I figured with inflation and the end of the world upon us that bitcoin would be doing well. Why is it sucking so bad right now and is it worth buying?
Adverse Event said:
Probably has nothing to do with Luna and Blackrock.
bmks270 said:
It's sucking demonstrates the market psychology, the masses, the majority, of the Bitcoin holders see it as a speculative asset and despite what they say about its value, they behave in a manner that indicates they would rather own USD. So, their faith still lies in USD.
What's to explain? Can't speak to all the 10,000-plus active cryptocurrencies out there, but all-in-all they are charms of no redeeming value.Cyp0111 said:
Has anyone had anyone explain a crypto currency to them in less than 2 sentences ?
Cyp0111 said:
Has anyone had anyone explain a crypto currency to them in less than 2 sentences ?
Yesterday said:
I figured with inflation and the end of the world upon us that bitcoin would be doing well. Why is it sucking so bad right now and is it worth buying?
Scarcity, utility, and decentralization. These things have value to some people, an no value to others.Cyp0111 said:
I'm still curious what the true value is. i know it has a relative opex to produce but outside of that. It seems like a rather speculative play which would explain all the pumpers adn excess surrounding it.
its actually more like buying a long put option on MMT. except there is no theta.Mas89 said:
What is a Bitcoin anyway? Anybody have a real one? I miss administrative errors posting. To me it's kind of like buying a high priced stock that has never had any earnings. Like wtf.
what is the true value of being able to monetize wasted energy? or of being able to teleport billions of dollars in value anywhere on earth for less than $1 without permission or involvement from any third party? or of a pre-defined and unalterable monetary policy protected by the most secure network that has ever existed?Cyp0111 said:
I'm still curious what the true value is. i know it has a relative opex to produce but outside of that. It seems like a rather speculative play which would explain all the pumpers adn excess surrounding it.
TxAG#2011 said:Scarcity, utility, and decentralization. These things have value to some people, an no value to others.Cyp0111 said:
I'm still curious what the true value is. i know it has a relative opex to produce but outside of that. It seems like a rather speculative play which would explain all the pumpers adn excess surrounding it.
Bitcoin cannot be seized by a government or regulatory entity. What is the value of that? Nothing to some and a lot to others.
Also provides me the opportunity to buy cheap and sell high
Quote:
The IRS has seized $1.2 billion worth of cryptocurrency this fiscal year here's what happens to it
Based on my understanding...Cyp0111 said:
I'm still curious what the true value is. i know it has a relative opex to produce but outside of that. It seems like a rather speculative play which would explain all the pumpers adn excess surrounding it.
When the feds "seize" crypto they are seizing the physical access to the wallets. They aren't hacking the wallet. They aren't Ocean's Elevening their way into the safe. They sure as hell aren't brute forcing a password.AggieBaseball06 said:TxAG#2011 said:Scarcity, utility, and decentralization. These things have value to some people, an no value to others.Cyp0111 said:
I'm still curious what the true value is. i know it has a relative opex to produce but outside of that. It seems like a rather speculative play which would explain all the pumpers adn excess surrounding it.
Bitcoin cannot be seized by a government or regulatory entity. What is the value of that? Nothing to some and a lot to others.
Also provides me the opportunity to buy cheap and sell high
https://www.cnbc.com/2021/08/04/irs-has-seized-1point2-billion-worth-of-cryptocurrency-this-year-.htmlQuote:
The IRS has seized $1.2 billion worth of cryptocurrency this fiscal year here's what happens to it
I'm admittedly a novice to all of this. Your statement and that headline seem to clash. Could you please explain what I'm missing?
you haven't heard of the Blockchain?!Cyp0111 said:
I'm not a beginner in investing etc. I've just yet to hear a clear fundamental case for Crypto from anyone. The tangent always goes off topic to justify the value.
Crypto and NFTs in my opinion were the first and most tangible sign that the economy at the time had significant excess liquidity.
ac04 said:what is the true value of being able to monetize wasted energy? or of being able to teleport billions of dollars in value anywhere on earth for less than $1 without permission or involvement from any third party? or of a pre-defined and unalterable monetary policy protected by the most secure network that has ever existed?Cyp0111 said:
I'm still curious what the true value is. i know it has a relative opex to produce but outside of that. It seems like a rather speculative play which would explain all the pumpers adn excess surrounding it.
efficient market theory would posit that a global TAM and 24/7 liquidity means the true value is updated every minute of every day. although i think you could definitely argue that most people do not have all the information about what bitcoin is or why its important.
I don't think anyone at this point really cares what banks need, don't need, or can implement themselves.bmks270 said:ac04 said:what is the true value of being able to monetize wasted energy? or of being able to teleport billions of dollars in value anywhere on earth for less than $1 without permission or involvement from any third party? or of a pre-defined and unalterable monetary policy protected by the most secure network that has ever existed?Cyp0111 said:
I'm still curious what the true value is. i know it has a relative opex to produce but outside of that. It seems like a rather speculative play which would explain all the pumpers adn excess surrounding it.
efficient market theory would posit that a global TAM and 24/7 liquidity means the true value is updated every minute of every day. although i think you could definitely argue that most people do not have all the information about what bitcoin is or why its important.
We may eventually learn that the value of those things is only $10 per Bitcoin. Nobody really knows, it's just a bunch of speculation. Big banks can also implement their own blockchains for transferring funds, they don't absolutely need Bitcoin for anything, banks can exist without Bitcoin. And so is it's volatile pricing. Bitcoins primary use case today is simply to be traded as a currency with other currencies just because.