Crypto people tend to have an infinite dose of "f** you got mine" even if they didn't get theirs.
I don’t know though how sound this argument really is as I don’t see what value bitcoin has outside its monetary worth.
Can you really use this stuff? Not really. At best is a difficult to scale — if at all — database for transactions.
Though similar things could be said about paper money as well — that it is nothing but the agreed upon value — but at least that can exchange hands far more easily in a much more scalable and flexible manner.
if the seller is happy at the price they are selling at and the buyer is happy at the price they are buying at, where does the "someone had to lose a dollar" come from?
if the seller sold to the buyer, then it went up, the only "dollars lost" would be hypothetical opportunity cost had the seller decided to hold instead.
am i missing something?
"Yep, for every person who gains a dollar someone had to lose a dollar. No value was created."
right or wrong?
For investments of which the only purpose is to make more money, right.
Of course it's not that black and white, since every investment technically has at least two utility purposes: 1) hedging 2) emotional utility (the false hope of getting rich).
I personally have only Bitcoin and some small amount of ETH. I don't consider myself a gambler and think that these smaller cryptocurrencies are very far away from Bitcoin, which is very stable and safe these days as the toolset is quite developed.
Inconsistent rewards foster addictive patterns like nothing else.
That comes from the hope of recovering their loss one day and dumping the bags on somebody else.