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Merged Bitcoin - Part 3

Gord_in_Toronto said:
Yes I was. Cryto-currencies manipulated by speculators are worthless for real world use if they fluctuate in value from minute to minute.
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Whether that is true or not is not proven by a false analogy. Bitcoin is the polar opposite of a currency that can be printed into oblivion.

The mentality of people who don't like bitcoin is to compare it to anything bad no matter what it is and no matter how dissimilar the analogy. I'm surprised it hasn't been compared to the corona virus yet.
 
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psionl0 said:
Whether that is true or not is not proven by a false analogy. Bitcoin is the polar opposite of a currency that can be printed into oblivion.

The mentality of people who don't like bitcoin is to compare it to anything bad no matter what it is and no matter how dissimilar the analogy. I'm surprised it hasn't been compared to the corona virus yet.
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I like corona virus a lot better than bitcoin.
 
psionl0 said:
Whether that is true or not is not proven by a false analogy. Bitcoin is the polar opposite of a currency that can be printed into oblivion.
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His point was about volatility, printing money is irrelevant when considering whether the analogy is apt or not.
 
psionl0 said:
If you want to point out that bitcoin is volatile then don't do so by comparing it with something that has nothing in common with it.
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According to your definition of Bitcoin, which varies depending on... something.
 
SuburbanTurkey said:
https://www.cnbc.com/2022/05/09/40percent-of-bitcoin-investors-underwater-glassnode-data.html


Isn't volatility fun
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So what you're saying is even after a massive drop most people still came out ahead?

For this to have any relevance whatsoever you'd have to compare the underwater % and drop in value of bitcoin to the underwater % and drop in value of the stock market when it has had massive crashes.

I bet in both cases the larger the crash the more people underwater. Shocking!
 
psionl0 said:
If you want to point out that bitcoin is volatile then don't do so by comparing it with something that has nothing in common with it.
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It has volatility in common, so yeah the analogy seems to work.
 
The_Animus said:
So what you're saying is even after a massive drop most people still came out ahead?

For this to have any relevance whatsoever you'd have to compare the underwater % and drop in value of bitcoin to the underwater % and drop in value of the stock market when it has had massive crashes.

I bet in both cases the larger the crash the more people underwater. Shocking!
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I was surprised so many people in the red. The current price is pretty high if you take a view longer than a year or so, but I didn't realize so much of Bitcoin was very recent acquisitions. I guess a lot of FOMO buying was happening these last few months.
 
psionl0 said:
That is difficult when you are all over the place.
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Stop projecting.

psionl0 said:
You now appear to be arguing that it was a bitcoin like volatility that beset the German mark and not the printing press.
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Stop creating strawmen. You are the only one claiming "all volatility must occur exactly the same way as the German Mark in the 1920's".
 
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lomiller said:
Stop projecting.
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Stop projecting.

lomiller said:
Stop creating strawmen. You are the only one claiming "all volatility must occur exactly the same way as the German Mark in the 1920's".
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Stop creating strawmen. The German Mark was never "volatile" like bitcoin. While bitcoin's value goes up and down (but the long term trend is upwards) the Mark just went down and down because it was being printed at an ever increasing rate - something that is impossible to do with bitcoin.

I think you know this but you want to create a false association between the Mark and bitcoin because "the mentality of people who don't like bitcoin is to compare it to anything bad no matter what it is and no matter how dissimilar the analogy".
 
I think the problem with Bitcoin is that it is just like Bitcoin. I haven’t yet heard of a positive attribute of either.
 
Dr. Keith said:
I think the problem with Bitcoin is that it is just like Bitcoin. I haven’t yet heard of a positive attribute of either.
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Multiple have been mentioned in this thread. Cryptos have plenty of problems but there are some positives. I really don't understand why so many who normally make quality thoughtful posts in other areas of the forum can't do so with regards to this topic.
 
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