[ARCHIVED THREAD] - BREAKING: Bitcoin falls to $7,365 on 2/5 (Page 25 of 30)
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Quoted: Except it's not. People don't buy and sell stocks based purely on a speculation about the price of the stock the next day. Idiots and day-traders do, but that's about it. Stocks are bought and sold PRIMARILY based on the underlying financials of the stock itself. Bitcoin has none of that. No balance sheet, no dividends, no income statements, no cash on hand, no assets, no stock buybacks. It's not even an "investment" in the technology, because ownership of the coin doesn't confer any rights what so ever to the technology. When the stock market is in it's most broken and dysfunctional state, it acts like bitcoin; and that should be your first clue. 
Fundamental trading has been kicked to the curb in favor of TA and algorithms. I wish the market still traded on fundamentals. |
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Can anyone explain to me why when I watch the graphs of all the different crypto currencies, that they almost all match each other for dips and gains at the exact same time? I feel like there are several big players manipulating the prices and then pulling out to take the money, creating bumps and then cashing in. You might get lucky if you're a small time player if you play the dips and highs right, but the delay with Coinbase and transactions made me very leery to get in. |
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Bitcoin is dead, again. Quoted:
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It's back up to $9,300. Or is it a trap? |
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Can anyone explain to me why when I watch the graphs of all the different crypto currencies, that they almost all match each other for dips and gains at the exact same time? I feel like there are several big players manipulating the prices and then pulling out to take the money, creating bumps and then cashing in. You might get lucky if you're a small time player if you play the dips and highs right, but the delay with Coinbase and transactions made me very leery to get in. |
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I don't think crypto investing works exactly like the stock market, no. However, you made this Captain Obvious-like comment: That statement as it stands alone, is how the stock market works. If I lose money on a stock, where does it go if not into someone else's pocket? Quoted:
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Quoted: Welcome to cryptocurrency, the stock market and capitalism in general. Quoted:
Every profit dollar made trading bitcoin is a dollar that somebody else lost on bitcoin. All you're doing is gambling that you'll be the former, and the longer you've got it the more likely you'll be the latter. That's not just trading dollars from one person to the other. It is theoretically possible to make money in the market with no loser to offset your gains. As a thought excersize, say that you bought $1000 worth of a stock in a mature company that is profitable and distributes those profits in the form of dividends. You could collect those dividends your entire life without ever having a trading counterparty send you a dime from a stock sale. There is no loser required for you to realize that gain. The speculative aspect of stocks, which is based on finding other people to pay more than you paid, is not the fundental role of the market. It's a byproduct of the fundamental role of the stock market which is to capitalize companies for the purpose of combining material, people, and equipment in a process which develops profits for the investors. Crypto markets on the other hand are entirely based on finding "greater fools". There is no expectation a particular token is going to generate returns through some value added process while you hold it. Knowing the difference is a key piece of knowledge that would make you not only a better investor in stocks and bonds but also a better speculator at things like precious metals and crypto currency. If you don't even know how things work and why the exist in the first place then you are going in blind. |
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Fundamental trading has been kicked to the curb in favor of TA and algorithms. I wish the market still traded on fundamentals. Quoted:
Quoted: Except it's not. People don't buy and sell stocks based purely on a speculation about the price of the stock the next day. Idiots and day-traders do, but that's about it. Stocks are bought and sold PRIMARILY based on the underlying financials of the stock itself. Bitcoin has none of that. No balance sheet, no dividends, no income statements, no cash on hand, no assets, no stock buybacks. It's not even an "investment" in the technology, because ownership of the coin doesn't confer any rights what so ever to the technology. When the stock market is in it's most broken and dysfunctional state, it acts like bitcoin; and that should be your first clue.
