The crypto community has no credibility. The FTX saga, those stupid gorilla NFTs that went nowhere despite insane hype from all the crypto pushers, zero stability in prices. Furthermore, the crypto hypers still can't explain exactly what bitcoin IS. They don't know. Nobody knows. But, by all means, keep buying fake money with real money.
What's a $1?
The accepted medium of exchange backed by law and most powerful military in the world. In reality it’s what you hope to get ( fiat is what you can actually buy stuff with) once you dump your intrinsically worthless sh*tcoins on the next buyer (I.e. the next sucker) until nobody wants them anymore because they can’t Find other suckers to dump them on
Anyone who actually “invests” in bitcoin is a complete imbecile.
If they lose money it serves them right and if they fluked out and made money they’ll attribute the win to their “smarts” and just end up gambling larger in the future and lose it all anyway.
Anyone who actually “invests” in bitcoin is a complete imbecile.
If they lose money it serves them right and if they fluked out and made money they’ll attribute the win to their “smarts” and just end up gambling larger in the future and lose it all anyway.
Yeah. Those fools who bought it at $400 less than ten years ago and have held it to now where it's over $43,000 are calling themselves imbeciles and wondering what they have done
Anyone who actually “invests” in bitcoin is a complete imbecile.
If they lose money it serves them right and if they fluked out and made money they’ll attribute the win to their “smarts” and just end up gambling larger in the future and lose it all anyway.
Bit coin is up because people are moving money around in anticipation of the Fed cutting interest rates next year. It is not up because ExxonMobil announced that it will trade oil in bit coin. It is not up because CALPers announced a big investment in bit coin. It is not up because the technology and trading have improved and addressed problems with theft and fraud (unfortunately part of the appreciation was due to weak settlements of big regulatory fraud complaints). It is up because people are betting that other people will move their money into bit coin because of fed rate cuts in the future. Bit coin is just a financial popularity prediction contest.
You need some pretty big air quotes around those numbers. The vast majority of these transactions are wash sales and/or utilize Tether, which is funnier than Monopoly money.
The entire Bitcoin/crypto market is an unregulated sea of wash sales and poor liquidity. I wouldn't recommend anyone play in that game of musical chairs.
It is impossible to have a free market that is regulated. Bitcoin specifically, but cryptographic monies in general are great ways for those with a desire to opt out of the status quo.
After saying the same nonsense year after year as BTC jumped multiples, I wonder what (falsifiable) measures it would take for the anti-economics crowd to acknowledge they were wrong. For example, if the BTC/USD exchange doubles SPY or GLD over the next five years, will they say they finally admit to being wrong?
Anyone who actually “invests” in bitcoin is a complete imbecile.
If they lose money it serves them right and if they fluked out and made money they’ll attribute the win to their “smarts” and just end up gambling larger in the future and lose it all anyway.
You are correct to not identity BTC as an investment (e.g. I primarily plan to use BTC to transact in hard goods, not to exchange it back to fiat).
You are incorrect to think that most BTC-holders really care about short-term (<3yr) price moves. I hope and expect BTC/USD to have many cyclical declines of >70+% vs USD, but over the decades for it to outperform (as it has so far)
Anyone who actually “invests” in bitcoin is a complete imbecile.
If they lose money it serves them right and if they fluked out and made money they’ll attribute the win to their “smarts” and just end up gambling larger in the future and lose it all anyway.
You are correct to not identity BTC as an investment (e.g. I primarily plan to use BTC to transact in hard goods, not to exchange it back to fiat).
You are incorrect to think that most BTC-holders really care about short-term (<3yr) price moves. I hope and expect BTC/USD to have many cyclical declines of >70+% vs USD, but over the decades for it to outperform (as it has so far)
Probably not. Heard plenty from them when the price dropped.
Over the long term it should approach zero because it can’t be used for anything useful in the real world except Ponzi scheme gambling games. If people want to trade worthless turds for 100k I’m fine with it. They’ll learn again if they didn’t learn before
The latest run up is the hope of a bitcoin (2009 technology) spot ETF being approved and more fiat money coming in from institutions, with, in the meantime, a manipulated price in order to get more retail sucker (vulnerable poor person) fiat money in exchange for worthless token. The crypto crappo is still the same 2009 poop technology and has the same problems and lack of use it’s always had
It is impossible to have a free market that is regulated. Bitcoin specifically, but cryptographic monies in general are great ways for those with a desire to opt out of the status quo.
