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Funny that the comment has aged pretty well. Bitcoin has been an utter failure in practically everything substantial it has been ever claiming to be[1]. In addi
by beefield 5y ago
Funny that the comment has aged pretty well. Bitcoin has been an utter failure in practically everything substantial it has been ever claiming to be[1]. In addition to being an environmental catastrophe.
(This from someone who refused to bet against bitcoin ten years ago because "the markets can remain irrational longer than you can remain solvent". And still today would rather sell sugared water.)
[1] haven't heard too many trying to sell it as "speculative asset with practically no underlying value whatsoever". That has admittedly been working so far quite well.
- starfallg 5y agoIt's impressive how long markets can remain irrational. Not just crypto, but the stock market and housing market as well. It seems that finance is completely detached from the fundamentals (and hence reality).
- sumedh 5y ago> Not just crypto, but the stock market and housing market as well. Its not completely irrational though. Interest rates are at record low levels which encourages debt and you also have the US Fed printing money which is why people use BTC as a hedge.
- Geee 5y agoAdd gold to that list.
- deleted 5y ago[deleted]
- loeber 5y agoIf you're claiming that all markets are detached from reality for a prolonged period of time, consider that the "fundamentals" you grew up with may no longer apply -- the game has changed, and now you may be detached from reality. If every other car is driving on the wrong side of the road...
- eric_cc 5y ago"I'm so smart and intellectual, it's the market that's wrong!!!" - how not to approach investing