Fundamental trading has been kicked to the curb in favor of TA and algorithms. I wish the market still traded on fundamentals. |
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Can anyone explain to me why when I watch the graphs of all the different crypto currencies, that they almost all match each other for dips and gains at the exact same time? I feel like there are several big players manipulating the prices and then pulling out to take the money, creating bumps and then cashing in. You might get lucky if you're a small time player if you play the dips and highs right, but the delay with Coinbase and transactions made me very leery to get in. That may not be the case forever but its definitely the case today and the reason why I would touch even the most promising alts until the air has finished escaping from the Bitcoin bubble. |
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The part you are missing is the value creation aspect of the underlying companies represented by stocks. Raw material, people, equipment and process are combined to produce products that have more value than the sum of all input parts. Wealth is created in the most literal and tangible sense. That creation of wealth is reflected back to the investor in terms of appreciation or yields. That's not just trading dollars from one person to the other. It is theoretically possible to make money in the market with no loser to offset your gains. As a thought excersize, say that you bought $1000 worth of a stock in a mature company that is profitable and distributes those profits in the form of dividends. You could collect those dividends your entire life without ever having a trading counterparty send you a dime from a stock sale. There is no loser required for you to realize that gain. The speculative aspect of stocks, which is based on finding other people to pay more than you paid, is not the fundental role of the market. It's a byproduct of the fundamental role of the stock market which is to capitalize companies for the purpose of combining material, people, and equipment in a process which develops profits for the investors. Crypto markets on the other hand are entirely based on finding "greater fools". There is no expectation a particular token is going to generate returns through some value added process while you hold it. Knowing the difference is a key piece of knowledge that would make you not only a better investor in stocks and bonds but also a better speculator at things like precious metals and crypto currency. If you don't even know how things work and why the exist in the first place then you are going in blind. Quoted:
Quoted:
Quoted:
Quoted:
Quoted: Welcome to cryptocurrency, the stock market and capitalism in general. Quoted:
Every profit dollar made trading bitcoin is a dollar that somebody else lost on bitcoin. All you're doing is gambling that you'll be the former, and the longer you've got it the more likely you'll be the latter. That's not just trading dollars from one person to the other. It is theoretically possible to make money in the market with no loser to offset your gains. As a thought excersize, say that you bought $1000 worth of a stock in a mature company that is profitable and distributes those profits in the form of dividends. You could collect those dividends your entire life without ever having a trading counterparty send you a dime from a stock sale. There is no loser required for you to realize that gain. The speculative aspect of stocks, which is based on finding other people to pay more than you paid, is not the fundental role of the market. It's a byproduct of the fundamental role of the stock market which is to capitalize companies for the purpose of combining material, people, and equipment in a process which develops profits for the investors. Crypto markets on the other hand are entirely based on finding "greater fools". There is no expectation a particular token is going to generate returns through some value added process while you hold it. Knowing the difference is a key piece of knowledge that would make you not only a better investor in stocks and bonds but also a better speculator at things like precious metals and crypto currency. If you don't even know how things work and why the exist in the first place then you are going in blind. https://coinsutra.com/proof-of-stake-cryptocurrencies/ “To simply put into perspective i.e you can earn by just holding many POS cryptocurrencies.” |
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“There is no expectation a particular token is going to generate returns through some value added process while you hold it.” https://coinsutra.com/proof-of-stake-cryptocurrencies/ “To simply put into perspective i.e you can earn by just holding many POS cryptocurrencies.” Quoted:
Quoted:
Quoted:
Quoted:
Quoted:
Quoted: Welcome to cryptocurrency, the stock market and capitalism in general. Quoted:
Every profit dollar made trading bitcoin is a dollar that somebody else lost on bitcoin. All you're doing is gambling that you'll be the former, and the longer you've got it the more likely you'll be the latter. That's not just trading dollars from one person to the other. It is theoretically possible to make money in the market with no loser to offset your gains. As a thought excersize, say that you bought $1000 worth of a stock in a mature company that is profitable and distributes those profits in the form of dividends. You could collect those dividends your entire life without ever having a trading counterparty send you a dime from a stock sale. There is no loser required for you to realize that gain. The speculative aspect of stocks, which is based on finding other people to pay more than you paid, is not the fundental role of the market. It's a byproduct of the fundamental role of the stock market which is to capitalize companies for the purpose of combining material, people, and equipment in a process which develops profits for the investors. Crypto markets on the other hand are entirely based on finding "greater fools". There is no expectation a particular token is going to generate returns through some value added process while you hold it. Knowing the difference is a key piece of knowledge that would make you not only a better investor in stocks and bonds but also a better speculator at things like precious metals and crypto currency. If you don't even know how things work and why the exist in the first place then you are going in blind. https://coinsutra.com/proof-of-stake-cryptocurrencies/ “To simply put into perspective i.e you can earn by just holding many POS cryptocurrencies.” 
