Bitcoin is dead...

[Pekelo]

it can be a store of value, much like digital gold.

Here is the problem though: There is simply no logical explanation for its value, be it $300, $3000 or 30K. For any other things there is some kind of way how we price things, for a house we can look at similar houses, for a painting look at similar paintings, for stocks we look at P/E or the business behind the company. Only individual items that are unique like the Mona Lisa can have hugely high prices, those are called collectors' items. But as we discussed, there is nothing unique or unreplacable about bitcoin, and with a fork we can easily double its volume too.

And sure, some stocks stays much higher than its business plan or P/E would allow (looking at Tesla), but not forever. Because forever is long.

So if you want to use beanie babies, cabbage patch kids or pokemon cards as a store of value, so be it. Some people thought they were good investments too. Just don't say I didn't warn you.

 

[HolyGrailSeeker]

Here is the problem though: There is simply no logical explanation for its value, be it $300, $3000 or 30K. For any other things there is some kind of way how we price things, for a house we can look at similar houses, for a painting look at similar paintings, for stocks we look at P/E or the business behind the company. Only individual items that are unique like the Mona Lisa can have hugely high prices, those are called collectors' items. But as we discussed, there is nothing unique or unreplacable about bitcoin, and with a fork we can easily double its volume too.

And sure, some stocks stays much higher than its business plan or P/E would allow (looking at Tesla), but not forever. Because forever is long.

So if you want to use beanie babies, cabbage patch kids or pokemon cards as a store of value, so be it. Some people thought they were good investments too. Just don't say I didn't warn you.

Its value is that it is limited and can be used to send money anywhere without a third party and its divisible too(Unlike say gold).

Creating another coin isn't bitcoin so it won't have the same success. Its like anyone can setup a facebook or youtube copycat site, but it won't be facebook or youtube as it doesn't have the same user base.

 

[Pekelo]

Its value is that it is limited and can be used to send money anywhere without a third party and its divisible too

First, it is not limited if it can be forked. Second what you said is valid for pretty much any other cryptos, so that is still not a good explanation for high evaluation. Third, just because something is limited that doesn't give it automatically huge value. The number of poops I am going to produce in my lifetime is limited, it can be useful, yet...You see where I am going?

Also whatever argument you says could have been said 3 years ago (2K) 1 year ago (16K) or today (4K) yet we get 3 hugely different evaluations. Nothing changed yet price was up and down. The explanation for that is, bitcoin is worth as much as people THINK it is worth. There is no logical, economical explanation for it, otherwise price wouldn't fluctuate 100-200% in a few weeks as it did in the past.

As much as I like to explain things, from now on we are just gonna go in circles. Here is my advice: Trade bitcoin if you can because it is still a good gambling vehicle, but don't hold it like it is something special and will fund your retirement. And even if it runs up again, remember lots of people held through 20K and still holding because they thought it would go to 50K or whatever...Timing is everything.

Good luck...

 

[Trader Curt]

Ha this reminds me of some people I know

 

[HolyGrailSeeker]

First, it is not limited if it can be forked. Second what you said is valid for pretty much any other cryptos, so that is still not a good explanation for high evaluation. Third, just because something is limited that doesn't give it automatically huge value. The number of poops I am going to produce in my lifetime is limited, it can be useful, yet...You see where I am going?

Also whatever argument you says could have been said 3 years ago (2K) 1 year ago (16K) or today (4K) yet we get 3 hugely different evaluations. Nothing changed yet price was up and down. The explanation for that is, bitcoin is worth as much as people THINK it is worth. There is no logical, economical explanation for it, otherwise price wouldn't fluctuate 100-200% in a few weeks as it did in the past.

As much as I like to explain things, from now on we are just gonna go in circles. Here is my advice: Trade bitcoin if you can because it is still a good gambling vehicle, but don't hold it like it is something special and will fund your retirement. And even if it runs up again, remember lots of people held through 20K and still holding because they thought it would go to 50K or whatever...Timing is everything.

Good luck...

Like I explained before. Everyone is using youtube, you can go create something very similar but if not enough people is using it, it has little value. Bitcoin has numerous forks, but most of bitcoin forks are of little value as of now which is contrary of what you predicted that it should be equal or even surpass bitcoin's market cap.

If you compare any stocks at different timepoints you will also have different valuations. I trade bitcoin, in fact you should always check prices daily regardless whether is it bitcoin or stocks. I am a price action trader so I actually don't even really care what bitcoin does. But I do wish for it to succeed.

 

[m1nt]

It always amazed me. BTC was $15k+. I would go the bitcoin ATM daily because I had maxed out the very healthy monthly w/drawal maximums at the exchanges, and I was a little short a couple of weeks before closing (all cash). Everyday, there was a line of sometimes 15 people trying to buy bitcoin. I was the only one selling. Everyone looked at me like I was crazy. There aren't any lines anymore at that btc ATM.

 

[HolyGrailSeeker]

It always amazed me. BTC was $15k+. I would go the bitcoin ATM daily because I had maxed out the very healthy monthly w/drawal maximums at the exchanges, and I was a little short a couple of weeks before closing (all cash). Everyday, there was a line of sometimes 15 people trying to buy bitcoin. I was the only one selling. Everyone looked at me like I was crazy. There aren't any lines anymore at that btc ATM.

My opinion is that cryptocurrencies will eventually totally replace fiat in my lifetime. BTC or something similar would be worth millions by then.

 

[Sprout]

“Quantum Narratives
The rise and fall of crypto narratives

Quantum Superposition
In 1935, scientists wrote an article called “The EPR Paradox” which described the strange situation of quantum superpositions, in which systems can exist in multiple states corresponding to different outcomes simultaneously.
In effect, the paper argued that there wasn’t only one but in fact multiple “true” realities. Each of these realities would remain valid until they were interacted with or observed by the external world. At that time, the superposition collapses into one of the possible states.”

Bitcoin Alive or Dead?

https://link.medium.com/hO9DztWBPU

 

[HolyGrailSeeker]

Bitcoin far from dead.

Starbucks will be accepting bitcoin indirectly through Bakkt probably end of this year.

Samsung Galaxy S10 will have a cryptocurrency wallet which most likely will allow to store bitcoin and a few other cryptocurrencies.

 

[icegeek]

i agree with @HolyGrailSeeker , people are coming around the concept of cryptocurrency now a days and bitcoin is comes first in mind.