Quote:
Originally Posted by zamler
600x drop in insane, that's a black swan event on steroids. I can't think of any even remotely sane reason why anyone would think BTC is 600x over valued. That's essentially saying it is worthless.
Only way that happens is if somehow the currency is shut down globally which is impossible.
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That's the whole point of this conversation, BTC is worthless, it has no utility beyond black market sales, it is good for buying and selling drugs etc, other than it's value is solely predicated on people thinking it has value, well to be more precise it's value is wholly predicated on people thinking it's value will massively increase, it can't even survive stability, it has to increase for people to buy BTC, even the fan boys here are saying 'you should buy BTC because it will be worth a fortune in a year' that's the whole argument at this point, they gussy it up by describing it as a 'digital store of wealth' but what that really means is it doesnt actually have a purpose, a reason for value
BTC could lose pretty much all its value in a year or so it could also double in value depending on how people feel about it, either outcome is just as likely, either outcome requires no more than a sustained period of movement either way and a couple of good or bad news events.
You should think of BTC not as an asset class but as a company, companies go broke and delist all the time, become worthless, declare chapter 11, BTC could just be Crypto Blackberry, started out at 4 bucks a share, went to 200 and now after 25 years is back to 4 bucks