Pick a random crypto such as Monero ($XMR), priced ~136. What does this "asset" get me? There's no reason to hold it, other than the greater fool theory. But I like crypto markets in general because they're the purest form of speculation. Still, even tulips seem to have more intrinsic worth.
God, you people make me sick. You claim to do all this research, but if you come up with no compelling evidence, I have to conclude that you either didn't do any research, or are incapable of understanding. Lets just tackle one point. You seem to think that you can create an infinite supply of bitcoin. Ok, so first I think you know that you can't actually create a bitcoin that would be used by the bitcoin network because well, how do you get it in the first place? Its not like the dollars that the Fed can just create and distribute. The only way to create it, is to mine it, which means you need lots of energy and lots of hardware. Of course you can also buy it, but that won't work for you since you don't think its worth the current $16k price. So clearly what you mean is that you will create a new chain. Ok, so the first question is who will use this chain? Since you created it, you could mine all your coins with your shitty computer at home because the hashrate would be incredibly low. When bitcoin started out, people were mining it and receiving 50 bitcoins every 10 minutes for their efforts. How will you get more people to mine bitcoin for you and actually create a network of computers to verify these transactions? Since its going to be such a new blockchain, how will you protect it from attack if anyone should think your blockchain is even worth attacking? How will you get someone to even pay 1 penny for your new coins? How much money in advertising and incentives are you willing to put into your project to get it off the ground? The reason why bitcoin is $16k is because people feel its worth this much at the moment based on how large the network is, how many people believe in the project, how many people are putting in a shit ton of resources into mining the coins, etc. What you think simply doesn't matter because there are enough people out there who are willing to part with $16k dollars to receive 1 bitcoin. You claim that its easy to create an infinite amount of bitcoin copycats, but I don't think you would be able to even get the first copy off the ground and have it attain any level of success. Why do you think Elon decided to buy Twitter? Couldn't he just hire a bunch of engineers and make a new app, Twitter 2.0, release that on the app stores and watch the millions of users roll in? Trump tried to do this with his Truth Social and it wasn't exactly taken off. So clearly, creating something new based on something that is already out there is incredibly difficult. When you have a need or interest in buying a crypto currency, would you take a risk on something new, or something that has already stood the test of time and has the smartest people in the world continually working on making it even better? The ultra wealthy buy paintings all the time. Its simply paint on a canvas. Any art fair has lots of pretty pictures for $100 I'm sure. So why do these ultra wealthy individuals put down millions for a painting by one the greats? Isn't it easy to just make a new painting? What makes a Picasso or Rembrandt so compelling of a purchase?
About your “infinite supply” argument: People are only interested in coins that raise quick in value. There are many coins (like dogecoin) that ever went up high and fast. Till people took their profits and sold them. That caused each time a huge drawdown, or even destroyed coins completely. If your “limited supply” would be convincing, all miners would keep their coins till they would reach 1 million, 10 million or even 100 million each. But miners sell most of their coins to protect their profits and limit risks. They don’t believe in BTC so they don’t see it as a vault of value. About your “create a new chain” argument: There are many samples of inventions that, in past, were replaced by other improved systems (like Netscape, Lotus 1-2-3,Betamax, led light, stencils, typewriters, Nokia mobile phones…). So clearly, creating something new based on something that is already out there is NOT incredibly difficult. The entire world is in a continuous, never ending process of improving and/or replacing actual products with better products. A new chain can be created just like the original was created. So all your “how will you” questions were valid for BTC too. They fixed it so a new product will do it the same (or better) way. If the new product is better, people will hesitate less to switch as they are already familiar with that kind of products. We saw the same with PC’s and mobile phone. At start acceptance was difficult, nowadays people buy new ones without even hesitating. So the acceptance of the new and better product will go much faster than with the original product (BTC is already struggling for decades to get accepted). About your “16K price” argument: The fact that mining is the only way to create new coins is an argument that is completely rejected by the public. Otherwise the existing drawdowns would never happen. The fact that prices go from +65K to below 16K in one year confirms that more people want to sell than to buy. So people have no confidence in BTC. If more people would enter the market and want to buy BTC, BTC would not go down but go up. The price confirms my POV. Most small buyes have no clue about the size of the network, the work miners put in it to mine, nor the possible potential for applications. They are only interested in making quick money. The weak hands resulting in these huge drawdowns,confirm that. About your “Twitter” argument: The reason why Musk bought Twitter is because it is not just thin air like BTC. Twitter is a real existing company with assets like buildings, they have thousands of people working for them. BTC is just some computers and some software. You are comparing apples with oranges. I also think it is impossible to find a buyer for BTC as there is no known ownership. And what would you get if you would buy BTC? About your “paintings” argument: With paintings, prices go up each time, there is never a 75% drawdown in prices like in BTC. These paintings will always be unique as most of these painters are dead. That raises the scarcity, so also the price. Paintings that are stolen are also almost impossible to sell, Stolen BTC you can sell without any problem at all. Maybe you should read what happens in El Salvador at this moment. They decided to introduce BTC as the magical solution for their problems one year ago. BTC will probably become the coin that will make El Salvador go bankrupt instead of solving their problems. I predicted this result on ET already one year ago. Bitcoin’s decline in value is ‘deadly blow’ for El Salvador https://www.msn.com/en-us/money/mar...dly-blow-e2-80-99-for-el-salvador/ar-AA144WYt https://hbr.org/2017/01/the-truth-about-blockchain A recent experiment at MIT highlights the challenges ahead for digital currency systems. In 2014 the MIT Bitcoin Club provided each of MIT’s 4,494 undergraduates with $100 in bitcoin. Interestingly, 30% of the students did not even sign up for the free money, and 20% of the sign-ups converted the bitcoin to cash within a few weeks. Even the technically savvy had a tough time understanding how or where to use bitcoin.
Well, the NFT market seems quite bullish for today. May we give a moment of silence to the shorts that got squeezed. Haha.
After reading both comments above, i was curious on just how many different cryptos there were. I had no idea as im not a crypto kiddie so I looked and still didn't get a solid answer. Currency.com says over 9k currently .... while another, fool.com quotes there being over 12k .... my point being that it does in fact appear relatively easy to create an infinite amount of bitcoin copycats as stated earlier.
It's the same point of why start or buy into a business? Some competitor down the street can just copy you and do the same. And even worse, there are more companies going public every day, so what is the point to it all?! Don't be dumb. Don't buy into businesses. They are all ponzis!