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Please. The bitcoin chart going up and to the right is what is driving most of the discourse and demand, not ideology. The "investment thesis" for most people i
by twiceaday 9y ago
Please. The bitcoin chart going up and to the right is what is driving most of the discourse and demand, not ideology. The "investment thesis" for most people is "it doubled in the last x weeks I need to buy asap." This is not sustainable and demand will shrink once the chart reflects that, resulting in a crash followed by a bear market of investment thesis doubt. Hence, bubble.
- jondubois 9y agoSpeculation is driving up the price, but it's idealism that prevents it from dropping too much. For example; I bought about USD $1000 of cryptocurrencies a few months ago, then it grew to $15K so then I sold $1000 worth to get my principal back. Now I feel like I have nothing to lose. My portfolio says that I have $14K of cryptocurrencies; that represents a lot of money for me and yet when it drops by $2K in one day, I don't feel anything and I have no plans to sell. I don't care much about what happens to it in fact. I wouldn't mind if it dropped by 90%; then I would buy more. Cryptocurrencies will always exist from this point forwards so they will always have value and it'll always be proportional to user attention. User attention is fickle/volatile but when you have it, it's valuable. It's like religion; religious organizations offer no intrinsic economic value and yet they make a lot of money and their assets are worth billions.