Just kidding.
https://m.youtube.com/watch?v=oOyp7rFDe2g
However, Warren Buffett seems to think so. His argument is that bitcoin is a store of value that is not an investment but speculation. He says that unlike other investments, say, farmland, bitcoin sits around doing nothing. It has no intrinsic value.
All in all, I'm fairly convinced of the arguments Warren Buffett makes there. I guess the question is how closely the price of investments traces their "intrinsic" value.
Just kidding.
Gleefulness.
https://m.youtube.com/watch?v=oOyp7rFDe2g
However, Warren Buffett seems to think so. His argument is that bitcoin is a store of value that is not an investment but speculation. He says that unlike other investments, say, farmland, bitcoin sits around doing nothing. It has no intrinsic value.
You thought that was really Warren Buffett in the video ?
It's text to speech with an Ai generated voice over made by a fan, you're welcome.
It's true that Warren Buffett doesn't invest in tech stocks either, meanwhile he's been knocked down to 10th on the Forbes list by a landslide of tech billionaires holding their own stock, all of whom are positive about cryptocurrencies. Warren doesn't like Bitcoin in the same way a taxi company doesn't like Uber, meanwhile Bitcoin continues to dunk on it's haters 16 years later.
All in all, I'm fairly convinced of the arguments Warren Buffett makes there. I guess the question is how closely the price of investments traces their "intrinsic" value.
Bitcoin ain't free to mine. In the US, it costs about $80,000 in operating costs to mine 1 Bitcoin. That's due to the difficulty of it's Proof of work. It's harder to mine than gold right now. In other parts of the globe where electricity is much cheaper, it's far cheaper to mine. Iran and China have it better in terms of mining.
As usual your conclusion is based on being a follower Legga. And you're celebratory about it in the same manner as the haters and the have nots this part of the crypto space seasons. It's just another one of those things I see in you, and it isn't all that flattering.
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As we're nearing December Bitcoin is expected to crash. I'm going to say it'll fall to 75k-80k. As it's been for the past 16 years people will say Bitcoin is dying. Some will cheer, some will fume, some will panic sell some at a loss. Then the same thing happens. It blows the fuck up and the same people who gleefully celebrate a pullback return to normal, "It's just speculation" they'll say while it's certainly no longer an 8th of a penny.
Bitcoin will crash to 0 when the world ends, otherwise it cannot and that's because of the levels of POW, miners, interest, and lost BTC that can never be sold. And again none of that is free. And it does something believe me. A few things tbh but as they say, If you know you know. If not. That's fine. You can just cross your fingers and hope you don't look dumb again.
Bitcoin ain't free to mine. In the US, it costs about $80,000 in operating costs to mine 1 Bitcoin. That's due to the difficulty of it's Proof of work. It's harder to mine than gold right now. In other parts of the globe where electricity is much cheaper, it's far cheaper to mine. Iran and China have it better in terms of mining.
So its even worse then. It has negative intrinsic value that adds nothing to society and only takes away from society. If I raise a chicken, at least the chicken lays eggs, I can give the eggs to you, and you can make an omelette. What does owning bitcoin allow you to do besides hoping to sell it for a higher price later in the future?
As usual your conclusion is based on being a follower Legga. And you're celebratory about it in the same manner as the haters and the have nots this part of the crypto space seasons. It's just another one of those things I see in you, and it isn't all that flattering.
I'm convinced by the argument. Theres a difference. You could convince me if you made a good argument, too.
As we're nearing December Bitcoin is expected to crash. I'm going to say it'll fall to 75k-80k. As it's been for the past 16 years people will say Bitcoin is dying. Some will cheer, some will fume, some will panic sell some at a loss. Then the same thing happens. It blows the fuck up and the same people who gleefully celebrate a pullback return to normal, "It's just speculation" they'll say while it's certainly no longer an 8th of a penny.
Yeah but it IS all speculation. What intrinsic value besides speculation does bitcoin have? With 100,000 or whatever the current bitcoin price is, I could buy a huge number of chickens from some third world country and sell all their eggs to you. With your one bitcoin, what can you do besides speculate that the price goes up? How do you justify the current price if not speculation?
Bitcoin will crash to 0 when the world ends, otherwise it cannot and that's because of the levels of POW, miners, interest, and lost BTC that can never be sold. And again none of that is free. And it does something believe me. A few things tbh but as they say, If you know you know. If not. That's fine.
