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> Bitcoin is a store of value. Possibly. It is an asset, after all. The problem is that people are buying it because they expect it to appreciate significantly
by dehrmann 5y ago
> Bitcoin is a store of value.
Possibly. It is an asset, after all. The problem is that people are buying it because they expect it to appreciate significantly, hence "when lambo." There's a difference between believing something will retain its value and believing it will appreciate.
- tyrfing 5y agoDefinitely true, retail trading of all sorts is basically gambling, and crypto has a lot of gamblers. I think this is a really bad thing. However, even the typical lambo-dreamer sustains the effect: it would be rare for them to cash out completely, unless that dream is suddenly dashed. What if they miss out on future growth? Rephrasing: how much bitcoin do you think the average bitcoin-billionaire owns? It's belief that stops them from selling, and belief that sustains the value. If you think that sounds like a ponzi, you're missing one thing: all else equal, dollar (and equivalent) denominated value will rise, because those currencies slowly devalue by design.