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Bag-holder usually has the connotation of holding a worthless asset, bitcoin is currently at an all time high.
by doopy1 6y ago
Bag-holder usually has the connotation of holding a worthless asset, bitcoin is currently at an all time high.
- arcticbull 6y agoThe underlying asset is utterly worthless, for all the reasons posited here in the article and more — that people are willing to pay you for it doesn’t change that.
- doopy1 6y agoYes it does change that. If you can sell something for $29K you're not bag holding...
- arcticbull 6y agoDepends how long you hold it for.
- doopy1 6y agoWell yeah, exactly, you're not a bag holder until it's a bag of something worthless.
- brokenkebab 6y ago>that people are willing to pay you for it doesn’t change that. I dare to insist it most certainly does. Anything is economically wothless unless there are people willing to participate in exchanging it.
- lumost 6y agoIn the long term this definition is murkier, see the Dutch Tulip bulb bubble of the 1630s.
- brokenkebab 6y agoI'm not sure we have any definition here :-) But claim that anything is economically wothless unless there are people willing to participate in exchanging it is in fact supported (not denied as you seem to imply) by any example of speculative bubble, including of course Tulipmania.
- arcticbull 6y agoPeople are using bitcoins price to justify its value. Price is not value, certainly not on a short timescale. Consider that in the short term a market is a popularity content but in the long term, it weighs actual value. This is another way of saying that the market can remain irrational longer than you can remain solvent. If you actually attempt to assess fundamental value of Bitcoin based on anything comparable it’s value approaches zero. It’s pretty much worthless at anything it’s ever been positioned to achieve except crime and speculation. Frankly it’s not even good at crime.
- wolco2 6y agoThe value of a bitcoin is the rarity of owning a coin is limited and the way it works opens up transactions globally. The price is the market demand.
- arcticbull 6y agooooh the rarity of owning a some digital magic beans, right, thanks I'll pass.
- ric2b 6y agoThat's alright, there is no coercion to use BTC.
- arcticbull 6y agoI have no idea what that statement is supposed to mean or prove lol.