I haven't commented much on fiat currencies.
Exactly my point. You won't look past intrinsic value and you won't acknowledge my rationale as to how Bitcoin offsets intrinsic value yet for all of your life you've been using and continue to use a currency that has no intrinsic value. You can't just dismiss the arguments you don't like. I say again - it's hypocritical.
I don't think I am hypocritical on the issue of Bitcoin. Often in discussing a topic, one can have two mutually exclusive opinions and then you try to resolve them. That is not hypocrisy.
Hypocrisy is where you completely slate one store of value/currency on the basis of it lacking intrinsic value whilst all the while using another currency that has no intrinsic value. It's due an explanation.
Hypocrisy would be if I were talking about how worthless Bitcoin was while simultaneously building up a big holding of it.
Goldman Sachs have gotten there before you on that one.
You can't just dismiss the arguments you don't like.
Absolutely - and that's why I'm calling you out on it.
There was a mania which caused people to pay massive amounts of money for something which was worth very little.
So there's over exuberance in markets be it the Celtic Tiger Property Market, the dot com boom, Bitcoin or the bonkers equities markets right now that go up in the face of every economic indicator suggesting that they should be going the other way. There was over exuberance in 2017/8 and that's why I exited the market temporarily at that point.
Bitcoin is a mania where people are paying huge amounts of money for something which is worth nothing.
We're eleven years on since the Bitcoin network went live. We're a couple of years on since the hype peaked. There's little in the way of 'mania' right now.
As regards price, price is a function of supply and demand. Within that, the universally accepted characteristics of what makes a decent store of value play a part - particularly but in no way exclusively, scarcity. The building out of the digital assets eco-system plays a part. The growing credibility and acceptance of Bitcoin as a store of value plays a part. Adoption is also meaningful in the context of the iterative Bitcoin price discovery process.
Clearly you are part of this mania, so you can't see it as a mania. That is why I think you should read the Madness of Crowds. You will laugh at the stupidity of these clever people and then you might go "Oh, oh..."
As I've mentioned, I've read a couple of books on the psychology of markets. As I have been doing, I will get in and out of the market if I sense that there's an irrationality about the market. That's not to be found right now.
And something that you yourself will have to get over at some stage. You need to get up to speed with what decentralised digital currencies actually are and the value they bring to the table. You can suggest that they're mispriced. But to continue with these nonsensical comparisons that you persist with and not acknowledge the difference is entirely inaccurate and misleading to anyone reading this thread and trying to form an opinion on Bitcoin.