Posted on 05/20/2021 3:53:55 PM PDT by DUMBGRUNT
"Bitcoin: Trendy is the last stage before tacky," quoting the late fashion icon Karl Lagerfeld.
"Bitcoin: Trendy is the last stage before tacky," quoting the late fashion icon Karl Lagerfeld.
“All it took for the cryptocurrency to fall out of style was one tweet and a Chinese government statement,” she wrote.
This is why Labouré says “the value of bitcoin is entirely based on wishful thinking.”
Bitcoin’s (BTC-USD) price plunged 28% this week, this most recent meltdown spurred by an announcement from China and an Elon Musk tweet. The controversial crypto is now losing even more love on Wall Street a day after UBS’s CIO Mark Haefele questioned the need to own bitcoin in a portfolio.
In a note published Thursday, Deutsche Bank analysts joined the conversation with a research note entitled "Bitcoin: Trendy is the last stage before tacky," quoting the late fashion icon Karl Lagerfeld.
“What’s true for glamour and style might also be true for bitcoin,” wrote Deutsche Bank’s Marion Labouré after the latest plunge. “Just as a ‘fashion faux pas’ can happen suddenly, we just received the proof that digital currencies can also quickly become passé.”
In Labouré’s estimation, something has snapped in the cryptocurrency market in the past three months.
“All it took for the cryptocurrency to fall out of style was one tweet and a Chinese government statement,” she wrote.
On May 12 CEO Elon Musk tweeted that Tesla (TSLA) would stop accepting bitcoin for payment due to environmental concerns.
This is why Labouré says “the value of bitcoin is entirely based on wishful thinking.”
Especially, Labouré says, because central banks and governments are likely to begin regulating crypto by early next year — as well as potentially launching their own, like the Federal Reserve’s or China’s digital currency.
(Excerpt) Read more at finance.yahoo.com ...
The ‘value’ of almost all money is based on wishful thinking...
If you are seriously comparing tulip mania to bitcoin you need to do more research. Crypto is not tulips and in fact there is ample evidence tulips weren't even tulips.
You could just get on coinbase and buy a little bitcoin and any others you like and see what happens. Crypto is really down right now and that may continue or it may not. Have some fun with it on the cheap and who knows what might happen.
Gook Luck!
Yes at one point in history there was tulip madness that would rival bitty coin
The computers will stop generating bitcoins at 21 million because that is the way bitcoin mining is programmed. Every couple of years the amount of new bitcoins created is cut in half, so the supply of new ones is exponentially decreasing.
Very few people will ever own a full bitcoin. Unlike the dollar which is divided into 100 cents, bitcoin is divided into 100,000,000 satoshis. So even a a $1 million bitcoin, that’s still only one cent each.
And nobody can change the programming? You have seen the source code?
Any attempt to change the programming would be instantly rejected by the thousands of independent miners on the network whose purpose is to ensure that all transactions are valid. It would render it almost impossible to successfully implement such a change. It would require an enormous collaboration by everyone involved with bitcoin. The entire system is set up with the purpose being that no one person or small group of people can change anything about it.
https://river.com/learn/can-bitcoins-hard-cap-of-21-million-be-changed/#bitcoins-hard-cap
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