BITCOIN

Scottex99

https://open.spotify.com/track/6O7SkBNhaO90fxjukN8h5B?si=7d6b20729eb9422f

Funny with potential elements of truth.

$111k, money printers about to be turned on, Japan and US bond markets in the bin...

Previously sell in May and go away was the play in past cycles, it doesn't look like it's going to be this time.

How how can it go and will Alts follow? Crystal ball time

Moose1960

Surprisingly quiet in here.

How are my fellow hodlers? Happy?

User232002

Feeling vindicated. Identified the debasement trade before it was a thing. Net worth at ATH. If you held on to your Bitcoin through that bear market, don't let anyone ever tell you it was 'luck.'

But its tough to be happy when you know the pain that is coming down the road for most people. 

Cus

Based on the last 5 years, in dollar terms:

Bitcoin - up 94%

Gold - up 172%

S&P - up 78%

How should I interpret this? What is the opinion of the users on this thread who are big supporters of bitcoin?

MeteredOut

https://forums.moneysavingexpert.com/discussion/comment/81870789#Comment_81870789

I'm not sure it is possible to interpret it in any meaningful way. BTC is obviously taking a bit of a beating just now, but anyone choosing to invest in it should not be surprised.

BTC now only up 72% over 5 years, below the S&P 500 level at 74%

I wonder if any of the proponents are now investing in BTC at this level? To the moon?

phlebas192

S&P 500 has an 84% return over the past 5 years including dividends - always important to remember these when comparing to something that has no cash flow! Even the boring FTSE has a 79% total return.

Of course, the real advantage of Bitcoin according to its proponents is that it will ultimately replace fiat currency (and the problem for everyone else is that it will not). If that should ever occur then its future value in dollars (or pounds, euros, yen etc) will be infinite. But if this does not happen then the only logical end value is zero. So essentially you have an "asset" which is valued somewhere between infinite (with, IMHO, 0% chance of it happening) and zero. ie it is impossible to assign a value based on future worth without making a judgement call on future use - and the result of that call is either inifinite or zero. It is literally something that is impossible to value based on its current economic worth.

Crypto bulls claim that it is a store of value that can protect against inflation or government interference in the monetary supply. Ditto for those who advocate for gold. The latter can at least point to the current relatively limited supply of the metal along with a strong consumer and moderate industrial demand (albeit that these could be destroyed by future techological advances) but crypto has no intrinsic value despite it's actual limits on supply.

Looking to the future, I have no idea whether BTC should be worth $1, $10,000, $100,000, $1m or more. And I don't think anyone remotely sensible does either. If it should replace fiat currency then it would make sense to own at least a small amount but the chances of that are so small that you might as well wait for a very long time before making the switch.

One thing for sure, there's going to be some very good books written about the crypto phenomenon. I Just wish John Kenneth Galbraith was still around as he would write a real doozy.

MeteredOut

One thing for sure, there's going to be some very good books written about the crypto phenomenon. I Just wish John Kenneth Galbraith was still around as he would write a real doozy.

Not a lot of work:

Take this, and do a find and replace all "Tulip" for "BTC"

https://www.amazon.co.uk/Tulipmania-Money-Honor-Knowledge-Golden/dp/0226301265