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No, Bitcoin isn’t pumping because it’s a “safe haven” from banks
- ggm 4y agoI liked this write up. Basically, it's gambling, and pumping, and people misunderstand both scale and motivations to buy or sell because they focus on narrow stories. I don't have a spare million dollars but even if I did I wouldn't engage in a bet over BTC price because that too simply adds legitimacy to the game.
- junofan 4y agoEh it’s fine for tail risk alloc. If in a collapse scenario I think BTC will 40x and I put 2.5% into it, I’m covered.
- ericpauley 4y agoIn this case, are you expecting BTC will 40x nominally, or in real terms? If it goes 40x because the dollar loses all value then you’ll still have lost value in real terms.
- junofan 4y agoReal
- skee8383 4y agoIf we have a collapse there could be a civil war of sorts so wouldn't be long before the power grid goes offline, then BTC will be useless almost instantly. Bullets and canned food will have far more value.
- junofan 4y agoWhere has this happened? I’m thinking about something akin to Venezuela.
- skee8383 4y agoIt's happened it a few places in the third world but not on the scale it will be if it happens in the US. People aren't as docile today as they were back in the 30's when the great depression hit. they aren't just going to say "aw shucks" and retire to their shanties and eat hoover stew. people today are pissed off and armed to the teeth.
- medo-bear 4y ago[flagged]
- psygn89 4y agoIt's because stupid money moves fast and in stupid numbers.
- sacnoradhq 4y agoThundering herds of lemmings. Cryptocurrencies and NFTs are tulip bulbs: they're intrinsically worthless. At least you get flowers from bulbs.
- steponlego 4y agoWhen they say the whole screed in the headline, you can usually believe the opposite. Yes, people are fleeing from cash. COMEX is running dry too, will be interesting to see what the copes will be regarding that soon.
- jacknews 4y ago:waving_hand:
- chemmail 4y agoBitcoin is just a technology. You cannot invest in "technology" itself. You need a company that can utilize that tool. We are still waiting for that company.