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11200 now, blink and it could be back to 15000 LOL! Bitcoin is essentially worthless in my opinion except as a speculative instrument.
I recall someone comparing Bitcoin and chocolate coins... the guy said at least with chocolate coins it has some inherent value because you can eat it. LOL! With Bitcoin it's value is purely speculative because it does not produce even $0.00001 of value. It's truly worthless.
- Has no trust (the users of Bitcoin could simply migrate to Kryptocoin, Vulcancoin, Varnishcoin or any of the other crappy alternatives or the network could simply wind down with zero assurances from any major entity like the $19 Trillion United States of America that it will stay intact)
- Has no backing (the people who code and maintain the network could dissolve, breakup, have disagreements, ruin the software etc. etc.)
- Can easily be regulated to zero by any government that purely gets annoyed by it's mania, since Bitcoin's central concept is decentralization, regulation by it's very definition makes bitcoin worth exactly zero. Already happening in South Korea. China next. United States perhaps ultimately.
- Is useless as a store of value which ironically is it's selling point. Worth $19,000 at one point, $9000 the next, LMAO! It is the worst store of value that exists.
Further heated discussion ensued which CNBC has cut. Dan Nathan - one of the regular traders, not a true believer but also not a complete naysayer who believes crypto has its place (for now) literally told Ross to p*ss off - on the air. Very uncomfortable moment. Ross is an intelligent analyst - I thought Nathan was out of line.
11200 now, blink and it could be back to 15000 LOL! Bitcoin is essentially worthless in my opinion except as a speculative instrument.
I recall someone comparing Bitcoin and chocolate coins... the guy said at least with chocolate coins it has some inherent value because you can eat it. LOL! With Bitcoin it's value is purely speculative because it does not produce even $0.00001 of value. It's truly worthless.
- Has no trust (the users of Bitcoin could simply migrate to Kryptocoin, Vulcancoin, Varnishcoin or any of the other crappy alternatives or the network could simply wind down with zero assurances from any major entity like the $19 Trillion United States of America that it will stay intact)
- Has no backing (the people who code and maintain the network could dissolve, breakup, have disagreements, ruin the software etc. etc.)
- Can easily be regulated to zero by any government that purely gets annoyed by it's mania, since Bitcoin's central concept is decentralization, regulation by it's very definition makes bitcoin worth exactly zero. Already happening in South Korea. China next. United States perhaps ultimately.
- Is useless as a store of value which ironically is it's selling point. Worth $19,000 at one point, $9000 the next, LMAO! It is the worst store of value that exists.
Yep, bitcoin is purely speculative.
C/D bitcoin cheerleaders coming to the defensive in 3...2....1...
Further heated discussion ensued which CNBC has cut. Dan Nathan - one of the regular traders, not a true believer but also not a complete naysayer who believes crypto has its place (for now) literally told Ross to p*ss off - on the air. Very uncomfortable moment. Ross is an intelligent analyst - I thought Nathan was out of line.
LOL - depend on trusty youtube for the rest of the story, here:
Ross's point was market is doing so well everywhere there are better places for your money. Dan is saying too many smart people fascinated by blockchain that it shouldn't be dismissed. I don't think Ross was saying that, really, but this didn't end well.
All the crypto currencies will be worth $0 before you know it.
Blockchain technology is interesting, but Crypto currencies are a scam waiting to implode. Talk about a Ponzi scheme.
It is true that there are many scams, but it is NOT a Ponzi scheme.
That is something completely different.
Wish people would stop using that term.
By the way, WHY ARE YOU MAD? Who cares that people have been making BIG TYME gains? Why don't you stop being mad, and hop on. Just know that there is a lot of risk.
I also wouldn't buy at this moment. Lots of dumb algos out there in addition to what I've already said. I hope to make money off of some some these dumb algos, but we shall see.
Anyone who's not brand new to Bitcoin and crypto is still up HUGE. Also anyone who's taken gains along the way is just primed to buy back in and see another 40% run. You do realize 5 times in the past year we've seen a 30% plus pullback and come back everytime.
The Who cares attitude is misplaced. The volatility is a big deal no matter what your profit or loss might be. The lack of stability is something that is holding the cryptos back from a higher adoption rate
Problem is people who are new to crypto use CNBC as their only source of information without understanding that Wall street and US dont really drive these markets atleast for now. There is a historic pattern which repeats itself every yr around this time of the year before chinese new yr. So yes just like the gains in crypto are 1000% its normal for it to go down 50% or so. Just part of the cycle
just think of the equivalent moves in the dow . right now gbtc is up the equal of 2600 points on the dow in 30 minutes of trading
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