Could Rolex prices come over all Bitcoin?

[ndrs63]

Crypto is a bubble, in my opinion. Those currencies have no intrinsic value. Rolex is a different story. Could still be a bubble albeit a much, much smaller one. And don’t know or think that there is a correlation between the 2, so they may not burst at the same time


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[ndrs63]

Originally Posted by Sandpit

Only putting value to something you can hold in your hand is a bit of a backward way of thinking.

Most of my money is in the stock market. I can never get my hands on that. Is that make believe?

Most of the money in existence today has been made out of thin air. Is that still a “real asset” if something can just be made up?

People just like to trash crypto because they don’t understand it. And the comments by many here prove that.

I do understand crypto quite well. National currencies are backed by the respective economies. Bitcoin is nothing but some bytes is a very big files shared by millions of computers. That’s it, nothing more


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[MYBROTHERSKEEPER]

Rolex watches, never. As soon as the price starts to correct. Buyers will pounce, pushing it back up. Can’t stop the rolly train.


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[Moondoggy]

Think of how long Rolex has been around for and think of how long the hype has been around about 3% of its total history thats not solid.

[ce027772]

Originally Posted by Sandpit

Most of my money is in the stock market. I can never get my hands on that. Is that make believe?

Most of the money in existence today has been made out of thin air. Is that still a “real asset” if something can just be made up?

People just like to trash crypto because they don’t understand it. And the comments by many here prove that.

Do you understand crypto? Do you believe in it? If so, why most of your money is in the stock market, not in crypto? Just curious.

[ce027772]

Originally Posted by ndrs63

I do understand crypto quite well. National currencies are backed by the respective economies. Bitcoin is nothing but some bytes is a very big files shared by millions of computers. That’s it, nothing more


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National currencies are not backed by anything other than pure faith in the strength of the respective economy.

[Sandpit]

Originally Posted by ce027772

Do you understand crypto? Do you believe in it? If so, why most of your money is in the stock market, not in crypto? Just curious.

I do believe in it yes, but I believe in diversification.

I'm not some yolo cryptobro that solely lives in a cryto investing world. Not everything has to be binary. I just hold a very small percentage of my overall portfolio for some exposure.

I also hold other forms of investments and assets. Why, if i believe in something, should I have to go all in on it? Ridiculous thing to say

[Moondoggy]

I just buy stuff cheap and sell it for more.

[tudk]

I don’t know

[ce027772]

Originally Posted by Sandpit

I do believe in it yes, but I believe in diversification.

I'm not some yolo cryptobro that solely lives in a cryto investing world. Not everything has to be binary. I just hold a very small percentage of my overall portfolio for some exposure.

I also hold other forms of investments and assets. Why, if i believe in something, should I have to go all in on it? Ridiculous thing to say

So, you you don't hold much money in cryptos, just "a very small percentage", you invest in stocks, which represent real businesses, which presumably operate in the real world, but you claim that money is made out of thin air? Hmmm. Doesn't make much sense.

[JSolution]

All I will say is I’m scared to even open any of my crypto wallets I dread to think what they’re worth right now

[Soultime]

Originally Posted by ce027772

First-mover advantage is a big thing, but it does not guarantee success for an indefinite period of time. When there are other products of the same technology that are equally good, why would you buy the most expensive one? Also, any technology evolves. I am not a tech person, but it's obvious that there will be others who will compete with Bitcoin, including governments with digital currencies.

When Central banks adopt crypto it will become legitimate currency.
It currently doesn't qualify as that due to its volatility. It is not a store of wealth.

And Govrrnments also don't like the current situation due to its wide use in money laundering. They aren't going to sit by and do nothing and let 3rd parties make the rules.

So that makes the current crop of crypto an 'investment'.
That is certainly how the UK Govt and Tax office see it (you will pay Capital Gains Tax on any crypto profits).
Make of that what you will.

I don't see it having any impact on Rolex prices. There are plenty of collectors around the world with very deep pockets, who don't own any crypto at all.

[Sandpit]

Originally Posted by ce027772

So, you you don't hold much money in cryptos, just "a very small percentage", you invest in stocks, which represent real businesses, which presumably operate in the real world, but you claim that money is made out of thin air? Hmmm. Doesn't make much sense.

I think you’ve missed the point entirely. The comments on money out of thin air were a response to somebody that talked about physical / tangible assets. I.e. Rolex.

