@WCC said:
Yes, because we are in mania, not due to any other reason. Only in mania would hardy anyone believe what you just wrote.
It's nothing. It's only worth anything due to the mania we've been in for years. At the peak within the last year, all crypto was valued at roughly $4T which is more than the stock markets of France, the UK, and Germany. This is absolutely insane, completely delusional, for something which effectively has almost no utility and no intrinsic value whatsoever.
Crypto right now is in a Bear market as most of the lower tier coins have crashed, never to return. That is where the mania was. However, in the top 6 coins it is not mania (5 if you throw out Bitcoin). There is billions of dollars in transactions done ever day through the crypto rails and it is only beginning. One of the crypto blockchains is very profitable already, and buys back its own tokens.
Just remember what you claimed five years from now. You could have become wealthy by learning more about it.
I'm not a speculator like many others, that's why I do not buy what others do. This isn't investing.
As for mania, if you do not recognize that BTC and the other "coins" you're implying are in a mania, you don't know what a mania is. I just told you that crypto collectively was worth more than the stock markets of the UK, France, or Germany at the peak, and BTC alone was worth only somewhat less than Germany's. This is a complete absurdity. A 50% loss for BTC from the peak doesn't change this assessment.
There are no "fundamentals" supporting these prices. It's a complete bag of hot air. The billions of dollars of transactions you write of are literally almost entirely for speculation, not for any actual economic reason. These "coins" aren't real currencies and have virtually no actual economic purpose either. Whatever economic utility these "coins" actually have is completely disproportionate to the market price.
Crypto is nothing more than a pyramid scheme also known as a Ponzi scheme. Those who got in early and got out near the peak made a lot of money. Everyone else lost money. It's definitely not a good long-term investment and will be nothing more than a foot note in future economics textbook.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
@PerryHall said:
Crypto is nothing more than a pyramid scheme also known as a Ponzi scheme. Those who got in early and got out near the peak made a lot of money. Everyone else lost money. It's definitely not a good long-term investment and will be nothing more than a foot note in future economics textbook.
Looks to me like $120 gutter was the ponzi scheme. Well that, beanie babies, and pokemon cards. RGDS!
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
Wooooha! Did someone just say it's officially "TACO™" Tuesday????
Retiring at 55, what day is today?
@WCC said:
I'm not a speculator like many others, that's why I do not buy what others do. This isn't investing.
As for mania, if you do not recognize that BTC and the other "coins" you're implying are in a mania, you don't know what a mania is. I just told you that crypto collectively was worth more than the stock markets of the UK, France, or Germany at the peak, and BTC alone was worth only somewhat less than Germany's. This is a complete absurdity. A 50% loss for BTC from the peak doesn't change this assessment.
There are no "fundamentals" supporting these prices. It's a complete bag of hot air. The billions of dollars of transactions you write of are literally almost entirely for speculation, not for any actual economic reason. These "coins" aren't real currencies and have virtually no actual economic purpose either. Whatever economic utility these "coins" actually have is completely disproportionate to the market price.
25 years ago they said the internet was a mania, yet here we are all using it today. The same is happening with crypto whether you like it or not.
Is there a lot of scam in crypto? Yes. Are there many bad actors in crypto? Yes. But that will not change the outcome, because it is already being adopted in a big way. Large banks already use crypto to do large transactions ever day.
They are already trading commodities on crypto. Yes it is not the same as owning physical, but it is fast money that goes in and out. They are using crypto for perpetuals and outcome based events. It is only the beginning.
Just like it was with the internet 25 years ago.
With your thinking we would still be using buggy whips and horses. Automobiles were a scam and a mania 100 years ago.
25 years ago they said the internet was a mania, yet here we are all using it today. The same is happening with crypto whether you like it or not.
Has nothing to do with whether I like it or not. None of posts I write having anything to do with whether I like anything, including all the NCLT you are financially promoting on the US coin forum.
There is no value proposition at current prices, or anywhere near it. That's what I am telling you and that's what matters for those who believe in "fundaments". It's a complete bag of hot air. The "value" is entirely based upon speculation which is why I told you it's a mania. If BTC or any other crypto lost 99%+ of its value, it would still be "overvalued" because the price has nothing to do with the supposed utility.
And not just any mania, the greatest mania in history. This mania isn't limited to "crypto", or segments of the (US) stock market, or to select housing markets. It's infected the entire financial system and every major economy.
They are already trading commodities on crypto. Yes it is not the same as owning physical, but it is fast money that goes in and out. They are using crypto for perpetuals and outcome based events. It is only the beginning.
They are already trading commodities on crypto. Yes it is not the same as owning physical, but it is fast money that goes in and out. They are using crypto for perpetuals and outcome based events. It is only the beginning.
This is all speculation.
Why is the head of the us commodities exchange trying to move onto crypto rails if it all a scam?
Because it isn't.
Like I said it is the internet 25 years ago. You will only be brought onboard kicking and screaming though.
Crypto is a world currency, the entire amount. You compared to small countries, but crypto is much bigger than that. Anyone can be anywhere in the world and use its decentralized rails.
