4 ms·

At one point the beanie baby market was up billions as well. I'm not saying there won't be winners, but there is going to be an absolute mountain of losers.

toolz 4y ago
Well ignoring the fact that beanie babies still sell for thousands of dollars today, they also never became a countries legally enforce currency (el salvador) or were utilized by the EIB (europes federal reserve equivalent) to issue bonds. I think you'll struggle to find many comparisons to short-lived hypes with cryptocurrency as a category.
- SketchySeaBeast 4y ago
  True, but something being new doesn't make it more worthy. The subprime lending catastrophe was due to a novel, very popular, idea and people got rich off that as well at first.
  - toolz 4y ago
    Being worthy doesn't really have anything to do with whether something survives the test of time. That's a different, subjective, argument.
    - SketchySeaBeast 4y ago
      You're right. Worthy was a bad choice. I simply meant that doesn't mean it would turn out to be useful or stand the test of time as being a good investment just like how for the vast vast majority of people beanie babies weren't and still aren't either.
- shkkmo 4y ago
  > the fact that beanie babies still sell for thousands of dollars today A few do, most are completely worthless. That really doesn't make cryptocurrencies look any better.
  - toolz 4y ago
    > That really doesn't make cryptocurrencies look any better. or any worse.
dvngnt_ 4y ago
a good opportunity for you to short the market then
- SketchySeaBeast 4y ago
  You're either for crypto or against it, but either way if you're trying to make money it's due to a greater fool.
  - deleted 4y ago
    [deleted]
  - koonsolo 4y ago
    Not convinced about that. I'm sure the ones who gained the most are the ones who just HODLed.
    - SketchySeaBeast 4y ago
      The people who are still holding, or the people who sold at its height, to people who were hoping for more? If the former then they haven't gained anything yet, if the latter, that's the greater fools.
      - koonsolo 4y ago
        So you claim this was the top? I claim there will be an even higher top. Let's see who's right. > If the former then they haven't gained anything yet Any asset has risk, including fiat. So no, they did gain already. Or do you expect them to cash out to Bolivar?
        SketchySeaBeast 4y ago
        The top so far. I have no idea about the future. Regardless, when do people sell? When it's at the top? When is that? If it's going up shouldn't you continue to hold? And should you sell when it drops? You haven't. So what's your line in the sand? Should new people be buying in? When should they stop? And then who are you going to sell your coin to? The greater fool. Comparing bitcoins volatility to fiat is ridiculous but regardless, you haven't made any actual guaranteed monetary gains until you sell.

toolz 4y ago

Well ignoring the fact that beanie babies still sell for thousands of dollars today, they also never became a countries legally enforce currency (el salvador) or were utilized by the EIB (europes federal reserve equivalent) to issue bonds. I think you'll struggle to find many comparisons to short-lived hypes with cryptocurrency as a category.

SketchySeaBeast 4y ago
True, but something being new doesn't make it more worthy. The subprime lending catastrophe was due to a novel, very popular, idea and people got rich off that as well at first.
- toolz 4y ago
  Being worthy doesn't really have anything to do with whether something survives the test of time. That's a different, subjective, argument.
  - SketchySeaBeast 4y ago
    You're right. Worthy was a bad choice. I simply meant that doesn't mean it would turn out to be useful or stand the test of time as being a good investment just like how for the vast vast majority of people beanie babies weren't and still aren't either.
shkkmo 4y ago
> the fact that beanie babies still sell for thousands of dollars today A few do, most are completely worthless. That really doesn't make cryptocurrencies look any better.
- toolz 4y ago
  > That really doesn't make cryptocurrencies look any better. or any worse.

dvngnt_ 4y ago

a good opportunity for you to short the market then

SketchySeaBeast 4y ago
You're either for crypto or against it, but either way if you're trying to make money it's due to a greater fool.
- deleted 4y ago
  [deleted]
- koonsolo 4y ago
  Not convinced about that. I'm sure the ones who gained the most are the ones who just HODLed.
  - SketchySeaBeast 4y ago
    The people who are still holding, or the people who sold at its height, to people who were hoping for more? If the former then they haven't gained anything yet, if the latter, that's the greater fools.
    - koonsolo 4y ago
      So you claim this was the top? I claim there will be an even higher top. Let's see who's right. > If the former then they haven't gained anything yet Any asset has risk, including fiat. So no, they did gain already. Or do you expect them to cash out to Bolivar?
      - SketchySeaBeast 4y ago
        The top so far. I have no idea about the future. Regardless, when do people sell? When it's at the top? When is that? If it's going up shouldn't you continue to hold? And should you sell when it drops? You haven't. So what's your line in the sand? Should new people be buying in? When should they stop? And then who are you going to sell your coin to? The greater fool. Comparing bitcoins volatility to fiat is ridiculous but regardless, you haven't made any actual guaranteed monetary gains until you sell.