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re: Follow up to Cosmo's Bitcoin Thread: A trip down memory lane
Posted on 3/12/24 at 2:35 pm to TigerTatorTots
Posted on 3/12/24 at 2:35 pm to TigerTatorTots
quote:Why wouldn't I still be "digging my heels in the dirt" as you put it?
Some even still digging their heels in the dirt (i.e. Russian)
Bitcoin is STILL a digital ponzi scheme just like it was 10 years ago.
Bitcoin itself generates no income to increase its value. It relies completely upon new money coming in to drive up the price for the old money already invested.
That is the principle upon which ponzi schemes exist.
Nothing has changed. So why should I change my opinion about the eventual outcome for bitcoin?
3
Posted on 3/12/24 at 2:39 pm to LSURussian
quote:So would PMs be Ponzis as well? What about companies that are cash flow negative with no assets? What about land that doesn't earn income? How about trading cards and fine art?
Bitcoin itself generates no income to increase its value. It relies completely upon new money coming in to drive up the price for the old money already invested.
None of those things generate income and completely rely on new money coming in to drive up the price for the money already invested.
Posted on 3/12/24 at 10:04 pm to LSURussian
It's worth $71,000 and is extremely liquid. If you held 1,000 BTC, you could sell it in 2 seconds for $71 mil. Does not matter at all whether you think it's a ponzi or not. Market doesn't care if you or people think that. Jelly...
It has way too much momentum and world awareness now that it will never go to $0. Even if over next 10 years, it crashes to $100, it will come back. World awareness is huge for an investment with no cash flow statements behind it as the only thing it can gain value from is world awareness... as long as no stuff like Enron but that can't happen bc it's not a company.
It has way too much momentum and world awareness now that it will never go to $0. Even if over next 10 years, it crashes to $100, it will come back. World awareness is huge for an investment with no cash flow statements behind it as the only thing it can gain value from is world awareness... as long as no stuff like Enron but that can't happen bc it's not a company.
This post was edited on 3/12/24 at 10:11 pm
Posted on 3/12/24 at 10:09 pm to LSURussian
Bitcoin is an automated service you bribe others to let you partake in.
Once you realize that, and also make peace with your error in judgement, the healing can begin.
Once you realize that, and also make peace with your error in judgement, the healing can begin.
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