Breaking news: volatile asset is volatile.
First record I could find was in April 2013, after it dropped from ~200 to ~50.
Looking forward to the next ālol bitcoinā on the pullback from 200k to 120k
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I mean, if youāre going to gloat about how brilliant you are investing in this shit, have thicker skin. Maybe it goes to $500k from here, who knows. But when the investment thesis is āinflation hedge, non correlated asset!,ā be prepared to be laughed at when it goes down 25% in an inflationary environment in which the market is in correction territory.
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Cāmon man, dudes losing their money isnāt something to celebrate.
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Just wait, when it all goes to zero that 2013 post will be finally be proven correct!
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before everyone is handed a ton of free money obviously
yeah basically all the arguments crypto tried are all disproven store of value, currency (what currency acts like this? none of them do, it acts like a growth stonk), hedges against whatever ,all of them were totally wrong
but thereās still a niche audience shoving a lot, idk though I still donāt think casual people are in the space outside of āit went up so I put $ in itā and thatās a long term issue for those OMG BTC GONNA BE A MILLION or whatever, which I think is entirely nonsense anyway. People would start looking to other things and not own .00000 whatever of a btc
and yes I still have a bunch of crypto, I did sell a chunk of it awhile ago though cause I just donāt believe in it like I used to and also it became way too much risk for me. Still kinda is. Like if it went to zero and I didnāt sell I wouldnāt lose but my god Iād be sick for a long time about it.
A Russian folk tale from the time of the Tsars tells of a poor peasant called Yuri who, while collecting firewood one day, stumbles across the Queen of the Wood Sprites. The queen offers Yuri a wish in exchange for his promise to keep her existence a secret. Since all the men in his village own one cow, the most wonderful thing Yuri can imagine is to own two cows, so his wish is granted.
Six months later, Yuriās neighbor Dmitri chances upon the Queen of the Wood Sprites and is offered the same deal to keep his mouth shut. Dmitri, who has one cow, says, āWait a minuteā¦ is this how Yuri got the other cow?ā The queen nods her head. Dmitri asks, āI can wish for anything? Anything at all?ā Another nod. āIn that case,ā Dmitri says, āI wish that you would kill one of Yuriās cows.ā
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Dude, come on. We are all adults here. Iāll bow out for now but we have all watched the absolute worst people in the world promote this garbage for years. When youāre on the same side as Elon Musk, the Winkelvoss twins and infinity even more horrendous scammers, you have to know the party will end eventually. I get it. Itās fun to make tons of money quickly and think you have it all figured out. Especially when equally awful people are making millions in conventional ways! Maybe this time is different and theyāre not ultimately beanie babies. But probably not.
https://coins.fyi/crash-course/
from Cole South of poker boom fame. His focus is not on NFTs, although he does walk you through the basics of that sector as well.
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TBH anyone who has been trading crypto and NFT seriously for the last couple of years should make out just fine even if the whole thing collapses now. If thatās not the case, they probably shouldnāt have been trading it in the first place.
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I mean, some people got rich in basically every traditional Ponzi scheme that has ever been, right? Seems like Iām always going to be at a disadvantage compared with anyone who gets in before me, and itās really hard to know when the music will stop. Iām not going to deny that some people will make money, but many others will lose, too.
The thing is, I think the crypto down gloat posts are ultimately motivated by seeking to reify oneās worldview in the face of an ongoing challenge. Although your beliefs and those of QAnon devotees are obviously very different, I think the emotional underpinnings are similar. You see bad people like Elon Musk and the Winkelvosses winning at making monies for reasons you donāt understand, so you cling to this story where it will eventually all come crashing down and @beetlejuice will get sent to Guantanamo1. When crypto goes up, itās an uncomfortable truth you push to one side, and when it crashes itās an emotional salve. AHA, see, inflation hedge my ass, I KNEW this didnāt make sense!
That feeling of falling back on your existing worldview is comfortable, but itās dangerous as you get older I think, because your beliefs tend to calcify and become inflexible. The cliche of the old guy who canāt be having with all this fandangled new stuff exists for a reason. I have kind of a revulsion towards NFT and cryptobro ācultureā in general but I eventually thought I should throw myself into it a bit to try to broaden my perspective. In the short time Iāve spent on the Discord I feel like I have a bit more of an understanding of what people like about it. I still fundamentally think itās stupid but that also goes for buying beta Black Lotuses, or penny blacks, or speedrunning, or even meathead muscle cars with loud exhausts, or Versace and Louis Vuitton, or any number of things people get excited about.
So while the danger of getting tulipped or beanie babied into oblivion is real and something Iām wary of, I think you and suzzer both seem oblivious to the opposite danger of just bunkering down and rejecting all other perspectives because you are super sure you already know how the world works.
1 Inshallah.
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Hereās the fundamental reality: cryptocurrency does not solve any actual problem, is not a store of value and exists only to facilitate crime and speculation.
āYouāre old and you donāt get it.ā Maybe! But when every box for a speculative bubble is checked, probably not. Weāre firmly in Upton Sinclair territory here.
Blockchains have a lot of potential real world value and applications, so I wouldnāt go that far. I donāt really see why it means a bitcoin should be worth 30k and I donāt have the time or desire to get into trading the latest meme coin, but I wouldnt say the whole area has no societal value.
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solves the problem of beetlejuice not being rich
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a very important issue which has PLAGUED the world for nearly 35 years
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So I guess itās too late moving forward?
Curious to see what this thread thinks.
- The price of BTC will be below $10k at any point during 2022
- The price of BTC will reach a new all time high in terms of $ at any point in 2022
- Both of these will happen
- Neither of these will happen
0 voters