The latest narrative I'm seeing from the trolls is that code doesn't matter.
Yes, it's possible to do "technical analysis" and read the crowd's mood. This works in any market and you can make money. However, in the stock and bond markets, there are real fundamentals behind every asset(which are occasionally overvalued or undervalued by the irrational market).
There always comes a day of reckoning when Warren Buffet(a value investor) is proved right, because in a falling market, only things with real value can be purchased. Every asset that was purchased based on nothing but it's upward trajectory suddenly has a downward trajectory. Bankrupt companies have nothing stopping them from going to zero. Bankrupt tokens also have nothing stopping them going to zero.
In 2013, when I first bought Bitcoin, it had a value proposition: Peer-to-peer electronic cash.
In 2018, the only case being made to new BTC buyers is that the price will go up, or at least that it's a "store of value". Bitcoin has always been a speculative investment, but this is pure speculation. The only thing that will give BTC value in the future is new buyers.
Today's Core supporters literally have nothing to entice new buyers with other than price speculation. i.e. baseless assertions that a greater fool will come along and buy a useless token for a higher price. Consolidation to a break down proves this assertion is wrong.
BTC will never see $20k again, because it is now nothing but a ponzi scheme.
Bitcoin is not a ponzi scheme. Bitcoin is Peer-to-peer electronic cash.
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source https://www.reddit.com/r/btc/comments/a0edni/ignoring_engineers_in_crypto_is_the_equivalent_of/
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