Meet the anti-crypto crowd

[MrMuppet]

Except that it's not. Some imaginary token is worth as much as its real world value. It doesn't do anything. Try filling a tooth cavity with it or plate some connectors and report back how it goes. Try hanging it around your neck and report back how you look like. It's not gold but fool's gold.

Government-backed fiat currency at least pays taxes and legal tender discharges debt. Other than that, the long-term record of fiat currencies is abysmal. Gold and silver have maintained value for thousands of years. Still today, half of gold production goes into jewelry and half of silver production goes into industrial uses. You could shut down the metal exchanges and you'd still have something. Shut down the stock exchanges and you're left with ownership in a company.

Cryptos have no value. They have a price attached to them because some people were conned into buying them. Remove the greater fools fueling the bubble and it's over. Bag holders will be left with some imaginary nonsense on some distributed ledger that doesn't do jack. Transfer it to someone else (its use, right?) and it doesn't do jack for the next person.

It's so funny that a gold bug doesn't understand the concept of value.

The actual use of gold is 7% of production. 48% goes to jewelery and 35% goes to investors and central banks.
Aside from that, it's just a shiny metal. You cannot eat it, not live in it, nor travel with it and using it for transactions is a pain in the ass. It costs money to store and buying physical metal is financial suicide given the fees around it.

Some dudes a couple of thousand years ago decided that it looks nice and that's it. There are some buffoons that hoard precious metal for when the entire system collapses and they are losing money big time.

Blockchains are used on a daily basis. You might argue about the price of their native tokens, but listing gold as an example of an asset with inherent value is nothing but idiotic.

Gold is the epitome of an asset without any value aside from a miniscule percentage of industrial use. "I will buy it because it has always had value, therefore it will always be valuable...this is the epitome of an asset that is driven by the greater fool.

You can see the result of a long term investment below. "Inflation hedge" - yeah, right

and if you think that the USD is the be all end all world currency:

The only thing that is constant is change. You either adapt or die...simple as that

 

[misterkel]

Months? Make that a single day. BTC more than halved from high of 03/13/20 (7977.84) to low of 03/14/20 (3867.09).

In order to store value, an asset needs to have value. For example, gold is used in industry, aerospace, electronics, computers, dentistry, medicine, jewelry. Can be used today or stored for years without degradation.

Bitcoin? Realistically not good for anything other than selling it to someone else (and wasting electricity). Its price is entirely derived from speculating on the 'greater fools' to be there to take it off your hands. When the pyramid scheme fails one day, price converges to Bitcoin's real value.

Ah yes. Another bitcoin obituary.

 

[Illini Trader]

I think a better Title for this thread would be:

"How Could I have been so Stupid to Miss the Greatest Investment Opportunity of My Lifetime"

With a subtitle: "And I Continue to Doubledown on my stupidity year after year after year"

And, I do it with arrogance pretending that I have been right all along.

All in good fun here so don't get your panties in too much of a wad.

 

[Sprout]

I think a better Title for this thread would be:

"How Could I have been so Stupid to Miss the Greatest Investment Opportunity of My Lifetime"

With a subtitle: "And I Continue to Doubledown on my stupidity year after year after year"

And, I do it with arrogance pretending that I have been right all along.

All in good fun here so don't get your panties in too much of a wad.

or

 

[yc47ib]

Three scenarios,
1, bitcoin collapses, not very likely after the last few months' PA;
2, shoot to a very high price like a quarter million or something, not very likely in the near future;
3, stay in a trading range, now the bottom of the range is likely to be between 10k-20k; where is the top of the range? prob. now-30/40k? Then we will probably need a few years to learn that we are in a range bouncing up and down.

 

[Daxtrader]

I bet none of the bitcoin people in this thread ever actually used bitcoin to buy anything. Try it. Fees are expensive. It's slow as hell. It's a shit form of payment. No wonder the narrative is now store of value.

 

[virtusa]

1, bitcoin collapses, not very likely after the last few months' PA;

We saw this PA already in 2017. It took exactly 3 years to recover from the crash that followed then.So the last 3 years bitcoin went up on average 7% a year for the hodlers.Before december 2020, the return was even zero, the profit that was made, was made in the last 3 weeks only.

2, shoot to a very high price like a quarter million or something, not very likely in the near future;

Many of the big wallets that did not move for many years, started to sell the last few weeks. Why? Do they know something we don't know? Yes, as they manipulate the market.

Ever wondered why transaction cost is so low? That's essential for pump and dump. Transaction cost would make it too expensive for frequent manipulation.

Same for anonimity. Essential to avoid that we can see that they buy and sell to themselves in different wallets to pump and dump.

 

[johnarb]

I think a better Title for this thread would be:

"How Could I have been so Stupid to Miss the Greatest Investment Opportunity of My Lifetime"

With a subtitle: "And I Continue to Doubledown on my stupidity year after year after year"

And, I do it with arrogance pretending that I have been right all along.

All in good fun here so don't get your panties in too much of a wad.

Welcome back my friend! It's good to see your post in Cryptocurrencies forum again

 

[MrMuppet]

I bet none of the bitcoin people in this thread ever actually used bitcoin to buy anything. Try it. Fees are expensive. It's slow as hell. It's a shit form of payment. No wonder the narrative is now store of value.

I'm using it all the time, especially for SaaS from Eastern Europe. Credit cards are way too expensive. BTC is the way to go.

 

[Illini Trader]

Welcome back my friend! It's good to see your post in Cryptocurrencies forum again

Thanks, johnarb, I quit posting on Crypto quite awhile ago because it ceased to be a helpful exchange of information. The Crypto deniers do not have an open mind for discussion and think they are being so cute with their tulip comments. I learned a long time ago that people who have formed a closely held belief are just not open to hear logical factual information that threaten their belief.

So I unsubscribed to the Bitcoin threads but this one was just too good to pass up a little trash talk.