Key Post Bitcoin is a clearly identifiable economic bubble

[joe sod]

I see elon musk has his own doge coin and trump also has one. So if you create a new crypto coin and it rises in value presumably you get all the money since you created it. However what happens when a coin you created and so closely connected with you personally collapses ? These are now celebrity rich guys and reveling in it but they can't really retreat into anonymity if it all reverses

 

[conor_mc]

Clearly it's going to zero. Very soon.

I’m really struggling with this - up until this week I was an outright naysayer but I’m starting to think it might go the distance. Whatever about other coins, bitcoin has its big boy pants on and is acting like gold, I.e. a store of value (or a hedge against your $/US-based holdings being inflated away, if you want to think of it like that). I’m trying to figure out what that means long-term - am I the late fool being sucked in, or if the belief holds then you get a non-inflating unit of value whilst ever other unit of value is being eroded to over time, a perfect hedge against inflation. Tbh, I’m more concerned about a US-debt induced stock market bubble just now than a crypto bubble.

Don’t know if I’m brave enough to dip my toes in this particular water yet though.