The explanation to "so why is it still going up?": (from reddit) "For the time being it seems to follow the trend of overpriced real estate, overpriced stocks in general and really hyped ones like TSLA. Since nobody knows where to put their money, everything is bought. In an era where a significant amount of people would believe in QAnon, that Corona is a fake and that Trump didn't lose the election (the "post-truth era") it seems to be possible to declare an item X to be valuable, and millions are going to believe it. The experiment shows that there's no longer a fundamental difference between shares and buttcoins, only a gradual one. Buttcoin's price is to 100% percent driven by hopes and beliefs, whereas TSLA's price is to 60% driven by it. So especially for Buttcoin which can't produce anything, it will be interesting to see how long they can keep it up. If they manage to always build a higher floor after each big pump and dump cycle caused by the halvings, it's a nice social experiment creeping into a new form of reality. Still there is money missing in the whole cycle because it's a negative sum game nevertheless, this keeps my interest in the whole story alive: how long can it go? Madoff could do it for decades and wouldn't even have failed then without the banking crisis."
I love this thread. Tells me crypto has much more upside. @MrMuppet CME ETH futures are DOA unless they have collateral in ETH(they won't).
Nothing wrong with profiting from a bubble. I can't imagine demand being driven by anything other than greed and a desire to get rich. Even many of those who are positive towards crypto admit to not buying it for its utility, but simply because of the anticipated price increase. But as long as people continue to believe in it and keep buying it...
What the anti-crypto crowds fail to understand is that the superficial research and time they have put into bitcoin cannot possibly compare to the pro-crypto advocates who have invested billions of $ and thousands upon thousands of labor resources most of it on exhausting brain power (research) 1. Paul Tudor Jones 2. Stanley Druckenmiller 3. Bill Miller 4. Fidelity 5. JP Morgan 6. Blackrock 7. Citibank 8. CME 9. NYSE 10. MassMutual 11. PayPal 12. Square 13. MicroStrategy 14. Ruffer Investment 15. Stone Ridge 16. Guggenheim 17. Many many more... Skin in the game. When a person has nothing invested, it's easy to spout repetitive stuff like Tulips and bubbles and ponzis. Dunning-Kruger
Here is my last attempt at converting the non-idiot skeptics. Paypal and Alipay are worth about half a trillion dollars combined. They are payment systems with all kinds of limitations, government controls, etc. But they are still useful. Bitcoin is like gold, is limited in supply and cannot be printed at the will of central bankers AND comes with a payment system that is superior to those above and without restrictions. You can transfer it GLOBALLY 24/7 without governments being able to do a thing about. Gold is worth a lot, payment systems are worth a lot. BTC is both combined