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The price of BTC reflects one incredibly narrow band of reality. BTC can quadruple tomorrow and the broad reality still is that crypto has not achieved any of t
by llm_nerd 3y ago
The price of BTC reflects one incredibly narrow band of reality. BTC can quadruple tomorrow and the broad reality still is that crypto has not achieved any of the promises, and is less relevant today than it was 10 years ago. But BTC is "traded" in a largely unregulated market, has poor liquidity, and there is every indication that it is being held afloat by manipulation. BTC has close to zero barrier to entry, can be replaced in a second, and technically is just a giant bag of dogshit, so even if somehow crypto had actual value, it wouldn't be BTC.
A few years ago, virtually all of professional sports were sponsored by crypto companies. Since almost all of them have folded, usually under massive fraud, and have been replaced by gambling firms. So I guess nothing has changed.
- olalonde 3y agoBitcoin has achieved its promise: "A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution." There is no credible evidence that Bitcoin is being "held afloat by manipulation", that's just wishful thinking. It is also a very liquid market: billions of dollars in daily volume. > BTC has close to zero barrier to entry That's wrong. Mining power is a big one. Some other barriers: developer mind share, network effect, branding, perceived fairness of initial distribution, software ecosystem, etc. If it was easy to "replace in a second", it wouldn't still be the top cryptocurrency. Like I said, you might want to reconsider your sources of information.