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“There is no expectation a particular token is going to generate returns through some value added process while you hold it.” https://coinsutra.com/proof-of-stake-cryptocurrencies/ “To simply put into perspective i.e you can earn by just holding many POS cryptocurrencies.” Quoted:
Quoted:
Quoted:
Quoted:
Quoted:
Quoted: Welcome to cryptocurrency, the stock market and capitalism in general. Quoted:
Every profit dollar made trading bitcoin is a dollar that somebody else lost on bitcoin. All you're doing is gambling that you'll be the former, and the longer you've got it the more likely you'll be the latter. That's not just trading dollars from one person to the other. It is theoretically possible to make money in the market with no loser to offset your gains. As a thought excersize, say that you bought $1000 worth of a stock in a mature company that is profitable and distributes those profits in the form of dividends. You could collect those dividends your entire life without ever having a trading counterparty send you a dime from a stock sale. There is no loser required for you to realize that gain. The speculative aspect of stocks, which is based on finding other people to pay more than you paid, is not the fundental role of the market. It's a byproduct of the fundamental role of the stock market which is to capitalize companies for the purpose of combining material, people, and equipment in a process which develops profits for the investors. Crypto markets on the other hand are entirely based on finding "greater fools". There is no expectation a particular token is going to generate returns through some value added process while you hold it. Knowing the difference is a key piece of knowledge that would make you not only a better investor in stocks and bonds but also a better speculator at things like precious metals and crypto currency. If you don't even know how things work and why the exist in the first place then you are going in blind. https://coinsutra.com/proof-of-stake-cryptocurrencies/ “To simply put into perspective i.e you can earn by just holding many POS cryptocurrencies.” All I would have had to do is add "Generally" to the front of my statement in order to be more precisely correct. |
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Have any of you ever actually bought anything with your coins? Not yet. Should we give it time to get to the point where it is more widely accepted before we judge it honestly, or quit before it even has a chance to develop that far? That is the point, right? Yes, the point is for it to be used as a currency, but everyone already knows it’s not yet practical due to the limited places it is accepted as a form of payment. More places are accepting crypto currencies as a form of payment as time goes on. It is very likely be more mainstream in the future. |
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Quoted: The part you are missing is the value creation aspect of the underlying companies represented by stocks. Raw material, people, equipment and process are combined to produce products that have more value than the sum of all input parts. Wealth is created in the most literal and tangible sense. That creation of wealth is reflected back to the investor in terms of appreciation or yields. That's not just trading dollars from one person to the other. It is theoretically possible to make money in the market with no loser to offset your gains. As a thought excersize, say that you bought $1000 worth of a stock in a mature company that is profitable and distributes those profits in the form of dividends. You could collect those dividends your entire life without ever having a trading counterparty send you a dime from a stock sale. There is no loser required for you to realize that gain. The speculative aspect of stocks, which is based on finding other people to pay more than you paid, is not the fundental role of the market. It's a byproduct of the fundamental role of the stock market which is to capitalize companies for the purpose of combining material, people, and equipment in a process which develops profits for the investors. Crypto markets on the other hand are entirely based on finding "greater fools". There is no expectation a particular token is going to generate returns through some value added process while you hold it. Knowing the difference is a key piece of knowledge that would make you not only a better investor in stocks and bonds but also a better speculator at things like precious metals and crypto currency. If you don't even know how things work and why the exist in the first place then you are going in blind. though it think buying bitcon is simply idiotic, i will put out one contrarian bit of comparison. if you buy an andy warhol printing (not sure what you call those things because many of them were 'printed' from a process) you are buying something that has no value other that its perceived rarity. this is one argument i hear about bitcoin.. there will never be more than x bitcoins, therefore you are buying something that is scarce and will increase in price due to its inherent finite number. i think this is false reasoning because despite is builtin limitation, it has no other quality other that its enforced rarity. at least with art, someone can value its esthetics and then sell the item based on its rarity and esthetics. bitcoin's only quality is its finite number. bitcoin mania is very similar to the dotcom mania of the 90s. being involved with dotcom companies during that time, the general public's fascination with anything internet is similar to the fascination with 'blockchain tech' that is technology that bitcon is based on. as i've said before blockchain tech is going to make some folks very rich, but not necessarily with crypto currency. think of blockchains as ledgers in which anything can be stored and accessed and absolutely verified with unique keys. bills of sale, titles to automobiles, ownership of real estate, any information that has value as being unique and having an owner and such information stored in a publicly accessible datastore with absolute certainty. |
