ETFs Make Bitcoin’s Problems Even Worse

[GlobalMacro90]

Overpriced junk is all it is.

Imagine being able to create a digital token out of thin air. Because that's all it is. There are over 10,000 crypto currencies all created out of thin air ...

If you just bought a little bitcoin anytime over the last 10 years it would of objectively helped your investment performance.

How do you know that fact but still call it worthless?

 

[Tokenz]

A one dollar bill and a thousand dollar bill are perhaps both nothing more than the same-sized thin rectangular piece of ink, linen, cotton and synthetic fibers. I would imagine their material value is just about the same (and not very much). It's only if people accept the value designated by the government which issued/minted them that coins and bills will have any worth.

Absolutely right.

I bet if any one of these fools calling Bitcoin worthless received a Bitcoin in their wallet, they would be leaping for joy.

Value is not what you think it should be, but what everyone else thinks it is

 

[Frederick Foresight]

I bet if any one of these fools calling Bitcoin worthless received a Bitcoin in their wallet, they would be leaping for joy...

...and liquidating that windfall before hitting the ground.

Value is ...what everyone else thinks it is

 

[GlobalMacro90]

...and liquidating that windfall before hitting the ground.

I thought it was worthless though? If you magically got gifted 1 bitcoin, you wouldn’t sell it for 42,000 usd you would just throw it away since it’s worthless?

 

[Frederick Foresight]

I thought it was worthless though? If you magically got gifted 1 bitcoin, you wouldn’t sell it for 42,000 usd you would just throw it away since it’s worthless?

If I had a worthless, broken umbrella and you wanted to buy it for $42,000, then I would sell it to you for $42,000.

 

[SunTrader]

If I had a broken umbrella and you wanted to buy it for $42,000, then I would sell it to you for $42,000.

Anyone would, but unlike Bitcoin a broken umbrella is not valued at 40k+

 

[Frederick Foresight]

Anyone would, but unlike Bitcoin a broken umbrella is not valued at 40k+

Its intrinsic value is about the same. The only difference is price.

 

[SunTrader]

Its intrinsic value is about the same. The only difference is price.

And price is all that matters. Stores don't accept intrinsic value for purchases.

 

[Frederick Foresight]

And price is all that matters. Stores don't accept intrinsic value for purchases.

Cool.

 

[Pekelo]

Until 10 30 am today, ETFs were in sync with the market. Then they started to decouple. I wonder if sales in BTC is driving down the ETFs, or something else...