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can't agree more, just can't understand why bitcoin could be so expensive

by HH_GU 5y ago

strikelaserclaw 5y ago
Person A see's a post about some crypto guy and how he paid off all his school loans with crypto, person A buys into crypto hoping for a similar outcome, this drives the price up. Person B seeing that the price has gone up regularly feels like he would be missing out if he didn't buy in, this drives the price up even more. Person A feels validated for investing because due to person B, the price has gone up, and maybe invests a little more, causing the price to shoot up, Person B feels validated... now imagine this circus with millions of people.
adhoc32 5y ago
It is cheap for a global reserve currency. That's the ultimate goal.
- HH_GU 5y ago
  the global reserve currency just owned by a few guys, can you image the future world will be?
  - adhoc32 5y ago
    You assume that early adopters still hold their Bitcoins. A tiny fraction of them might, most of them have sold (and regretted it, me including). The Bitcoin traders are estimated to a few hundred million, certainly not "a few". Coinbase alone have approximately 56 million accounts. The market is constantly crashing and reviving, people refusing to take the risk and buy should not complain afterwards for the new "elite" class. You had your chance (multiple times).
    - nikolay 5y ago
      Your regret should be that you sold but didn't buy lower if you really wanted to be on this bandwagon. I bought, sold, and bought again, and sold again many times, and I've made money. So what? There are more intelligent ways to invest and even get better return.
      - HH_GU 5y ago
        such story could be widely spread that someone bought thousands of bitcoins maybe six or seven years ago, and hold it till now. then he's financial freedom.
X6S1x6Okd1st 5y ago
It's cheap if you value it through the digital gold thesis (it's close to 1/5th of the way there). It all depends on your valuation framework, what's yours?

can't agree more, just can't understand why bitcoin could be so expensive

by HH_GU 5y ago

can't agree more, just can't understand why bitcoin could be so expensive

Person A see's a post about some crypto guy and how he paid off all his school loans with crypto, person A buys into crypto hoping for a similar outcome, this drives the price up. Person B seeing that the price has gone up regularly feels like he would be missing out if he didn't buy in, this drives the price up even more. Person A feels validated for investing because due to person B, the price has gone up, and maybe invests a little more, causing the price to shoot up, Person B feels validated... now imagine this circus with millions of people.

adhoc32 5y ago

It is cheap for a global reserve currency. That's the ultimate goal.

HH_GU 5y ago
the global reserve currency just owned by a few guys, can you image the future world will be?
- adhoc32 5y ago
  You assume that early adopters still hold their Bitcoins. A tiny fraction of them might, most of them have sold (and regretted it, me including). The Bitcoin traders are estimated to a few hundred million, certainly not "a few". Coinbase alone have approximately 56 million accounts. The market is constantly crashing and reviving, people refusing to take the risk and buy should not complain afterwards for the new "elite" class. You had your chance (multiple times).
  - nikolay 5y ago
    Your regret should be that you sold but didn't buy lower if you really wanted to be on this bandwagon. I bought, sold, and bought again, and sold again many times, and I've made money. So what? There are more intelligent ways to invest and even get better return.
    - HH_GU 5y ago
      such story could be widely spread that someone bought thousands of bitcoins maybe six or seven years ago, and hold it till now. then he's financial freedom.

X6S1x6Okd1st 5y ago

It's cheap if you value it through the digital gold thesis (it's close to 1/5th of the way there). It all depends on your valuation framework, what's yours?