Bitcoin is a Bubble

[Thunderflash500]

The price of a Bitcoin is higher now than an ounce of gold. This is hilarious to me. How is something that doesn't exist end up being worth more than gold? "But it has value, It's a digital currency. " The dollar is a digital currency. "But it can't be manipulated by central banks." Perhaps the best argument. But it's still a currency backed by nothing but confidence. This is called mass speculation. It's not that i think its value should be zero. But worth more than gold? Nah. Bubble that'll crash.

Am I wrong?

 

[forum poster]

Anonymous drugs in the mail. That's the only reason why bitcoin has value.

 

[Thunderflash500]

Anonymous drugs in the mail. That's the only reason why bitcoin has value.

That is one useful reason to have it. But still. Worth more than gold? I can't believe it'll last. Literally no use other than to trade. And it's only really useful for large sum trades or iillegal trades.

 

[MadSquabbles500]

So this is what the Vinklewoss Twins have resorted too. Their the guys who had their idea stolen by Zuckerberg. I hear they are doing something with bitcoins.

 

[bref]

I have a buddy who bought 50 when they were worth $0.72 each. Now they're worth like $1200 each. Cocksucker.

 

[7437]

yes, that is how speculation works. Given that there is really nothing to compare it to, ever, it is kinda hard to say if its a bubble or not. if the demand for them is real it will continue to go up. if not, they will crash. If you are really certain, im sure there is a way to short them.

 

[Cirris]

I remember when Baseball cards started taking off in the 1980s and by 1990 it was a huge business with Billy Ripken error card, newer companies like Upper Deck with quality designs, and the beginning of the rare cards in RNG packs.

But by 2000 the industry and collecting collapsed. Fantasy leagues replaced the need to collect cards to keep people's habitual interest in the games satiated.

Card collecting is somewhat popular as a niche. But it's nowhere near as popular as it was in the per-internet era.

Whether or not Bitcoin can have staying power, is really dependent on how much trust you have in how it's kept, moved, and protected.

I honestly still prefer Gold as a stable investment currency. Just because it's something you can intangibly hold in a safety deposit box, or safe.

 

[xcvbn]

The recent price increase is due to the chance it passes the SEC ETF making it a tradeable commodity. Ethereum is the bigger deal though- has the backing of UBS, Santander, and JP Morgan(among others).

The thing that gives these currencies their value is actually the technology behind them(blockchain). It just so happens that the currency is required to run the technology. Think of it as fuel.

 

[Thunderflash500]

yes, that is how speculation works. Given that there is really nothing to compare it to, ever, it is kinda hard to say if its a bubble or not. if the demand for them is real it will continue to go up. if not, they will crash. If you are really certain, im sure there is a way to short them.

I think we've seen this 1000 times before. It's a currency without backing. They've gone to zero every single time. Gold has held value for thousands of years and yet this digital currency is worth more? Bubble. I'll profit off of it by holding the dollar. Despite all logic the dollar actually looks to be a decent position compared to other currencies. At some point I'll by silver, gold. Maybe even bitcoin. But I'll wait till this bubble bursts.

 

[Thunderflash500]

The recent price increase is due to the chance it passes the SEC ETF making it a tradeable commodity. Ethereum is the bigger deal though- has the backing of UBS, Santander, and JP Morgan(among others).

The thing that gives these currencies their value is actually the technology behind them(blockchain). It just so happens that the currency is required to run the technology. Think of it as fuel.

What is the point of an etf for a digital item? Why not just buy the item?

 

[7437]

I think we've seen this 1000 times before. It's a currency without backing. They've gone to zero every single time. Gold has held value for thousands of years and yet this digital currency is worth more? Bubble. I'll profit off of it by holding the dollar. Despite all logic the dollar actually looks to be a decent position compared to other currencies. At some point I'll by silver, gold. Maybe even bitcoin. But I'll wait till this bubble bursts.

Its backed by the exact same thing gold is backed by. People see it as a currency. You cant eat gold. Its not valuable to build much of anything. Its just an alternate form of currency, same as bitcoins. Gold has just been around the longest.

 

[Cubo de Sangre]

That is one useful reason to have it. But still. Worth more than gold? I can't believe it'll last. Literally no use other than to trade. And it's only really useful for large sum trades or iillegal trades.

You've convinced me of its value.

I remember when Baseball cards started taking off in the 1980s and by 1990 it was a huge business with Billy Ripken error card, newer companies like Upper Deck with quality designs, and the beginning of the rare cards in RNG packs.

But by 2000 the industry and collecting collapsed. Fantasy leagues replaced the need to collect cards to keep people's habitual interest in the games satiated.

Card collecting is somewhat popular as a niche. But it's nowhere near as popular as it was in the per-internet era.

Shut-up fuck face.

 

[Cocrehamster]

What makes you think that 1 bitcoin is an equal unit of measure to 1 oz of gold? What if we compared it to the price of a point of gold? There are 5.8 billion ounces of gold in the world, and will only ever be 21 million bitcoin, so there is no reason to believe that an oz of gold should be considered comparable to 1 bitcoin.

 

[RetiredSlave]

To be fair gold should be worthless too but people like their shinies. Amazing metal industrially but thats not where its value lies and Ive always found it amazing. Same goes for any "precious" metal or gemstones. I guess economy has to be based on something though and historically why not something as lustrous as go'?

 

[Thunderflash500]

Its backed by the exact same thing gold is backed by. People see it as a currency. You cant eat gold. Its not valuable to build much of anything. Its just an alternate form of currency, same as bitcoins. Gold has just been around the longest.

Because only things we eat have value.. Gold doesn't tarnish. Many people wear it as jewelry. It has a few industrial uses. Bitcoin don't exist. Soon the government will be able to track ypur bitcoin use anyway I'm sure. Making one of its best characteristics, the secretive nature of it, vanish.

 

[GSP_37]

What happens when something's rare but no one wants it?

 

[evansusmc2]

The guy that created bitcoin was on the Joe Rogan Podcast last year.

He talked about how "IT IS the future and it just takes time to grow on everyone." "People in the 1800s rejected paper money at first but the finally gave in," etc etc etc.

 

[Broken arrow]

That's why it's better to invest in "Tardcoin"

 

[robotsonic]

The price of a Bitcoin is higher now than an ounce of gold. This is hilarious to me. How is something that doesn't exist end up being worth more than gold? "But it has value, It's a digital currency. " The dollar is a digital currency. "But it can't be manipulated by central banks." Perhaps the best argument. But it's still a currency backed by nothing but confidence. This is called mass speculation. It's not that i think its value should be zero. But worth more than gold? Nah. Bubble that'll crash.

Am I wrong?

why is gold worth more than tin, for example? Please explain that to me.

 

[Thunderflash500]

why is gold worth more than tin, for example? Please explain that to me.

Rarity, ability to easily mold it, it doesn't rust, people the world over use it as jewlery and always have and it doesn't tarnish.