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> what people who were overly hyping bitcoin got wrong Did they? It's the best performing asset in the last decade. I think they got it right.

roflyear 3y ago
You'd have to substantiate that claim which would probably take significant work.
- rafaelero 3y ago
  From 2015 to today it appreciated 8000%. Do I need to elaborate further?
  - roflyear 3y ago
    Yes, of course you do. You made a specific claim. You can't find a single other investment that would have returned higher? Very different, but maybe options plays on GME? Anything like that? I'm sure there is one! You said it's the HIGHEST - very specific claim! You're also picking a date period that works for you - certainly I can pick other dates that don't support your argument!
    - mardifoufs 3y ago
      I get your point, but options aren't usually considered an asset. They do expire after all! Though now that I think about it, I'm not sure what would be the best performing asset of the past decade. Bitcoin has skyrocketed in the past decade, but I still think that something else probably gained value even faster. Maybe pokemon cards? Hahaha.
      - roflyear 3y ago
        LOL or MTG cards! Some have definitely gone up 100x!
  - roflyear 3y ago
    Someone else pointed out here that some Pokemon or other trading cards have also gone up quite a bit! Should we buy them, too?
gambiting 3y ago
The people who were hyping it said it will be the next major currency. Right now it's literally no different to people getting excited about beanie babies - sure those beanie babies have appreciated in value by 1000s of percent, but at the end of the day they are still just stupid toys and nothing more. So no, people didn't get it right. If anything they got it catastrophically wrong and the entire premise was hijacked by people who saw it as an excellent investment/scam opportunity.
- rafaelero 3y ago
  > The people who were hyping it said it will be the next major currency. Why do you think this prospect have failed? Do you think such a huge shift on the reserve global currency would happen in just 10 years? In the meantime, the market is pricing the likelihood of this scenario with increasing optimism.
  - gambiting 3y ago
    No one said crypto should have displaced real currencies by now. But you'd think it would be used as a currency somewhere - and it just isn't, outside of extremely limited cases. Not to mention that Bitcoin specifically just can't work this way due to the way it's designed - it's destined to always be a shitty "investment" asset and nothing more. >>the market is pricing the likelihood of this scenario with increasing optimism That is actually very funny to read. The markets are also pricing what they want to happen not what is likely to happen. This sort of prediction is close to pointless.
Kye 3y ago
So were credit default swaps until the history-based assumption they were built on went into freefall. Past performance is no guarantee of future results. Even an investment that has a real and solid foundation can fail fast and hard.

roflyear 3y ago

You'd have to substantiate that claim which would probably take significant work.

rafaelero 3y ago
From 2015 to today it appreciated 8000%. Do I need to elaborate further?
- roflyear 3y ago
  Yes, of course you do. You made a specific claim. You can't find a single other investment that would have returned higher? Very different, but maybe options plays on GME? Anything like that? I'm sure there is one! You said it's the HIGHEST - very specific claim! You're also picking a date period that works for you - certainly I can pick other dates that don't support your argument!
  - mardifoufs 3y ago
    I get your point, but options aren't usually considered an asset. They do expire after all! Though now that I think about it, I'm not sure what would be the best performing asset of the past decade. Bitcoin has skyrocketed in the past decade, but I still think that something else probably gained value even faster. Maybe pokemon cards? Hahaha.
    - roflyear 3y ago
      LOL or MTG cards! Some have definitely gone up 100x!
- roflyear 3y ago
  Someone else pointed out here that some Pokemon or other trading cards have also gone up quite a bit! Should we buy them, too?

gambiting 3y ago

The people who were hyping it said it will be the next major currency. Right now it's literally no different to people getting excited about beanie babies - sure those beanie babies have appreciated in value by 1000s of percent, but at the end of the day they are still just stupid toys and nothing more. So no, people didn't get it right. If anything they got it catastrophically wrong and the entire premise was hijacked by people who saw it as an excellent investment/scam opportunity.

rafaelero 3y ago
> The people who were hyping it said it will be the next major currency. Why do you think this prospect have failed? Do you think such a huge shift on the reserve global currency would happen in just 10 years? In the meantime, the market is pricing the likelihood of this scenario with increasing optimism.
- gambiting 3y ago
  No one said crypto should have displaced real currencies by now. But you'd think it would be used as a currency somewhere - and it just isn't, outside of extremely limited cases. Not to mention that Bitcoin specifically just can't work this way due to the way it's designed - it's destined to always be a shitty "investment" asset and nothing more. >>the market is pricing the likelihood of this scenario with increasing optimism That is actually very funny to read. The markets are also pricing what they want to happen not what is likely to happen. This sort of prediction is close to pointless.

Kye 3y ago

So were credit default swaps until the history-based assumption they were built on went into freefall. Past performance is no guarantee of future results. Even an investment that has a real and solid foundation can fail fast and hard.