good explanation. It is also not helpful against the inflation/monetary debasement / reckless printing.
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Bitcoin 34000 US$ as of today!
- Thread starter myshufflemix
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You need to learn the meaning of the word "fundamentals"
The same "permissionless trustless open source internet mediated mumbo jumbo" defines any of the 1000+ other shitcoins.
There is no difference between any random shitcoin and BTC (in fact there are many better coins like Monero or ZCash that actually provide some anonymity). You are just following BTC because it goes up and you hope it will keep going up.
There is no difference between you and some random guy that bought Tesla, made 600% his money and now thinks he's the next Warren Buffett.
The same "permissionless trustless open source internet mediated mumbo jumbo" defines any of the 1000+ other shitcoins.
There is no difference between any random shitcoin and BTC (in fact there are many better coins like Monero or ZCash that actually provide some anonymity). You are just following BTC because it goes up and you hope it will keep going up.
There is no difference between you and some random guy that bought Tesla, made 600% his money and now thinks he's the next Warren Buffett.
seriously ?
bitcoin has a hashrate of over 140M TH/s, how do you interpret that exactly ?
most shitcoins are premined and hold by the founders, advisors and whoever before being distributed "fairly" at an extravagant price to everyone else.
most shitcoins have no fix supply with infinite inflation or can be simply printed at while.
there are a few good crypto out there with the same fundamentals as bitcoin but not a single one has as much adoption as bitcoin.
Adoption is another word for "Network effect" - The network becomes more valuable the more people are using it. This is not a new invention.
History is full of examples of huge networks that eventually turned useless when a better network came along. Remember MySpace? ICQ? FriendFinder?
Have you heard about Tether?
Fixed supply is not a good thing.
Having fixed supply of currency that doesn't grow with the economy, leads to hoarding ("HODL") and deflation.
This is exactly what is happening. Prices (in terms of BTC) are falling, or in order words, deflation.
You should really learn some Economics 101.
Honestly the fact that such a clueless person like you made any money at all, is all the proof I need to see that it's a giant ponzi.
History is full of examples of huge networks that eventually turned useless when a better network came along. Remember MySpace? ICQ? FriendFinder?
Have you heard about Tether?
Fixed supply is not a good thing.
Having fixed supply of currency that doesn't grow with the economy, leads to hoarding ("HODL") and deflation.
This is exactly what is happening. Prices (in terms of BTC) are falling, or in order words, deflation.
You should really learn some Economics 101.
Honestly the fact that such a clueless person like you made any money at all, is all the proof I need to see that it's a giant ponzi.
except here we are talking about money and trust, if you think the trust bitcoin has earned those past 10 years can be earn easily, think again !
do we have to go again on why bitcoin won't be used as a currency for groceries ?
btw you can stop the pointless personal attack, its simply boring really ...
It's not a personal attack, it's an observation. I saw the same thing in 2017, people that have no idea about economics, currencies, network effects or anything other than screaming HODL and BTFD make a lot of money, then lose it very fast. So the fact that it's happening again is informative.
Anyway good luck to you and probably in a week you will post here "Haha BTC is now $100k you are so dumb for not buying" so I'm congratulating you in advance ;-)
Anyway good luck to you and probably in a week you will post here "Haha BTC is now $100k you are so dumb for not buying" so I'm congratulating you in advance ;-)
i was there in 2017, I can guarantee you we are not there yet !
i will bark when we are at 500k
the quotes apply for ethereum. That one can be made obsolete eventually. Monetary, stable networks might take longer to replace. 50+ years.Adoption is another word for "Network effect" - The network becomes more valuable the more people are using it. This is not a new invention.
History is full of examples of huge networks that eventually turned useless when a better network came along. Remember MySpace? ICQ? FriendFinder?
Have you heard about Tether?
Fixed supply is not a good thing.
Having fixed supply of currency that doesn't grow with the economy, leads to hoarding ("HODL") and deflation.
This is exactly what is happening. Prices (in terms of BTC) are falling, or in order words, deflation.
You should really learn some Economics 101.
Honestly the fact that such a clueless person like you made any money at all, is all the proof I need to see that it's a giant ponzi.
The keynes bs and inflationary money (money printing, debt, and the warfare welfare state) are for very very good reasons also not much desirable. Deflationary currency gives your average schmuck a way to retire and save money without it being stolen in a very easy way. (It is actually what they think they do when they put their paycheck in the bank only wondering why they do not get ahead).
I have been in a country where I could have used btc to buy houses and was the preferred method of the seller. So it is used as currency in real life.
they are not better. The security is much less as their usage is maybe only 5% of btc. So even the anon thingy does not help as the crowd to hide in is by far too low.
Also monero is very hard to work with and integrate in applications.
absolutely, I like monero but its an absolute beta experiment, if I am not mistaken we can't verify the total supply for instance.
I don't disagree with your comments about general cluelessness.
However, those saying that the price is going to crash like 2017 need a convincing explanation as to why the significant institutional money there is this time round will have no qualms about generating a huge taxable event.
New high above 35k!
Who sold at 34k and will fomo back in above 40k ? Thise dips are made up on purpose to make you sell ... Don't fall for it.
There is a huge shortage of bitcoin right now, another fund just got in with 300M, 10% of AUM.
mobile.reuters.com
The whole bull case is playing out in front of our eyes, dont get fooled by the fud from people who have proven to be utterly clueless about crypto ..
Who sold at 34k and will fomo back in above 40k ? Thise dips are made up on purpose to make you sell ... Don't fall for it.
There is a huge shortage of bitcoin right now, another fund just got in with 300M, 10% of AUM.
Hedge fund manager Scaramucci launches cryptocurrency fund
Anthony Scaramucci's firm SkyBridge Capital is the latest traditional fund manager to launch a bitcoin-focused fund after a surge of interest in cryptocurrencies in 2020.
mobile.reuters.com
The whole bull case is playing out in front of our eyes, dont get fooled by the fud from people who have proven to be utterly clueless about crypto ..
Good luck.New high above 35k!
Who sold at 34k and will fomo back in above 40k ? Thise dips are made up on purpose to make you sell ... Don't fall for it.
There is a huge shortage of bitcoin right now, another fund just got in with 300M, 10% of AUM.
Hedge fund manager Scaramucci launches cryptocurrency fund
Anthony Scaramucci's firm SkyBridge Capital is the latest traditional fund manager to launch a bitcoin-focused fund after a surge of interest in cryptocurrencies in 2020.
The whole bull case is playing out in front of our eyes, dont get fooled by the fud from people who have proven to be utterly clueless about crypto ..
Shortage of bitcoins ?
It would still be great to hear from skeptics why the institutional money that has just piled in will voluntarily crash out and suffer a taxable event.
the bitcoin algorithm has cut the creation of new bitcoin by half in may 2020 as it is programmed to do so about every 4 years.
since the moron at the central banks keeps printing money like mad, large institutions are slowly waking up to bitcoin as a safe haven asset and its rock solid fundamentals and are starting to get in with hundreds of millions of dollars. this create huge buy pressure on the price and make the news headline all over which slowly trigger retails ...
Paypal, Square and GBTC alone are eating up the equivalent of all the BTC being created everyday, about 150 BTC per day if I am not mistaken.
less supply + more demand = BOOM price explosion and we make millions
as long as you see supposedly legit people talking nonsense against bitcoin without even trying, this mean we are still early.
Why certain institutional money speculates on bitcoin does not concern me. The shills have done a great job of hyping and pumping bitcoin and are winning right now...lol. This is not gonna end well at all sadly
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