Well that’s just like your opinion, man!
I will quasi disagree with this but, w/e.
Oh yeah, it can always go on for a long time, and can always get much crazier than you expect. Trying to pick the top is a fool’s errand.
But at some point what usually happens is you get the last greater fool in, then it just hangs there in mid-air for a bit like Wile E Coyote, then crashes. The greater fools immediately bail, people try to buy the dips. But after a few cycles of that not working, the whole game gets no fun for anyone anymore. At that point it goes into freefall, and what exactly is this thing intrinsically worth becomes important.
This whole thing is just a completely false exercise. No one in here who is in favor of crypto or has invested in the crypto space has tried to tell you guys you need to be investing in it. We’re just having a discussion amongst ourselves, but every so often we have to deal with the anti-crypto crew coming in here and shitting on this thread. Literally the same arguments every time. I’m not sure what your purpose is other than to try to tell us we’re wrong for investing and profiting in this sector and to make yourself feel better for not? But literally none of us care if you continue to not put money into it. In fact you really shouldn’t if you don’t believe in it.
So who is the asshole here? It’s why the Riverman Vegas TR post is the perfect analogy. It’s just him looking down and shitting on his friends who are making money and having fun, while he feels superior for having a miserable time in Vegas that ends with him drinking by himself in his room watching ppv porn.
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For sure, but at a certain point, one needs to at least warrant the respect of who the bag holders are. It isn’t Beetlejuice x 100,000 or even Elon Musk. You got the Faang holders, FBI, the military, Winklevoss and of course the rest of the world. To a degree, it would be them who jumps ship.
It’s prolly still heavily bloated by avg folk and can could still crash but the money that should/does have info we don’t is still invested in it and aren’t collectively playing part in a pyramid scheme.
Tesla is a trillion dollar company that makes a few billion in profit per year. Doordash has never made money and has no hope of doing so in the near future. What are their backstops? If bitcoin’s intrinsic value is 0 while Tesla’s is 20 billion let’s say, and they both have a 1T marketcap, is it really that interesting to say that btc could fall 100% but tesla will be a great buy after a 98% crash?
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You’re not going to get an argument from me that BTC and TSLA are somewhat functionally similar right now.
The backstop of these companies may be zero, if the company is literally insolvent. Or it may be more than zero if the TSLA or DoorDash can turn revenue positive. If the dotcom crash is any guide - the good companies like Amazon dropped 95% then eventually rebounded. Bad companies like JDSU just died.
Not sure why some of you are getting mad at me about this. I’m just saying what usually happens in these spots when the asset goes into freefall, and asking the big question about what will stop the fall. I didn’t invent this concept. I’ve read it many times and seen it in action.
Let me just repeat that. Doordash, a company that received the biggest rungood in the history of mankind through the form of a pandemic that forced everyone to stay inside and order delivery food for the better part of 2 years now, has still never made a dollar in profit and continues to post losses quarter after quarter. Despite this, the stock was up 70% at one point this year and currently sits at a 50B valuation.
But sure, a decentralized global financial network that has run smoothly and steadily increased users for 12 years now is the real asset bubble.
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Did I miss the posts where someone touted DoorDash?
I will agree that going all-in on DoorDash seems like a risky play.
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Out of curiosity, is there a point where the anti-bitcoin crowd change their minds? what needs to happen in order for you to reconsider your opinion, that has been the same for the past 12 years with unbelievably poor results?
Like i get some people can run bad, but there has to be a point when you re-examine your position
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No one’s saying to go all-in on btc either. What people are questioning is the relevance of this idea of intrinsic value. Even take the example of gold. I’d say that the computational power and math behind bitcoin is more intrinsically valuable than “ooo shiny” particularly applied to modern society.
you got me laughing at computational power and math being more valuable to most of modern society than ooh shiny object
most people would snap pick the shiny object if given the two options
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First of all, I’m not saying I know what’s going to happen. I’m just asking the basic question of what intrinsic value is going to backstop it when things get ugly. I can’t answer that question, which makes me lean toward BTC losing its luster as a speculative investment - either going to zero, or what seems more likely - stabilizing somewhere and becoming an actual currency.
As far as changing my mind, I would say surviving a major market crash, economy downturn, losing 80-90% of its value then bouncing back. Something like that. I’d want to know people still feel comfortable putting a big chunk of their net worth in it after the bloom is off the rose and the hype dies down.
If BTC stabilizes enough to become a functional currency, speculators will lose interest. If it just continues as a speculative investment, that seems intrinsically unstable to me.
If you all remember back to 2013-ish, all the BTC hype-men were telling us what a great currency it was going to become. Now that ship has sailed, and they’re telling us it’s basically a perpetual money machine that will keep going up in value forever. That should give one pause imo.
Yes I am aware there are elements of this in the stonk market. I don’t really believe in stonks either. But I also don’t believe in cash. So stonks are the best of a lot of bad options to me. Stonks are backstopped by the US govt. I own a small piece of the same stuff all the power brokers in this country own, the ones who direct the fed to print more money. I’m just hoping the US money printer outlives me.
hmm bitcoin crashed from 19.6k on dec 2017 and down to $3180 exactly one year later. 3 years later it’s at 50k. i don’t know what you consider a serious market crash, but it survived quite a few.
The amount of corporate money in BTC now is far far larger than it was in 2017.
Now I know nothing about economics and by far made the worst monetary choices in the past 5 years (literally most of my money is in actual bills half way across the world from me). But i’m at least smart enough to not be so certain about stuff when the results prove me wrong over and over again
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When there’s a viable buy thesis beyond “you can sell it to a greater fool down the road.”
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Those corps will probably be the first to bail when things go south. They will all get the same groupthink at the exact same time. Except for daddy Musk I guess.
A crash that doesn’t follow an insane peak would be a different animal. When it crashes and instead of mooning, tops out at its old high, then crashes again, things will get ugly.
No one is buying BTC hoping for 5-10% a year. They’re hoping for 3x or more over a few years. There are much less risky investments shooting for 5-10%. The day BTC doesn’t look like it has the potential to double within 1-2 years more it will become a lot less attractive.
Tuplipmania lasted for like 80 years, then one day a pricey tulip failed to sell at auction, and the whole thing basically collapsed overnight. Who the hell knows when or what triggers these things.
Eventually you’re all going to die.
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Tell me how Bitcoin creates a world that I, a person who doesn’t care about maximizing my net worth, would want to live in.
bitcoin didn’t reach it’s peak again for 3 years. Anyone who bought the top in 2017 was losing money until the end of 2020.
I feel like you lack even the basic knowledge of what’s going on in the crypto market. And this is from someone who only has very basic knowledge of what’s going on in the crypto market.
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