Bitcoin is a Ponzi

[NotAnFBIagent]

What’s your definition of proven utility and widespread adoption? Vast majority of people haven’t adopted crypto in their daily lives. The value has derived from people acquiring in the anticipation of rising value, hence the ponzi reference.

Bitcoin was designed as a digital currency to use anonymously online. It was designed to be decentralized and finite, as to protect it's value.

It's value has skyrocketed and it's entered the mainstream. It's value will continue to rise as the metaverse gains popularity and inflation continues to decimate fiat currency.

 

[Red11]

Lol ok and I guess all the traders, hedge fund managers, and asset managers who’ve collectively made billions saying variations of the same thing are crazy too. I guess y’all know more about bubbles, finance and currencies than people like Nassim Taleb. And the successful financial people like Mike Novogratz pushing crypto have a large vested interest in the masses buying more so they can cash out

That's fine...The more they buy, the more I make.

 

[Red11]

exactly it can serve as currency in countries with hyperinflation (ex:venezuela) and is also a store of value

El Salvador IT IS THE NATIONAL CURRENCY.

 

[lib123]

THIS IS WILD. It does exactly this....I mine it sell it to you to use as currency...

No when you sell Bitcoin, you sell it to someone anticipating a rise in value. People aren’t buying it to use as currency. While people speculate on currencies, the vast majority exchange currencies to use as a medium of exchange or stable store of value. Bitcoin’s rise has been driven by speculation. Speculation without tangible underlying cash-flows derived from an finished product or service.

 

[lib123]

That's fine...The more they buy, the more I make.

Lol until the whales cash out, like they’ve already started this weekend.

 

[Eternal Tecate]

No it's not. The USD is the global reserve currency backed by trillions in US government tax revenue and vast currency reserves globally.

 

[desjardins]

What fundamental analysis can you perform on crypto?
It’s all based on speculation

 

[lib123]

Bitcoin was designed as a digital currency to use anonymously online. It was designed to be decentralized and finite, as to protect it's value.

It's value has skyrocketed and it's entered the mainstream. It's value will continue to rise as the metaverse gains popularity and inflation continues to decimate fiat currency.

It’s value has skyrocketed, but you don’t know if that will continue. Inflation will lead to higher interest rates, which reduces the returns on speculative assets like crypto.

 

[Red11]

No when you sell Bitcoin, you sell it to someone anticipating a rise in value. People aren’t buying it to use as currency. While people speculate on currencies, the vast majority exchange currencies to use as a medium of exchange or stable store of value. Bitcoin’s rise has been driven by speculation. Speculation without tangible underlying cash-flows derived from an finished product or service.

This is weird move of the goal posts. I use #Monero for that. I don't care about the masses.

 

[lib123]

exactly it can serve as currency in countries with hyperinflation (ex:venezuela) and is also a store of value

An asset as volatile as crypto has never gained adoption as a widespread store of value. There’s a reason why the USD has become the dominant currency in Venezuela instead of the currencies of other neighboring countries.

 

[Red11]

What fundamental analysis can you perform on crypto?
It’s all based on speculation

It’s value has skyrocketed, but you don’t know if that will continue. Inflation will lead to higher interest rates, which reduces the returns on speculative assets like crypto.

Tulip mania - Wikipedia

Everyone is talking like this is tulip-mania. What if I just want to buy my wife some tulips? I don't care about reselling it.

 

[lib123]

El Salvador IT IS THE NATIONAL CURRENCY.

Lol and El Salvador has been a beacon of global finance.

 

[Eternal Tecate]

It’s value has skyrocketed, but you don’t know if that will continue. Inflation will lead to higher interest rates, which reduces the returns on speculative assets like crypto.

People buy Bitcoin to avoid the inflation of USD

 

[Tres Leches]

An asset as volatile as crypto has never gained adoption as a widespread store of value. There’s a reason why the USD has become the dominant currency in Venezuela instead of the currencies of other neighboring countries.

bitcoin becomes less volatile after every halving eventually it will not see as big of dips or pumps, we just have not reached that level yet its still early

 

[lib123]

Tulip mania - Wikipedia

Everyone is talking like this is tulip-mania. What if I just want to buy my wife some tulips? I don't care about reselling it.

That’s fine but if there isn’t a large pool of new buyers, the value won’t be sustained. Especially with the massive amount of leverage in crypto forcing liquidations during drops. The new pool of buyers is evaporating, hence the sharp correction this weekend followed by huge liquidations.