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Crypto remains utter gibberish. There are no fundamentals. Supply and demand are both pure imagination. It exists in a market of pure herd mentality. It was cre

by tootie 3y ago

Crypto remains utter gibberish. There are no fundamentals. Supply and demand are both pure imagination. It exists in a market of pure herd mentality. It was created as currency and never as an investment asset. Any gains or losses in value are purely coincidental.

greiskul 3y ago
Yup. If you read Bitcoins white paper again, you realize that it proposes a micro transaction system for the web. And it has failed absolutely as that. And without a natural demand for it, the speculation around it is gibberish. It is waiting for a future that nobody, not even the people that have bought in, is working for. Since how can people HODL a "currency", and at the same time that currency attain status as a common mean of exchange? And it's usage as a hedge or value conservation is even more laughable. During an economic crisis, people are looking for work, for ways of putting food on the table. Assets like gold maintain their value due to the natural demand from jewelry and industry. Nobody is looking for internet funny money during a crisis. If you look at it's price history graph, it basically follows the stock market hype and fear periods, without any of the fundamentals of companies actually producing value that sustains stocks in the long run.
- tootie 3y ago
  If you look at criticism from the early days of bitcoin, the economic perspective was their model would instantly breed deflation. That's essentially what's happened. A currency that massively increases in value is the exact opposite of what you ever want to happen to a currency.
- Scoundreller 3y ago
  > Nobody is looking for internet funny money during a crisis. Ransomware victims would disagree!
- red-iron-pine 3y ago
  It has not failed for web microtransactions -- goin just fine for darkweb hosting, drugs, and other shadyness. admittedly its mostly Monero at this point...
303uru 3y ago
It's not good at anything. As a currency it's completely broken, who wants a currency that fluctuates to this extent and which may fold overnight? Simultaneously, outside of a couple explosive events which I'd argue will never repeat, it's a terrible investment. That's not even touching the moral ambiguity of a "currency" being used largely by some of the worst state and private actors in the world.
rokkitmensch 3y ago
Surely you see /some/ non-epsilon value to /someone/ in non-interdictable transactions and an "asset" that you actually have to put me through thermo-rectal cryptanalysis to get your hands on. You may not think particularly highly of ISIL or North Korea, but they still bid in the global marketplace! North Korean counterfeit 100's are of /very/ high quality and accepted globally. Alls I'm saying is that Markowitz' portfolio diversification strategy is still viable.

by tootie 3y ago

greiskul 3y ago

Yup. If you read Bitcoins white paper again, you realize that it proposes a micro transaction system for the web. And it has failed absolutely as that. And without a natural demand for it, the speculation around it is gibberish. It is waiting for a future that nobody, not even the people that have bought in, is working for. Since how can people HODL a "currency", and at the same time that currency attain status as a common mean of exchange? And it's usage as a hedge or value conservation is even more laughable. During an economic crisis, people are looking for work, for ways of putting food on the table. Assets like gold maintain their value due to the natural demand from jewelry and industry. Nobody is looking for internet funny money during a crisis. If you look at it's price history graph, it basically follows the stock market hype and fear periods, without any of the fundamentals of companies actually producing value that sustains stocks in the long run.

tootie 3y ago
If you look at criticism from the early days of bitcoin, the economic perspective was their model would instantly breed deflation. That's essentially what's happened. A currency that massively increases in value is the exact opposite of what you ever want to happen to a currency.
Scoundreller 3y ago
> Nobody is looking for internet funny money during a crisis. Ransomware victims would disagree!
red-iron-pine 3y ago
It has not failed for web microtransactions -- goin just fine for darkweb hosting, drugs, and other shadyness. admittedly its mostly Monero at this point...

303uru 3y ago

It's not good at anything. As a currency it's completely broken, who wants a currency that fluctuates to this extent and which may fold overnight? Simultaneously, outside of a couple explosive events which I'd argue will never repeat, it's a terrible investment. That's not even touching the moral ambiguity of a "currency" being used largely by some of the worst state and private actors in the world.

rokkitmensch 3y ago

Surely you see /some/ non-epsilon value to /someone/ in non-interdictable transactions and an "asset" that you actually have to put me through thermo-rectal cryptanalysis to get your hands on. You may not think particularly highly of ISIL or North Korea, but they still bid in the global marketplace! North Korean counterfeit 100's are of /very/ high quality and accepted globally. Alls I'm saying is that Markowitz' portfolio diversification strategy is still viable.