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Time to update the title, it's crashing again. BTC right now seems like playing 'hot potato' with a hand grenade I do not even own it and just started tracking its rise / fall regularly over the past week or 2 and it's mind boggling. |
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Quoted: Yea I just saw it sitting at $7990 a second ago BTC right now seems like playing 'hot potato' with a hand grenade I do not even own it and just started tracking its rise / fall regularly over the past week or 2 and it's mind boggling. |
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Quoted: It’s been going down steadily since December 17th. I really feel sorry for anyone who lost a bunch of money in this, that's gotta suck the big one. For those who made a bunch and got out ... tip of the cap to ya' and your good fortune |
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I purchased a Pelican 80QT ($500) and a Dewalt DCF899 1/2” impact driver w/ two 5 Ah batteries ($350). The above cost me about $10 invested in Bitcoin. Quoted:
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Have any of you ever actually bought anything with your coins? That is the point, right? The above cost me about $10 invested in Bitcoin. This is because the baseline currency of the transaction is based on dollar value, not bitcoin. You didn't buy anything with your bitcoin, you bought it using the perceived dollar value. You could have exchanged the goods for magic beans if you had been able to convince the vendor that the beans had a dollar value. Either way - well done to you. You scored a great return on your initial investment. Would you get the same for it now? |
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Quoted: Yet you still quote in dollars. This is because the baseline currency of the transaction is based on dollar value, not bitcoin. You didn't buy anything with your bitcoin, you bought it using the perceived dollar value. You could have exchanged the goods for magic beans if you had been able to convince the vendor that the beans had a dollar value. Either way - well done to you. You scored a great return on your initial investment. Would you get the same for it now? I also am fully comfortable with BTC dropping down to zero. I placed play money in initially and it has done well. I think $10-20K USD of BTC today could very well be worth $1 mil+ in the not so distant future. |
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It always does in the long run. One way or another the gravity of fundamentals will win. Quoted:
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Quoted: Except it's not. People don't buy and sell stocks based purely on a speculation about the price of the stock the next day. Idiots and day-traders do, but that's about it. Stocks are bought and sold PRIMARILY based on the underlying financials of the stock itself. Bitcoin has none of that. No balance sheet, no dividends, no income statements, no cash on hand, no assets, no stock buybacks. It's not even an "investment" in the technology, because ownership of the coin doesn't confer any rights what so ever to the technology. When the stock market is in it's most broken and dysfunctional state, it acts like bitcoin; and that should be your first clue.
Fundamental trading has been kicked to the curb in favor of TA and algorithms. I wish the market still traded on fundamentals. If the market reflected fundamentals, I’d be posting this from my 700ft yacht. I’m not 
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Quoted: Yet you still quote in dollars. This is because the baseline currency of the transaction is based on dollar value, not bitcoin. You didn't buy anything with your bitcoin, you bought it using the perceived dollar value. You could have exchanged the goods for magic beans if you had been able to convince the vendor that the beans had a dollar value. Either way - well done to you. You scored a great return on your initial investment. Would you get the same for it now? It's tulip bulbs.... I mean bitcoin. It will certainly rise to $1mil very soon. |
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I quoted in dollars so those not in the know would have a relative feel for $$$ in vs. real tangible products to my door out. As for getting the same for it now. No, I would get more. I purchased those items when Bitcoin was at ~$5000.00. I also am fully comfortable with BTC dropping down to zero. I placed play money in initially and it has done well. I think $10-20K USD of BTC toyay could very well be worth $1 mil+ in the not so distant future. Quoted:
