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Bitcoin Tops $37K for First Time Since May 2022
- ralfd 3y agosigh Here we go again with FOMO, tullip bubble, grifters and short squeezes …
- JonathanBeuys 3y agoToday I stumbled across this nice chart, which shows how small Bitcoin still is, compared to traditional assets: https://twitter.com/JonathanBeuys/status/1722637010718822902 https://twitter.com/JonathanBeuys/status/1722637010718822902
- onlyrealcuzzo 3y agoAnd yet the trading volume somehow dwarfs the NYSE. Surely it is all legit.
- JonathanBeuys 3y agoWhat type of not "legit" trading do you suspect? Coinbase has 100M customers and less than $1B daily trading volume. $10 per customer per day does not seem unusual. It is an average of less than $4000 per year.
- jfengel 3y agoThey suspect fake trades, from one person to themselves. They can pay any price because no real money changes hands, aside from commissions. The presumed goal is to make it appear as if there is high demand.
- donkeyd 3y agoTraditional assets, like: - Real estate - Gold - Art - Collectibles - Shares in companies - Loans to companies and countries So... Things with intrinsic value and often tangible uses. The only thing in that graph somewhat comparable to Bitcoin is money, since it's also part store of value, part currency.
- bhaak 3y agoWhy is that newsworthy?
- bitxbitxbitcoin 3y agoSame reasons changes to gold or a penny stock are reported.
- onlyrealcuzzo 3y agoYeah, but those never make it onto this forum.
- adhesive_wombat 3y agoHave we decided yet if this is a speculative value store, or a currency?
- photon_lines 3y agoIt's a giant tulip bubble. Bitcoin was never supposed to be a store of value. It's a decentralized currency that many scam artists and criminals use to transfer wealth -- alongside with consuming massive amounts of energy, bitcoin does nothing but bring a huge net negative value to society: https://digiconomist.net/bitcoin-energy-consumption https://digiconomist.net/bitcoin-energy-consumption But hey, let's keep this up and see how long it lasts :)
- photon_lines 3y agoSorry but why the downvotes? Because some techno-bros here like being part of a giant pyramid scheme? Seriously - can anyone even counter or give some sort of benefit that bitcoin brings to society that isn't already available by the existing systems we use? I'm really interested in hearing them - because so far, I'm not really sure that I see the light at the end of the tunnel. What value does bitcoin bring to society?
- ProxCoques 3y agoIt doesn't (unless fiat currency inflation is some apocalyptic issue maybe?). But then do credit default swaps or collateralized debt obligations bring much benefit? Even gold and diamonds feels sort of marginal really. I'm not trying to excuse bitcoin, but to single it out as a pyramid scheme, no intrinsic worth etc. seems to ignore other financial instruments that might also have those qualities.
- photon_lines 3y agoCredit default swaps: were initially created as a way for banks to manage their exposure to credit risk. They were essentially insurance contracts against the default of a borrower defaulting so they played and to this day play a huge role in mitigating risk -- their use in speculation etc.. only became prominent after 2008. Collateralized debt obligations: created as a way to pool and securitize various types of debt, providing a means for financial institutions to manage risk and enhance liquidity. Just because a few banks and institutions used them to create complex tranches of debt which 'attempted' to reduce risk while massively misusing statistics and increasing it which resulted in 2008 doesn't mean that CDOs aren't useful. Gold: I suppose you haven't heard about its applications in electronics and connectors, bonding wires, connectors, switches, thin film applications and coatings and hugely used in the production of medical devices and in the aerospace industry? Diamonds: this one I agree semi-agree with. The only reason they have value is because the De Beers limited supply and there was demand -- but the demand is there because people use them as a status symbol and men use them to show their 'love' or commitment to their partners so this one is questionable.
- dgrin91 3y agoNews: thing of value has highest value in a little over a year. More at 11. There are probably tons of vanilla stock have the same. If you are going to do this at least wait for some interesting amount of time. Say at least 5 year high. This is just not interesting.