DazedInPontoon
Registered User
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And personal responsibility lies where in that story? I'm also waiting for the Guardian or NYT to do a similar story on the tragedy of the former cocaine addict and panic attack stricken former alcoholic that lost his life savings on tech stocks over the course of the past six months. Somehow, I think I'll be waiting...Interesting article on the misery brought about by the ongoing crypto crash -
You agree....with me? I'll need a couple of shots of rum to get over the shock.I agree with @tecate
Bitcoin is regularly described as "digital gold". The rest of crypto is very much not. Bitcoin is doing alright, relatively.Crypto is regularly described as "digital gold". Whatever else it is, I think we can now say definitively that it’s not that.
Bitcoin is regularly described as "digital gold". The rest of crypto is very much not. Bitcoin is doing alright, relatively.
Hasn’t Bitcoin lost over half its value so far this year?Bitcoin is regularly described as "digital gold". The rest of crypto is very much not. Bitcoin is doing alright, relatively.
Well, I thought it was an interesting description of the fragile psychology of some retail crypto speculators and the importance of social media in creating a cult like following.
I think you mean Bitcoin. And I disagree - we can't say that definitively. This is something that continues to play out over multiple years. Watch this interview with Ruchir Sharma of Rockefeller Capital Management - and see how he thinks about it. i.e. that these hype cycles will calm down over time - and the volatility with it.Crypto is regularly described as "digital gold". Whatever else it is, I think we can now say definitively that it’s not that.
Have a look at the chart @Firefly linked to in post #510 above - and you'll see over the longer stretch, Bitcoin has been outperforming gold.Hasn’t Bitcoin lost over half its value so far this year?
Whereas gold has increased in value in euro terms.
If you meant Bitcoin, then I agree. It's currently being treated as a risk-on asset. I believe that will change over the longer term - as it has all the characteristics of a risk off asset. But hype cycles are not helpful in that regard.IMO the performance of crypto is more akin to a, highly volatile, individual tech stock.
The euro certainly has its own challenges, for sure. Nothing like that gets acknowledged or talked about round these parts though.The way things are right now it looks like Bitcoin will outlive the euro
It's also hard to see how you use BTC for digital jewelry and digital industrial uses.Gold Price
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Bitcoin Price
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Gold is up 50% since the end of 2018.
BTC jumped about 10 times in value before more than halving from its high.
I don't see why BTC can credibly be called a digital gold when it doesn't behave like real gold, and just when times are really uincertain with the pandemic and war in Ukraine, its value has more than halved. Real gold is as you would expect, up in the same period
It's also hard to see how you use gold for real time censorship-resistant global payments, for international settlement, etc.It's also hard to see how you use BTC for digital jewelry and digital industrial uses.
Sounds like you are saying that BTC is not digital gold then.It's also hard to see how you use gold for real time censorship-resistant global payments, for international settlement, etc.
The jewelry use case is just an extension of its store of value use case. Industrial uses account for a tiny fraction of its utility.
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