posted by gutThe 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.
Looks like I missed the brief dip to $4k. Back up to $5800 now.
Threw another $200 at BTC this morning.
posted by justincredibleI 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.
Nah.
*buys $20!*
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.
You see no value in uncensorable, borderless P2P payments? I do.
Justin cash any out the past few days?
posted by AutomatikJustin cash any out the past few days?
Nope. Not in it for short term gains.
posted by justincredibleYou see no value in uncensorable, borderless P2P payments? I do.
I do. But it's not a monopoly and not defensible. When the big banks roll out their own crypto, all the pretenders like Bitcoin go to 0. Guaran-fucking-teed.
The tech you're talking about is a commodity. There is some value in the brand name of Bitcoin, but otherwise it's a ponzi scheme. You're playing blackjack, and I wouldn't want to bet my marriage on it.
Can you explain what you mean by it’s not a monopoly and not defensible? Also, explain how it’s a Ponzi scheme exactly?
If this is a Ponzi scheme then so is the stock market.
posted by justincredibleCan you explain what you mean by it’s not a monopoly and not defensible? Also, explain how it’s a Ponzi scheme exactly?
Really? If you're actually asking me to explain how crypto isn't a monopoly then I've been talking over your head this entire time.
I'll make it really simple - if it wasn't a monopoly or if it was defensible, then Bitcoin would still be the only game in town. Blockchain is a commodity at this point. It has value, but it's a commodity. Pour your money into it, but don't get caught holding the bag when the music stops.
Give it a shot.
posted by AutomatikIf this is a Ponzi scheme then so is the stock market.
No, the stock market has actual companies producing actual tangible goods and services. A ponzi scheme, on the other hand, creates value by convincing people that "nothing" is worth "something".
There is plenty of money to be won and lost in Bitcoin, but it WILL eventually end up worthless. There's not a rational argument otherwise.
posted by gutReally? If you're actually asking me to explain how crypto isn't a monopoly then I've been talking over your head this entire time.
I know what they mean, dingus. I'm asking you to explain why that matters.
And again, you're acting like I'm betting my entire future on this. I'm not going to get burned if it all comes crashing down.
I'm curious how deep of a dive you've actually given bitcoin, gut? Have you read the white paper or any books on the protocol?