After saying the same nonsense year after year as BTC jumped multiples, I wonder what (falsifiable) measures it would take for the anti-economics crowd to acknowledge they were wrong. For example, if the BTC/USD exchange doubles SPY or GLD over the next five years, will they say they finally admit to being wrong?
“desire to opt out of the status quo” The “status quo” is having investor protections and FDIC insured banks so criminals can’t screw you over. But sometimes the lure of a get rich quick because the turd trading price is rapidly rising is too much for desperate persons.
Anyone who actually “invests” in bitcoin is a complete imbecile.
If they lose money it serves them right and if they fluked out and made money they’ll attribute the win to their “smarts” and just end up gambling larger in the future and lose it all anyway.
If you can afford to gamble a little money, put a small percentage on bitcoin. So long as you recognize it's extremely risky. If this is your total retirement plan, you might as well head to Vegas.
Or go big.
If you had invested $100,000 8 years ago, it would be worth over 10,000,000 today
Because the past always predicts the future?
Go back in time and say the same thing about Microsoft, Google, Tesla, Apple...the only difference is these companies have intrinsic value. Bitcoin has no intrinsic value. It's purely speculation. Pure hype. This makes it extremely vulnerable to volatility and sudden crashes.
It reminds me of the dotcom bubble. All these companies skyrocketed in value from pure speculation. If you somehow invested in Apple or Google back then, great. But if you were dumb enough to pick AOL, Excite, Enron or hundreds of others you'd have lost you're shirt.
So many say "Bitcoin has no intrinsic value" but who believes a dollar bill has "intrinsic value"? Currency does not need to have intrinsic value to be used as a medium of exchange:
Gold too hardly has any intrinsic value - it has use in jewelry as a nice-looking metal. But the value in its use in jewelry has more to do with scarcity and perceived value than the actual look of the metal. It also has use in some electronic devices, but only negligible amounts that do not move the needle.
Bitcoin has awful impacts on the planet and is just plain bad. The dollar is not.
Rocky Mountain Institute wrote:
Bitcoin alone is estimated to consume 127 terawatt-hours (TWh) a year — more than many countries, including Norway. In the United States, cryptocurrency activity is estimated to emit from 25 to 50 million tons of CO2 each year, on par with the annual emissions from diesel fuel used by US railroads.
So many say "Bitcoin has no intrinsic value" but who believes a dollar bill has "intrinsic value"? Currency does not need to have intrinsic value to be used as a medium of exchange:
Gold too hardly has any intrinsic value - it has use in jewelry as a nice-looking metal. But the value in its use in jewelry has more to do with scarcity and perceived value than the actual look of the metal. It also has use in some electronic devices, but only negligible amounts that do not move the needle.
Bitcoin doesn’t function very well as medium of exchange, transaction rates are slow, it is 2009 tech, but is HODL’ed by libertarian gamblers/obnoxious “crypto bros” (usually young male gamblers) in the hopes of selling it to some other bums for more fiat in the future. Then the new bum has the same problem.
Cash is supposed to lose purchasing power over time due to time value of money principle. That’s why you invest cash sitting around rather than hide it under mattress. But to lower classes with little education in economics and finance, they think cash is trash and do not understand the value of FDIC insured banks and SEC investor protections, just see that crypto number go up therefore hoard crypto. It makes zero sense but if everyone thinks they’re going to be making (fiat) money in future then nobody questions it.
from this 2023 Coinbase ad it looks like crypto companies go after people struggling to afford things and reach major milestones in life:
This is some ridiculous gaslighting. Coinbase sells predatory gambling products wrapped in phony financial populism. It's completely absurd, twisted, and I dare say outright evil, to claim Ponzi schemes and gambling are building a "better financial system". https://t.co/uBeYKTwGst
In 2023, people are def more skeptical of crypto. In 2020, 2021 and early 2022 during the COVID times, it was total delusional mania. You couldn’t go anywhere without someone telling you to buy bitcoin or else have fun staying poor.
Cash is supposed to lose purchasing power over time due to time value of money principle.
Lolno. The US dollar didn't lose *any* net value from its creation in 1792 to the creation of the federal reserve in 1913. That's not what the time value of money means.
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