Economy Bitcoin/Crypto is imploding

[HARRISON_3]

 

[HOLA]

Bitcoin is and has always been a vehicle for gambling. Why deny it? There's no need for grandstanding here, sherbros. I'm not some sanctimonious anti-gambling advocate who goes into convulsions when I see a DraftKings ad.

There's no need for all this gobbledygook about your funny money. Number go up (hopefully for its holders...hodlers?).

 

[Rob Battisti]

Bitcoin is and has always been a vehicle for gambling. Why deny it? There's no need for grandstanding here, sherbros. I'm not some sanctimonious anti-gambling advocate who goes into convulsions when I see a DraftKings ad.

There's no need for all this gobbledygook about your funny money. Number go up (hopefully for its holders...hodlers?).

If you said that 99.9999% of crypto outside of Bitcoin and select few L1s are just non-sense gambling or fraud I’d agree with you.

 

[HOLA]

That might actually be the reason why Bitcoin is kind of stalling these last few years, actually. Or at least one of them.

Gambling is ubiquitous now. Ads everywhere. You can just sit on your ass on your couch and do it on your phone or computer. I've never dabbled in Buttcoin but it has to be more exciting to gamble on a UFC fight and watch it, than gamble on Bitcoin and sit watching the chart. To each their own though. I have seen some pretty boring UFC fights too, to be fair.

 

[AWilder]

They use new investors money to pay old investors things like dividends or returns.

Bingo. You're only making money if more people buy in.

 

[AWilder]

If you said that 99.9999% of crypto outside of Bitcoin and select few L1s are just non-sense gambling or fraud I’d agree with you.

lmao, imagine being this close... and still missing.

 

[Limbo Pete]

how do ponzi schemes work?

What's extra funny is that the goal is to sell the bitcoin _for dollars_

 

[Rob Battisti]

Bingo. You're only making money if more people buy in.

Thats… how all investments work. If people started selling Google stock, it goes down. If people buy Google stock… it goes up.

lmao, imagine being this close... and still missing.

I really do appreciate your commitment to ignorance.

 

[Rob Battisti]

What's extra funny is that the goal is to sell the bitcoin _for dollars_

Is it? Is that the goal? It’s not. I plan on accumulating as much bitcoin as I can in perpetuity.

 

[LangfordBarrow]

Do you believe that holding USD is a good idea?

I realize you're a bitcoin defender, and I'm not a finance guy, but you don't have to hold dollars for it to be the global currency. You can put your dollars into Bitcoins or stocks or gold or anything else.

 

[LangfordBarrow]

Why would you quote me?

Do you feel that anything you say to me has any value?

Common sense has value whether you can appreciate it or not.

 

[Rob Battisti]

I realize you're a bitcoin defender, and I'm not a finance guy, but you don't have to hold dollars for it to be the global currency. You can put your dollars into Bitcoins or stocks or gold or anything else.

I’d never argue otherwise.

I’m trying to inform the people who think that Bitcoin is a Ponzi scheme or think that because Bitcoin can be exchanged for fiat that it differs than any other kind of investment.

If you buy NVIDIA stock, you’ll exchange it for fiat. How is that different? As if it’s some kind of gotcha that the price of Bitcoin is assessed against USD.

 

[LangfordBarrow]

Agreed.

Now what asset has had the best return since 1/1/2020?

If the dollar has depreciated 25% since 1/1/2020, where would have been the best place to park your fiat from that day until today?

S&P500?
Nasdaq?
Gold?
Silver?

Hint, it starts with a B.

What's had the best return since the beginning of the year?

 

[Rob Battisti]

What's had the best return since the beginning of the year?

Gold I think.

 

[LangfordBarrow]

I’d never argue otherwise.

I’m trying to inform the people who think that Bitcoin is a Ponzi scheme or think that because Bitcoin can be exchanged for fiat that it differs than any other kind of investment.

If you buy NVIDIA stock, you’ll exchange it for fiat. How is that different? As if it’s some kind of gotcha that the price of Bitcoin is assessed against USD.

I just seem to remember you advocating for Bitcoin as a stable investment when someone else mentioned how volatile it could be. Maybe I'm mistaken and if so I apologize but talking Bitcoin with you is like talking Trump with a MAGA guy.

 

[Stoic1]

I actually had to create a wallet or whatever (coinbase) and buy bitcoin in order to buy something a couple years ago. It felt surreal.

 

[LangfordBarrow]

Gold I think.

And I'd have to think Bitcoin has been one of the worst.

 

[HOLA]

Thats… how all investments work. If people started selling Google stock, it goes down. If people buy Google stock… it goes up.

Stocks are a positive-sum game, because companies produce things and generate profits. Shareholders are business owners. They own a piece of the business, and the business can grow. They're not just taking money from each other.

Buttcoin has no cash flow. Wealth is just redistributed from later buyers to earlier buyers. It's not even a zero-sum game; it's a negative-sum game when you consider the fees.

I really do appreciate your commitment to ignorance.

 

[Limbo Pete]

Is it? Is that the goal? It’s not. I plan on accumulating as much bitcoin as I can in perpetuity.

What are you going to sell it for

 

[Rob Battisti]

I just seem to remember you advocating for Bitcoin as a stable investment when someone else mentioned how volatile it could be. Maybe I'm mistaken and if so I apologize but talking Bitcoin with you is like talking Trump with a MAGA guy.

Bitcoin is absolutely volatile. It’s become relatively more stable than at other points in its history but it is still a speculative asset.

And I'd have to think Bitcoin has been one of the worst.

YTD? Yes. It’s a risk asset. This doesn’t change the underlying assessment of the asset.

Stocks are a positive-sum game, because companies produce things and generate profits. Shareholders are business owners. They own a piece of the business, and the business can grow. They're not just taking money from each other.

Buttcoin has no cash flow. Wealth is just redistributed from later buyers to earlier buyers. It's not even a zero-sum game; it's a negative-sum game when you consider the fees.

No. you can say that equities have actual fundamentals which drive investment, but the value of the equity is absolutely based on money flowing into the purchasing of the equity and it will absolutely lose value when people take their money out of the asset.

The perceived value of an equity is what drives the investment and I’m not arguing that financial fundamentals are more clear with equities than with Bitcoin.

But don’t argue that the price of an equity isn’t based on money going in and out of the asset. That’s just incorrect.

What are you going to sell it for

I’m not going to sell it outright for fiat. I will sell and buy continuously for the purpose of trying to obtain the most amount of bitcoin I can. I’ll never sell to get fiat.

I’ll borrow against the value of my asset similarly to what people do with any other asset.