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I feel like I had these same discussions in 2017 when Bitcoin enthusiasts were saying it could only keep going up. New justifications for it to keep rising don’
by bluedevil2k 6y ago
I feel like I had these same discussions in 2017 when Bitcoin enthusiasts were saying it could only keep going up. New justifications for it to keep rising don’t outweigh the reality that no one knows what the future price will be.
And regarding Saylor, you say that holding it in cash is literally losing money - if Bitcoin drops 80% again, he’ll be losing a LOT more than the 1% he’d lose if he had cash.
- alwillis 6y agoI feel like I had these same discussions in 2017 when Bitcoin enthusiasts were saying it could only keep going up. That was before institutional money and billionaires took it seriously. That was also before a global pandemic that has required virtually all central banks to inject trillions of dollars into the global economy to keep it afloat, inflating fiat currencies. Saylor knows exactly what he's doing—a speculative attack [1]—when someone uses a shitty currency to acquire a much better currency or asset. And as predicted by bitcoiners 6½ years ago [2]. [1] https://en.wikipedia.org/wiki/Speculative_attack https://en.wikipedia.org/wiki/Speculative_attack [2] https://nakamotoinstitute.org/mempool/speculative-attack/ https://nakamotoinstitute.org/mempool/speculative-attack/