I should have been more specific. Yes the risk is high, but the reward is astoundingly high. Bitcoin has a Sharpe ratio that blows everything else out of the water with a nuclear torpedo.
I should have used different terminology. More accurately, Bitcoin is a "greater fool" asset or a type of pyramid scheme, since it can only produce a return for its owner by being sold for more than the initial purchase price. Gold, at the very least, can be melted down for jewelry, or simply used as the world's most expensive doorstop, since, you know, it actually exists in physical form. Conversely, Bitcoin provides zero utility to its owner except the hope for being sold for a higher price at a future date.
What is the guy who bought at $200k going to sell it for? And what is the guy who buys from him going to sell it for? Eventually you run out of buyers at these increasing price points, and you get a crash. So no, there is not a seller for every buyer and vice versa.
But you're not asking that question because you're interested in my response, you're asking it because it's a rhetorical trick that Bitcoiners throw around to silence debate. Imagine if I just kept asking you like a broken record, "HEY BLADE RUNNER, WHAT WILL MAKE YOU ADMIT YOU'RE WRONG ABOUT BITCOIN?"
Are you seriously predicting a 10x anytime soon? Much less a 100x or a 1000x? Really???
You're right, but cash is also only worth something if someone is willing to buy
Dollar is down 98% since 1913, there are still suckers willing to buy it.
always crashes, trend is unchanged
that means we are winning, seriously winning. A government crackdown would give it more legitimacy and sell more Bitcoin, than Obama sold AR-15s
That would be bad, if it can’t be fixed.
Bitcoin definitely winning if that’s the case!
Running out of buyers could mean everyone is using it. To us, Bitcoin is the exit. I will trade the slave chits for money.
Almost certain we will see 10x from 16k bottom.
I honestly believe we are early.
$200.01K
$200.02K
Why? BTC is at $72K right now, but I can use CashApp to trade $10 US bux for 13,877 SATS (0.000138576763975 Bitcoin).
If you are absolutely certain, 100%, that millions of people are delusional and it is worthless, then 0% allocation is correct.
Money is the most useful tool that humans use. Without money, there is no way to coordinate billions of peoples effort to produce things like pencils, iPhones, cars, and space ships. We would be living in tents chasing deer. Money is what enables complex civilization. Corrupted money destroys civilization: deviant society, unhealthy food, inferior products, and inferior artwork.
Are you referring to the Fiat ponzi? Because our money is less and less functional every year. If Bitcoin isn’t the solution to that problem, what is?
Probable there will be backlash. However, Bitcoin isn’t destroying the fiat ponzi: fiat is destroying itself. Maybe it accelerates the destruction (Saylor strategy: borrow in depreciating fiat to buy Bitcoin)
Good luck with that. Can you shut down the Bible? No, because it is decentralized.
Why won't you do the work to understand what something is? We've told you what the use cases are, and it provides much more utility than that. Heck, I even quoted Satoshis original emails that demonstrate what the use case of BTC/network is, and when we tell you, you act like you don't understand the English language.
I have answered the question already, unlike you, and mine actually was in good faith. I'll take your answer, though it's meaningless, which was then also schlonged by our friend who also pointed out how you could pay your taxes with it, lol
The market doesn't agree with you. The largest computer network in the world, with increasing value and adoption, and a worldwide market that trades 24/7/365 - and let me get this straight - WE are the cultists? LOL, this is so much fun, since the delusion rests where it always did - within you.
Forget numbers, become dispassionate for a second, and just play along with me here. Humor me. Let's say in 2025 this bad boy is worth 500k, just for fun. What will you say? These are the kinds of things that make humans special. We can talk about these abstract ideas and they show a lot about the way we think and process the world. Are you going to just dig deeper (I've predicted this already) and yell at the world for being proven wrong over and over again, or are you going to actually spend time and effort studying what this is - something we have already done - which is why we tell you what we tell you.
Like Raoul Pal told Peter Schiff recently, if adoption goes down to certain levels, that would be a sign that there might be a trouble spot or a foil to the network and its future.
Again, the implication here is that you know something that people with TRILLIONS of dollars, and who risk that much money on it, don't. If that's not funny or delusional to you, then I can't help you much. Think of it, you're not saying it's worth less, you're saying it has NO VALUE.
When you don't present arguments or logical statements, of course not.
That makes the numbers less fun, indeed, but it still won't kill BTC.
What I find irritating is the combination of delusion, hubris and greed masked under the guise of promoting a revolutionary technology to liberate mankind from the oppressive banking system. To be blunt, it's just a bunch of bullshit. Every dollar that someone has "made" on Bitcoin has been taken directly out of another man's pocket. And that's the way it always will be, because that's how a speculative greater fool asset works. It is decentralized pyramid scheme that all Bitcoiners jointly hype up, each one looking around nervously the entire time but confident he will beat the others to the exits when the time comes to sell and the stampede out the door begins.
Bitcoin was designed as a peer-to-peer payment system, but is now promoted as essentially a form of digital gold, which Bitcoiners claim will emerge from the ashes of the collapsing financial system as the new global monetary standard. This is so far beyond anything Satoshi designed or envisioned that it's utterly laughable. It's like claiming that an ordinary house cat can turn into a tiger if enough people just believe it will.
By this logic I can also pay my taxes in horse manure, comic books and old vinyl records, by first converting them to fiat. Schlonged!
Bitcoin is like a transwoman. No matter how vociferously you claim otherwise, and no matter how many people echo your enthusiasm, she (he) will never be a real woman. Likewise, Bitcoin will never have any actual value. What you are buying is a shared delusion that there is something magical about the Bitcoin name, because the technology itself is absolutely nothing special, it can and already has been not only replicated but improved upon. If crypto truly is a game-changing innovation, then it will, like all technologies, be massively improved upon in the years and decades to come. There is absolutely no logical reason to believe that Bitcoin - which again, I remind you, has value only as a brand name - will maintain relevance in the face of future challengers.
If Bitcoin is 500k in 2025 I will say, "Well, I guess I missed out on that trade." But what if Bitcoin is 5k or below in 2025? What will YOU say? There's really no point asking these hypotheticals, though. As magoo pointed out, we're just a couple of years removed from the world collectively losing its mind over the flu and billions of people willingly allowing themselves to be injected with an experimental jab. There is no limit to the utter stupidity and insanity of mankind, so it doesn't surprise me that plenty of people have been taken in by the siren's song of Bitcoin.
