“There are plenty of reputable crypto enthusiasts who argue that the currency is a hedge against inflation…”
Hard to square that circle when the price of Bitcoin itself went from practically zero to $69,000 in a few years. Then recently, as the article mentions it has “….risen almost two thirds since last Christmas”.
Warren Trees
1 year ago
“There are plenty of reputable crypto enthusiasts who argue that the currency is a hedge against inflation…”
Hard to square that circle when the price of Bitcoin itself went from practically zero to $69,000 in a few years. Then recently, as the article mentions it has “….risen almost two thirds since last Christmas”.
Three things to know about bitcoins:
1 It is a number with no intrinsic value.
2 What you pay for it goes to the seller – there is no institution holding funds or raising taxes to buy it back.
3 You have to trust the community of miners who validate transactions and unless you deal directly with them you have to trust an intermediary.
These videos are scary in their ignorance. The only difference between tulip mania and bitcoins is that one can grow a tulip and the other is a number you could forget. The fact that the Bitcoin bubble has not burst yet does not mean it will not.
The only reason you trust an institution for fiat money is because they promise to pay you back. No one promises to buy your bitcoin, there is no fund or taxes to pay you back. If it goes out of fashion you get nothing.
The fixed supply does not protect you against the price going down. It exaggerates price changes according to demand and supply. This attracts the greedy – you will only make a profit if someone more greedy than you buys you out and they will only make a profit if someone……. One day it will go out of fashion.
1 Bitcoin currently has a market value of just under $30k.
Who determines whether something has “intrinsic value”? I don’t want a Maserati, so I won’t pay money for one. Effectively, I value Maseratis as £0. Some other people clearly feel differently as they spend their money on them.
Value is dependent on individual choice and therefore subjective.
“Intrinsic value” is lazy-minded nonsense.
1 Bitcoin currently has a market value of just under $30k.
Who determines whether something has “intrinsic value”? I don’t want a Maserati, so I won’t pay money for one. Effectively, I value Maseratis as £0. Some other people clearly feel differently as they spend their money on them.
Value is dependent on individual choice and therefore subjective.
“Intrinsic value” is lazy-minded nonsense.
Three things to know about bitcoins:
1 It is a number with no intrinsic value.
2 What you pay for it goes to the seller – there is no institution holding funds or raising taxes to buy it back.
3 You have to trust the community of miners who validate transactions and unless you deal directly with them you have to trust an intermediary.
These videos are scary in their ignorance. The only difference between tulip mania and bitcoins is that one can grow a tulip and the other is a number you could forget. The fact that the Bitcoin bubble has not burst yet does not mean it will not.
The only reason you trust an institution for fiat money is because they promise to pay you back. No one promises to buy your bitcoin, there is no fund or taxes to pay you back. If it goes out of fashion you get nothing.
The fixed supply does not protect you against the price going down. It exaggerates price changes according to demand and supply. This attracts the greedy – you will only make a profit if someone more greedy than you buys you out and they will only make a profit if someone……. One day it will go out of fashion.
And even if some of the world’s shadiest elements are attracted to crypto, so are some of its most influential: giant Silicon Valley VC firm Andreessen Horowitz continues to plump for it
It’s funny how the more influential a firm is the less shady it is perceived..
Something is only “worth” what the next person is willing to pay.
Is it worth $500 to watch kids play a game? Is an Aston Martin Valkyrie Spider worth $4 million? Is Almas Caviar worth $172 per teaspoon?
Something is only “worth” what the next person is willing to pay.
Is it worth $500 to watch kids play a game? Is an Aston Martin Valkyrie Spider worth $4 million? Is Almas Caviar worth $172 per teaspoon?
And even if some of the world’s shadiest elements are attracted to crypto, so are some of its most influential: giant Silicon Valley VC firm Andreessen Horowitz continues to plump for it
It’s funny how the more influential a firm is the less shady it is perceived..
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“There are plenty of reputable crypto enthusiasts who argue that the currency is a hedge against inflation…”
Hard to square that circle when the price of Bitcoin itself went from practically zero to $69,000 in a few years. Then recently, as the article mentions it has “….risen almost two thirds since last Christmas”.