You can just cross your fingers and hope you don't look dumb again.
If this is a reference to the other thread you ran away from ill be raising my eyebrows here.
Bitcoin ain't free to mine. In the US, it costs about $80,000 in operating costs to mine 1 Bitcoin. That's due to the difficulty of it's Proof of work. It's harder to mine than gold right now. In other parts of the globe where electricity is much cheaper, it's far cheaper to mine. Iran and China have it better in terms of mining.So its even worse then. It has negative intrinsic value that adds nothing to society and only takes away from society. If I raise a chicken, at least the chicken lays eggs, I can give the eggs to you, and you can make an omelette. What does owning bitcoin allow you to do besides hoping to sell it for a higher price later in the future?
As time has proven. You can buy a lot more chickens at a lower price with Bitcoin. It's not money, it's an asset.
Your fiat dollar has no intrinsic value either, but you'll never argue that. Instead you want to complain about something out of the hands of the federal reserve.
Bitcoin has intrinsic function. Blockchain is the truth, even if someone put bullshit on the chain, it's true that bullshit is on the chain and it won't change. It's value is up to the world, and the world has spoken.
It's a success.
As usual your conclusion is based on being a follower Legga. And you're celebratory about it in the same manner as the haters and the have nots this part of the crypto space seasons. It's just another one of those things I see in you, and it isn't all that flattering.I'm convinced by the argument. Theres a difference. You could convince me if you made a good argument, too.
You're not very knowledgeable about it though. Neither is the fake Warren Buffett that had you fooled. As for the real Warren. The guy is great at what he does, but he could've been greater if he were more invested in tech as a matter of fact.
As we're nearing December Bitcoin is expected to crash. I'm going to say it'll fall to 75k-80k. As it's been for the past 16 years people will say Bitcoin is dying. Some will cheer, some will fume, some will panic sell some at a loss. Then the same thing happens. It blows the fuck up and the same people who gleefully celebrate a pullback return to normal, "It's just speculation" they'll say while it's certainly no longer an 8th of a penny.Yeah but it IS all speculation. What intrinsic value besides speculation does bitcoin have? With 100,000 or whatever the current bitcoin price is, I could buy a huge number of chickens from some third world country and sell all their eggs to you. With your one bitcoin, what can you do besides speculate that the price goes up? How do you justify the current price if not speculation?
lol But Legga, we can buy chicken with Bitcoin too.
In Bitcoin's lifetime, it's been better than fiat which loses purchasing power.
Money is NEVER better than assets. Why don't you know this ?
Bitcoin will crash to 0 when the world ends, otherwise it cannot and that's because of the levels of POW, miners, interest, and lost BTC that can never be sold. And again none of that is free. And it does something believe me. A few things tbh but as they say, If you know you know. If not. That's fine.What does it do that I should believe you about?
You can just cross your fingers and hope you don't look dumb again.If this is a reference to the other thread you ran away from ill be raising my eyebrows here.
Nope. I clearly stated how it "can't" (key word) crash to 0. Unlike the video you presented mentioned. You're agreeing with someone who fooled you Legga.
Bitcoin is the greatest asset class of all time. If Warren Buffett himself had a time machine, he'd invest in all the things he missed out on. FAANG Bitcoin etc.
Blackrock don't give a damn about what Warren thinks either, which is good for the crypto space. It's not going anywhere.
You can buy a lot more chickens at a lower price with Bitcoin. It's not money, it's an asset.
So its speculation about the price going up because it has gone up in the past, is your point in a nutshell? Yet it has no intrinsic value and therefore is the same as, say, buying a rare painting? Except without the aesthetic value.
Your fiat dollar has no intrinsic value either, but you'll never argue that.
I wouldn't ever hold fiat dollar as an investment.
It's a success.
I guess this is the point Im not getting: Success in what? What is bitcoin success beyond speculation? What has it produced beyond price increase? What is this success and how is this success valuable?
Imagine a reality where I replace bitcoin with toilet paper, a very unique and rare toilet paper, that everyone wants to buy for 100k. Beyond wiping my ass with it, what can I do with that toilet paper? How is bitcoin different from this rare toilet paper?
You're not very knowledgeable about it though.
I think Im moderately knowledgeable, though not an expert. If you do make an argument for it, and I find it sane, Ill buy bitcoin. I'm not acting in blind fear.
lol But Legga, we can buy chicken with Bitcoin too.
