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Nouriel Roubini Shared: Bitcoin is now almost 40% below its November all-time peak. Other Shitcoins are much worse. And no hedging of Shitcoins against inflation or risky equities – rather hyper positive correlation.
Community Response: Cherry-picking periods to prove a point. Typical!
Bitcoin is worthless and a Ponzi scheme. The idea that it has any value is just delusional.
Just as delusional as when traditional banking transitioned to digital money. When was the last time you cashed a check or even received a physical check? Blockchain tech is financed 3.0. Bitcoin is the biggest player because it was the earliest adaptation in space.
Bitcoin does nothing that existing payment systems don’t already do much faster, safer, and on a much larger scale. It has no real-world uses other than criminal stuff.
I can have a marathon tweet on why you’re wrong! I’ll just say one thing, try transacting with Europe, $ to €, and vice versa. What is the spot price you sell, and what is the spot they buy? Why is the spread so wide? Bitcoin and almost all cryptos fix this…
I listen to the professor. It is a Ponzi scheme. He also called inflation and supply chain problems. For those too young to remember he called the late 1980s housing/financial/crash. Wiped out a lot of people.
Raging that bitcoin is here to stay forever!
Sure, we use it every day to make purchases, play GameFi games and we see many others adopting without any 3rd parties being involved!
Ponzi schemes often look good for significant periods. Madoff’s investors thought he was a genius for many years. He wasn’t – he was a fraud.
So you are just a sheep and yell scam Ponzi without any backing… Gotcha!
ROFL. Explain how crypto value is determined.
From the fundamentals that the protocols have. You can check our YouTube videos for free educational material to become more knowledgeable.
It’s not a currency it’s not a hedge it’s not a store of value It’s a HIGHLY speculative “commodity” that has no value outside of the hype… Notice how quickly the cult is mobilized when that hype is threatened. Because those running the Con know the life cycle.
How much higher is it since you felt “vindicated”?
With BTC down almost 80% from the peak (from 20K to ~4K) & all other cryptocurrencies down 80% to 99% I rest my case that this crypto bubble went bust for good. I feel vindicated. So I will take a break for a few days from this toxic Crypto Twitter. Waste of time to convince zealots
Maybe look over a long timeframe – at least 2-3 years. The story is quite different
How about the $? is it better hedging to you? Talking about shit coins, how about using them as toilet paper? I used to have a lot of respect for you buddy. So, sad to see you don’t get Bitcoin.
It’s funny how many crypto bros are coming out of the woodwork to insist this isn’t a gigantic bubble even as Bitcoin is acting exactly like how a bubble on the edge of bursting would.
Short of a complete collapse, there is no point in pointing out these price drops. These have happened before too and the price has rebounded. The issue isn’t that the price is X or Y. It is that BTC has no killer applications or use after 13 yrs.
What about as a means to get rich while producing pollution and nothing else? That’s a *kind* of use, in it?
But how high over the beginning of 2021? Seems a little ingenuous to pick a high point, ignoring the growth over time even a short time. I’d say no correlation whatsoever. Neither positive nor negative. Total disconnect with reality
