Bah, now I'm seeing the few dollars I had on predictit are gone too because I can't log in without my facebook credentials.
This is how bitcoin gets lost people.
This is how bitcoin gets lost people.
Bitcoin hit a high of $8,458 today on coinbase. I'm calling it. This is the end of Bitcoin
- Thread starter peilthetraveler
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good to know those zeros and ones can be stored offline....
Why? Your currency bills are also 0s and 1s put on paper.
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I was commenting on your explanation that BTC isn't virtual since it can be stored offline... another one of those bitcoin fallacies.
The whole purpose to buy stupid things (stocks, futures, currency) is to sell it for more at a later date...
did you miss that ?
Well.. actually stocks earn you money because they're companies that make and sell stuff which generates earnings, which eventually will be paid out. That's generally based on actual tangible assets....
Currency and definitely gold and bitcoin... not tangible assets and not really generating earnings based on a regularly basis...
You buy stock in GOOG, it is just paper whose worth is decided by the bigger fool theory. You are not a major equity holder in GOOG entitled to a share of the net income unless a dividend is paid.
Same with a Mickey Mantle rookie card or a Van Gogh painting. Bitcoin is the same thing, its value only exists if there are more idiots willing to pay a higher price for it. Therefore a price of $8458 makes perfect sense if another idiot will eventually buy it for $10,000.
MY POINT: you cannot criticize Bitcoin as something you only buy if you think someone will pay more for it someday. That is the major underpinning for collectibles and stocks to a major extent.
Same with a Mickey Mantle rookie card or a Van Gogh painting. Bitcoin is the same thing, its value only exists if there are more idiots willing to pay a higher price for it. Therefore a price of $8458 makes perfect sense if another idiot will eventually buy it for $10,000.
MY POINT: you cannot criticize Bitcoin as something you only buy if you think someone will pay more for it someday. That is the major underpinning for collectibles and stocks to a major extent.
You do realize that a stock/share is just that.. a share in the company, which has assets.... giving you voting rights and yes.. entitled to a share of the net income....
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