“There are plenty of reputable crypto enthusiasts who argue that the currency is a hedge against inflation…”
Hard to square that circle when the price of Bitcoin itself went from practically zero to $69,000 in a few years. Then recently, as the article mentions it has “….risen almost two thirds since last Christmas”.
Three things most people don’t know about the fiat money in bank accounts…
#1. It’s not yours.
#2. It’s not there.
#3. It’s not money.
https://youtu.be/IQHLpdWvyK4
https://youtu.be/FXvQcuIb5rU
But it does enable you to buy things, so there’s that.
Three things to know about bitcoins:
1 It is a number with no intrinsic value.
2 What you pay for it goes to the seller – there is no institution holding funds or raising taxes to buy it back.
3 You have to trust the community of miners who validate transactions and unless you deal directly with them you have to trust an intermediary.
These videos are scary in their ignorance. The only difference between tulip mania and bitcoins is that one can grow a tulip and the other is a number you could forget. The fact that the Bitcoin bubble has not burst yet does not mean it will not.
The only reason you trust an institution for fiat money is because they promise to pay you back. No one promises to buy your bitcoin, there is no fund or taxes to pay you back. If it goes out of fashion you get nothing.
The fixed supply does not protect you against the price going down. It exaggerates price changes according to demand and supply. This attracts the greedy – you will only make a profit if someone more greedy than you buys you out and they will only make a profit if someone……. One day it will go out of fashion.
1 Bitcoin currently has a market value of just under $30k.
Who determines whether something has “intrinsic value”? I don’t want a Maserati, so I won’t pay money for one. Effectively, I value Maseratis as £0. Some other people clearly feel differently as they spend their money on them.
Value is dependent on individual choice and therefore subjective.
“Intrinsic value” is lazy-minded nonsense.
1 Bitcoin currently has a market value of just under $30k.
Who determines whether something has “intrinsic value”? I don’t want a Maserati, so I won’t pay money for one. Effectively, I value Maseratis as £0. Some other people clearly feel differently as they spend their money on them.
Value is dependent on individual choice and therefore subjective.
“Intrinsic value” is lazy-minded nonsense.
But it does enable you to buy things, so there’s that.
Three things to know about bitcoins:
1 It is a number with no intrinsic value.
2 What you pay for it goes to the seller – there is no institution holding funds or raising taxes to buy it back.
3 You have to trust the community of miners who validate transactions and unless you deal directly with them you have to trust an intermediary.
These videos are scary in their ignorance. The only difference between tulip mania and bitcoins is that one can grow a tulip and the other is a number you could forget. The fact that the Bitcoin bubble has not burst yet does not mean it will not.
The only reason you trust an institution for fiat money is because they promise to pay you back. No one promises to buy your bitcoin, there is no fund or taxes to pay you back. If it goes out of fashion you get nothing.
The fixed supply does not protect you against the price going down. It exaggerates price changes according to demand and supply. This attracts the greedy – you will only make a profit if someone more greedy than you buys you out and they will only make a profit if someone……. One day it will go out of fashion.
Three things most people don’t know about the fiat money in bank accounts…
#1. It’s not yours.
#2. It’s not there.
#3. It’s not money.
https://youtu.be/IQHLpdWvyK4
https://youtu.be/FXvQcuIb5rU
It’s funny how the more influential a firm is the less shady it is perceived..
Bitcoin… as real at Tesla being worth 3 x Toyota…
Something is only “worth” what the next person is willing to pay.
Is it worth $500 to watch kids play a game? Is an Aston Martin Valkyrie Spider worth $4 million? Is Almas Caviar worth $172 per teaspoon?
Something is only “worth” what the next person is willing to pay.
Is it worth $500 to watch kids play a game? Is an Aston Martin Valkyrie Spider worth $4 million? Is Almas Caviar worth $172 per teaspoon?
Bitcoin… as real at Tesla being worth 3 x Toyota…
It’s funny how the more influential a firm is the less shady it is perceived..