Dog wrote: Slick Nick wrote:
Dog wrote:Still tulips, nick. You think a drastic inflation of an irrational asset validates it? That’s what bubbles are.
TIL that useless shiny metals stored in vaults and non-dividened Van Gogh paintings are tulips. Digital scarcity that’s what bitcoin has brought. If everyone acknowledges that bitcoin is worth a price, it is worth that price. You’re supposed to be the smart ones, why must I explain everything to you.
Bitcoins may have scarcity, but not cryptocurrencies as a whole.
Country X adopts its own digital currency. The e-dollar. It has legal currency.
Why is bitcoin valuable? It’s blockchain technology that has value.
They all have scarcity technically.. just like metals. Not all of them have reserve asset status. Some of them (think ETH) have real case uses. It’s the main protocol on which all other blockchains run. To run the protocol you must pay a fee, thus inflating the price value of the asset parallely to the speculation. Chainlink (LINK) is an oracle protocol. It’s the onramp from non-blockchain based technology to blockchain ecosystem. Etc.
Think of bitcoin as gold 2.0. Think of ETH is microsoft 2.0. Think
Of other cryptos as googles, facebooks and cats.com.
Like what’s 10,000$ to you? A coffee machine? Had you bought ETH at 120$ like banes was supposed to, you would have 10x your money. In 5 years, 1200$ ETH will probably be laughable.
Not financial advice.