Would a crypto fan call GME a store of value?
- Thread starter Pekelo
- Start date
It is not shocking to me when $600 of government money I don't need at all is randomly showing up in my bank account that you get a ridiculous narrative driven noise trade happening.
This is basically a giant gift to the game stop executives who surely are excising options. Great job sticking it to the man!
This is basically a giant gift to the game stop executives who surely are excising options. Great job sticking it to the man!
First, the whole thread was in tongue in cheek. Second, I never mentioned GME shares were money, so you are arguing against a Strawman. But you did good.
Gold and baseball cards can be store of values, so can your grandpa's old watch. None of them are money though.
r/WSB should switch to cryptos after today, but few understand
Wall Street just changed the game, restricting winning plays (on "overheated, heavily shorted" stocks)
Can't trust a centralized system, Pekelo
[PS: Opened an RH account last night, here's an interesting message on the account:
"Robinhood
Due to ongoing volatility, some securities like AMC and GME are position-closing only."]
Hahahahahahhhhhhhh!!!!!
No, thank you. Verified my bank, but not gonna do it. At least with cryptos, we can dump at 1AM using DEX or offshore exchanges
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Quote from reddit:
"Yes there are plenty of parallels.
"Yes there are plenty of parallels.
- Both parties are either ignorantly or willingly hyping a security that does not have the fundamentals to live up to the claims.
- Both parties really don't give a shit about the future of the security; they just want to take advantage of an explosion of demand.
- Both parties are pretending they're sincerely on board, backing each other up, aka "one of us" but each of them hopes to jump ship at some point and profit randomly, but they'll never admit it until they're out. That's part of the game.
- Both are pushing HODL; both are trying to recruit more downline members for the pyramid.
- If you look at the details of GME just as you do blockchain, once the curtain of hype is pulled away, there's nothing there. There's no good reason for Gamestop to be able to survive. It's like Blockbuster Video. Its time has come and gone, and no amount of online gamer social media personalities can ultimately save it. And this was evident even before Covid.
- Despite all the obvious evidence that this scheme is completely un-sustainable, everybody keeps blowing smoke up each others' ass in a kind of centipede-like version of Tulip mania."
[Disclosure: Celsius cel is part of my crypto pfolio, but this is not about Celsius, I just like the easy-to-understand explanation of the GME situation]
Decentralized Finance ftw!
PS: Celsius is more CeFi, part DeFi, there's a company behind Celisus that can be shutdown by the government.
AAVE would be a much purer DeFi play. I have no position in AAVE, currently
Decentralized Finance ftw!
PS: Celsius is more CeFi, part DeFi, there's a company behind Celisus that can be shutdown by the government.
AAVE would be a much purer DeFi play. I have no position in AAVE, currently
You're confusing 2 different things, Pekelo. Short term trading (price) and Store of Value (long term investment/holding).
If you buy high and sell low in the short term, you'd be rekt. If you buy bitcoin and hold for 3 years or longer, there is no period in its history where you would have lost money. None
Speaking from experience, bitcoin (and crypto digital assets) are a great SoV. I would emphasize that the current price even if it's not at $42K, is a great price for our crypto investment portfolio.
I don't know how to stress it enough, $34K/bitcoin or $30K for bitcoin is very good. Everything should be put in context. Look back a month or 2 months ago and tell yourself that $30K/bitcoin is a price "crash"
Crypto investors that believe in this investment space hold for longer term than a few weeks. Maybe next month, maybe in 2 months, bitcoin will be above $40K and new all time high again. Bitcoin stalled for a while before breaking $20K and now look where it's at...
In the mean time, there's some alt coins that are doing very well outside of btc and eth. I don't want to pat myself in the back, but I mentioned Voyager VGX (stock symbol otc: VYGVF) less than 2 weeks ago and the crypto token is up over 250%.
Crypto markets are doing great, but you would miss opportunities on this market if all you see is bubble, tulips, scam, and numbers out of thin air.
https://elitetrader.com/et/threads/bitcoin-price-thread.315402/page-290#post-5300102
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