Breaky Bitcoin Blues

dotsman wrote: »

Arrival wrote: »

Such a ridiculous statement from someone who's actually divested FIAT into this, I would've thought people would do basic research before parting with their money which would get them past the dumb ass Ponzi and pyramid scheme ****, but here I am proven wrong lol. If you actually think it's a ponzi/pyramid scheme by the way not only are you dumb but you're a scumbag for jumping in trying to make money off of stupid people as you say, same way anyone involved in any pyramid scheme preying on stupid people is a scumbag.

Watch this in its entirety and come back to your post here. It's 40 minutes but very easy watching, you need to actually look at the video too not just play it half assedly in the background. It's a must watch for anyone who actually has an interest in the industry:

https://www.youtube.com/watch?v=V3VgbQ23E8k

When one invests in shares, they are buying something that has an underlying value (a little piece of a company that owns assets) that is generating wealth (profits). Yes, there is a small element of speculation regarding price, but it is investing in something tangible.

Similarly, when investing in property, they are buying something that has an underlying value (land/building) that is generating wealth (rent). Yes, there is a small element of speculation regarding price, but it is investing in something tangible.

Hell, even if you trade in Gold/commodities, there is an underlying asset with value.

Bitcoin et al are currencies. And very bad ones at that. The main points that people use when expressing their love for crypto are also the reason why it can never work. A currency needs government backing -until it is legal tender, it is merely a sideshow. It needs strict regulation - right now, the land of cryptos is the financial wild west. It needs central bank interference - as long as it is fluctuating wildly, it is useless as a currency.

Ultimately, cryptos have no underlying value. The price they are been traded at reflects 100% speculation and nothing more. And, while not strictly a pyramid scheme in the traditional sense, that's the closest common term that people understand (it is more a series of pyramids). And if you can't see that, then you need to cash out immediately and stay away.

P.S. Calling people names because they know what they are doing is a little silly. "Bigging up" something that you are invested in, however, is a very scumbag thing to do and, in regulated environments, is illegal.

Adrianna Scruffy Turpitude wrote: »

Bulls lets all stick to the excited thread, will only wind yourself up reading the tripe in here.

grindle wrote: »

Arrival wrote: »

Best of luck with that, we'd be lucky to see <$10k again the way things are going and if we do it'd stay on the closer side to $10k

Written about an hour before it peaked - still that confident about $10k holding?

It's only 5 days since it broke $10k. Given the lack of retail hype this time around I'd expect it to vacillate over and under $10k for a bit. Retail types are waiting for the "it's on for sure this time" signal - they love seeing the ATH get crossed over and paying a 10-20% premium, then FOMO in because everybody chats about $500k this cycle. Then it crashes long before it could ever get there.