All time high all time high all time high

[SpurMeUp]

You keep raising the point of crypto being used in the real world but did you know that there is a huge amount of people using crypto debit cards and using them for their everyday spending? It's not 2010 where coffee shops have stickers in the window saying "We accept Bitcoin" anymore. People have their Bitcoin, ETH or whatever and they are using their cards the same way People use Revolut cards (which convert to local currency at point of payment etc). The crypto space has evolved, not as quick as some expected sure but you'd be surprised.

Did you read my previous posts? First off I was saying it is being used more. Secondly asking whether people had an idea of how much more it was being used.

Do you have a crypto credit card? What are the costs? How does it work? To transfer crypto used to take 20 mins and burn a lot of electricity. I guess the cards use a middle man who holds fiat currency in lieu of payments.

 

[P.D.]

Is it still horrible for the environment? And still a massive Ponzi scheme with no product behind it? Its glorified Monopoly money at the end of the day and the amount of energy it consumes is ridiculous. Just one transaction uses the same amount of energy as the average US household does in something like 50 days. It uses more energy than some entire countries.

Even the WEF are onboard now - https://www.weforum.org/videos/bitcoin-mine-power/

People buy it because governments across the world continue to keep printing money out of thin air of their own accord reducing the value of peoples assets and savings. It's something crazy like 60% of all dollars in existence have been printed in the last 4 years.

It's partly desperation as well, people growing up now can't afford things like previous generations can, if you're earning 30K what chance have you got nowadays of buying a house. Crypto offers people a genuine chance of making life changing money, it's probably the only investment opportunity available to them. Everything else like property, VCs etc require huge amounts of initial capital to get involved.

 

[Hashegotthesackyet?]

Only if the currency is increasingly used for something. If is not, it will remain being based upon speculation. People buying in globally. And there are plenty of believers across the globe. Enough to sustain various ups. This isn't contentious in any way. It is obvious no?

Used as a store of value, eating into Gold market.

 

[SpurMeUp]

Even the WEF are onboard now - https://www.weforum.org/videos/bitcoin-mine-power/

People buy it because governments across the world continue to keep printing money out of thin air of their own accord reducing the value of peoples assets and savings. It's something crazy like 60% of all dollars in existence have been printed in the last 4 years.

It's partly desperation as well, people growing up now can't afford things like previous generations can, if you're earning 30K what chance have you got nowadays of buying a house. Crypto offers people a genuine chance of making life changing money, it's probably the only investment opportunity available to them. Everything else like property, VCs etc require huge amounts of initial capital to get involved.

I think the second part is the most interesting. Is it new? People will always hop onto the latest trend promising riches. Countless examples in history. The internet and stories of a fast buck are the greatest crypto asset. Without it Crypto dissolves. I like your point. Kids growing up have a vision of instagram riches with next day successes. Hard work, long term effort...why bother when you can buy crypto? Of course the reality may not match the hype. Especially if everyone is on the same ticket, and few are actually using the currency for transactions. Have you?

 

[SpurMeUp]

Used as a store of value, eating into Gold market.

Isn't gold at an all time high?

Bitcoin maybe a store of value for many now (though I'd wager most are looking to make money rather than store it). Is it a safe store of value? Gold to me seems more stable and dependable however. It is also used for making things. And in an apocalyptic scenerio gold has thousands of years of intrinsic value; and surely you'd prefer a bar of gold to a digital ledger? Bitcoin doesn't exist without a computer.

 

[Hashegotthesackyet?]

Isn't gold at an all time high?

Bitcoin maybe a store of value for many now (though I'd wager most are looking to make money rather than store it). Is it a safe store of value? Gold to me seems more stable and dependable however. It is also used for making things. And in an apocalyptic scenerio gold has thousands of years of intrinsic value; and surely you'd prefer a bar of gold to a digital ledger? Bitcoin doesn't exist without a computer.

Yeh gold is an ath right now, it’s a tad higher than it was in 2011.

You have your bias , enjoy the cope

 

[SpurMeUp]

Yeh gold is an ath right now, it’s a tad higher than it was in 2011.

