Can someone explain to me Bitcoins? [2013]

Davros

Legend
If only I didnt spend my wad on trumpcoins
But at least they are valued correctly
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Putas

Regular
Of course it is.
It is also playing the odds, plus faith.
Fundamental analysis on Apple does not guaranty a successful investment (nothing does), but the odds are good.
Faith on the other hand drives Tesla. :p
Trust/faith is part of our economy whether we like it or not (personally I don't).

OK, you could've just said you have nothing to support your opinion.
 

Daozang

Veteran
OK, you could've just said you have nothing to support your opinion.
I agreed with you.
A part of the market activity is based on fundamental analysis.
I think that it is not an extraordinary claim that part of the market is also based on faith.
 

Putas

Regular
I agreed with you.
A part of the market activity is based on fundamental analysis.
I think that it is not an extraordinary claim that part of the market is also based on faith.

I also don't think it is an extraordinary claim, but that's not what you started with.
 

Daozang

Veteran
I also don't think it is an extraordinary claim, but that's not what you started with.
My initial point, that I clearly did not convey successfully, was, that if someone is looking for cults, he will eventually find them even in the most unlikely places.
That being said, the financial sector is not the most unlikely place to find cults in.
 

dskneo

Regular
"Fundamental analysis" are not "laws" that were found in the universe like math or physics. They are unicorn laws.

Patterns repeat themselves once everybody stars following them. Its the mass belief they do something that makes them relevant. This is 100% faith that everybody else will see what you see in the "analyses".

So the argument that regular stocks follow fundamentas but not crypto to validade stocks and dismiss crypto is wrong. Both follow speculation (guessing the future) and both follow fundamental analysis voodoo hive mind.

Its better to argue that typical stocks are based on companies that provide services or products. But wait a minute, so does Ethereum... uhm.
 

pascal

Veteran
Here's another Buffet quote, just replace gold with bitcoin.

He's pragmatic, so I'm sure he will occasionally invest in something which produces nothing until you flog it to the greater fool ... but generally he likes investing in something which produces.
I understand the concept. Very good!
But everything produce something.
The ethereal Bitcoin can produce values mobility and storage.
Apple is in part an aesthetic business (less is more).
Facebook is social connection and feelings (you cant touch it).

Maybe the bitcoin concept could be improved, specially the energy side.
 

zed

Legend
Forget Bitcoins & Ethereum yes even forget dogecoins/trumpcoins and fapcoins (creating wealth by fapping), theres a new coin in town, Internet Computer it just launched a few hours ago and already has a marketcap of $52 billion dollars. Invest now and help transfer some of your wealth to its creators let the FOMO flow :LOL:
 

zed

Legend
A senior manager at Goldman Sachs has quit his job after making millions in the 10s of millions most likely from dogecoin. nice to see one of the little guys sticking it to the big guys.

If you follow stuff on reddit etc you see this stuff like this playout with various coins/companies
hedgefund manager - I've shorted Dogecoin cause its gonna crash (you're all losers), in reality they most likely havent that are wanting it to go up
prolly a stooge (or the hedgefund manager pretending to be someone else) - we will show you cant mess with us the common folk, lets all buy dogecoin (or whatever)
hedgefund manager - ha losers, its not gonna work, you're playing with the bigboys now, prepare to lose everything

dogecoin goes up, hedgefund manager reaps a profit

It really plays out with such transparent acting like from a 1980s/90s wrestling show
 

dskneo

Regular
Its hard to lose money in a bull market. But 25% gains on 100$ is not the same as 25% on 10 million. Its not that the Hedgefund manager is smarter or has a law protecting him. Just more cash
 

Arwin

Now Officially a Top 10 Poster
Moderator
Legend
I’ve been looking at more efficient coins, and so far algorand, cardano and nano are the ones I am most interested in and seem promising.

Bitcoin’s wastefulness really bothers me, as I posted elsewhere and it’s really neat that Tesla recognizes this, even if they did that a bit late.
 

zed

Legend
You're gotta wonder if tesla had already sold their bitcoins before musk tweeted that.
With his SNL and dogecoin joke, perhaps you could see it being as a joke plus the positive of him being there talking about doge so its unpredicatble how the market would react but with the 'we dont accept bitcoin' announcement , its guaranteed to drive the price of the coins down
 

Davros

Legend
Maybe Folding at home should have created their own coin - at least you be achieving something useful while mining.
 

Rootax

Veteran
You're gotta wonder if tesla had already sold their bitcoins before musk tweeted that.
With his SNL and dogecoin joke, perhaps you could see it being as a joke plus the positive of him being there talking about doge so its unpredicatble how the market would react but with the 'we dont accept bitcoin' announcement , its guaranteed to drive the price of the coins down

Or they will buy the dip (talking about btc. Doge has no futur, but it was fun makin money with it for a while). Anyway, he's onto something, as he is not dumb about this kind of things. And he didn't just discovered how btc is mined (which is not that bad anyway when you really look into it). Errrr...
 
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