Talk all you want, but you have consistently been wrong on bitcoin's price action and your purchases of bitcoin haven't been great "investments". I've tried to give you advice, but it's cool.
There's a big diff between buying bitcoin....and investing in companies that will make money through holding bitcoin wallets, transactions etc. I agree with Robbie on pure bitcoin as an investment. Ganja may be right on bitcoin's future as an exchange/currency platform....but that doesn't make stockpiling the coins themselves a smart play.
buying it for current price action is stupid this is like investing in the Internet in the early 1990s
buying the underlying commodity is actually the safest bet. also, what kind of revolutionary tech investment pans out within 1 year? robbie, you're a trader. you have no long term time horizon. and obviously a dearth of knowhow relating to crypto
buying the underlying commodity is like if you were able to hypothetically buy data packets when the internet first came out, if they were scarce.. money is packets now.
what kind of logic did you use to get to this conclusion? really would be interested to hear your 'proof' or logic flow the coins are the underlying tech.. they are the packets, they are the raft on which everything floats... they are what secures the blockchain, the blockchain is not what secures bitcoin... contrary to popular stupid belief
But as a transaction tool, bitcoins aren't scarce. You can keep using the same packets over and over and over again, virtually instantaneously. All the "usage" doesn't really move the value of the underlying commodity. To move trillions of dollars around the world every day, you don't need much total bitcoin marketcap at all, and you will be selling as much bitcoin as you're buying. It's only storage that will increase the value of a bitcoin, but all the primary use cases are purely transactional.
the constant buy and sell for trillions worth of coin would definitely increase the demand causing the price to go up... surely you cant believe that this would change nothing regarding the demand economics of a limited supply commodity causing people to stock more, causing people to treat it like gold 2.0 , causing it to keep going up... its a self perpetuating cycle of growth. the software and hardware keeps improving (moores law) theres no stopping it really.. fundamental shift in paradigm with the potential to shift power centers.. everyone wants a piece except for the morans on the BBS
there are many VC investors, much smarter than I am, investing in companies that service bitcoin transactions. None are stockpiling the coin itself. I suspect they could pivot to the next digital currency/blockchain use if they had to. So it would be too risky to simply invest in raw bitcoins as they have no inherent value by themselves. I'm accepting it may not be simply a fad....but buying bitcoins to hold is simply speculating. Actually...more like gambling. How's it working out for you so far? Very few of the companies who 'accept' bitcoin actually receive bitcoin. They typically get the converted US dollar amount (less a fee or trading spread). So while I'd love to be the one making a spread on every transaction, I've no incentive to keep my money in bitcoin and I suspect that's true for just about every business out there.
The constant "buy and sell" does not do that. Buying drives price up. Selling drives price down. If people aren't holding it, it does nothing to price. So when EBay accepts Bitcoins and immediately sells them and turns them to dollars, there is no net increase in demand, which means no net increase in price. Same if a bank uses bitcoins to move a trillion dollars around the world - they are buying bitcoins, moving them, and selling them, which leaves the price right where it started. It's no different than me buying and selling Apple stock every 5 seconds. Or how using dollar bills more doesn't make the value of the dollar go up - it just means it moves around more. There is more transaction volume, but there's not going to be an increase in price. Right now, you have increasing supply but no real increasing net demand except from crazy people like you. Everyone else just uses it as a transaction medium and gets rid of it as quickly as they acquire it. Unless more people want to actually hold it long-term, it doesn't increase in price. This is basic economics. And gold 2.0 is a bad example because people specifically don't transact in gold - they hoard it, which is what has caused the increase in value. It's completely the opposite of what's going on with Bitcoins.
chamath palihapitiya is quoted as saying the underlying commodity is the best place to put your money.. its on youtube go find it if you dont trust me they all have BTC and buy BTC, but theyre going to spend money to build out the infrastructure bc they have the capability and network connections. some of their Cos will fail, but the ones that dont will strike huge. (and the BTC itself) VC investing is a slugging % game (taken from Marc Andreesen) its not about how often youre right, but when you are right, how right are you? they already know 9/10 Cos will fail... but the one that makes it big makes it BIG
if someone is buying trillions $ of bitcoin, someone is selling... and if someone is selling, someone is buying... obviously at a much higher market cap to handle TRILLIONS worth. this in itself would mean the infrastructure is built and the trust is gained to the point this is happening. if people could transact in gold besides hoarding it, then its value would be much higher. Better functional utility would definitely increase the price.
and as long as fiat keeps being complete shiat then global financial markets need a super versatile hedging mechanism superior to gold in every single ****ing way
and of course americans think its only about them do you even consider the implications this has for developing nations and their billions of unbanked.. youth and adults?
