@serial, this is not a gold v crypto debate. It's a physical reality v digital reality debate and my position is that both realities exist and that we derive value from both forms. As such I am not concerning myself with making comparisons between BTC for example and gold. I'm not interested in that topic because they both exist, one in a digital world the other in a physical. This is what Schiff and other anti-crypto gold bulls are so hung up about and why I argue that they don't understand. It's not one or the other. It's not a choice between physical or digital reality. It's about what functions best in each and why we assign value to objects that exist in the real world and to objects that exist in the digital. Each have their place, but you can't go around and dismiss the value we place in objects that exist in the digital world just because they're not tangible. Or you could I suppose. But then you'd be mistaken.
You can't dismiss the value anyone puts on anything. Be it a Picasso painting or a blow job in the strip club. If someone is willing trade something for something then both have comparative value in the eyes of the people engaged in the trade. The whole point of this thread is about cryptos value being a bubble and its eventual demise when the bubble burst. It's ultimate value will be in line with its perceived utility value which is $0 imho. Or does it have a utility beyond being a trade/investment vehicle?
Sorry mate but you are going to great lengths to dismiss the value of cryptos. Based upon limited knowledge.
Hey you did ask me to explain my position. You are going to great lengths to not offer a counter. I even asked a direct question
@serial , @dozerz pretty much covered it. I'll be more blunt. You claim to understand the crypto market yet you pose a question of utility beyond transaction/investment? Massive fail there.
Serial, waste of time trying to reason with mental giants like shiney, dozerz, and paranoid hemorrhoid. They will drag you down to their ignorant and abusive levels and beat you with experience. Those of us holding physical will have the last laugh soon enough. PS: Speaking of @ParanoidHemorrhoid I used to enjoy his posts on Reddit before he closed his account and took up residence here
Yet you fail to answer it. It's because their is no real value in crypto beyond a desire to make a quick buck. Take the confidence away and the true value will be found as people flood the market trying to abandon ship
@serial, ok I'll bite. DeFi, smart contracts, DEX, scaling, cloud computing, metaverse, gaming, Stablecoins blah blah blah blah...............
BTC uninteresting (to me) till around mid 2023. Traders will always have a buying opportunity every day. Gamblers will be destroyed and feed the traders. Investors will be slow, hesitant, risk averse and pull the market lower.
^ I feel like there is a lot of downside. But in this economic environment it's hard assets and food that are more appealing. Crypto is a gamble. But it's good to watch the trends: how deep will it go and how long will it stay "down".
And here we have a prime example of the quality of posts that some here are attempting to defend. At least @serial gave it a go trying to refute our arguments, despite his erroneous knowledge base. All this bloke does is abuse people and make completely unjustifiable statements and slag off members such as @ParanoidAndroid who have not even posted anything in relation to this debate. Righto @hardyakkagold, why are you and the Peter Schiffs of this world trying to turn this into a gold v crypto debate? Do you accept that all value is assigned by humans to objects according to the ends we choose? Do you dispute the fact that value is not intrinsic in objects, rather that it is within humans and finds its expression in the way in which we react to our environment? Do you deny the existence of a digital reality present alongside a physical reality? Do you accept that in reacting to our digital environment we assign value to non-physical things according the ends we choose? Do you challenge the notion that utility cannot be measured, that it can only be ranked according to an individual's subjective valuation based upon the decrease/increase in satisfaction achieved according to the ends we choose? There's some questions for you to ponder and to hopefully respond intelligently. @serial, they're for you too. Especially the one about value residing in humans, not in objects - which relates to your assertion that cryptos require a "third party" or outside object (technology) in order for them to have utility. If you want to go down that road, which is a logical dead end mind you, every need/want we choose to satisfy relies on us using capital goods as a tool, whether it's a shovel to dig a hole - in this case we value a hole, regardless of whether we have the means (ie shovel) to an end, or a computer to send digital payments from one bank to another which in this case we value a payment for a good, the good is the desired outcome and is valued independently of the means to pay ie computer. The presence or absence of those capital goods at the time does not alter the value we assign to an end, all that it may change is the urgency in our desire to achieve it or our capacity to achieve it at all.
Why on earth would you presume people discussing crypto on a PMs forum would hold no physical ? Thats a new level of stupid ser...even for a retard like you
Buying opportunity "ahead" like inflation is "transitory". If they knew anything they would have warned everyone to sell. They are window lickers.
Coinbase Global Inc. was sued over its role in the promotion and trading of a stablecoin that allegedly was “anything but.” The digital asset trading platform and the issuer of the GYEN token were accused of misleading investors about its stability, leading to millions of dollars in losses, according to a proposed class-action complaint filed Thursday in federal court in northern California. “Investors placed orders believing the coin’s value was, as advertised, equal to the yen, but the tokens they were purchasing were worth up to seven times more than the yen,” according to the complaint. “Just as suddenly, the GYEN’s value plunged back to the peg -- falling 80 percent in one day.” Coinbase then froze trading of the coin, which “compounded the harm by restricting many customers’ ability to sell the asset,” the investors alleged. As a result, purchasers of GYEN “collectively lost untold millions in a matter of hours,” they claimed. Edit: Stay away from stablecoins unless you are a horse. To say that these cryptos are backed by hard assets such as fiat currencies is a joke in itself. Nearly all fiat currencies have lost at least 97% of their original purchasing power, and they could lose the other 3% very quickly in a WTSHTF scenario. Stable coins will be stable at 0 as will the fiat currencies that underpin them.