In Bitcoin's lifetime, it's been better than fiat which loses purchasing power.
Money is NEVER better than assets. Why don't you know this ?
My point is: why not own chickens instead of bitcoin? Not: fiat currency is better than bitcoin. Or are you advocating for the use of bitcoin to replace currency as opposed to treating it as an investment?
Which one is better to own, bitcoin or chickens? Which one is better to own, fiat currency or chickens? You can suppose you own a farm.
Btw, there are many things people call assets that are worse than money. Take for example investments in companies on their way to bankruptcy. Generally, in broad terms, assets > fiat, yes, but theres nuance.
In Bitcoin's lifetime, it's been better than fiat which loses purchasing power.
So was every bubble before it popped.
It's peer to peer, so for the first time we can send value anywhere in the world without a middle man for much cheaper. It's a digital assets that appreciates in value, and it has by a lot.
You think fiat is better eh ?
I think chicken is better. for 100k, I can buy so many chickens, and they lay eggs. Then when I invite you over to my house, I can offer you an omelette. With your bitcoin, what can you offer except ones and zeros?
Bitcoin is the greatest asset class of all time. If Warren Buffett himself had a time machine, he'd invest in all the things he missed out on. FAANG Bitcoin etc.
I would also invest in the dot company bubble if I went back in time, and then exited before the crash. I would take every bubble that popped historically, and pumped and dumped the shit out of them. Of course in hindsight one can do all sorts of things.
Who was that Greek philosopher who said, "a man is wise even if his decision led to disastrous consequences, if the evidence at hand supported that decision, and a man is unwise even if his decision led to wonderful consequences if the evidence at hand suggested those consequences were not to be expected", or something of the sorts. Its an apt quote here. Of course if you go back in time you can immediately become the wealthiest person in the Universe.
You can buy a lot more chickens at a lower price with Bitcoin. It's not money, it's an asset.So its speculation about the price going up because it has gone up in the past, is your point in a nutshell? Yet it has no intrinsic value and therefore is the same as, say, buying a rare painting? Except without the aesthetic value.
None of the above. Cryptocurrencies in part behave in the same manner as stocks, without the bank. Like the dollar it doesn't need intrinsic value to be as it is.
Your fiat dollar has no intrinsic value either, but you'll never argue that.I wouldn't ever hold fiat dollar as an investment.
Yet it has value.
It's a success.I guess this is the point Im not getting: Success in what? What is bitcoin success beyond speculation? What has it produced beyond price increase? What is this success and how is this success valuable?
Success in adoption and as an appreciating asset. It's not difficult.
Imagine a reality where I replace bitcoin with toilet paper, a very unique and rare toilet paper, that everyone wants to buy for 100k. Beyond wiping my ass with it, what can I do with that toilet paper? How is bitcoin different from this rare toilet paper?
That would then be a reality where you replaced Bitcoin with toilet paper. The toilet paper wouldn't be on a blockchain ledger and wouldn't have the same functions as protections found on a blockchain. Also the world would have gone mad to wipe their ass with an asset.
You're not very knowledgeable about it though.I think Im moderately knowledgeable, though not an expert. If you do make an argument for it, and I find it sane, Ill buy bitcoin. I'm not acting in blind fear.
I'm not trying to get you into Bitcoin. I'd advise against amature investors buying it at this point. It'll pull back and you'll panic sell at a loss, which is the only way to have ever lost money from it. It's not really the item that does this, but it's market.
lol But Legga, we can buy chicken with Bitcoin too.
In Bitcoin's lifetime, it's been better than fiat which loses purchasing power.
Money is NEVER better than assets. Why don't you know this ?My point is: why not own chickens instead of bitcoin? Not: fiat currency is better than bitcoin. Or are you advocating for the use of bitcoin to replace currency as opposed to treating it as an investment?
Which one is better to own, bitcoin or chickens? Which one is better to own, fiat currency or chickens? You can suppose you own a farm.
Btw, there are many things people call assets that are worse than money. Take for example investments in companies on their way to bankruptcy. Generally, in broad terms, assets > fiat, yes, but theres nuance.
Most people by a landslide doesn't have time for $100,000 worth of chickens, unless you're a dedicated farmer. You will need to turn it into a business, feed the chickens, clean chicken shit, guard them, have land in advance, and they will multiply like ants if you don't slaughter them. You will need to set up market in a congested market and if you're too cheap you won't even break even, pay for transportation, create jobs and a list of other things 99.9%+ of people don't want to do for a living.
