It absolutely is not. This is like looking at a penny stock that is hugely over valued and clearly being pumped and claiming it's a good investment. Fucking retarded. The problem is all the bitcoin scammers are constantly shilling on social media, creating garbage ass posts like this. Fuck right off.
Bitcoin is useless because it can't be used as a currency and it is extremely volatile and has zero intrinsic value. You would be far better off investing in WOW currency. It has lower transaction costs and is more stable.
Bitcoin is useless because it can't be used as a currency
Can you clarify what you mean by this? It's slow and expensive as crypto goes, but it does work.
and it is extremely volatile
So is a lot of fiat. Anyhow, the volitility doesn't matter if it's an investment, all that matters is the long term trend. Which is up.
and has zero intrinsic value.
And dollars do?
You would be far better off investing in WOW currency. It has lower transaction costs and is more stable.
With WOW currency you are at the mercy of a central authority who can inflate the currency at will or simply ban your account for TOS violations.
Volatility absolutely matters in an investment. Bitcoin is absolutley not "consistently up" that is the most absurd lie you could hope to get away with. Literally every single penny stock that gets pumped it "up" while it's being pumped.
The only currency as volatile as bitcoin are the ones going through hyperinflation and no one wants to use those either, and they sure as hell aren't an investment.
Investments hold their value, that's the point.
People trying to make money are speculators not investors. They are gambling. You have the same chances at the casino, and you will have more fun.
Bitcoin is absolutley not "consistently up" that is the most absurd lie you could hope to get away with.
Almost as absurd as fabricating a quote. I never once claimed it is "consistantly up," no investment is "consistantly up". If such a thing existed there would be no point in ever investing in anything else. I said the overall trend is up, which is true.
Literally every single penny stock that gets pumped it "up" while it's being pumped.
Are you claiming that bitcoin has been pumped for a whole decade?
Investments hold their value, that's the point.
All investments rise and fall in value. So long as they have risen in value by the time you cash out, nothing else matters.
People trying to make money are speculators not investors. They are gambling. You have the same chances at the casino, and you will have more fun.
All investment is speculative in nature. We can never know for certain which assets are going to gain or lose their value. Investments fail all the time.
Can you clarify what you mean by this?
You literally can't buy groceries with it, let alone fast food because of the lack of infrastructure and high cost of transactions. There was an app that was available to facilitate this and it has been abandoned.
It's not something that is going to get fixed. The same people who claim it will are the same liars who claimed it was going to be essentially free to use. The reality is that the longer the block chain gets the more it will cost to record. And trying to record every transaction everywhere in the world on hundreds of ledgers is retarded. It's a retarded system.
When I can get a bitcoin credit card that works everywhere with less than 1% charge and bitcoin keeps its value to within 5% year over year I will take another look. So far all the promises have turned out to be lies.
It's not viable in it's current state and dispite more propaganda and the bitcoin madness that it created the project failed to evolve. If it ever had a change for widespread adoption that would have happened when literally every news station was hyping it and following its valuation daily. People were in a buying frenzy for any stock that had bit anything or blockchain in the name.
That kind of hysteria is once in a lifetime. People aren't going to fall for it twice. Even if the whales pump the price to 1 million.
Ok, I see your definition of currency then. That seems to be a very limited measure of value though. For example, you can't use t-bills or bearer bonds to buy groceries, but those aren't valueless.
Incidentally I agree bitcoin is never going to be M1 for the reasons you outlined, but that's not an argument against blockchain based currency in general (which you seem to be angling for).
That kind of hysteria is once in a lifetime. People aren't going to fall for it twice. Even if the whales pump the price to 1 million.
This is the third major spike I've personally seen. First was in 2014 when it peaked at almost $1,000 from barely $100 per coin in the space of a few weeks. Second was in 2016 when it almost hit $20,000. This one hit $30,000.
Unless the average lifetime has shrunk to four years this kind of hysteria is clearly more than once in a lifetime.
You literally can't buy groceries with it, let alone fast food because of the lack of infrastructure and high cost of transactions.
You can't buy groceries with gold, silver, Amazon stock, or your house either. Some stores don't even accept physical cash anymore, only electronic.
My statement was purely cynical, and I definitely view Bitcoin as a pyramid scheme. This post was only for the believers that still drink the Kool-Aid.
Could be. I've definitely moved most of my money out to other coins. But it keeps going up.
It honestly doesn't make sense to me, it should have died long before now (at least the BTC fork)
my bad.
If Bitcoin is overvalued at $1,000,000 then it was overvalued at $1 too. There are no fundamentals.
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