But by accusing me of being disingenuous you are saying that I am trying to deceive
if that is your interpretation of my comment then I retract as that is not my intention.
@WolfeTone : Hardly anyone runs with the Tulip analogy anymore. It's been well and truly outed. i.e. Tulips don't have any of the universally accepted characteristics of what makes for either a good store of value or a means of exchange. Bitcoin on the other hand does.
I disagree - and my first thought was to say that it's the opposite (i.e. you're the one missing the point) - but on further reflection, I have to say that given the extent of discussion on the subject over three years - you can't really be missing the point. Perhaps ignoring it would be more accurate.You are missing the point.
There are a few things we agree on so lets start there.If you look at bitcoin and Women Empowering Women, you would say that there is no comparison.
But the comparison is a Get Rich Quick Scheme where the madness of crowds causes people to take leave of their normal rational senses. From reading your posts, you are clearly an intelligent articulate person. But once you are in the crowd of Bitcoin , you loses your reasoning powers. In many cases, this is accentuated by greed, although it doesn't seem to be in your case.
Even if bitcoin fails, I don't believe that would be my thought process. I'm capable of reaching my own conclusions, assessing risk and making a decision accordingly. Maybe I'll get it wrong. But then, as I mentioned to you, if an investment is sized appropriate to the risk, what of it (bearing in mind that the risk is asymmetric)?You will look back at this at some stage in the future, and say
"How could I have been so stupid!?
Because bitcoin implicates a different paradigm based on trustlessness. I'm pretty sure I've explained the rationale behind that a million times already.How come I didn't realise that when something has no intrinsic value that I didn't realise it was worthless?
Why is there no consistency in your claim here? Why do you impose a different set of rules to bitcoin than to gold? Why - in the course of that lengthy discussion - didn't you come clean and acknowledge that any difficulty that bitcoin faces in terms of valuation gold shares? To not do so is disingenuous.How come I didn't realise that there was something wrong when I couldn't explain why it was worth $100. Then I couldn't explain why it was worth $1,000. Then why I couldn't explain why it was worth $20,000.
You really do yourself a disservice with this in particular, Brendan. You can claim a lack of intrinsic value, we'll disagree but that's ok. Notwithstanding that, when the mining reward was cut in half earlier this year, that means a reduced supply. When the mining reward is cut in half once more in four years time, the supply of bitcoin will be cut once more. This isn't rocket science.How come I bought into that nonsense that as they were making more, the supply was reducing?
What I was thinking is that scarcity is a key characteristic of a good store of value. That's universally accepted - although you dispute it. And I'm not talking about that one characteristic - I'm talking about how bitcoin scores against those characteristics across the board. How you can claim that scarcity isn't relevant when the vast majority of sovereign currencies have been destroyed through rampant money printing ...I have no words for that.And I made a comparison between that bag of hot air and gold!
What on earth was I thinking?"
Had I not sized my investment to a level I was comfortable with, that's a possibility. Given that I have - and given that my thesis on bitcoin is under constant review, I don't think that will be the case.And then in 20 years time, you will be posting on askaboutmoney warning people who are "investing" in the next bubble: "I got burnt badly by bitcoin.
And then in 20 years time
Boss you could maybe do with a bit of humility. JP Morgan were once convinced BOHA folk like you. But now they have come a long way on their Digital Asset Journey (DAJ).Hi Tecate
You are missing the point.
If you look at bitcoin and Women Empowering Women, you would say that there is no comparison.
But the comparison is a Get Rich Quick Scheme where the madness of crowds causes people to take leave of their normal rational senses. From reading your posts, you are clearly an intelligent articulate person. But once you are in the crowd of Bitcoin , you loses your reasoning powers. In many cases, this is accentuated by greed, although it doesn't seem to be in your case.
You will look back at this at some stage in the future, and say
"How could I have been so stupid!?
How come I didn't realise that when something has no intrinsic value that I didn't realise it was worthless?
How come I didn't realise that there was something wrong when I couldn't explain why it was worth $100. Then I couldn't explain why it was worth $1,000. Then why I couldn't explain why it was worth $20,000.
OK, I was going through my anti-authority phase at the time, but how on earth did I think that something without any centralised control was worth anything? And I thought that was a positive feature of it.
How come I bought into that nonsense that as they were making more, the supply was reducing?
And I made a comparison between that bag of hot air and gold!
What on earth was I thinking?"
And then in 20 years time, you will be posting on askaboutmoney warning people who are "investing" in the next bubble: "I got burnt badly by bitcoin. This scheme is a bag of hot air. Believe me. I know from hard experience". And the new wave of enthusiasts will be hitting you with all their crowd-think nonsense arguments. And maybe you will then be shorting whatever the new fad is.
Brendan
Ah dear, I don't get the usual line by line treatment. Just a Trumpian dismissal. Max was quick to show his appreciation of that, no surprises there.Let me address that long diatribe very simply - tell everyone what the fair value of gold is?
And before there's any suggestion to the contrary, it's entirely relevant to this discussion.
I don't see a genuine interest in discussion based on that post your Dukeness. I note the ongoing refusal to apply the same pricing standard to gold (because in that particular respect its in exactly the same position as bitcoin. Everyone can see that but the two of you refuse to acknowledge it).Ah dear, I don't get the usual line by line treatment. Just a Trumpian dismissal. Max was quick to show his appreciation of that, no surprises there.
Brendan, you've dodged and dived on this over the course of three years of discussion here. It's beside this specific point at hand as to whether you think gold is not like bitcoin.Bitcoin is not like gold
It is much closer to speculating in gold than betting on horses. Buying bitcoin has really very little in common with investing in gold. Gold has an intrinsic value - bitcoin has none Gold is difficult to value - it's hard to justify $1,300 per oz. But Bitcoin is easy to value - it's...www.askaboutmoney.com
Brendan - you set this thread out on the basis of 'digital gold' and a discussion in that context. That's what we're doing here. What you've just stated is your opinion - it's not fact.There is a whole thread which I linked to explaining why there is no comparison between gold and a bag of hot air.
Ok, so lets have a look at exactly that. You recommend the purchase of gold yet you scream bloody blue murder at the notion of someone buying bitcoin. Gold is at $1,878/oz. right now. Should I buy? If I wake up in the morning - and it's $3,000/oz., should I buy?I have recommended investment in gold. I don't understand how it's valued.
Sure I can - it's valued in the same way as gold....and if that's not to your liking, lets see if you scream blue bloody murder at gold bugs - I'll bet my last bitcoin you won't.You can't come up with any explanation of the why BTC is worth $100, $1,000 or $20,000.
And you say that will happen in 20 years, right?It's just more nonsense and it will take you some time and the crash in BTC to zero to appreciate that.
Indeed they would - as they would with some of the dialogue right here. People claiming that the cutting of bitcoin mining reward is not a reduction (!!). Meanwhile, gold has just become less scarce with the announcement of the worlds latest gold discovery (and the worlds largest gold mine).What you need to understand about gold is that it gets dug out of the ground in Africa…..then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head.
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