Soon this will all collapse, reaching all time highs isn't a good thing.
Pyramid scheme at best, ponzi scheme at worst.
I still don't know any use case for this other than speculation and people aren't even using it in the real world.
Pyramid scheme at best, ponzi scheme at worst.
I still don't know any use case for this other than speculation and people aren't even using it in the real world.
Until nation-states fund and invest in the infrastructure, finding your confidence in cryptocurrency with little to no regulation is a massive risk.
There are many arguments against bitcoin, but I have a hard time investing in this one.
A lot of the people investing in bitcoin are doing so specifically to hedge against nation-states. It is decentralized FOSS based on sound mathematics. If this was really a concern, wouldn't people be skeptical of TLS to access your bank? One of the most popular TLS algorithms was written largely by DJB (not a nation-state).
If you had the choice of receiving BTC from a brand new minted batch, or from a darknet market, which would you prefer? If you have a preference, then they do not have the same value.
I would value BTC from a darknet market less because of risks associated with spending it.
I would value freshly-minted BTC because it doesn't have any question about its providence.
In pyramid money comes from recruits directly under, in ponzi central party pays out from new and old investors.
Bitcoin is not either anymore than say Tesla or Nvidia...
With large percentage ownership, I agree. Namely board positions and votes. Failing that though, honest question, what is the value other than speculation (and the belief that asset will yield a greater return than other assets, or will serve as a hedge, all of which really are speculations with no greater value other than the countert value in USD). Hence, could you expound on what those other values are? (In the common case of someone that owns less than 1M shares)
Except at least Tesla and NVIDIA are actually doing things that are kind of useful (crime and speculation don't count as useful applications).
> Soon this will all collapse, reaching all time highs isn't a good thing.
Why would the price collapse? Seems like BTC is getting mainstream adoption wit BTC ETFs. Even BlackRock's CEO seems to be pro-BTC, [1] which only increase price + demand.
> Pyramid scheme at best, ponzi scheme at worst.
Technically, every investing market is a ponzi scheme.
> I still don't know any use case for this other than speculation and people aren't even using it in the real world.
It has certainly found a use in the black market.
[1] https://finance.yahoo.com/news/blackrock-larry-fink-called-1...
The common argument is the current value makes up for this, but trying to actually liquidate that value would require new buyers. Eventually someone gets screwed, but hey the price might go up even more…
Obligatory answers, take your pick:
https://99bitcoins.com/bitcoin-obituaries/
https://www.youtube.com/watch?v=XbZ8zDpX2Mg
And there's of course, the famous yet mis-attributed Einstein quote about the definition of insanity.
The use-case is to stop the wide-spread theft of your wealth, often (as in your case) without you realising, enabled by the fiat money printers around the world.
>I thought Bitcoin and crypto is just fools gold, why get involved with blockchains and worst of all, proof of work?
I offered a detailed response there that goes over the real-world use case for Bitcoin other than speculation.
Neither: it's just another commodity, like gold.
And like gold it has psychological value but questionable use cases (gold's is mostly jewelry). But, like Beanie Babys or anything else (diamonds), it is "valuable" because people think it is valuable.
People assign things to value things, like shiny and non-shiny rocks:
* https://en.wikipedia.org/wiki/Rai_stones
and Bitcoin is no different: it's a digital rock.
1. Speculation
2. Converting to a real fiat with enforceability, like USD