Cryptos are like diamonds

AbbotAle said:
Stubborness and trading/investing is a lethal combination Duke.

You for example are a computer scientist I believe, so it's likely you'd have heard of Bitcoin years ago, and would have had an advantage in understanding it and would have been mightly impressed with Satoshi solving the Byzantine Generals Problem. But your stubborness got in the way from potentially buying.

It's still not too late...
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first time I heard about it fall of 2013. It was trading around 400. Few days later I was sitting across a table at the party with the guy who was building exchange to trade it, and he could not explain to me what this thing was. Then of course 2017 came. I was planning to invest when it hit rock bottom around 3-4K but knew about Tethers then and figured it was a ponzi. Which it still kinda is, but it does not matter. My stupid stubbornness about Tethers made me miss this great opportunity.

now it is too late. 100x is gone. Oh well, can not get them all, making money elsewhere.
 
It's HODL, dude.

BTC trading is decentralized. Diamonds are traded by appointment. Forks are not fungible, and neither are manufactured diamonds. Go sell BTC and see if your offer trades at 30% of the best bid. It's a stupid analogy.

Pekelo said:
Yeap, the analogy is perfect, assuming you actually know something about the diamond business. Let's see how it fits:

1. Diamonds/cryptos are not rare.

I know, we were told about diamond's scarcity, but you should see De Beers diamond vault, full of the good stuff, but withheld from the market creating artificial scarcity. The crypto equivalent is the max. ever mined coins and the HOLD movement.

2. Diamond/cryptos are not really valuable.

Try to sell a used diamond at a pawn shop and see if you get 30% of the value what you paid for as new. The same with cryptos, there is no logical reason why they should be extra valuable, except some people think they are. Time will tell, how long the silliness lasts. Newer, with better feature cryptos are still way less valuable than good, ol' stinky bitcoin.

3. Diamonds don't need to be mined (anymore). Yeap, there are lab grown diamonds and they are even cheaper than the real thing. Also no blood attached to it. The crypto equivalent is the fork. Your precious crypto can be forked on any given Sunday (or Tuesday if you prefer) and make another one just as good as the original copy.

4. Cheaper but similar function things exist, like cubic zirconia. Sure it can not cut glass, but it is just as shiny in a ring or in a necklace. The crypto equivalent is new, but better featured cryptos than the original grandpa bitcoin.

5. Most of the claims about diamond/cryptos are simply untrue (aka lies).

Not valuable, not rare, not unique, not irreplaceable. Those are the lies about diamonds. Not good as currency, not cheap transaction, not rare, not unique, not even fast, not scalable, etc. Those are the original claims about bitcoin proven to be untrue by the passage of time and real world usage.

I am sure there are more similarities, but these will do, so say after me:

Cryptos are like Diamonds!!! :)
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Pekelo said:
Yeap, the analogy is perfect, assuming you actually know something about the diamond business. Let's see how it fits:

1. Diamonds/cryptos are not rare.

I know, we were told about diamond's scarcity, but you should see De Beers diamond vault, full of the good stuff, but withheld from the market creating artificial scarcity. The crypto equivalent is the max. ever mined coins and the HOLD movement.

2. Diamond/cryptos are not really valuable.

Try to sell a used diamond at a pawn shop and see if you get 30% of the value what you paid for as new. The same with cryptos, there is no logical reason why they should be extra valuable, except some people think they are. Time will tell, how long the silliness lasts. Newer, with better feature cryptos are still way less valuable than good, ol' stinky bitcoin.

3. Diamonds don't need to be mined (anymore). Yeap, there are lab grown diamonds and they are even cheaper than the real thing. Also no blood attached to it. The crypto equivalent is the fork. Your precious crypto can be forked on any given Sunday (or Tuesday if you prefer) and make another one just as good as the original copy.

4. Cheaper but similar function things exist, like cubic zirconia. Sure it can not cut glass, but it is just as shiny in a ring or in a necklace. The crypto equivalent is new, but better featured cryptos than the original grandpa bitcoin.

5. Most of the claims about diamond/cryptos are simply untrue (aka lies).

Not valuable, not rare, not unique, not irreplaceable. Those are the lies about diamonds. Not good as currency, not cheap transaction, not rare, not unique, not even fast, not scalable, etc. Those are the original claims about bitcoin proven to be untrue by the passage of time and real world usage.

I am sure there are more similarities, but these will do, so say after me:

Cryptos are like Diamonds!!! :)
More...

Pekelo’s analogies are like a broken clock claiming to tell the correct time.

When the market cycles into bear, we’ll hear ‘See I told you I was right!’

Yeah, a re-trace might become a major trend reversal, but not today.
 
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