[Soultime]

Originally Posted by krubs

Some of you sound like boomers lol

So anyone who doesn't agree with your opinion can be disregarded and belittled by using an ageist insult?

[1665fan]

Originally Posted by Sandpit

I do believe in it yes, but I believe in diversification.

I'm not some yolo cryptobro that solely lives in a cryto investing world. Not everything has to be binary. I just hold a very small percentage of my overall portfolio for some exposure.

I also hold other forms of investments and assets. Why, if i believe in something, should I have to go all in on it? Ridiculous thing to say

“Very small percentage” smart move….. crypto is garbage

[Henrimontgomery]

When central banks adopt crypto it won’t be any you guys own or that exists today lol. It will be their own thing, centralized and under super tight control.

[WatchNutcase]

Reading some of these posts really shows most people have no idea what Bitcoin or Crypto really is, lines up perfectly with the fact that we're at the "1997" era when compared to the start of the internet.

Bitcoin is essentially digital energy that cannot be manipulated by a central body (like the fed who prints cash), it's hard capped at 21 million coins that can be divided down to tiny fractions such as sats, it was created as a way to escape from our current broken financial system.

Bitcoin is the bridge away from the manipulated fiat based financial system, and people are just starting to cross that bridge now. Within the next 10 year we're going to see 90% of the population cross over, the current adoption rate is twice as fast as the growth of the internet when it first began.

Another thing to note is that the current form of Bitcoin is layer 1, you can compare this to the TCP/IP of the internet base layer. There will be layers built on-top of Bitcoins network that will allow it to be used as a currency (check out lightning network). The volatility is so strong right now because it's still very early, as the network matures it will level out, it's also volatile because it's a free market, we don't have a Fed who can step in to print more Bitcoin when they see it drop.

The rest of Crypto is solving issues like smart-contracts and allowing for property to be sold/transfered between people on a peer to peer network, and plenty of other things.

Guys, do a little research!

[Duey]

Originally Posted by Henrimontgomery

When central banks adopt crypto it won’t be any you guys own or that exists today lol. It will be their own thing, centralized and under super tight control.

Well said

And it will be backed and regulated buy a government and currency. Not a Bit or a Doge or what ever you want to call it now.

Not even close to comparing it to the internet. If you want to compare it to the internet then we're talking about Blockchain technology

[WatchNutcase]

Originally Posted by Henrimontgomery

When central banks adopt crypto it won’t be any you guys own or that exists today lol. It will be their own thing, centralized and under super tight control.

Central bank crypto will be fully centralized and controlled by the bank, the complete opposite reason bitcoin was created. It's no different than your current digital dollars you have when you login to online banking, so this idea will not succeed for them. They won't be able to keep up to the adoption rate of bitcoin which is growing twice as fast as the internet did.

[WatchNutcase]

Originally Posted by Duey

Well said

And it will be backed and regulated buy a government and currency. Not a Bit or a Doge or what ever you want to call it now.

Bitcoin is backed by proof of work and math, it doesn't require a central governing body which is why it's so innovative. It removes any chance of manipulation from the fed such as money printing.

Guys I can see no one understands it here, please do a little research! Check the adoption rate, and check out why some countries are currently looking to adopt is as national currency, why the founder of Twitter quit to work on Bitcoin, and why large institutions are starting to hold it on their balance sheets.

[enjoythemusic]

A bit of info for those curious. Bitcoin is not fractionally reserved, it can not be 'created out of thin air' by the trillion$ as central bank currency is today.

[SDGT3]

Originally Posted by WatchNutcase

Reading some of these posts really shows most people have no idea what Bitcoin or Crypto really is, lines up perfectly with the fact that we're at the "1997" era when compared to the start of the internet.

Bitcoin is essentially digital energy that cannot be manipulated by a central body (like the fed who prints cash), it's hard capped at 21 million coins that can be divided down to tiny fractions such as sats, it was created as a way to escape from our current broken financial system.

Bitcoin is the bridge away from the manipulated fiat based financial system, and people are just starting to cross that bridge now. Within the next 10 year we're going to see 90% of the population cross over, the current adoption rate is twice as fast as the growth of the internet when it first began.

