**THREAD**
A new currency *must* be handed out to each person at the same VALUE i.e. the swop with fiat currency has to be done at the same exchange rate for everybody.
With crypto, the miners and early HODLERs have paid very little for their tokens + now they are marketing...
A new currency *must* be handed out to each person at the same VALUE i.e. the swop with fiat currency has to be done at the same exchange rate for everybody.
With crypto, the miners and early HODLERs have paid very little for their tokens + now they are marketing...
it as a new 'currency' and the new buyers are swopping their fiat currency and buying in at higher prices - paying much more than the early buyers.
This is NOT how a new currency is introduced - this is akin to a Ponzi scheme which requires new $ to keep it going, so early...
This is NOT how a new currency is introduced - this is akin to a Ponzi scheme which requires new $ to keep it going, so early...
buyers can cash out - there is NO value creation.
At any point in time, the cumulative sum of all net cash put in by losers will equal the cumulative sum of all net cash taken out by winners (excluding mining costs).
This is a bubble, clock is ticking. Good luck.
At any point in time, the cumulative sum of all net cash put in by losers will equal the cumulative sum of all net cash taken out by winners (excluding mining costs).
This is a bubble, clock is ticking. Good luck.
Oh! Did I mention that the crypto 'currency' is not a unit of account, store of value (due to volatility) or medium of exchange?
BTC can't even handle a large volume of transactions/ second and is super expensive.
But you must not question anything - just buy, you dummy.
BTC can't even handle a large volume of transactions/ second and is super expensive.
But you must not question anything - just buy, you dummy.
If you want to play the game, speculate and join in - go ahead but know this is a HIGH RISK speculation.
This is not a safe haven, fool proof investment, store of value or a currency - that is all 'spin'.
This is not a safe haven, fool proof investment, store of value or a currency - that is all 'spin'.
The fact that during periodic bubbles, crypto goes parabolic and hands out gains of 100s-1000s of % (before tanking 80-85%) in essence proves that it is NOT a safe haven, currency or money.
These crazy booms & busts reveal its very nature - a high risk/high reward speculation.
These crazy booms & busts reveal its very nature - a high risk/high reward speculation.
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