Hey Veeky Forums, how does one respond to this...

Hey Veeky Forums, how does one respond to this? This is copied from a convo i had earlier today with my most successful friend in investment banking. He's skeptical of the fundamentals of bitcoin/cryptocurrencies. What info is he missing?

>Right.. but there are legitimately no fundamentals
>Its going to crash and burn
>And the thing is you cant put an underlying value on something that in theory doesn’t exist..
>Not in the way traditional currencies act though. There is n underlying investment within a resource or rate. Given that Cryptos whole point is anonymity, you can’t link its underlying value to anything tangible right. The whole premise is you need a bid to keep a price. No one needs to use BTC and in turn there will never be a fundamental supply and demand.

Don’t worry about hormones you fuck. Don’t talk to them about crypto

Sure. Your "friend". Just show him your gains to make him stfu. You DID invest yourself, right?

I agree. But Im making too much money on this Gentiles. Ill pull out once it starts to really go mainstream.

He's right about BTC specifically, but wrong about crypto in general.

Blockchain technology solves a lot of real world problems - but Bitcoin doesn't. Bitcoins price is currently based purely on speculation.

>Given that Cryptos whole point is anonymity
why do you even care about this persons opinion lmao

>investment bankers
>literally someone that sells synergies in M&A deals that most of the time never happen
>talking about fake shit
Tell him that he needs TO STOP estimating synergies that do not exist in the fucking deals he works on.

Also about cryptoshit, we are here for the speculation. The only coin I kind of like is XMR because I see fundamentals in trading anonymously (drups, guns, cheese pizza, etc).

Bitcoin Cash has a purpose though, it's the original Bitcoin without Segwit and will be the rarest Bitcoin because it will be the only one without Segwit in the future.

Your friend isn't wrong. There are literally no fundamentals to the Bitcoin market right now. Some alts have fundamentals, but generally not enough to justify the price, which is propped up by the baseless inflated Bitcoin price. You can tell your friend that the technology is legitimate, however, and that this is all necessary to begin the era of actual cryptocurrency dominance, which will begin with the crash of Bitcoin (which won't be this upcoming correction, it'll be a crash where all the normies get burnt, in a few months at around 30-60k), and the following rise of alts from the ashes, with actually reasonable valuation based on actual merit and fundamentals.

What do you mean "friend"? LOL we've hung out regularly since high school.

Thanks yeah, that's more or less what i was thinking too

You'll have to draw your point out a little more than that. I get that that isn't cryptos sole nor primary purpose but come on

>Bitcoin has no value but the digital number in the database of a computer owned by my bank does
How does he explain this one?
>Given that Cryptos whole point is anonymity
False, most are the opposite of anonymous

>Bitcoin has no value but the digital number in the database of a computer owned by my bank does
The digital number in the database of a computer corresponds to a currency backed by the government that issues the currency. So if you have a digital number in terms of USD, it could theoretically be exchanged for a given number of soldiers shooting people in oil-rich nations. BTC, on the other hand, has no such backing.

While this is a good argument, on a more abstract level, a government is a collection of people that have agreed to attribute a certain physical value to their currency. Bitcoin is also attributed a physical value by a collection of people, just on a smaller scale (which is a good argument against it for now).

I think the idea is that since regular money is so widely accepted, why should anyone ever use bitcoin? The entire reason money has value is because people are willing to exchange it for goods. Nobody actually buys anything with bitcoin, they just hold it and hope the price goes up from other people buying in too.

Garbage stop. Do any of you ever look at the fucking markets outside of crypto to gain context? There are ZERO fundamentals in the US markets right now. We are on a historic run right now setting record after record without even a modest BTC type pull back of 2-3%. His friend is a gigantic shithead and dumber than him. The Federal Reserve is fucking terrified that once market momentum shifts there will be a panic sell off. Worried about crypto? It is a very tiny bright ray of hope you won't end up a rentier slave in the future once the bond market corrects and tongue punches your butthole.

Get the fuck out of here with this analysis of complete rigged markets. Fundamentals died ten years ago in their entirety.

Transferring BTC (money) between countries is actually extremely simple, much better than most other means.

Welp, time to make an ICO that operates on PoG (Proof of Genocide).

Your friend is retarded. The only fundamental that matters for ANY ASSET is consensus belief. eg. the reason USD has "value" is because EVERYONE believes that it is acceptable for trade, and it can represent the value produced during a certain amount of time spent working. Bitcoin is rapidly approaching the point of worldwide consensus as having "value" in much the same way, end of story, bitcoin going to 100k.

And this guy fucking gets it. Hope you make some sweet gains.

>30-60k
>in a few months

that's a tad optimistic, no?

Its now gained its value as the main trading currency similar to USD. So with all the ither cryptos with real world use cases being bought through BTC gives it added value on top of everything everyone else has said.

Why make nigs rich?

Yes, that shows added value which grows stronger as the trend continues and the community grows. The pairing is BTC against the USD. If the dollar drops DXY this would inflate the price of BTC with no added value. If USD in existence can be infinite, it can, with all parties aware and continuous increase of the supply finite assets would sky rocket while others would pump then dump. There are multiple ways this can and will go down.

>my most successful friend in investment banking
>says "you can't put an underlying value on something that in theory doesn't exit"

Is he the cleaner? Or has he not set foot inside a bank since 1999? He seems completely oblivious to the derivatives market.