Quote:
Originally Posted by SithCeNtZ
I mean Bitcoin and crypto in general have no real value. If I gave you all the crypto in the world right now, you couldn't do anything with it except for try and sell it to others. It's a system that is nothing more than buying something in hopes that someone else comes along and pays more for it. It is supposed to be untethered to things like the dollar but as we can clearly see right now it isn't for the reasons you just listed: people have to keep buying at higher levels for it to keep rising since it doesn't do anything else. When people have less and less money to spend they can't keep pumping it into crypto and prices will drop, as we see now. How low will it go? Who knows, but these types of situations are usually just waiting for one big thing to come and wipe everything out and some will make money and some will lose lots of it.
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In general I agree with you. There is nothing fundamental holding it up but the hope of a greater fool.
But it's hard to know how long things will last.
A little bit of gold is used in jewelry and electronics. But mostly it has value because people agree it has value. And most of the gold in the world is, if I understand correctly, stored in underground vaults.
[So gold is dug up from underground, at great cost and environmental destruction, just so it can forever be buried under ground in a vault. Yay.]
So I don't think it's much of an exaggeration to say gold is a six thousand year bubble.
So BC could well last a few more years.
Then again, I wouldn't be shocked if it completely collapsed either.