You have your bias , enjoy the cope

There I was thinking it was an interesting rational argument. But it turns out it is a bias. I hope you and the millions of other sooth sayers around the world all get rich quick. Don't think. Just believe.

 

[Hashegotthesackyet?]

There I was thinking it was an interesting rational argument. But it turns out it is a bias. I hope you and the millions of other sooth sayers around the world all get rich quick. Don't think. Just believe.

There you go… why do you believe this to be the case? Not everyone who has some exposure to it dumbly lumps their total net worth into this and doesn’t manage their risk accordingly. You or the next naysayer will eventually buckle when total mania phase kicks in and be my exit liquidity

 

[SpurMeUp]

There you go… why do you believe this to be the case? Not everyone who has some exposure to it dumbly lumps their total net worth into this and doesn’t manage their risk accordingly. You or the next naysayer will eventually buckle when total mania phase kicks in and be my exit liquidity

Because belief is what drives crypto. If you take the time to think it through it is vacuous - there isn't much real use for crypto. Mainly speculators at the moment. Not one person on here has said they have paid for something using crypto.

Are all the millions of speculators going to make money from it?

 

[Hashegotthesackyet?]

Because belief is what drives crypto. If you take the time to think it through it is vacuous - there isn't much real use for crypto. Just speculators. Not one person on here has said they have paid for something using crypto.

Are all the millions of speculators going to make money from it?

No of course not… 90% will lose out, but that will be down to time preference, and the bulk will buy in chasing pumps and puke their positions at the lows. It happens every cycle. But the smart money, ie the institution, hedge funds etc, have a demand from their clients, high net worth bids, who see it as a way of protecting their “value” over time. That’s not to say they are going all in. But they are increasing their allocation from 0% to something, and that something is a large inflow when you look at how small the crypto market cap is today, compared to all the allocations from bonds, equities, gold, real estate etc.
For me a mere retail pleb, i’m just swimming with the tide and won’t get greedy and will scale out as and when.

 

[P.D.]

I think the second part is the most interesting. Is it new? People will always hop onto the latest trend promising riches. Countless examples in history. The internet and stories of a fast buck are the greatest crypto asset. Without it Crypto dissolves. I like your point. Kids growing up have a vision of instagram riches with next day successes. Hard work, long term effort...why bother when you can buy crypto? Of course the reality may not match the hype. Especially if everyone is on the same ticket, and few are actually using the currency for transactions. Have you?

Of course by nature the majority of people are greedy. Some may grow up like that but many grow up see their parents work hard yet have a society that works against them. Governments that take their taxes and line the pockets of their mates, or spend it on wars they dont want, or put policies in place that raise house prices and price them out of ownership etc. It's an ongoing cycle and some people see a potential alternative way out, why not take it. No I'm not using it for anything other than hopefully lining my pockets, same thing 99% of investors do. Something is worth what people are willing to pay for it.

 

[Danishfurniturelover]

There I was thinking it was an interesting rational argument. But it turns out it is a bias. I hope you and the millions of other sooth sayers around the world all get rich quick. Don't think. Just believe.

Yes finally.

You got it, oh baby you got it.


BELIEVE IN BITCOIN

 

[SpurMeUp]

Yes finally.

You got it, oh baby you got it.


BELIEVE IN BITCOIN

I love the phenomenon. Firstly it’s fascinating - the global fashion and hype. There are huge profits to be made for the discerning who can ride waves up and cash out at the right time.

Then there is a need for a digital currency. How/can technology make convoluted banking faster and cheaper. Sadly the existing powers are set to continue to own the space; or are they? The Crypto credit card someone mentioned is a VISA card. Hardly revolutionary then. It’s the establishment using crypto as a marketing tool. Yet technologically we should be able to have digital currencies and avoid banks. In Africa where people don’t always have bank accounts, people have been using phones to make payments for a long time. In China you pay for most things via Weechat which is a bit like WhatsApp.

Thirdly you have a them and us thing of believers vs naysayers, which makes for an interesting debate.

Long live bitcoin