D
IMHO Education is better than prohibition, especially unenforceable prohibition.
I haven't found an AAM thread as useful as this since we discussed Brendan Investments 10 years ago.
Just wondering why discussion on individual crypto is allowed on the forums and discussion on individual shares isn't.
A lot of these points also apply to Bitcoin
the most important thing about allowing the Bitcoin discussion is that we will have a record of how some very clever people managed to allow themselves exchange cash for a bag of hot air.
where do those who managed to exchange the 'hot air' for cash profit stand in all of this?
....But as much as my punt was speculative so too are those that are predicting its demise, or its price at a given time.
But as much as my punt was speculative so too are those that are predicting its demise, or its price at a given time.
There is nothing speculative about predicting its demise. Bitcoin will demise itself. That is a certainty. Have no doubt about it.
Hi Shortie
There is nothing speculative about predicting its demise. Bitcoin will demise itself. That is a certainty. Have no doubt about it.
Making a short term forecast of an irrationally priced thing is not very sensible. That is why when Firefly started the Bitcoin valuation game I did not make any short-term predictions, but focussed on the end of 2018 price which I believe will be <$100.
I might well be wrong about the timing, but not about its ultimate value which is zero.
Brendan
I'd love to hear your arguments against any of my comments but please go into more detail if you are going to just dismiss BTC/Cryptos as nothing more than pure speculation and a gamble!
Hi Negotiator
There are threads where I have asked people to explain why Bitcoin has value.
No one has yet shown any financial value to it.
I have asked why it went from being "worth" $1,000 to $20,000 in 12 months.
No one has answered.
It's really not up to me to show that a bag of hot air is worth nothing. If someone wants me to pay $10,000 for something, they have so show some basis for that. They haven't because there is no basis.
Brendan
this is a new industry being born and that normal rules do not necessary apply. I'm not saying this in a 'this time is different' way to all the 'speculation' aspect to Cryptos but I am saying that we need to think laterally when it comes to Cryptos and how this new disruptive industry may evolve.
This is exactly what people said during the dot.com boom.
You can't apply normal valuation rules i.e. judging a share by its potential profits is "old fashioned". But it was and still is the only way to do it.
And just as in the dot.com boom, we were unable to persuade the believers that this time it is no different. The rules of maths and finance still apply.
There is no income from Gold, Antiques, Art etc.....does that make them worthless too?There is no income from Bitcoin. The only reason you are prepared to pay $10,000 for it today is that you expect someone else will be prepared to pay $20,000 for it at some time in the future.
Fair enough, I guess I took your dismissal of Bitcoin as completely worthless without even mentioning blockchain technology as a dismissal of blockchain too.......I also haven't seen your earlier posts on the topic so apologies, my bad! But it would be nice if you could mention what your thoughts are in relation to blockchain when dumping on BTC so we can see your more complete arguments!By the way, I have not seen anyone on askaboutmoney dismiss blockchain. I know that I have said on a few occasions that Bitcoin is not a fraud, although fraudsters use it, just as they use cash.
Show me a calculation using numbers that show how a painting with no title by Jean-Michel Basquiat (painted just a few decades ago) is worth $110m? (sold at this price last year!) To a layman, a 10 year old could've painted this and you wouldn't have know the difference!When someone shows a calculation using numbers to show that Bitcoin is worth something, I will be delighted to review it.
Bitcoin has been in existence nearly 10 years now and would need to fall by 99%+ in value before it's worth less than what is was back then........it has a long way to fall before it's worth nothing!But until someone makes an actual case that Bitcoin is worth something - then it's worth nothing.
You generally put forward decent arguments but this is not one of them!The supply of crypto is unlimited just as hot air is unlimited.
No one has yet shown any financial value to it.
You can't apply normal valuation rules i.e. judging a share by its potential profits is "old fashioned". But it was and still is the only way to do it.
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