It is unfortunate that so many bad actors have given it a bad name. People are correct in being cautious. However the rails themselves are being built and the future of finance is crypto rails.
You are also wrong that there are no fundamentals. Just a few coins do have fundamentals, and the rest are pure speculation. But the few will probably win out just like what happened with the internet.
I will not convince you otherwise though, and won't try. The stablecoin market alone though is over 650 billion dollars right now. That is not a scam, believe it or not. Crypto is 24 hours a day available, unlike traditional banking and trading. That is the bottom line key.
Crypto banks are open 24/7/365.
Now , if there were anyone who would use it to buy goldbacks, silver, or fresh farm eggs, I might be a better proponent. As it were, like gold…. It just sits there.
Comments
I'm not a speculator like many others, that's why I do not buy what others do. This isn't investing.
As for mania, if you do not recognize that BTC and the other "coins" you're implying are in a mania, you don't know what a mania is. I just told you that crypto collectively was worth more than the stock markets of the UK, France, or Germany at the peak, and BTC alone was worth only somewhat less than Germany's. This is a complete absurdity. A 50% loss for BTC from the peak doesn't change this assessment.
There are no "fundamentals" supporting these prices. It's a complete bag of hot air. The billions of dollars of transactions you write of are literally almost entirely for speculation, not for any actual economic reason. These "coins" aren't real currencies and have virtually no actual economic purpose either. Whatever economic utility these "coins" actually have is completely disproportionate to the market price.
Crypto is nothing more than a pyramid scheme also known as a Ponzi scheme. Those who got in early and got out near the peak made a lot of money. Everyone else lost money. It's definitely not a good long-term investment and will be nothing more than a foot note in future economics textbook.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
Looks to me like $120 gutter was the ponzi scheme. Well that, beanie babies, and pokemon cards.
RGDS!
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
Wooooha! Did someone just say it's officially "TACO™" Tuesday????
Retiring at 55, what day is today?
I would say a good % of board members here are in at less than $15 oz. Maybe $35-40 tops the rest.
That's some Ponzi scheme.
Awww shucks, blitz with another comment that crashed and burned in minutes lolz.
COPPER is gutter !
25 years ago they said the internet was a mania, yet here we are all using it today. The same is happening with crypto whether you like it or not.
Is there a lot of scam in crypto? Yes. Are there many bad actors in crypto? Yes. But that will not change the outcome, because it is already being adopted in a big way. Large banks already use crypto to do large transactions ever day.
They are already trading commodities on crypto. Yes it is not the same as owning physical, but it is fast money that goes in and out. They are using crypto for perpetuals and outcome based events. It is only the beginning.
Just like it was with the internet 25 years ago.
With your thinking we would still be using buggy whips and horses. Automobiles were a scam and a mania 100 years ago.
Has nothing to do with whether I like it or not. None of posts I write having anything to do with whether I like anything, including all the NCLT you are financially promoting on the US coin forum.
There is no value proposition at current prices, or anywhere near it. That's what I am telling you and that's what matters for those who believe in "fundaments". It's a complete bag of hot air. The "value" is entirely based upon speculation which is why I told you it's a mania. If BTC or any other crypto lost 99%+ of its value, it would still be "overvalued" because the price has nothing to do with the supposed utility.
And not just any mania, the greatest mania in history. This mania isn't limited to "crypto", or segments of the (US) stock market, or to select housing markets. It's infected the entire financial system and every major economy.
This is all speculation.
There is no comparability between crypto and the internet. Any such comparison is a joke
.> @HalfDime said:
This statement is a complete farce.
Why is the head of the us commodities exchange trying to move onto crypto rails if it all a scam?
Because it isn't.
Like I said it is the internet 25 years ago. You will only be brought onboard kicking and screaming though.
Crypto is a world currency, the entire amount. You compared to small countries, but crypto is much bigger than that. Anyone can be anywhere in the world and use its decentralized rails.
It is unfortunate that so many bad actors have given it a bad name. People are correct in being cautious. However the rails themselves are being built and the future of finance is crypto rails.
You are also wrong that there are no fundamentals. Just a few coins do have fundamentals, and the rest are pure speculation. But the few will probably win out just like what happened with the internet.
I will not convince you otherwise though, and won't try. The stablecoin market alone though is over 650 billion dollars right now. That is not a scam, believe it or not. Crypto is 24 hours a day available, unlike traditional banking and trading. That is the bottom line key.
Crypto banks are open 24/7/365.
Now , if there were anyone who would use it to buy goldbacks, silver, or fresh farm eggs, I might be a better proponent. As it were, like gold…. It just sits there.
``https://ebay.us/m/KxolR5
Fiat is supposedly backed by the full faith & credit of the US Govt. The US Govt is worse than bankrupt.
Compare to crypto. Crypto isn't backed by anything other than what the greater fool will accept.
Gold & silver aren't backed by anything either, but they are physical and real.
Pick your poison. Given a choice, I'll take gold & silver.
I knew it would happen.
The mania of which you speak was about internet related equites, not the internet itself.
Knowledge is the enemy of fear