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>Also, “In a sense, the market is going to take that as kind of bullish.” - a.k.a. the standard 'this is good for bitcoin' quote, applicable whatever the news i
by gjvc 4y ago
>Also, “In a sense, the market is going to take that as kind of bullish.” - a.k.a. the standard 'this is good for bitcoin' quote, applicable whatever the news is!
Good observation. I may not be Warren Buffet, but it angers me greatly to see this kind of moronic chatter masquerading as informed opinion on finance or market dynamics.
- vmception 4y agoSure, it’s a commodity and trades like a commodity. Anything that stops a supply from overwhelming demand results in an increase in price. Commodities traders accept the seasonality of their assets, and arent perma-bulls, with the exception of metals traders. Bitcoin inherits a mixture of stock traders and metals traders sentiment, where perma-bulls mentality of “number go up forever” is present but less warranted. There are obvious periodic supply and demand movements in bitcoin, just like there is in oil, natural gas, and other commodities.
- TomSwirly 4y agoOil and gas are vitally useful. They have actual value to make things and move things and power things.
- vmception 4y ago> Oil and gas are vitally useful. They have actual value to make things and move things and power things. And what was the point of that copypasta? Analogies compare dissimilar things in the ways that they are alike, not the ways they are not alike. The trading patterns and supply and demand pressures are the ways they are alike, whether you respect why such pressures exist or not.
- ChaseMeAway 4y ago“Weak analogy Definition: Many arguments rely on an analogy between two or more objects, ideas, or situations. If the two things that are being compared aren’t really alike in the relevant respects, the analogy is a weak one, and the argument that relies on it commits the fallacy of weak analogy. Tip: Identify what properties are important to the claim you’re making, and see whether the two things you’re comparing both share those properties.“[1] [1]https://writingcenter.unc.edu/tips-and-tools/fallacies/ https://writingcenter.unc.edu/tips-and-tools/fallacies/ I suspect the poster you are responding to disagrees that it is a relevant comparison, since commodities, their value, and subsequently the way in which they are traded is in some way influenced by their “vital” civilizational importance. The implication here is that crypto does not share that crucial (for the analogy) property of vital importance, and as such the trading patterns/market forces are not comparable. In this case is it reasonable to point out that the analogy is weak, we do not have to ignore how the two candidate comparables are different if they differ in fundamental ways.
- vmception 4y agoThe trading patterns have been identified twice now. I’m sure its been insightful to someone.
- gjvc 4y agoto what are you replying?
- lizknope 4y agoI just assumed that 99% of the people saying "this is good for bitcoin" are using the phrase as a meme mocking bitcoin and cryptocurrency in general.