BTC is not money and will never be used as money. BTC is just „an asset”.
If one is to say that BTC as „asset” can still reach USD 100-300k level.
I am saying that BTC is dead end in evolution of money(?), my advice is to get rid of cryptogarbage ASAP. Moreover, I suspect that such bright BTC prospects are simply motivated by a willingness to sell cryptocurrency. Social existence determines consciousness (st. Carl Marx)
Wikipedia has certain limitations. Yet we may find there „Cryptocurrency bubble” (https://en.wikipedia.org/wiki/Cryptocurrency_bubble
). Fragments copied for readers' convenience:
Predictions of a collapse of a speculative bubble in cryptocurrencies have been made by numerous experts in economics and financial markets.
Bitcoin and other cryptocurrencies have been identified as speculative bubbles by several laureates of the Nobel Memorial Prize in Economic Sciences, central bankers, and investors.
From January to February 2018, the price of Bitcoin fell 65 percent. By September 2018, the MVIS CryptoCompare Digital Assets 10 Index had lost 80 percent of its value, making the decline of the cryptocurrency market, in percentage terms, greater than the bursting of the Dot-com bubble in 2002. In November 2018, the total market capitalization for Bitcoin fell below $100 billion for the first time since October 2017, and the price of Bitcoin fell below $4,000, representing an 80 percent decline from its peak the previous January. From 8 March to 12 March 2020, the price of Bitcoin fell by 30 percent from $8,901 to $6,206. By October 2020, Bitcoin was worth approximately $13,200.
In November of 2020, Bitcoin again surpassed its previous all time high of over $19,000. After another surge on 3 January 2021 with $34,792.47, Bitcoin crashed by 17 percent the next day. Bitcoin traded above $40,000 for the first time on 8 January 2021 and reached $50,000 on 16 February 2021.
Bitcoin has been characterized as a speculative bubble by eight winners of the Nobel Memorial Prize in Economic Sciences: Paul Krugman, Robert J. Shiller, Joseph Stiglitz, Richard Thaler, James Heckman, Thomas Sargent, Angus Deaton, and Oliver Hart; and by central bank officials including Alan Greenspan, Agustín Carstens, Vítor Constâncio, and Nout Wellink.
The investors Warren Buffett and George Soros have respectively characterized it as a "mirage" and a "bubble"; while the business executives Jack Ma and Jamie Dimon have called it a "bubble" and a "fraud", respectively. J.P. Morgan Chase CEO Jamie Dimon said later he regrets calling Bitcoin a fraud.
They say it openly. This is an asset bubble.
Let me explain the phenomenon of Bitcoin „value”. Now it is USD ~50k.
Bitcoin „wealth” distribution here: viewtopic.php?p=10462#p10462
Bitcoin „wealth” is enormously concentrated, 4% addresses control over 96% of BTC value. Remaining 96% addresses own 3,5% of BTC value.
Cryptocurrency exchanges are private businesses with no public supervision unlike stock exchanges. Most of crypto „trade” is complete fiction. This is transfer of BTC from left trousers pocket to right jacket pocket and vice versa. BTC turnover is fiction, BTC „value” is a PsyOp.
I wish good luck any person selling BTC. Luck will be needed, folks behind BTC bubble don't like to spend dollars for nothing.
Dianthus declares we can buy a lot with BTC. Can we? I don't care of Tesla, this is NWO device for xxxxxs. Where is this solar panels distributor quoting panels in BTC? Doesn't have any website? Where is this business selling mobile battery packs in exchange for BTC? No website? Is it a shame to quote stuff in BTC? They don't promote themselves because of unwillingness to expand sales?
Mike Mallony? This Mike Maloney: https://www.youtube.com/channel/UCThv5t ... PA3p6EXZbQ
? He is silver/gold pusher, typical snake oil salesman.
Here Maloney talking about fall of US dollar as a global currency, eight years ago:
GoldSilver (w/ Mike Maloney)
What Is The Timeframe For US Dollar Collapse? Mike Maloney
I don't want to say that will not happen. US dollar will certainly fall. United States will certainly fall. Plenty of currencies had fallen including Austrian Gulden, Reichsmark, Russian Rouble, Turkish Lira, Indonesian Rupiah, Iranian Rial, Swedish Krone, etc. But this guy is talking about dollar crisis for over a decade. Even broken (analog) clock shows right time twice a day.
Maloney does not want to help people. He wants to sell them something. He promotes certain narrative and wants to monetize human fear/greed/ignorance, etc.
Gold&silver coins are not money! Here plenty of coins made of solid metal: viewtopic.php?p=10393#p10393
All these coins had gone with state which used them as a currency. In Europe there are plenty of coins from 19th century, they were used as money by German, Austro-Hungarian or Russian Empire or French Republic or Spanish Kingdom. So what? They had gone with countries or monetary reforms. Money is just a legal construct (State Theory of Money)
People have no experience in copper, silver or gold coins. Any coin is simply a piece of metal with unknown composition and unknown value. Example, electrum coins from Greece:
Electrum is gold-silver alloy. Difference between gold and silver value was 1:14. Who knows composition of particular coin? Mystery for a layman. These coins were used as money only because of stamp of a ruler. Counterfeiting this stamp was usually punished by death.
Political power certified value of every piece of metal. The same with coins from 19th or 20th century. Gold&silver coin is money as long as the stamp remains valid. After fall of the state or monetary reform any coin turns into piece of metal again. Liquidity of such piece of metal is limited, usually they are sold at discount.
Chinese gentlemen offer gold coins and bars made mainly of tungsten: http://gold-tungsten.com/tungsten-gold-coin.html
Tungsten is far cheaper than gold yet both metals have similar specific weight. Hard to find a difference without destruction of gold(?) bar or coin. Today stamp of a ruler on a piece of metal is even more necessary than centuries ago. Mike Maloney sells just pieces of metal, not money. The difference between them is validity of the stamp.
BTW, Maloney offers metals for BTC: https://goldsilver.com/blog/how-to-buy- ... h-bitcoin/
Isn't it tungsten? I would doublecheck. Fake gold for fake money – seems logical