What do you say to people who say that bitcoin is a bubble? I stupidly told some of my girlfriend's family that I have a lot of bitcoin and they are all starting to tell me how its a bubble and how I am going to lose it all once it crashes.
heres the thing:
I pretend to be really smart about the whole thing, but I really don't know a fucking thing. I just bought when it was at 3k. I kind of act like I know what I'm talking about when they ask me about it, but some of the smarter ones are starting to suspect I don't really know shit. I need to sound like I know what the fuck I'm talking about.
so is it possible that bitcoin is a bubble? Can money even be in a bubble? what the fuck is even a bubble? Let's be straight up, I want this shit to go to a million, but I can't really think of a reason why. Help a dumb fuck out here, bros.
Just buy the meme currency and watch as your stupid family resents you
Alexander Hill
yeah it's a bubble but it doesn't fucking matter because you bought at 3k
it's gotten so much attention that it's not going to drop that low again, at least not quickly enough that you won't notice and get off the ride
Jeremiah Myers
It is a bubble, but I'm not sure how long it's gonna last.
Daniel Turner
Just hodl and let the price speak for you. No one knows if it's in a bubble or not. People just say it is to try to sound smart and to cope to the fact that they are not making money off btc.
Gavin Reed
You don't own nothin goyim
Aiden Lopez
You bought in at $3, it's nearly $18k
sell your initial stake, then your risk reduces to 0, but you still have enough bitcoin to get rich if the super moon comes
Jeremiah Phillips
the dot com bubble is on this graph lmao. still scared of a bubble?
Eli Sanders
oops.
Parker Sanchez
>I pretend to be really smart about the whole thing, but I really don't know a fucking thing. Very good, this is always what you should do, people rely on impressions and images not on reality.
Lucas Perez
I know bro, but I get nervous when people want me to explain shit to them in detail. I don't know what the fuck a hash is. I read a paper on cryptocurrency and I spent an hour trying to understand prime numbers and bullshit like that. I am happy that I am making lots of money, but it makes me uncomfortable not having any fucking idea why.
Lucas Thompson
I get really pissed because I work with a bunch of old accountants that know FA. Its a bubble is it?
Tell me what is the market capitalization and what would be appropriate according to your expertise? How many units are there at the moment? How many will there ever be? How many do you think are lost due to the early days of mining when they were worthless?
The show them this graph and ask 'whats the difference?'
Lucas Sullivan
A hash is just a one way calculation. You can hash anything, a file, a hard drive, anything you want. Passwords are stored as hashes. Websites etc don't store you pw in plain-text because it would be insecure. Rather, they hash the input (password) and the result has to match to decrypt your data.
Isaiah Allen
what are you getting at? so because one company recovered from dotcom bubble after nearly 10 years that means bitcoin will do the same? amazon employs half a million people and has billions in revenue. bitcoin is a couple guys that hate each other and a bunch of chinese miners.
Noah Davis
Retarded graph
Thomas Gomez
That's inflation. Obviously crypto is a solution to inflation but bitcoin (as it stands) is not that solution
Landon Miller
see, this totally makes sense to me. I need to know what to say to people that make the 'tulip' comparison. So far I've told them that tulips are useless apart from aesthetics and that bitcoin has actual use. The graphs are good. I like the amazon one and the fredgraph. I need more material to learn. Keep it coming bros. It would help if I could get a link to a guide to how bitcoin works that is really dumbed down.
Sebastian Martin
why? How does it not solve that problem?
Jaxson Roberts
High TX fees, clogged blockchain, rarely any relevant updates, China controls 70% of miners, etc
Jose Hill
Tell them that it's a store of value like gold or some bs like that, or that it derives value because it's needed to trade for other altcoins which serves a better purpose.
Christian Davis
You own bitcoins, no one else has access to them, no central authority can give them over to someone else. The government owns your dollars, you're just holding them. It's illegal to destroy them because they're not your property.
Bitcoin is the name that the world knows this concept as so if you want to own money you buy bitcoin. The demand for wanting to own money is not tapped, people will continue to want money even if 1 btc costs $1.000.000.
Fiat currencies also all depreciate massively over time, they can't store value. Bitcoin has a limited amount, it's a scarce resource but can still be accessed anywhere by anyone.
Jaxon Hill
>A list of things I don't like I don't care about any of that shit. I just want it to be like the old days when I could save by throwing my silver in a drawer.
I am not interested in 'investing' which is really just getting rooked by the leisure class. I am interest in honest savings and I see no alternative at the moment, but by all means educate me.
And not some retarded shit coin either.
Ryan Parker
You know that it is and that you should liquidate everything, user.
Nathaniel Collins
>I stupidly told some of my girlfriend's family that I have a lot of bitcoin
Worst thing i did was revealing that i owned bitcoin to a coworker,now everyone including family is asking me about bitcoin and i dont like wagies knowing how loaded i am.
Anyway normies are fucking stupid so dont even bother trying to counter argue their bullshit,they think the bitcoin company can just shut it down and everyone loses their money.
If all that you want is to preserve your savings honestly, you should just learn about gold. It will take little time, and you will be able to easily own and protect your money - just be smart enough to not tell anyone that you are hoarding it.
Nathan Allen
Who controls the electricity to run the network though. Think about that one.
Camden Morgan
The gold market is so rife with fraud its nearly impossible to buy or sell without getting smoked by a dealer. Then I have to pay to store it etc...Not even close but keep trying.
Jordan Lopez
OF course it’s in a bubble you fucking retard. Introducing futures will cause it to pop. If you were at all intelligent you would cash out now and buy when it’s slow to make mega gains
Mason Reed
>worried about gold fraud >have to pay to store it Not sure if troll or stupid, but never going to make it.
Jaxson White
Bubble implies intrinsic value, bitcoin is more like an index asset as far as cryptocurrency goes, and currencies rely on the market to determine intrinsic value.
Fucking people think the USD has intrinsic value... morons
You asked why bitcoin won't curb inflation. I answered your question moron. It's useless. Right now nobody knows what the cryptocurrency that will actually be used in the future will be and it likely hasn't been developed yet
Hudson Harris
Well put your money where your mouth is faggot. The world disagrees with you, hence the easy gains.
There are people on both sides of the equation: those with the aptitude to understand inflation, and those without.
