,,The crypto slump has been brutal’’ I’ve been holding Bitcoin since 2013, and this 50-60% retracement from the all time high was nothing compared to what I (and other people) were living through. I advise people to look at past volatility of Bitcoin before making an investment decision.
Or you could look at the absolutely factual statement that since Bitcoin isn’t a productive asset (in fact it’s the opposite it’s expensive to create) then every single dollar that will ever be taken out of Bitcoin is a dollar that some other person put in. This is not true of normal investments. For example the dollars you get from selling McDonald’s stock 30 years after purchasing it come from people buying hamburg…
So from money someone else put into this whole hamburger thing and won't get it back?
> For example the dollars you get from selling McDonald’s stock 30 years after purchasing it come from people buying hamburgers.
Some dollars not all, and most likely bot even the most.
So the Bitcoin doesn't have this merchandise based mechanism for sucking the money out of the rest of the economy, so what? Only a part of the cash of the investors comes from it anyways. The rest comes from other investors who gambled wrong. Same as with Bitcoin.
Your argument is just a version of intrinsic value argument tgat crypto bros dismiss with a wide smile.