Loading ...There Are No Fundamentals When Intrinsic Value Is Zero
This article linked below, which is very objective listing reasons for the selloff but also claiming bullish factors, misses the point. I don’t know if the double top near the old highs proves lasting or if there is another speculative burst into uncharted territory. My argument with the article and others who claim bullish fundamentals for Bitcoin because of it’s limited supply is that there are no fundamentals when the underlying vehicle has no intrinsic value. As I wrote earlier in the week when I said Bitcoin was likely to reverse after testing those old highs, is that one might as well buy mushrooms or truffles because one could at least eat them when they finally reflected their true worth, zero in all three cases. https://www.zerohedge.com/crypto/crypto-crashes-overnight-whales-move-bitcoin-exchanges
what prevents a government to decree that it is illegal to transact in bitcoin/cryptoes . Under a declared emergency monetary gold was decreed illegal to Americans own/transact in for nearly 40 years.
You are absolutely correct. That is probably what brings about it’s demise. When the Fed has it’s digital $ ready to be introduced they will make sure that no banks or any financial intermediaries are allowed to transact anything but their cyrpto.
That’s fine if they roll Bitcoin into their system. If its trading at 40,000 dollars when it happens (or whatever number it gets to when the time comes) you won’t really end up a loser. It’s not like they will say Bitcoin is officially zero as of today. What will really happen is its market value will just be converted into to the new coin. So keep speculating in other words.
The current decline will get a little below 15,500 before the reversal comes. So avoid for the moment.
Those who say crypto has no value and just a a temporary phenomenon have no idea what has been going on behind the scenes !
Crypto is here to stay and the value is in the network and in the technology !
Brutal sell offs are a common phenomenon in crypto and crypto investors are used to it.
The Fed’s digital dollar is about to be rolled out. But the Fed will rely on the public sector to do this, for the public sector is WELL AHEAD of the game !!
I was waiting for someone to post about the “network and technology.”I have always believed that blockchain and the technology is where the value is. Even the FED $ will be just as wortless as fiat if it isn’t used in conjunction with going back on some type of gold or silver standard.
If you go back to a gold standard, which I think we will, you will still need an infrastructure to move that value around.
In the digital economy of today you need to be able to settle in real time, in a secure and cheap way !!
And since national currencies will still be around you will need a bridge to make them interoperable.
Blockchain solves all that problems and therein lies the value of the technology.
Anyway we will all see it happen in the following 12 to 24 months ! Now that the big boys are positioned the party can start !!
Totally agree. As I said above blockchain is the value and I agree that the only way a FED$ works is going back on a gold standard using blockchain and the technology to implement it. Would like to see blockchain used for insuring no fraud in elections. Every ballot issued to all registered voters could be tracked and recorded and logged in if the voter chooses to vote. Obviously won’t know who they voted for just that their vote was received and recorded and they only voted ONCE.
Chartmaster, since we agree, take a deep dive into Ripple and XRP.
They provide the technology we were talking about.
Moreover they are green and are committed to be net carbon zero.
Unlike Bitcoin they will be alowed to provide the infrastructure.
It’s a done deal. Trust me ! And since 99.5% of the people still ignore it,
It’s massively undervalued !!
XRP will be the single most liquid asset in the planet !
All the best to you !!
Thanks Dangermouse, Seems interesting. I will have to learn more about them.
The next short term TCL/DCL in Bitcoin & other Cryptos will be a screaming buy and your last chance to get a seat on the Bus. I see a rocket ship higher into 2021. Gold will also be a solid play into 2021 but cycle work suggests that Crypto’s will outperform the PM sector to a large degree.