Is bitcoin just a giant game of “chicken”?

Scottex99

CityBoyTheSecond said:

Those who got some bitcoin early made a profit. Those getting in now can only profit if some bigger fool buys their bitcoin at a higher price when they want to sell. Bitcoin, in and of itself, cannot increase its value. It is just a speculative token.

How many years does it have to increase in value before you realise you're wrong? 12 so far

moneysavinghero

A lot of cryptocurrency is sold as millenniums vs boomers. Almost like the millenniums think buying bitcoin is sticking it to the boomers (maybe it is, who knows). I wonder was it going to happen when the younger generation become the new old gits and are telling all the young people about how amazing these Bitcoins these are. Will all those young whippersnappers listen to the old timers or will they want to stick it to the old men and have their own thing?

naedanger

Malthusian said:

Scottex99 said:

How is it a minority?

Because if I want to cash out a 5x profit from Bitcoin, either someone has to lose five times as much money as I stake, or five people have to lose as much money as I stake, or ten people have to lose half as much money as I stake, or some equivalent combination.

Every large-scale zero sum game in the world, whether lotteries, poker tournaments or Bitcoin, involves a minority of people cashing out large profits at the expense of a larger number of people making losses.

It is theoretically possible for a majority of players to cash out at a profit if rich schmucks invest vastly more than them and lose it. A rich schmuck might sit down at a poker table with five sharks and get cleaned out, meaning 5/6 players walk away from a zero sum game in profit. On a large scale like Bitcoin it doesn't happen.

You do realise it is only a zero sum game if you value all the existing holdings at zero rather than any other value such as current market value?  

Scottex99

moneysavinghero said:

A lot of cryptocurrency is sold as millenniums vs boomers. Almost like the millenniums think buying bitcoin is sticking it to the boomers (maybe it is, who knows). I wonder was it going to happen when the younger generation become the new old gits and are telling all the young people about how amazing these Bitcoins these are. Will all those young whippersnappers listen to the old timers or will they want to stick it to the old men and have their own thing?

Saw an interesting point earlier.

TradFi or standard institutional investors balk at the super high risk nature of BTC whilst DeFi degens think of it as a boring store of value Boomercoin. Depends on your point of view.

BTC will always be the flagship, but I think the ETH flippening will happen at some point 

[Deleted User]

The total value of bitcoin is 700$b. 

Which is quite impressive until you remember that, a fortnight ago, the total value of bitcoin was $1t.
Since nobody knows the value of bitcoin, it is quite likely that its value will return to what it was judged to be worth 2/3 years ago: like, $100b. 

Just speculation, like those slot machines. Nobody should mind too much when they lose their money?

Scottex99

Just as likely as it going to 10t, depending on who you speak to

[Deleted User]

Exactly. "Depending you you speak to." I'm not batting for either side, Scottex99.

[Deleted User]

But the downside sure looks scary.

Scottex99

And the upside looks delicious.

I’ve said many times in the other thread that I can’t personally see it below $20k again. If it does drop to there, who cares, I’ll buy a lot more 

[Deleted User]

What's your average price, Scottex99?