People simply don't have the time and motivation to farm chickens.
If you want to make passive income with Bitcoin, exchange it to wrapped Bitcoin or use Ethereum, then lend it out on a DEFI platform, you will then make daily passive income from DEFI exchanges real quick.
In Bitcoin's lifetime, it's been better than fiat which loses purchasing power.So was every bubble before it popped.
Not all bubbles are the same. The .com era was bound to pop as every domain you can think of was bought out by companies. When the internet blew up and some kid created Nintendo.com, he'd get his million dollar offer from Nintendo to acquire the site. All of that is done now.
Assets will top up then bottom off at a higher low than it's previous cycle. Not so good if you're a noob but great if you've been around for awhile.
It's peer to peer, so for the first time we can send value anywhere in the world without a middle man for much cheaper. It's a digital assets that appreciates in value, and it has by a lot.
You think fiat is better eh ?I think chicken is better. for 100k, I can buy so many chickens, and they lay eggs. Then when I invite you over to my house, I can offer you an omelette. With your bitcoin, what can you offer except ones and zeros?
With "my Bitcoin" that's actually the whole reason for this thread obviously.
If you think it's more practical to buy 100K worth of chickens then all the power to you. Another thing I did in Alice's trading group, was stake cryptocurrencies and earned income passively. A Dividend. I then sell, as you say, the ones and zeros and wire money to my bank. I only take what I need from it, and sometimes, I'll get me some chicken. No shoveling shit and all that goes with farming. Just freedom for dreams. That is all.
Bitcoin is the greatest asset class of all time. If Warren Buffett himself had a time machine, he'd invest in all the things he missed out on. FAANG Bitcoin etc.I would also invest in the dot company bubble if I went back in time, and then exited before the crash. I would take every bubble that popped historically, and pumped and dumped the shit out of them. Of course in hindsight one can do all sorts of things.
But he nor you would invest in Bitcoin right ? which has a price performance from $0.008 to $126,080 which is up...
1,575,999,900% < What does this ?
The 8th of a penny is my personal known lowest price, it's been lower when it first came out in 2009 so it has an even higher price performance than 1.5 billion percent.
To put that into perspective, Bitcoin turned every invested $1, into $15,760,000, from this bottom, to it's all time high which happened last month.
I think Warren is sour that he did not see this coming. That his influence in the investing world could downplay something he did not buy, which would have been the greatest investment in his portfolio. I remember back in 2020 for the Warren Buffett charity lunch, there was a new record set of 4.7 million dollars to have lunch with Warren. And it was Justin Sun, Founder of the Tron Blockchain. It was very funny cause everyone knew Warren hates cryptocurrencies.
Crypto currencies are useful when moving to another country. You sell every, put it into stable coins and fuck off to another country, non taxable. It's not tax evasion it's tax avoidance because the money used to by into crypto stays in the country. Chinese people do this a lot. Can't do that with chicken.
Of course I would invest in bitcoin if I had a time machine, if I knew the valuation goes up. However, it wouldn't have been possible to know that back then.
So if we store the toilet paper in a vault and just electronically count whose toilet paper it is, it would be essentially identical to bitcoin then?
Im not in principle against the idea of crypto as a medium of exchange to replace fiat currency. However, to this end, bitcoin does not seem like the way to go.
In fact, I have a friend who currently has hundreds of millions in bitcoin, maybe more. Around 2010, maybe a bit after, I told him that he's crazy for holding onto bitcoin. I believe this was around the time bitcoin was worth around 70 usd or so. He said he'll never sell. He was being played by an actor in the Julian Assange movie in a few scenes. He explained to me that he's holding onto the idea of crypto taking over as the worldwide currency. I still hold the view that my advice to him was wise, because he had no real reason to bet on it beyond idealism.
In this regard, bitcoin has been adopted very widely, so you could say it's successful in that regard. It still doesnt justify its value, 100k. One could easily replace bitcoin with another crypto currency. The value is driven by speculation, not by utility. People are not betting on the future of bitcoin as a worldwide currency, they are betting on the hope that they can sell the bitcoin at a higher value in the future. Everyone is. How is that different from the working principle of a ponzi scheme where you hope that you can gain money by recruiting people under you? It works until we run out of people to recruit.