Another thing to note is that the current form of Bitcoin is layer 1, you can compare this to the TCP/IP of the internet base layer. There will be layers built on-top of Bitcoins network that will allow it to be used as a currency (check out lightning network). The volatility is so strong right now because it's still very early, as the network matures it will level out, it's also volatile because it's a free market, we don't have a Fed who can step in to print more Bitcoin when they see it drop.

The rest of Crypto is solving issues like smart-contracts and allowing for property to be sold/transfered between people on a peer to peer network, and plenty of other things.

Guys, do a little research!

First, your wrong. It was created so that underworld deals could be done, ie avoid govt detection.

Second, if there's a finite number of bitcoins it's the same as being on the Gold Standard, that's no long viable for an expanding economy.

Finally, China as well as other countries have either outlawed it or have heavy restrictions. What makes you think that any govt that has a strong reserve currency will want a digital competitor to their own?

[WatchNutcase]

Originally Posted by SDGT3

First, your wrong. It was created so that underworld deals could be done, ie avoid govt detection.

Second, if there's a finite number of bitcoins it's the same as being on the Gold Standard, that's no long viable for an expanding economy.

Finally, China as well as other countries have either outlawed it or have heavy restrictions. What makes you think that any govt that has a strong reserve currency will want a digital competitor to their own?

You're extremely wrong regarding it being created to avoid govt detection, clearly you haven't read the bitcoin white paper? A blockchain is a public ledger, all of the transactions are out in the open for anyone to see and trace, cash is used to avoid govt detection.

Bitcoin is divisible down to sats, and it's designed to be deflationary instead of inflationary like the dollar.

China has banned bitcoin 5 times, it hasn't worked. They also try to contain the internet, which hasn't really worked. Some countries will try to outlaw it, and some countries will embrace it.

Your arguments are dated, please do some research. I understand that most people don't like change, and it's not easy to accept.

[RJRJRJ]

One thing I know about crypto is that once somebody "invests" in some, they get an uncontrollable urge to convince other people to do the same.

[WatchNutcase]

Originally Posted by RJRJRJ

One thing I know about crypto is that once somebody "invests" in some, they get an uncontrollable urge to convince other people to do the same.

It's a very interesting concept, once you understand it it's difficult to ignore. I think most people are just trying to explain it to others to help them, but there are some people who are trying to advertise crappy coins and stuff, 99% of the current "crypto coins" will fail. The big ones like Bitcoin and Ethereum will change the financial system as we know it.

[1665fan]

Originally Posted by RJRJRJ

One thing I know about crypto is that once somebody "invests" in some, they get an uncontrollable urge to convince other people to do the same.

I put 3800$ and I say its terrible….down to about half that…..shi*coin money going to cryptona…..one part of the equation to it being worth 50k

[BigTasty]

WatchNutcase is spot on.

[BigTasty]

I made over 20x my investment in Terra Luna.
Admittedly I only bought £5.88 worth................. but you know, baby steps and all that!!!
Crypto ain't going anywhere. The kids LOVE it.

[WatchNutcase]

Originally Posted by BigTasty

WatchNutcase is spot on.

Cheers

[Alex369]

Originally Posted by WatchNutcase

Reading some of these posts really shows most people have no idea what Bitcoin or Crypto really is, lines up perfectly with the fact that we're at the "1997" era when compared to the start of the internet.

Bitcoin is essentially digital energy that cannot be manipulated by a central body (like the fed who prints cash), it's hard capped at 21 million coins that can be divided down to tiny fractions such as sats, it was created as a way to escape from our current broken financial system.

Bitcoin is the bridge away from the manipulated fiat based financial system, and people are just starting to cross that bridge now. Within the next 10 year we're going to see 90% of the population cross over, the current adoption rate is twice as fast as the growth of the internet when it first began.

Another thing to note is that the current form of Bitcoin is layer 1, you can compare this to the TCP/IP of the internet base layer. There will be layers built on-top of Bitcoins network that will allow it to be used as a currency (check out lightning network). The volatility is so strong right now because it's still very early, as the network matures it will level out, it's also volatile because it's a free market, we don't have a Fed who can step in to print more Bitcoin when they see it drop.

The rest of Crypto is solving issues like smart-contracts and allowing for property to be sold/transfered between people on a peer to peer network, and plenty of other things.

Guys, do a little research!

You guys think decentralization equals the end of "manipulation"? Haha... Also, maybe currencies tethered to and "backed" by governments have more pros than cons...?