Thoughts on crypto?
No value at all. Is literally irrational but the bull run is strong, why is this happening??? I can’t say I’m not jealous of the returns…
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If you’re saying this in 2024 then it’s clear you’ve made an effort to avoid educating yourself on how Bitcoin works
pls enlighten me abt what value does crypto creates and what assets is backing crypto….
Bitcoin is the first asset in history that can be owned without the threat of it being seized by an authoritarian government. Throughout history and even today, communist dictators and politically oppressive governments have been able to seize private property or financially censor its citizens if they are outspoken about non-mainstream political opinions. This is because bank accounts, stock certificates, etc. are custodied by a third party. If the government doesn’t like you or is confiscating wealth on a large scale, all they need to do is freeze your accounts. With Bitcoin, this isn’t possible. If you custody your own private keys, there is nothing any other party can do to freeze or confiscate your bitcoin.
It is also a truly scarce asset (21 million possible units). This is not true of any other store of value asset that can be printed or mined. Even gold is not finite in supply, as in the future we could theoretically discover large amounts we never knew were available or succeed at space mining enough to destroy the per-ounce value.
this is just a 2 minute blurb to hopefully pique your interest enough to really do a deep dive into it yourself. It’s fascinating and definitely fills a need in society, even if that need doesn’t seem apparent to people lucky enough to live in a western country that currently respects private property right and maintains stable inflation
Thats ur job to educate yourself not ours. Go read.
down with Gensler!
XRP!!
I accept that bitcoin/crypto has some legitimate use. But nowhere near trillions of dollars of market cap that it is breaking.
Its just a matter of time before there is a major terror incident financed via crypto that western governments head towards banning the major exchanges (coinbase, binance et all) and restrict institutional investors from investing in it which will drive the price down to peanuts.
I would argue Bitcoin actually takes up significantly less than its deserved share of global store of value assets. The market cap today is roughly $2 trillion. Now compare that to a few competing assets used to store value that are practically and technologically inferior:
Gold: $16 trillion
Art: $18 trillion
Collectibles: $6 trillion
Real estate (investment/store of value purpose only): ~~$100 trillion
Whether Bitcoin is used as the medium of exchange to finance a terror attack is completely irrelevant. A medium of exchange doesn’t make a value statement for or against the activity for which it is transacted. Otherwise people would associate cash/USD with drugs, prostitution, and other illicit activities for which it has been used in the past. The government realizes this, and since it’s now mainstream with blackrock ETFs, it will likely be entrenched in the financial system for the rest of time.
What % of your PA do you all allocate to crypto?
All the crypto dumdums are pumped now that their orange dumdum won
"To the moon" originally meant an ass kicking so after the crypto pumpers have their day there's going to be a lot of bag holders
Will crash again and probably the next bad crash is going to draw in the SEC and get crypto banned because the institutional money doesn't want the headache long term
Honestly a wild comment for someone who has been on WSO as long as you have. You sang this same exact song 11 years ago when we were all buying on the forums here. When BTC goes to $250k and then "crashes" to $90k this cycle you're going to tell this new generation how right you were about the "impending crash"... when the reality is you could have simply had the wherewithal to buy every single cycle and specifically missed getting in under $200 with the other forum members from your original WSO generation. You are not someone experiencing a crypto summer/winter cycle for the first time dude, you are just refusing to see.
Value is determined by people's interest. As long as people are interested in crypto, its value will be great
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