap, immediate and decentralized transactions.
1) What about Proof of Stake to lessen the environmental impact?
2) What happens when the #1 of bitcoins mines stops?
Herman Cain (blojos haha yo super serial) wrote:
https://www.nytimes.com/2021/05/20/opinion/cryptocurrency-bitcoin.htmlIntrinsic value zero
The less you understand it the more excited you get about it
Get rich quick scheme gambling device
Still no real use in the world except that criminals won’t be using suitcases so Warren Buffett says to go short suitcases
That's a Paul Krugman article. Makes me want to read an article by someone who is a huge backer of coins. Who has a great one?
Hinckley Bear wrote:
Tulip bulbs , Beanie Babies and Bitcoin all are examples of illogical enthusiasm.
This comparison getting a bit tired... people have been saying this for 10 + years.
Plus it’s just such a bad analogy, you need to understand the power of POW and decentralization.
Highs at $30- $248- $1000 - $20k - now $65k
Multiple 80% pull backs...
Best performing asset over the past 10 years. Fact.
Bitcoin ain’t going anywhere, it’s here to stay.
The ponzi argument is ridiculous as well, a decentralized ponzi? Please....
STEVE THE ADDICT^^^^^^""""""""--^' wrote:
Hinckley Bear wrote:
Tulip bulbs , Beanie Babies and Bitcoin all are examples of illogical enthusiasm.
Except that no one got rich off of tulip bulbs and beanie babies. Bitcoin has gone from no value to a peak of over 50k USD per coin. Some people bought numerous bitcoins for less than a couple thousand or hundred bucks and became millionaires. Do better.
Some people bought gifs of LeBron James dunking a ball and became millionaires. People definitely got rich on beanie babies and tulip bulbs...just not the people who were last to buy.