Bitcoin has to continually find "new" buyers to push the price higher, right? On that we can agree.
Yes.
Bitcoin itself has close to zero value.
People are continuing to flock to Bitcoin because it is currently the best asset to store value. Michael Saylor, CEO of Microstrategy, for instance, has come to this conclusion both for himself personally and also for his company (MSTR). He analyzed real estate, precious metals, stocks, bonds, cash, art - Bitcoin beats them all. Real estate is decaying, inner cities are dying. Precious metals? Even gold is inflated by 2% per year due to mining - this cuts an investment by half after some decades. Bonds? Forget it. Cash? With money supply skyrocketing? No.
There is no time frame longer than four years where a Bitcoin investor has lost money.
And technological innovation is Bitcoin’s enemy. As new cryptos go mainstream and get widespread adoption and achieve most of the characteristics of Bitcoin.
Bitcoin's characteristics are fine-tuned according to physical limitations. For instance, the block time of ten minutes has been established due to the speed of data transmission in electronic networks across the world. This time is necessary to allow the building of a global consensus.
Bitcoin may be limited, but crypto currency is unlimited.
There's no "crypto", there's only Bitcoin. All other "coins" are premined or centralized scams trying to copy the success of Bitcoin but failing to do so.
Bitcoin is just computer software.
Yes which makes it open to progress. A lot of protocol improvements have been achieved over the last decade.
But, they gotta keep convincing others to get on the Bitcoin train.
Bitcoin doesn't need anybody. "Honeybadger don't care". It speaks for itself. It does not have a marketing department and will never have one. It has by far been the most successful asset since its inception and will continue to grow.
Dogecoin going to $50 billion in valuation doesn’t help any thinking person believe Bitcoin is not in a massive bubble. Dogecoin is ….. well, worthless, sorta. Right? Right?
Dogecoin was a fork of Bitcoin done in two hours by the developer as a joke and then he abandoned his project. If you compare this to a thriving community of thousands of developers and many more enthusiasts working for Bitcoin - well, there's no comparison.
Common sense says the Bitcoin bubble must pop
Tell me any bubble which has come into existence and burst four times. There is none. A bubble burst once is done. The violent moves of Bitcoin are the free price discovery in a market which is less manipulated than most other markets. |
