@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.
@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!
You know what's wild is I've known people who have made money on each one of them.
I knew a guy that had an auto shop.
One day a box truck broke down in front of his shop that was filled with Mesquite charcoal briquettes.
The truck was going to cost too much money to fix quick and the person who contracted the load wanted to liquidate the contents.
This guy brokered a deal with the contractor to liquidate the load at $0.10 (Ten Cents) on the dollar, cut a little bit out for the guy who owned the truck and sold the Mesquite charcoal briquettes the a camp ground.
There was enough money made to fix the guys truck and still make $5,000 without him even having to do any labor.
I would not buy crypto. I'm sorry I missed the boat on crypto but that's life sometimes. Gold is dropping but still worth having There are a few risky stocks if you like the same gamble as crypto.
"May the silver waves that bear you heavenward be filled with love’s whisperings"
"A dog breaks your heart only one time and that is when they pass on". Unknown
@stevek said:
I don't see what's holding Bitcoin up above 60k.
Then again, I thought it was overpriced at 1k. LOL
I though bitcoin was overpriced at a dollar.
I've been in the world of business for a long time, and still am. Over the years dealing with many thousands of customers. I have never once had a customer ask about or wanting to pay in crypto.
Perhaps some industries use it a lot, I really don't know, but I've never seen it.
The disturbing thing about Bitcoin, in particular with trading it, is there are literally hundreds, might be in the thousands now, of other crypto currencies. I realize Bitcoin is the "gold standard", so to speak. But I see no infallible reason why it should always remain that way. No predictions, but if people one day change their perspective of Bitcoin as the gold standard, I sure wouldn't want to be heavily invested in it.
My problem with even the established crypto currencies that the structure of ownership is very obscure. So a major part of the coins could be in the (untegulated) hands of just a very few people who can and will influence the price drastically.
Also there are more and more regulations, restrictions and taxes by governments and (central-)banks about buying, holding and selling crypto assets in major parts of the world, wich makes it neiter as profitable nor as anonymeous as it once was.
BitCoin looks headed down to 50,000 to key horizontal support and the downtrend line. After that, who knows?
If silver can correct from $115 to $55. Why not BC from $125K to $50K? Within 5-10 yrs Bitcoin and all other
crypto's of value will be gobbled up by Govt's....or just forced to die off. Govt's shifting to digitial currencies
are not going to allow BitCoin and other crypto's to compete with them. The original lure of crypto's was being
able to hide one's transactions. That's not the case anymore. In the near future all financial transactions will be
fully transparent and tracked.
As a means of financial privacy and mobility, yes, it may be a good idea for some people to own crypto. But I would strongly prefer stablecoins with backing to unbacked fantasy crypto like Bitcoin. Yes, I understand that that means walking about from the potential for capital appreciation, but I’m completely OK with that.
Andy Lustig
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
BitCoin looks headed down to 50,000 to key horizontal support and the downtrend line. After that, who knows?
If silver can correct from $115 to $55. Why not BC from $125K to $50K? Within 5-10 yrs Bitcoin and all other
crypto's of value will be gobbled up by Govt's....or just forced to die off. Govt's shifting to digitial currencies
are not going to allow BitCoin and other crypto's to compete with them. The original lure of crypto's was being
able to hide one's transactions. That's not the case anymore. In the near future all financial transactions will be
fully transparent and tracked.
Traders who are buying Bitcoin considering what you mentioned, along with an ominous price chart, have more stones than I'll ever have.
Of course fortunes have been made when whatever it is, appears ready to collapse, but it doesn't, and shoots right back up again. I'll be surprised if Bitcoin goes back up again. However the surprise wouldn't be overwhelming. In any event, either way, I'm not trading Bitcoin.
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
You know what's wild is I've known people who have made money on each one of them.
I knew a guy that had an auto shop.
One day a box truck broke down in front of his shop that was filled with Mesquite charcoal briquettes.
The truck was going to cost too much money to fix quick and the person who contracted the load wanted to liquidate the contents.
This guy brokered a deal with the contractor to liquidate the load at $0.10 (Ten Cents) on the dollar, cut a little bit out for the guy who owned the truck and sold the Mesquite charcoal briquettes the a camp ground.
There was enough money made to fix the guys truck and still make $5,000 without him even having to do any labor.
I would not buy crypto. I'm sorry I missed the boat on crypto but that's life sometimes. Gold is dropping but still worth having There are a few risky stocks if you like the same gamble as crypto.
"A dog breaks your heart only one time and that is when they pass on". Unknown
I don't see what's holding Bitcoin up above 60k.
Then again, I thought it was overpriced at 1k. LOL
Bitcoin USD
59,648.66
-2,622.76 -4.21%
Uh oh. Tulips here we come?
I though bitcoin was overpriced at a dollar.
COPPER is gutter !
I've been in the world of business for a long time, and still am. Over the years dealing with many thousands of customers. I have never once had a customer ask about or wanting to pay in crypto.
Perhaps some industries use it a lot, I really don't know, but I've never seen it.
The disturbing thing about Bitcoin, in particular with trading it, is there are literally hundreds, might be in the thousands now, of other crypto currencies. I realize Bitcoin is the "gold standard", so to speak. But I see no infallible reason why it should always remain that way. No predictions, but if people one day change their perspective of Bitcoin as the gold standard, I sure wouldn't want to be heavily invested in it.
My problem with even the established crypto currencies that the structure of ownership is very obscure. So a major part of the coins could be in the (untegulated) hands of just a very few people who can and will influence the price drastically.
Also there are more and more regulations, restrictions and taxes by governments and (central-)banks about buying, holding and selling crypto assets in major parts of the world, wich makes it neiter as profitable nor as anonymeous as it once was.
BitCoin looks headed down to 50,000 to key horizontal support and the downtrend line. After that, who knows?
If silver can correct from $115 to $55. Why not BC from $125K to $50K? Within 5-10 yrs Bitcoin and all other
crypto's of value will be gobbled up by Govt's....or just forced to die off. Govt's shifting to digitial currencies
are not going to allow BitCoin and other crypto's to compete with them. The original lure of crypto's was being
able to hide one's transactions. That's not the case anymore. In the near future all financial transactions will be
fully transparent and tracked.
As a means of financial privacy and mobility, yes, it may be a good idea for some people to own crypto. But I would strongly prefer stablecoins with backing to unbacked fantasy crypto like Bitcoin. Yes, I understand that that means walking about from the potential for capital appreciation, but I’m completely OK with that.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
Traders who are buying Bitcoin considering what you mentioned, along with an ominous price chart, have more stones than I'll ever have.
Of course fortunes have been made when whatever it is, appears ready to collapse, but it doesn't, and shoots right back up again. I'll be surprised if Bitcoin goes back up again. However the surprise wouldn't be overwhelming. In any event, either way, I'm not trading Bitcoin.
lolzz
COPPER is gutter !