Quoted: Yet you still quote in dollars. This is because the baseline currency of the transaction is based on dollar value, not bitcoin. You didn't buy anything with your bitcoin, you bought it using the perceived dollar value. You could have exchanged the goods for magic beans if you had been able to convince the vendor that the beans had a dollar value. Either way - well done to you. You scored a great return on your initial investment. Would you get the same for it now? I also am fully comfortable with BTC dropping down to zero. I placed play money in initially and it has done well. I think $10-20K USD of BTC toyay could very well be worth $1 mil+ in the not so distant future. Totally get the tangible product at the door and you got a great deal. You did well. But you didn't buy them with bitcoins. You bought them with what amounts to an unsecured version of a promissory note in the form of computer code called bitcoin, which had a perceived dollar value. The dollar is the operative instrument. Both you and the vendor would have considered the dollar value of the transaction first, using the media of bitcoin to complete the transaction. It's swapping of a commodity in the same way that as kids we used to swap collectible sports cards - we didn't convert them to cash first and then do a currency transaction. We swapped the commodity (essentially pieces of card with pictures on them) on the basis of a perceived value. Good luck to you. You'll get no criticism from me if you can make it work for you, which you clearly have. I would, however, disagree that it displays any of the characteristics of a viable currency. |
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# Name Symbol Market Cap Price Circulating Supply Volume 1h % 24h % 7d%
1 Bitcoin BTC $140,448,114,416 $8,337.21 16,845,937 $7,129,950,000 -0.35% -8.41% -28.66% 2 Ethereum ETH $81,969,878,036 $841.45 97,415,263 $3,027,250,000 -0.39% -11.99% -31.62% 3 Ripple XRP $32,316,989,815 $0.828445 39,009,215,838 * $1,207,400,000 -1.37% -9.08% -39.22% 4 Bitcoin Cash BCH $19,777,447,622 $1,166.83 16,949,725 $659,443,000 -0.11% -7.76% -32.37% 5 Cardano ADA $10,116,509,580 $0.390191 25,927,070,538 * $834,639,000 -2.09% -9.75% -40.64% 6 Litecoin LTC $8,242,302,406 $149.67 55,071,308 $1,009,330,000 -0.72% -5.82% -21.09% 7 Stellar XLM $7,096,544,489 $0.384924 18,436,222,448 * $232,218,000 -1.28% -10.21% -38.37% 8 NEO NEO $7,048,665,000 $108.44 65,000,000 * $205,384,000 -0.82% -10.39% -29.81% 9 EOS EOS $5,628,808,239 $8.69 647,596,109 * $596,878,000 -1.43% -10.70% -40.99% 10 NEM XEM $5,009,552,999 $0.556617 8,999,999,999 * $41,893,000 -0.98% -10.41% -44.59% |
 The bitcoin : bubble |
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Quoted: Yea I know about its crash fall from the $20K zone back mid Dec I really feel sorry for anyone who lost a bunch of money in this, that's gotta suck the big one. For those who made a bunch and got out ... tip of the cap to ya' and your good fortune I believe crypto, most likely bitcoin, will go up again but it may take some time and theres no point in losing money investment wise. |
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this is the 'truth' about bitcoin in a nutshell. its not i different than buying postal money orders. you are paying dollars for a type of 'currency'. though it think buying bitcon is simply idiotic, i will put out one contrarian bit of comparison. if you buy an andy warhol printing (not sure what you call those things because many of them were 'printed' from a process) you are buying something that has no value other that its perceived rarity. this is one argument i hear about bitcoin.. there will never be more than x bitcoins, therefore you are buying something that is scarce and will increase in price due to its inherent finite number. i think this is false reasoning because despite is builtin limitation, it has no other quality other that its enforced rarity. at least with art, someone can value its esthetics and then sell the item based on its rarity and esthetics. bitcoin's only quality is its finite number. bitcoin mania is very similar to the dotcom mania of the 90s. being involved with dotcom companies during that time, the general public's fascination with anything internet is similar to the fascination with 'blockchain tech' that is technology that bitcon is based on. as i've said before blockchain tech is going to make some folks very rich, but not necessarily with crypto currency. think of blockchains as ledgers in which anything can be stored and accessed and absolutely verified with unique keys. bills of sale, titles to automobiles, ownership of real estate, any information that has value as being unique and having an owner and such information stored in a publicly accessible datastore with absolute certainty. Quoted:
Quoted: The part you are missing is the value creation aspect of the underlying companies represented by stocks. Raw material, people, equipment and process are combined to produce products that have more value than the sum of all input parts. Wealth is created in the most literal and tangible sense. That creation of wealth is reflected back to the investor in terms of appreciation or yields. That's not just trading dollars from one person to the other. It is theoretically possible to make money in the market with no loser to offset your gains. As a thought excersize, say that you bought $1000 worth of a stock in a mature company that is profitable and distributes those profits in the form of dividends. You could collect those dividends your entire life without ever having a trading counterparty send you a dime from a stock sale. There is no loser required for you to realize that gain. The speculative aspect of stocks, which is based on finding other people to pay more than you paid, is not the fundental role of the market. It's a byproduct of the fundamental role of the stock market which is to capitalize companies for the purpose of combining material, people, and equipment in a process which develops profits for the investors. Crypto markets on the other hand are entirely based on finding "greater fools". There is no expectation a particular token is going to generate returns through some value added process while you hold it. Knowing the difference is a key piece of knowledge that would make you not only a better investor in stocks and bonds but also a better speculator at things like precious metals and crypto currency. If you don't even know how things work and why