9-year-old kid sells his Apple shares to buy Bitcoin

coindesk.com

3 points·tjaerv··4 comments

I think the exact moment I knew housing was a huge bubble was when I saw a 9 year old on tv waving $50K checks around saying how easy it was to flip houses.

Bitcoin isn't a bubble as much as it's a hyped up pump and dump scheme.

Oh wait.

Its easy to call it a bubble/scheme because most things usually are. The fundamental difference with bitcoin is that it is unlike anything the world has ever seen. Given the limited quantity and proven utility of it, many people believe it is still undervalued and maintain price targets in the tens of thousands upwards to hundreds of thousands. These targets are derived from simple calculations.

The only question is whether or not bitcoin will maintain its utility going forward. As long as it does then the value will continue to rise.

Do yourself a favor and hedge your one-sided, possibly wrong opinion and own some BTC sooner than later.

Here's my concern about the "utility" of bitcoin. It's just as valuable at transferring money over the internet if it's worth $1000/btc or $0.0001/btc. The utility is unaffected by the price.. and there's not so much scarcity that people can't "use it" to transfer money no matter what the price is.

So even if you're right that this is a super useful invention for transferring wealth, I don't see why that would drive the price up.

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