Crypto was a good idea, it was invented as a community currency, like so many tangible versions before it, to allow peer to peer exchanges outside of the tax based banking/treasury system. Only problem is, aside from a few pizza exchanges and drug sales it never took off. Now it's just horded by the masses in hopes of getting rich and buying Lambo. Really it was doomed from the outset because there was only 20 million of them. And the software was $hit. 20 million spread across the whole world? Hardly enough.
Anything you do with it basically goes through the digitally controlled gov/banking system now and there is a record for tax purposes. Bitcoin is really the only one anyone watches because out of the thousands out there it has retained some value. What does it matter if it was once worth $2 and is now $60k? No one hardly owned it at the beginning, it was still being mined and the majority of owners today bought in when it was ramping up during the last bubble. Many of them bought it on CC, little players hoping to strike it rich. Now it's had another halving (halving of profits for the miners) and the cost of electricity just to transact with it is staggering! Utility companies are making a killing but every time the Ledger get bigger it consumes more electricity per transaction.
Bitcoin Transaction Fees Hit Record Level After Halving — Here’s Why
Bitcoin is a simple concept really, but it's been buried under an avalanche of techno babble and pseudo science. Like that idiot Saylor claiming it's a commodity now just because one bumbling US lawmaker said so. The purpose of all this? To hide the fact that it's not actually worth $60,000 a 'coin' lol. Probably the most glaring thing against BC is that it's simply software and we know that all software gets superseded in the end. 20 million bitcoin, much of it held in the hands of big players. How many people do we think actually own it? Hardly anyone and
their only hope of selling it at a higher price to buy a lambo is finding someone else,
like you, willing to buy into the dream. For something like Gold or silver that's not an issue because wives will always demand gold for jewelry and silver's uses in industry are ever growing. So BC or any crypto is a gamble, you're gambling that in the future more and more people will believe it's going up, because... it always goes up up up. That's the Core belief.
As an analogy, look at the Beanie Baby craze of the 1990's. We can look back now and laugh, say that they were crazy for "investing" in soft toys. But back then it was huge and people were actually collecting them to fund their retirement. Crazy eh? That's what they'll say one day about Bitcoin I assure you.
Created in 1993, Beanie Babies emerged as a major
fad and
collectible during the second half of the 1990s.
[2][3] They have been cited as being the world's first
Internet sensation in 1995.
[4] They were collected not only as toys, but also as a
financial investment, owing to the high resale value of particular ones
Everyone should read this book at least once in their lives.
Extraordinary Popular Delusions and the Madness of Crowds
an early study of
crowd psychology by Scottish journalist
Charles Mackay, first published in 1841
When it comes to your life savings, or a part of them, you have filter out the irrational and focus on the practical. And anything that sounds too good to be true, probably isn't.
