Cryptocurrencies

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  • Thu, Mar 12, 2020 3:36 PM
    posted by gut

    The longest & strongest argument for crypto has been fixed supply and not subject to govt excess.  And that argument is being absolutely destroyed.  In a global panic that could destabilize some currencies and economies, crypto is getting hit even harder.

    Crypto is just a casino.  Whatever remaining long-term viability it had is getting crushed before your eyes.

    I disagree. Time will tell, but I think I'll be happy I kept stacking in a years time.

    Thu, Mar 12, 2020 11:42 PM

    Looks like I missed the brief dip to $4k. Back up to $5800 now.

    Thu, Mar 19, 2020 3:00 PM

    Threw another $200 at BTC this morning.

    Thu, Mar 19, 2020 3:24 PM
    posted by justincredible

    I disagree. Time will tell, but I think I'll be happy I kept stacking in a years time.

    Failing this test will cause many long-term investors to throw in the towel.  It will also cause many speculators to abandon it - again, it's correlated and much more volatile so no longer a great place to speculate.  And when enough speculators abandon it - and eventually the music will stop - it's dead. It has virtually 0 prospects for long-term viability.  Everything the crypto bulls have been preaching for years has been proven to be wrong.

    You'd be better off taking that $200 and trying to play the daily/weekly volatility in the markets.

    Thu, Mar 19, 2020 3:32 PM

    Nah.

    Thu, Mar 19, 2020 3:56 PM

    *buys $20!*

    Thu, Mar 19, 2020 4:04 PM

    I don't want to talk you out of it - obviously some people have made a lot of money, probably.  But understand it is a ZERO sum game - there's no economic value being created, your gains/losses are someone else's losses/gains.  Eventually the losers bust out and the people sitting on paper gains can't find any buyers to cash out.

    But it has ZERO intrinsic value.  ZERO productive value.  The ONLY reason it isn't trading below $100 is because of speculation.  You're making a bet that speculators aren't going to abandon it.  History tells us they will.  The bulls keep telling us "ohhh, it's going to become an alternative to gold...it's going to be widely used in transactions".  Nope, not happening that ship has sailed.  IMO, crypto is on the verge of complete collapse.  If it doesn't happen on its own, it will when companies like Facebook or Goldman roll out their own crypto.

    Thu, Mar 19, 2020 4:13 PM

    You see no value in uncensorable, borderless P2P payments? I do.

    Sat, Mar 21, 2020 2:50 PM

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