Will bitcoin become a worldwide currency to replace fiat? Highly unlikely. There'll be a big pop, and then countries will start to regulate it, wars will start, and then perhaps countries will collectively agree on a crypto currency, it will not be bitcoin because that would be unfair to people who do actual work, and then to appease all the folks who hold their life savings in bitcoin, they can exchange the money to this new accepted currency, and we will be back to our old system.
Of course I would invest in bitcoin if I had a time machine, if I knew the valuation goes up. However, it wouldn't have been possible to know that back then.
The earliest adopters got it good.
So if we store the toilet paper in a vault and just electronically count whose toilet paper it is, it would be essentially identical to bitcoin then?
That would be flimsy and insecure. You would have to use blockchain technology to secure it and tokenize each roll of toilet paper. If you have 1 million rolls then you will make 1 million tokens. You can increase the supply accordingly over time depending on the nature of your smart contract. Code if you will. The protocol will have to then peg the price of each token to the toilet paper. This has been done with the USD, and I saw one project that pegged tokens to steel.
The organizations that peg tokens have a way of making money off of it, but I never really looked into how as I have no interest in doing it myself.
Last year or the year before when big tech had issues with banks, Stable coins got unpegged and crashed due to banking error. It was fixed a day later, and it would've been a great in the heat of the moment.
Im not in principle against the idea of crypto as a medium of exchange to replace fiat currency. However, to this end, bitcoin does not seem like the way to go.
Only God's currency is good to back anything. Which is Gold and other precious metals. Replacing fiat with Bitcoin itself isn't possible for a few reasons, but this technology absolutely can become a digital ledgar. If a nation creates a digital currency, it will be centralized and won't be a good thing.
CBDC - Central Bank Digital Currency. Trust me we don't want this. You wouldn't be able to have a yard sale without being taxed. Every single penny you receive will need some kind of explanation. Our ability to make purchases can get zoned and allocated, and they'll have the power to freeze and disable your funds like they do now, but in a worse way since a CBDC would make society cashless.
In fact, I have a friend who currently has hundreds of millions in bitcoin, maybe more. Around 2010, maybe a bit after, I told him that he's crazy for holding onto bitcoin. I believe this was around the time bitcoin was worth around 70 usd or so. He said he'll never sell. He was being played by an actor in the Julian Assange movie in a few scenes. He explained to me that he's holding onto the idea of crypto taking over as the worldwide currency. I still hold the view that my advice to him was wise, because he had no real reason to bet on it beyond idealism.
Your friend then has what traders call a strong hand.
Say your friend has $500,000,000 in BTC He got it in 2010 ( At the time BTC was $0.06 to $0.29. For real. )
Then a whale investor just getting in buys $500,000,000, so now he has the same amount of Bitcoin as your friend.
Your friend has = A Strong Hand ( Due to growth )
The Investor has = A Weak Hand ( No growth )
If Bitcoin crashed 75% like it did over and over again in the course of it's lifetime, Your friend is still laughing. He bought it for peanuts, or he mined it. In 2010 BTC was 1 year old and the mining difficulty was so low, people where mining them on Pentium 4 processors, as opposed to the ASIC miners which are retardedly fast in the high terahashes.
Using this model of 500 million worth of BTC. Y
our friend would have 4912.8 BTC Okay....
So his capital investment would have been..... $294.77 at 6 cents per coin. We can do this at 29 cents, but c'mon Even with a capital of $1,000 dollars, it turning into generational wealth is the best he'll ever do financially in his life.
As it's been for the past 15 years since he got it, it's best that he never followed anyone's advice and sold it.
In this regard, bitcoin has been adopted very widely, so you could say it's successful in that regard. It still doesnt justify its value, 100k. One could easily replace bitcoin with another crypto currency. The value is driven by speculation, not by utility.
It's value is driven by the price impact of, supply and demand in a fair market. Panic sellers causes the price to drop, while buying it up causes the price to increase. It's value is justified because, get this... Bitcoin's market HAS THE LIQUIDITY for fuck sakes.
At this very moment ( as it's subject to change ) This is Bitcoin's market cap
$2,024,543,421,621
Bitcoin is bigger than Russia and some other nations right now, okay.
It is also 57% of the whole 3.7 trillion dollar crypto space. There are other blockchains and coins and tokens in this space, more advanced than Bitcoin. The space certainly dilutes BTC's value, but it's still the king of cryptocurrencies.
