1/ I hate Bitcoin with a probably-unhealthy intensity and have a hook set up so I get notified on big moves (e.g. down 5.3% today).
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1/ I hate Bitcoin with a probably-unhealthy intensity and have a hook set up so I get notified on big moves (e.g. down 5.3% today). When they come in I glance at the chart and occasionally get stuck for a few minutes. Stock markets have been explained as an argument between buyers & sellers as to the correct value of the underlying real-world thing. But…
#Bitcoin
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1/ I hate Bitcoin with a probably-unhealthy intensity and have a hook set up so I get notified on big moves (e.g. down 5.3% today). When they come in I glance at the chart and occasionally get stuck for a few minutes. Stock markets have been explained as an argument between buyers & sellers as to the correct value of the underlying real-world thing. But…
#Bitcoin2/ … Btc has no actual value or real-world purpose. So the forces affecting the price are very meta and abstract. It’s an argument between buyers and sellers as to what price people will pay for something that has no real-world utility in the expectation that the price will go up. Pretty clearly more or less comlpletely unpredictable. But …
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2/ … Btc has no actual value or real-world purpose. So the forces affecting the price are very meta and abstract. It’s an argument between buyers and sellers as to what price people will pay for something that has no real-world utility in the expectation that the price will go up. Pretty clearly more or less comlpletely unpredictable. But …
3/3 There are the underlying realities that (a) it has no actual value and (b) if the only reason to hold something is that you think the price will go up, but it's gone down for the past year or so, then what?
I hope it goes to zero for the sake of the planet, but I can’t muster any arguments as to how likely that is to happen, even whether it’s more or less like than it goes up to a million? Maybe best thought of us abstract conceptual art?
Thank you for coming to my TED talk.
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3/3 There are the underlying realities that (a) it has no actual value and (b) if the only reason to hold something is that you think the price will go up, but it's gone down for the past year or so, then what?
I hope it goes to zero for the sake of the planet, but I can’t muster any arguments as to how likely that is to happen, even whether it’s more or less like than it goes up to a million? Maybe best thought of us abstract conceptual art?
Thank you for coming to my TED talk.
Honestly, it seems more like things have melded in the other direction: the ordinary stock market is, in parts, indistinguishable from cryptocurrency.
Take TSLA with its ridiculous ~300 P/E ratio, built entirely on one false Musk promise after another. That difference to an automaker stock like Ford (10-12) is so large that you might as well be buying Dogecoin (as Musk did).
Attention economy all the way down.
