@cuddles_ndream - Loosing half its value is a little worse than just a bear market.
@GreatHornedOwl
I love ❤️ cuddling too much, so no!🤗💯
@CuddleDuncan - Warren Buffet was talking about stocks. A share of stock has inherent value. It's part ownership of a company. Bitcoin has zero inherent value. That's even less value than a tulip bulb had. You do recall the tulip bulb bubble don't you? Bitcoin just might be another bubble in the process of bursting.
"I know I'm a fool for paying that much for it, but someplace out there, there's a bigger fool." Eventually, we run out of fools.
@cuddles_ndream You know I don't know anything about cryptocurrency, but I felt sad when @Eduardobel said he would put all the money in bitcoin cause I was afraid he might wind up with nothing. Just a passing thought I had. Interesting thread.
@GreatHornedOwl try telling anybody who bought Bitcoin exactly 1 year ago today (or before that) that they are fools lol … if you think Bitcoin has no value, than I don’t think you understand what Bitcoin is …. November 2025, will I be petty if I say I told you so, or can I say I told you so?
By the way, no I don’t own Bitcoin… but the gentlemen earlier would be very smart for putting that million dollars in it, especially now.
Bitcoin isn't even a tangible thing that exists. It's just computer code.
No, I don’t think I could do it. Assuming the money would be taken back if you did cuddle. Just don’t think I’d be able to not do it.
@achetocuddle i get it, a lot of people don’t …. Bitcoin works because it is completely decentralized, there’s no board of directors / no CEO / no company / no business entity … no gov’t in the world can shit it down … infact Bitcoin is supposed to be going up now that inflation is high instead of down, it was a response to the 2008 financial crisis … (to me this is a reflection of how mainstream it has gone & how people are treating it like a tech stock …. Right now many whales / institutions/ hedge funds ect are scooping it up very cheap & taking it off the hands of people who shouldn’t be giving it away …. Tbh Bitcoin is old technology, Ethereum introduced smart contracts & the list goes on, but just so I don’t make it too complicated, there is only 1 way Bitcoin will go in the next couple years & that is up … there will always be corrections along the way but it will always continue to go up, especially because it is limited & especially because its been decided.
@mike403 … do you have a bank account? If so, how do you believe that you have the money it says you have, that is just computer code.
@cuddles_ndream - The bank is a building that exists.
@cuddles_ndream What is whales?
This is about investing. With bitcoin, you're not investing in any physical thing that exists. Just code going over the internet.
@Mike403 many people are online banking in 2022 …. Banks that have no physical locations … how do they work since they have no buildings that exist?
@achetocuddle Whales is a term used for people who hold a very large position in cryptocurrency
@cuddles_ndream - Where do they store the data? They have central computers don't they?
Just because a place doesn't have a location open to customers, doesn't mean it doesn't exist.
Bitcoin isn't even a tangible thing that exists. It's just computer code. @Mike403
@cuddles_ndream - You even said yourself that it is completely decentralized. There is literally no physical location running bitcoin.
I did say that, but your argument was how can it work if there’s no physical location, but than you ended up answering it.
@cuddles_ndream - That was not my argument. I was arguing why would you invest in something that doesn't actually exist anywhere.
When people think crypto they think fake internet money …. Blockchain / smart contracts does not get the credit it deserves or recognition…. This is where the value is , all of us will utilize blockchain technology regardless if we like crypto or not, or regardless if we understand it or not, I guarantee it.
Blockchain makes things very transparent… in the end we will sacrifice some privacy (especially with cbdc’s … but transparency over corruption any day.
It does exist, you’re just not accepting coding as a tangible asset … there’s nothing I can do there.
I can also make the argument than on how does the federal reserve works today? We used to have gold reserves … actual tangible gold , so how does it work since we don’t back our money to gold anymore? How do we know that our dollar is worth 1 dollar & how do we know that inflation has diminished its value by over 8% & counting?
All money is a man made concept. Those green pieces of paper with presidents faces on them have no value other than what we decided it was. It's not fake if it has some value to someone else.
Bitcoin is popular because it's technology, but I don't believe it's wise to invest in something that doesnt have a long term track record. You might as well take the money to Vegas and play Roulette.
“It’s not fake if it has value to someone else”
ATH’s (All time highs) Bitcoin
2009 - $0 2013 - $1100 2017 - $20,000 2021 - $60,000+
U.s. dollar doesn’t have speculative value, it sounds good when you say it but there’s a mechanism behind it (& not the best 1)
Bitcoin does have a track record, & for more than 10 years now … 1 thing that we know for a fact is that if we had invested in Bitcoin exactly 1 year ago today & anytime before that date rather than gold, we would have done very well , anyone would have some very well compared to good … in this is what we know (not speculative)
I think the Bitcoin fad is finally dying. People are selling off their mining GPUs and they are also widely available on store shelves now.
Now with all that said, I personally view Bitcoin as very old technology … I don’t own Bitcoin … as an investor I feel I can 2X / 3x / 4x / 5X (And the list goes on) with quality Alt coins / projects … for usecase (other than how decentralized it is) I feel it takes too long to confirm transactions compared to others out there … I see Bitcoin as a Pokémon card or dinosaur bones … every single day there is less & less because people lose their keys / forget them / pass away without giving someone the credentials ect …. It continues to be more scarce & the value will continue to increase …. Bitcoin are Andy Warhol paintings to me … the more time goes on the more valuable it’ll only get … there’s definitely less than 21 million (far less than that) & it’ll continue to increase in value … projects that I’m in are all proof of stake with the exception of 1, …. I’m in a couple blockchains / I’m also invested in an oracle (I want another 1) / & projects that have string usecase & are all about interoperability.
Its ok if someone doesn’t want to invest (that’s not my goal for you) …. Anybody reading this is using the internet right now, most of us reading this didn’t invest in the dot com boom era / or domain names / or internet service providers / or leveraged the internet to monetize it ect , we’re just using it (same concept with blockchain & web 3).
I would take the money and lie about not cuddling
@cuddles_ndream Is buying crypto like investing in technology that you feel certain will never be used less? Some people did make money on dot com and domain names but that is over?, so to speak. It was finite? Will Bitcoin only stay really valuable long-term as long as their are "interested collectors"? This is interesting. I hope you can kinda follow my train of thought.
I get what Mike is saying and I lean that way, but still would like to understand more.