People are not betting on the future of bitcoin as a worldwide currency, they are betting on the hope that they can sell the bitcoin at a higher value in the future. Everyone is. How is that different from the working principle of a ponzi scheme where you hope that you can gain money by recruiting people under you? It works until we run out of people to recruit.
Bitcoin wouldn't handle being a world currency, it's tps is way too low. The Solana blockchain can probably do it, as it can run circles around VISA in terms of transactions per second.
It's simply marketing. If you buy something and it goes down in value, you're supposed to keep it. Take it to the grave if you must. People who say they lost money in BTC over the years are kicking themselves for selling it for less than they got it for, due to fear, uncertainty and doubt.
My advice is this ship sailed. Let it go. People missed the boat. From here to a million is just a 10x. Yes one day, 0.001 BTC will be life changing. There are other cryptocurrencies that outperform Bitcoin at this point in time. If you want a lot of Bitcoin for some reason, use altcoins.
Will bitcoin become a worldwide currency to replace fiat? Highly unlikely.
Not possible. The blockchain will melt. And by this I mean it will be retardedly slow to where it doesn't seem to move.
There'll be a big pop, and then countries will start to regulate it, wars will start, and then perhaps countries will collectively agree on a crypto currency, it will not be bitcoin because that would be unfair to people who do actual work, and then to appease all the folks who hold their life savings in bitcoin, they can exchange the money to this new accepted currency, and we will be back to our old system.
Unfair. Don't crack me up. "Okay Bitcoin holders ! the world is going to decide on something else now ! We're going to rob you now ! Need to make this fair !"
It's fair when someone is wealthier than you are. Period.
The Chinese already have a digital yuan. The US has speculated it, but Trump ( Pro crypto btw) is opposed to CDBC's like a fucking champ.
Cryptocurrencies are great for being decentralized. It has no geolocation. We needn't even move it. We can delete a wallet and restore it anywhere in the world and the funds are there.
Bitcoin will be Bitcoin until the end. It has market value, it has high liquidity. It has a demand. I mean when you sell it, it literally goes poof in 2 seconds and you see your money ready to be sent to the bank.
If it's an obscene amount of BTC being sold, the order will obviously take time to complete while shit tons of money keeps rolling in all day. That too will crash the market so the order will need to be instructed to sell at the current price, which is a bad way to liquidate a fortune of BTC.
It's fair when someone is wealthier than you are. Period.
If all the wealth was transferred to my chicken, would it be fair? You would be out on the streets, through no fault of your own, while my chicken was laying golden eggs and feeding them to you for His amusement. Cause the Chicken won the lottery. Would you say it was fair?
No. Wealth must be earned. The only fair way for you to get money is by rolling up your sleeves.
The wealth of the world is measured in human capital, technology, culture, and our empathy. Everything else is a medium of exchange for those goods. But you can never detach from those goods, because they're the true wealth of this Universe. If you create a million bitcoin, and you agree it's worth a trillion each, you will not have increased the wealth in this world. Do the same with a technology company or a chicken farm, and you will have increased the wealth in this world.
Imagine youre stranded on an island. The neighboring island has 10 fish. You can either have 10 fish or 10 bitcoin. Which one do you choose? That's the point. Ultimately, when the madness recedes, people will see the ten fish, and they will realise that bitcoin is nonsensical. Every bubble has been like this. Hence my question, what intrinsic value does bitcoin hold that justifies the price?
At any rate, based on your response, I don't think you fully understand my thesis. I don't disagree that it's the law of supply and demand that is driving the bitcoin price. It most certainly is. It is the same force as the one driving every bubble that popped.
Yes, the market cap is astonishing, though it is not worth Russia, because if everyone sold those bitcoins the price would plummet faster than you could say "pop". And yes, early investors got a lot of money. Also, yes, crypto has some possible advantages over fiat currency, though it cannot ever replace it. But that's not my point.
My argument is that so long as it has no intrinsic value, it's fragile. So far, I've heard that it's using blockchain technology. But blockchain technology will be developed irrespective of bitcoin. If you want to invest in blockchain, you could invest in a company that develops blockchain technology. The market price is driven by speculation, and hopes of greater returns. This is the same phenomenon that was driving the 1600s tulip bubble in the Netherlands. Everyone sold tulips at mind-boggling prices.
It was the same force also driving the dotcom bubble.
So ultimately my question is, is Bitcoin not the same as the 1600s tulip madness, except a modern version of it?
