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Originally Posted by dino7c
I haven't predicted the exact numbers but I have called nearly every major spike in the last 7 years and it wasn't based on spinning a wheel or flipping a coin. When the demand is high and the supply is squeezed it goes up. As more and more of the limited supply is acquired by "stronger hands" the likelihood of a total collapse goes down considerably. BTC started in 2009, if it's a scam or a scheme its a pretty long play. I'm old enough to remember the .com crash and when this whole internet fad was done because the entire world aren't just going to become computer nerds and do all their shopping and conversing online...
Remember we are talking 21M limited supply but some are lost and unrecoverable so it is even less than that, the demand is obvious. These ETFs are taking in BILLIONS.
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I've done my research on crypto and I basically concluded the opposite as you. I was a bag holder to the tune of around $900 when e-gold went into the ground after a friend convinced me to "invest" in it. This caused me to be more hesitant to really put money into Bitcoin. I was messing around with Bitcoin when it was around $60-80 a coin, then again when it was around $350 per coin and I concluded it was a weird bet, not an investment. To this day I still have the same opinion that the current iterations of the coins/tokens themselves don't provide enough for me to take them seriously.
You had no idea how hard I rolled my eyes during the crypto craze after the cannabis craze. The amount of people that spewed the same back of the book crypto intro annoyed me to no end. Rarely could I even find anyone who understood how a block chain worked or what the ledger was. It was just parroted words. I don't like emotional investing, so I wasn't about to rush into Crypto when other were doing that with barely any idea what it even was.
You on the other hand, you've gone deep and concluded opposite of me. I still stand by my stance though. The current iterations of the tokens and coins are IMO of questionable value and I'm not taking that risk. A new version will be created one day that is backed by something of actual value. I just am not sure if the old coins would retain value during the transition. I seriously do wish I had forgotten about a few and I could pay off my mortgage though
. Oh well.
I honestly believe future crypto must be backed by an asset. My belief is that future crypto coins will be backed by stocks. Something like Tesla coin, each backed by Tesla stock. This I would put money into. My belief for NFTs is that many are basically useless. However, their evolution will make them useful for DRM, digital COA and perhaps a neat bonus that could be added to a physical asset.