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Which is funny because the “grown up” finance story is that bitcoin and friends are a great method asset diversification ala gold or bonds.
by donavanm 5y ago
Which is funny because the “grown up” finance story is that bitcoin and friends are a great method asset diversification ala gold or bonds.
- vba616 5y agoHaven't people been saying for a while that cryptocurrency seems to track stock markets rather than being a hedge?
- loceng 5y agoMy guess is in part is that because it's nearly 10p% speculative, and ungrounded/not anchored in any high resolution way (say to specific companies' product or service sales, e.g. no real demand proven regarding sales) that's primarily an unsophisticated ideological mob who buy Bitcoin, and the clever hodlers make millions - while chanting for the mob to "HOLD!" - by selling at the beginning of significant downtrends in stock market knowing that the mob will soon follow crashing the price at which point the clever ones can rebuy with just 50% of what they sold to 1) come out owning more Bitcoin, 2) making themselves whole again, 3) and actually with a profit; rinse and repeat, buy low sell high.