Posted on 05/12/2022 8:17:02 AM PDT by Browns Ultra Fan
Call this “Nobody’s Everything.” Crytpocurrencies are getting clobbered. But then again, the S&P 500 is not doing so well. But crypto stalwarts Bitcoin and Ethereum have down even worse.
At the dollar strengthens, Bitcoin has gotten pummeled.
But at least Bitcoin rose this morning along with Bitcoin Cash. And XRP. But the others are getting clobbered.
Microstrategy bonds are getting crushed.
(Excerpt) Read more at confoundedinterest.net ...
In the end of the day, crypto has zero value
Where it differs is in the cost to generate it and use it. A volume of unrestrained air doesn't require storage, processing, or electricity to negotiate it, like crypto currency does.
So air is even better as a currency!
You want to see just how bad crypto is doing, just check out the charts on just the first page of this crypto tracking site.
That says more than anything else.
I know. All backed by what? Nothing. Other than a group of like minded people believing it’s worth something... because.
Those of us who understand crypto and have made tidy little profits from it no longer get mad at people who continue to talk it down and celebrate when it goes down. Eh, its been the case since it first made its appearance.
Don’t mind me over here, while i continue to invest in complete bullshit. Im just a total moron!
“MicroStrategy - The corporation secured a $205 million loan from Silvergate Bank on March 29 to acquire an additional 4,167 Bitcoin at a price of $45,714 per coin. The loan will be subject to a margin call if BTC drops to $21k.”
At the end of the day, fiat currency (US Dollar) has zero value.
I and all the people I know in crypto view this as a wonderful buying opportunity. We are scooping up as much of it as we can.
At the end of the day fiat currency has no value.
At the end of the day gold is just shiny metal without much use.
At the end of the day diamonds are just shiny rocks.
All of these things are valuable only because other people accept that they are valuable.
“So air is even better as a currency! “
but only if you can come up with a cool, high-techy sounding name and a cool high-techy sounding back-story ...
Daum!
a fool & his money ...
Looks like it’s time to get some crypto if you can afford it!
Personally, I’ve got some, but I’ve never put in anything I can’t afford to lose.
I’ve also got a pension, an IRA, and a 401k. And those 3 haven’t been doing too good lately either. Thanks Brandon.
this is a combo of BTFD and a healthy realization that some altcoins are going to die. They SHOULD die and only have capitalization because of the same crap that happened in the late 90s with any stock that had “tech” in the name. They all went up crazily and we really needed the sell off. It (like all corrections) cleared out the fluff and scrum and left the big profitable tech companies poised for crazy growth.
That is how it will be here. I have an order to buy MATIC, ZILLIQUA, ETH, ONTOLOGY, DOT, and of course BTC
Nothing wrong with gambling, its fun you make/lose money, I don’t care.
But it is not any sort of investment.
There is nothing here tangible to invest in.
All currency is backed by “nothing” except the imputed value of people who decide it is reliable as a means of exchange. The utilitarian value of gold is less than 1/10 of its market value were it not an acceptable means of exchange. There is no such thing as “instrinsic value” in currency.
The worse part of this is of course that the people never decided to accept pictures of paper with dead politicians on them. That was a “fiat” decision by the state. In the long run, anything that challenges this fiat will do well.
The US Dollar is backed by the US Military
Weaker the military, weaker the dollar
Stronger the military, stronger the dollar
Something I figured out a long time ago
Right now the hedge funds, banks, and retirement plans are buying into Bitcoin in big ways.
The idea that Bitcoin somehow got pegged to stocks or the USD is a misnomer. As Biden’s USG sponsored inflation to make paying back debt less painful will see a flight from fiat currencies by many people who can. The USG has to devalue the USD in order to print more and pay back the debt with 50% of the valuation of the original instrument. Government sporsored spending and inflation should be a treasonable offense punishable by public flogging, then waterboarding and hanging.
Bitcoin is going to decouple from the preception of linkage to dollars and stocks. Bitcoin is a hedge and exchange instrument which can only go higher as dollars become less valuable. Before Biden’s sponsored inflation, Bitcoin was on track for $140K this year. I think we will see Bitcoin go up and up. Those who are currently leveraged in crypto coins and then used them as collateral to buy more paying interest are getting squeezed.
Bet the family farm on the fact that when the dust settles everyday Americans are going to see that the big players have acquired on the dips and they will reap the rewards.
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