It is dangerous to short on fundamentals when believers are blind. There is this company called Tesla....
Proof of Work is Proof of Ponzi
- Thread starter dozu888
- Start date
It is dangerous to short on fundamentals when believers are blind. There is this company called Tesla....
'nothing' is figurative at this point of course. 'Adoption' is the only real matrix here... all else is just Wall Street gaming the animal.
market cap wise, the closest compare may be NFLX, which has 400 developers, and far greater adoption - about 1/3 of all internet traffic is NFLX.
BTC has 100 core developers, virtually zero adoption in the real economy.
if I have to put a value on cryptos, it would be generous to put $100b on the entire space, about an 75% hair cut from here.
Short squeezes - not 'why'... but are happening now
these things can go up/down 10% in a single day.... can only happen when this is really just whales trading with each other... not driven by public supply/demand.
true - that's why you don't short on the way up to $18000.
BTC holders keep encourage themselves - "look it's still a triple from this time last year"... that's irrelevant. A smooth bull run triple is completely different from the real price action - a mania run to 18000, followed by a crash, and the real situation right now is the crowd is stuck.
Let's hope the US DOJ catches these manipulators and puts them in jail.
Bitcoin is not a real company and doesn't pay any developer. it's an open-source experimental project on github. Anyone can develop and submit code, but you will not get a single satoshi for your efforts. Only the miners get paid.
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if I have to put a value on cryptos, it would be generous to put $100b on the entire space, about an 75% hair cut from here.
Short squeezes - not 'why'... but are happening now
these things can go up/down 10% in a single day.... can only happen when this is really just whales trading with each other... not driven by public supply/demand.
That's very generous of you to put $100B on the whole cryptos industry. To be perfectly honest, if the experiment fails, the value will be much much lower than that.
The volume is too low at the moment so I don't see a short-squeeze. What you're describing with whales trading with each other is not a fair market and the US DOJ is investigating. On Reddit, there is a lot of chatter regarding the recent KYC/AML enforcement at the biggest exchanges such as Poloniex, Bittrex, Bitfinex (Hong Kong-based). Let's hope that this can stop most of these shenanigans.
So why is it that BTC is still even above $7000 let alone $6000 or $1000 or a single dollar - with all that bearish sentiment and the opportunity to short two different futures contracts and all those other crypto's out there and it is so easy to start another crypto and can be forked at any time .... and ... and .... and .... and .... and?
Even with current price it is still double where it was this time last year. But, but, but ButtClowns.
Even with current price it is still double where it was this time last year. But, but, but ButtClowns.
why was it pushed to $18000? because they can, with such thin float outstanding... and once it got there, any price lower is considered cheap - that's how retail thinks... always does.
look how many retails are still in it. as long as suckers keep rushing in to support the price, the scammers will try to unload as many coins as possible, at as good prices as possible.
Same questions can be asked about anything that is traded.
Why is AMZN over $1000? Why is AAPL under $200 Why isn't Crude over $100.
Why, why, why ......... even ask. Just trade it.
Price is whatever someone is willing to sell something at and someone else is willing to buy that something at.
Everything else is nonsense bullshit.
You forgot gold. That thing is the most useless of all sitting in warehouses and requiring all kinds of security for protection. It has industrial uses but the price keeps it from being utilized more.
you asked the 'why' first
AMZN and AAPL are not parallels - these are revenue producing true businesses that have penetrated real people's lives..
'willing' is the key word here - can't assume the public to be rationally 'willing' based on true information. When a scam happens, the scammers mislead the public into 'willingly' jumping off the cliff... that's what we are talking about here in this thread.
You should always keep your hands off Ponzi systems.
Because Ponzis are manipulated systems. Especially if only a few wallets hold almost the whole capitalization.