You're trying to describe a complex system in simple terms and removing a lot of significant details Bitcoin started at a value of $0 and the rest of the cryptos 10 years ago were all valued less than $10B Today, the whole cryptos assets have a market cap of over $1 Trillion and if you include all the crypto companies with huge revenues, like the mining industry and exchanges and investment funds and software development team and infrastructure builders, probably worth over $2 Trillion $2 Trillion of wealth creation in 10 years and we're not even at all time high, and guess what, it's still growing Cryptos assets ecosystem are a global financial system. Many people are employed and drawing a income from this industry So you can be a cynic, but I hope at some point you will at least give it a chance, for your benefit, too.. Does it mean that if Bitcoin goes to over $100K that you will finally realize you're wrong and it's still growing? That seems like a fair target, I'm pretty sure it will happen after this bear market is over
And to think the government just printed over 4 trillion since Covid. It almost makes the 2 trillion of crypto kind of small. But there is certainly lots of carnage in this space right now. The end result will more than likely be Bitcoin as the king, and maybe some type of other layer 1 to handle all the smart contracts and things like this. The demise of everything else will be really good for bitcoin. If more stablecoins go down, I suspect as a last resort, traders will be running into bitcoin because maybe exchanges can't deal in USD directly so they will need to trade into something else.
That is incredibly stupid to say. There was no wealth creation. There was wealth DISTRIBUTION (or reorganization), from the stupid to the scammers and lucky early birds.
Its just a simple market cap. Its like you saying that any company isn't worth the stated value if you just take the number of shares and multiply by the price. Any person can sell their coins at any time for the stated price. Its the same thing with stocks, and its the same thing with houses. Of course if you want to sell 20% of the outstanding float you're gonna have trouble getting a good price before it crashes, but this is true with any of these things. Houses is what amaze me the most. Some dude on the street can overpay for a house by 20%, and all of a sudden the entire neighborhood is worth 20% more! LOL What would happen to treasuries if the Fed wasn't buying? There would be lots of "distribution" as well. The collapse of Luna is no different than Nortel or Enron, although much faster of course. And there will be very many coins that go to zero as well. And although bitcoin can one day be worthless, replaced by a totally new blockchain, fiat currencies go to zero all the time, and the USD will suffer this same fate at one point, replaced by whatever else they come up with. Heck, it might even be bitcoin that replaces USD, or at the very least is used to prop it up!!
I worry for you, Pekelo, you're seeing the world in a very negative way. Maybe you should talk to someone -------- Part of me, and I know this is a very very long shot, suspects that you're a big Bitcoin whale and you bought hundreds if not thousands of Bitcoins a long time ago and you're just posting negative stuff all the time to make sure no one suspects that you're a Bitcoin whale? Anyway, It's my dream for you, I'll never know the answer with 100% certainty
Why do I need to buy a house to understand how it works? Elon Musk is a perfect example. He needs to unload billions of dollars in Tesla shares. He clearly can't do that without moving the market like crazy, so he comes up with distractions to keep price elevated while he is busy selling. In real estate, the minute an agent pulls up comps for similar houses in the area and finds 1 or 2 that sold for 200k less than 3 months ago, immediately the price they would ask for a current house about to go on the market has to reflect these two new sales. The entire value of a neighborhood is based on only the last few sales.
You see that is why I put you on Ignore for like 2 months, if you have noticed. It is just never ending circular arguments with you. You misspelled realist. Why is it wrong NOT to invest in something if you are against the idea? I don't own Reynolds or Marlboro stocks for a reason, I don't care how much they are on fire. Not to mention my bullshit detector is more sensitive than others'. I appreciate the personal attention, but I have to agree with Mr. Buffett, cryptos are rat poison on square. The more I learn about the new "inventions" the more I shake my head. But 2 things and I am done explaining myself: 1. Had I bought BTC at 100, I would have sold it at 500. I am just not good at sitting on profits, specially for years. 2. Had I made millions by investing in crypto I would still have the same opinion of it, it is ponzis all the way down. Just because I could have taken advantage of the guilty, that doesn't make me a believer. This is actually a healthy trader's characteristic. Don't marry a stock or you will go down with it. So are we clear? But I like the idea of me being a whale...