the exist in the first place then you are going in blind. though it think buying bitcon is simply idiotic, i will put out one contrarian bit of comparison. if you buy an andy warhol printing (not sure what you call those things because many of them were 'printed' from a process) you are buying something that has no value other that its perceived rarity. this is one argument i hear about bitcoin.. there will never be more than x bitcoins, therefore you are buying something that is scarce and will increase in price due to its inherent finite number. i think this is false reasoning because despite is builtin limitation, it has no other quality other that its enforced rarity. at least with art, someone can value its esthetics and then sell the item based on its rarity and esthetics. bitcoin's only quality is its finite number. bitcoin mania is very similar to the dotcom mania of the 90s. being involved with dotcom companies during that time, the general public's fascination with anything internet is similar to the fascination with 'blockchain tech' that is technology that bitcon is based on. as i've said before blockchain tech is going to make some folks very rich, but not necessarily with crypto currency. think of blockchains as ledgers in which anything can be stored and accessed and absolutely verified with unique keys. bills of sale, titles to automobiles, ownership of real estate, any information that has value as being unique and having an owner and such information stored in a publicly accessible datastore with absolute certainty. |
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Quoted:
Fundamental trading has been kicked to the curb in favor of TA and algorithms. I wish the market still traded on fundamentals. Quoted:
Quoted: Except it's not. People don't buy and sell stocks based purely on a speculation about the price of the stock the next day. Idiots and day-traders do, but that's about it. Stocks are bought and sold PRIMARILY based on the underlying financials of the stock itself. Bitcoin has none of that. No balance sheet, no dividends, no income statements, no cash on hand, no assets, no stock buybacks. It's not even an "investment" in the technology, because ownership of the coin doesn't confer any rights what so ever to the technology. When the stock market is in it's most broken and dysfunctional state, it acts like bitcoin; and that should be your first clue.
Fundamental trading has been kicked to the curb in favor of TA and algorithms. I wish the market still traded on fundamentals. |
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Oddly enough, for all the comments about cryptocurrency being made from nothing, the fact is that the processor work function and conversion of electrical power to heat in the process of moving electrons around on semiconductors represents more real "work" in the true sense of the word than the amount of work done when the federal reserve issues another billion dollars into the economy. It's literally writing a (digital) check that is issued to the banks. Since the federal reserve is the issuing authority, it's worth the amount of the draft. And no mining and consumption of many kilowatt-hours of electricity were required to do it.
So, it's quite possible to argue that a bitcoin represents more real work done than our own dollar does. The banks of course hate cryptocurrency. They can't control it so they want to kill it. It really is that simple. It's competition. |
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We are getting to the point of a death spiral.
If this keeps up it will be all over but the shouting (and fraud investigations, class action lawsuits etc). Really disappointing to see my money evaporate but I knew the risks and accepted that I would either make a lot of money or never see my initial investment ever again. I saw this coming a few weeks ago, even mentioned it in the larger crypto thread. Would have made a tidy profit if I had sold then. Oh well, plan is to hodl for the next 11 months or so. Will sell then (if there is anything left to sell or even exchanges to sell it on). |
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We are getting to the point of a death spiral. If this keeps up it will be all over but the shouting (and fraud investigations, class action lawsuits etc). Really disappointing to see my money evaporate but I knew the risks and accepted that I would either make a lot of money or never see my initial investment ever again. I saw this coming a few weeks ago, even mentioned it in the larger crypto thread. Would have made a tidy profit if I had sold then. Oh well, plan is to hodl for the next 11 months or so. Will sell then (if there is anything left to sell or even exchanges to sell it on). I'm not encouraging anybody to try to time the market or day trade it - but there's an awful lot of captains who seem determined to go down with the ship for no apparent reason, except so they can post HODL memes on the internet. |
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Oddly enough, for all the comments about cryptocurrency being made from nothing, the fact is that the processor work function and conversion of electrical power to heat in the process of moving electrons around on semiconductors represents more real "work" in the true sense of the word than the amount of work done when the federal reserve issues another billion dollars into the economy. It's literally writing a (digital) check that is issued to the banks. Since the federal reserve is the issuing authority, it's worth the amount of the draft. And no mining and consumption of many kilowatt-hours of electricity were required to do it. So, it's quite possible to argue that a bitcoin represents more real work done than our own dollar does. |