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Nassim Taleb: Bitcoin failed as a currency and became a speculative ponzi scheme

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Re: Nassim Taleb: Bitcoin failed as a currency and became a speculative ponzi scheme

#361

Post by entropic88 »

grey-area wrote: post #143
entropic88 wrote: post #59

Earlier quoted context omitted.

Last peak was pretty much 100% retail investors like your disc golf gang. The amount of institutional investment this round offer legitimacy and absolute scale of potential that can't be overlooked by anyone that's been paying attention. Honestly, for the amount of forward thinking technologists that call this nook of the internet home, there is a ridiculous blind spot for cryptocurrency. It's actually ridiculous to…

Either you are wrong, or lots of people here are wrong. Which do you think it is?

If I've been wrong since 2010 then I don't care and don't want to be 'right'

Re: Nassim Taleb: Bitcoin failed as a currency and became a speculative ponzi scheme

#362

Post by undersuit »

koheripbal wrote: post #313
miohtama wrote: post #130

Earlier quoted context omitted.

> But events like Dogecoin hitting a $50B market cap are very unsettling to me. It's the sign of the peak of the bull market. There is going to be hangover.

It's the sign that no crypto has really found the right value-add yet. They are all struggling with poor transaction throughput/high fees, huge bandwidth for nodes, deflationary money supply, etc...

I only had Doge because I could use it for cheap exchanges between hard to find currency pairs when I was mining. Those pennies of left over coin became thousands of dollars worth and I sold at $.04 when the Diamond Hands on WSB pumped it during the start of the GME squeeze. It all makes no sense and yet I participate.

Re: Nassim Taleb: Bitcoin failed as a currency and became a speculative ponzi scheme

#364

Post by [deleted] »

sonthonax wrote: post #298
ckastner wrote: post #186

Earlier quoted context omitted.

I don't recall Taleb calling others idiots much in his book. I do recall Taleb admiring himself, though. A lot .

He’s just a pathological narcissist that functionally aliterate traders think is a philosopher. His books are mostly unoriginal fluff that could be expressed in a few pages.

[deleted]

Re: Nassim Taleb: Bitcoin failed as a currency and became a speculative ponzi scheme

#365

Post by Retric »

nly wrote: post #340
Retric wrote: post #281

Earlier quoted context omitted.

Stocks have dividends, loans have interest, land has either rents or utility from using it. It’s that income stream beyond the initial capital that turns something into an investment. Bitcoin lacks that, it only has money from new investors and it loses money from mining. Which means without new investment it’s value must crash which creates incentives for people that own Bitcoin to convince others to buy Bitcoin. Th…

Something is valuable if you'd be more than happy to own it even if you, or your heirs, could never sell or exchange it. Currencies aren't inherently valuable, but a measure of value and a medium of exchange. If you couldn't buy things, or settle your debts (taxes), with US dollars tomorrow they'd be worthless. Something that is valuable, and is either subjectively or objectively going to become more valuable, is an…

Utility covers a lot of stuff, a painting you enjoy looking at or water that you drink etc. As you point out USD has built in utility and thus demand because the IRS doesn’t accept potatoes.

The issue is crypto currency is a digital asset so you need a buyer to do anything with it. That buyer could be a 3rd party uninvolved in the transaction, but someone needs to hold it after the sale even if it’s just to look for the next buyer.

Re: Nassim Taleb: Bitcoin failed as a currency and became a speculative ponzi scheme

#366

Post by copenocoiner »

thkim wrote: post #360
copenocoiner wrote: post #357

Earlier quoted context omitted.

How much does it cost to move 17 tons of gold? What is the risk involved in transfer? I can answer that question for BTC. To transfer the USD value equivalent of 17 tons of gold, it's currently around $27.50[1]. This transaction can be made anywhere you can broadcast a hash string. If you want to get fancy, you can trade wBTC on ethereum for, as of this moment, ~$8[2]. If even that is too high a fee for you, you coul…

Intrinsic value has nothing to do with cost of transaction.

So VISA and MasterCard have zero intrinsic value as companies. Does not pass the sniff test.

Re: Nassim Taleb: Bitcoin failed as a currency and became a speculative ponzi scheme

#367

Post by bingbong70 »

thkim wrote: post #360
copenocoiner wrote: post #357

Earlier quoted context omitted.

How much does it cost to move 17 tons of gold? What is the risk involved in transfer? I can answer that question for BTC. To transfer the USD value equivalent of 17 tons of gold, it's currently around $27.50[1]. This transaction can be made anywhere you can broadcast a hash string. If you want to get fancy, you can trade wBTC on ethereum for, as of this moment, ~$8[2]. If even that is too high a fee for you, you coul…

Intrinsic value has nothing to do with cost of transaction.

All value is tied to scarcity and gold is less scarce than bitcoin.

If we find a million tons of easily mineable gold tomorrow the price will dip below copper's. This can't happen to Bitcoin.

Re: Nassim Taleb: Bitcoin failed as a currency and became a speculative ponzi scheme

#368

Post by [deleted] »

christiansakai wrote: post #342
arcticbull wrote: post #99

Earlier quoted context omitted.

Well you could build a business. That's a postive-sum investment. I hear there's even a seed stage startup accelerator that can help fund you. Something about combinators, I don't know.

Okay, I mean "how do we get rich by non honest means"

[deleted]

Re: Nassim Taleb: Bitcoin failed as a currency and became a speculative ponzi scheme

#370

Post by bingbong70 »

copenocoiner wrote: post #357
thkim wrote: post #325

Earlier quoted context omitted.

An investment asset must have a cash flow and/or intrinsic value. Otherwise you do not have a way to recuperate your money, so it is not an investment. They also provide basis for value of the asset. Bitcoin has neither. That is why Bitcoin is a Ponzi scheme regardless of all the rosy pictures the believers try to paint. This is very important: Bitcoin has neither cash flow nor intrinsic value. The only way to recupe…

How much does it cost to move 17 tons of gold? What is the risk involved in transfer? I can answer that question for BTC. To transfer the USD value equivalent of 17 tons of gold, it's currently around $27.50[1]. This transaction can be made anywhere you can broadcast a hash string. If you want to get fancy, you can trade wBTC on ethereum for, as of this moment, ~$8[2]. If even that is too high a fee for you, you coul…

>How much does it cost to move 17 tons of gold? What is the risk involved in transfer?

How much does it cost to verify 17 tons of gold is not counterfeit? How long would that take?

You can comfortably bet your family's life that Bitcoin is not counterfeit about an hour after a transaction.

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