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/biz/ - Business & Finance

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7907522 No.7907522 [Reply] [Original]

Some of you may have remembered me posting this:

“One day, very soon, all these 15-25 year olds who are putting their spare money into Bitcoin are going to wake up and ask:

Why am I paying $15K for one unit of internet monopoly money?

Right now the only reason people are buying bitcoin is because of the classic Bigger Fool theory:

https://en.wikipedia.org/wiki/Greater_fool_theory

It has no utility as an asset. It has no utility as a store of value, no currency whose value fluctuates by more than 5% on the daily is going to be useful to any serious business to do any serious volume with. People are purely buying it speculating that someone else is going to buy it higher to sell it to someone else for higher, but nobody is actually using what they are buying.

If you made a profit, cash out now. At some point you run out of bigger fools.”

If you still aren’t cashing out now that we’re almost over 5 figures again you’re a literal retard. Before I hear “b-b-but you’re a nocoiner reddit spacing fag.” Take a guess at who cashed out at $18,000 while you fags are stuck selling now. You’re delusional if you think this will go over $19,000 ever again.

>> No.7907552

>immutable ledger has no utility

>> No.7907619
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7907619

>>7907522
>Cashed out at 18k
>only had $20 in BTC

top fucking kek OP

>> No.7907664

>>7907522
>It has no utility as an asset.

Tell that to Greeks who can only withdraw 200 Euros a day, or Zimbabweans or Venezuelans with catastrophic inflation, or anyone under government scrutiny worldwide who is having their capital flows monitored.

/thread.

>> No.7907683

>>7907522
>Stocks
Why am I paying $1000.00 for NYSE monopoly money?
>Treasury Bonds
Why am I giving the government money in exchange for monopoly bonds?
>Fiat
Why am I using monopoly money?

>> No.7907857

>>7907683
> Stocks
Backed by the underlying company’s assets
> Treasury Bonds and USD
Backed by the most powerful nation in the world
> Bitcoin
Meme money created by a bunch of 1’s and 0’s

>> No.7907866

>>7907522
>At some point you run out of bigger fools.
There's one born every minute. You literally cannot run out.

>> No.7907948

>>7907522
Literally retarded. Stay poor faggot

>> No.7907965

>>7907522
lol. valid points and the coiners are out in full force today!

>> No.7908030

>>7907522
Hello Blockstream!

>> No.7908083

>>7907948
> stay poor
Literally cashed out at $18,000 while you panic sold at $6,000

>> No.7908100

>>7907857
>Backed by the underlying company’s assets
Yep, assets and dividends are the only thing backing it. Everything else, even stock buybacks are based on speculative value.
It's easier to value stocks because of P/E ratios and other indicators, but it's still a legitimized ponzi. If the next generation chooses not to play, stocks will lose their speculative value and crash down to their true fundamental value.

>> No.7908116

>>7907522
But i cashed out at 16k then bought back in and volatility is great for scalping during commute or long toilet breaks

>> No.7909216
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7909216

>>7907552

>> No.7909328

>1 unit of btc
>what is a satoshi?

>> No.7909363

>>7907522
>Right now the only reason people are buying bitcoin is because of the classic Bigger Fool theory:
>https://en.wikipedia.org/wiki/Greater_fool_theory
yeah I would just refer to this 'theory' as life

>It has no utility as an asset.
it's a currency

>It has no utility as a store of value
it's deflationary so by the law of mathematics, you're an idiot

>no currency whose value fluctuates by more than 5% on the daily is going to be useful to any serious business to do any serious volume with
less than 0.05% of the ENTIRE world own crypto
and the volatility we see today? twice/three times as volatile for the next few years

>People are purely buying it speculating that someone else is going to buy it higher to sell it to someone else for higher, but nobody is actually using what they are buying.
yep and I'm making SO MUCH FUCKING MONEY

Bitcoin is going to be in the millions by 2020

screencap this