Jimmy Higgins
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- Joined
- Jan 31, 2001
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Cryptocurrency is quite possibly one of the easiest ways to make money... if you were reckless and invested real early and refused to sell out at all of the wild swings. $10 on Bitcoin at $10 a coin would be worth $40,000 today. The trouble is, cryptocurrency has almost no basis for its value, so it can easily sway when a person like Elon Musk announces he is accepting Bitcoin at Tesla or won't accept Bitcoin at Tesla... or talks on SNL.
Cryptocurrency is currently living a lie. That it is well... currency at all. Currency, in order to be useful, must maintain a value. Currency with huge swings in value is harmful for economy. Ironic that those that vouch for it whine about inflation, when Bitcoin has deflated like a balloon crushed by a 100-ton safe.
So with Musk saying 'backsies' over Bitcoin at Tesla, Bitcoin has dropped 10%, I think in part because it exposes the lie of Bitcoin's viability as a currency. Of course, wild drops are not uncommon for imagery funny money, so this could be a periodic drop. The one thing that makes me ponder this is the end is that normal people are investing now. And usually when the normal people are investing, that is the peak of the pyramid, and the sell off begins. Cryptocurrency is tantalizing, as the chance to make money was real (if not reckless and baseless). And that past performances idiom is getting ignored. New start up cryptos are coming out almost like Internet companies in the late 90s, which led to a deflation of that bubble.
Cryptocurrency is quite possibly one of the easiest ways to make money... if you were reckless and invested real early and refused to sell out at all of the wild swings. $10 on Bitcoin at $10 a coin would be worth $40,000 today. The trouble is, cryptocurrency has almost no basis for its value, so it can easily sway when a person like Elon Musk announces he is accepting Bitcoin at Tesla or won't accept Bitcoin at Tesla... or talks on SNL.
Crypto has dropped notably since SNL broadcasted. Which is never a good sign for an investment if SNL can impact its value heavily.article said:What's happening: Bitcoin prices have plummeted about 12% to less than $50,000 in the last 24 hours, according to Coindesk. The decline comes after Musk, Tesla's CEO and a vocal bitcoin advocate, said his company was suspending plans to accept the cryptocurrency as payment for electric vehicles, citing its "high environmental cost."
Cryptocurrency is currently living a lie. That it is well... currency at all. Currency, in order to be useful, must maintain a value. Currency with huge swings in value is harmful for economy. Ironic that those that vouch for it whine about inflation, when Bitcoin has deflated like a balloon crushed by a 100-ton safe.
So with Musk saying 'backsies' over Bitcoin at Tesla, Bitcoin has dropped 10%, I think in part because it exposes the lie of Bitcoin's viability as a currency. Of course, wild drops are not uncommon for imagery funny money, so this could be a periodic drop. The one thing that makes me ponder this is the end is that normal people are investing now. And usually when the normal people are investing, that is the peak of the pyramid, and the sell off begins. Cryptocurrency is tantalizing, as the chance to make money was real (if not reckless and baseless). And that past performances idiom is getting ignored. New start up cryptos are coming out almost like Internet companies in the late 90s, which led to a deflation of that bubble.