Why this Bitcoin scam still going high?
I thought all Bitcoin was scam, HN said that for decade? Tether is also scam but why are they still buying this??? why it is not crashing?
You might call it a scam if you lump it with other shitcoins. But that's similar to lumping NVDA with penny stocks.
Or you might associate it with fraudsters like SBF. But that's similar to lumping AAPL with Madoff or the wolf of wall street.
Or you might be objecting to its energy usage. I will agree with you on that, but that doesn't make it a scam. That just makes it a tragedy of commons. And unfortunately, investors won't give a shit about its energy usage as long as they make their dough, just like with any other investment with bad societal influences (tobacco or gambling or marijuana etc).
Finally, if you live in a stable society with a decently governed monetary policy and like the role the government plays in your life, it will be very hard for you to understand the value of Bitcoin.
With the difference being that Nvidia has a living CEO that makes administrative decisions directing the company's future, and Bitcoin does not. Besides that minor and almost negligible bullet-point they're practically the same business though, of course.
> But that's similar to lumping AAPL with Madoff or the wolf of wall street.
Well that's definitely not a very compelling metaphor.
> if you live in a stable society with a decently governed monetary policy and like the role the government plays in your life, it will be very hard for you to understand the value of Bitcoin.
You're right. I spent an overly-long period of my time with a self-custody wallet that never became useful for anything. I'm done holding cryptocurrency and I'm not recommending it to anyone else (and haven't in years).
That's not to say it doesn't have it's "uses", narrow and poorly-defensible as they may be. But it also doesn't take long to realize that your fiat-evading bedfellows are terrorists and criminals, many of whom you'd never recognize without deliberate identification. Past that point you'll have a hard time defending the altruism of Bitcoin (or any truly "good" crypto).
I get it - recognizing and refuting the flaws in government is philosophically satisfying. Bitcoin, in it's original inception, is nerd pornography. Today, it has created a vitriolic order that's magnitudes worse than the system it conspired to replace. There is no logical application of Bitcoin besides using it as an aggregate chain for L2 systems - in other words, it's dead, Jim.
Best application is to be a store of value - similar to Gold, which a lot of entities (individuals, governments, corporations) can use in addition to gold to hold their savings in.
> in other words, it's dead, Jim.
I offered this during the depths of the crypto bear market and can offer now as well - wanna bet about what happens in 10 years? I take the side that BTC will still be around and will have reached newer highs in that period.
Many scams have been associated with it and there will likely be more, but Bitcoin will power through. People still need to be careful but Bitcoin itself is just new and that's primarily why people distrust it.
Unless governments decide to clamp down hard on it, I suspect that we are past the point where there's a danger of it disappearing.
Look at the SPDR Gold Trust EFT(GLD). It's a way to invest in gold without actually receiving the physical gold. People that invest in it have never and will never see an oz of gold yet people are happy to trade it and put it in their long term investment portfolio. Bitcoin will follow a similar path but it's many times more flexible and durable since there's no one owner that can make decisions that will put its interest over the users.
If you can't stand the ups and downs, and there's no reason to say that that will change in the near term, stay away...
The major ETF holders have already chosen USDC (BlackRock have invested in Circle).
Binance and Tether are one of the last targets that are capable of crashing the crypto market once governments have a scapegoat, leak or credible reason to investigate them enough to scare the markets.
Tether doesn't have the assets to back up its value, but the exchanges need it to transfer assets among themselves, so it's not going to fail without taking some very big players with it.