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+1 for conveying philosophy, finance, and perspective in so few characters!
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Thank you! It’s one of my better tweets.
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That’s the definition of a bubble: it’s rising in value only because people are speculating what others will bid for it in the future. A stock’s price is the discounted value of the firm’s future earnings.
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I check the price each morning and shake my head in disbelief and then think, “when does it crash next?”
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*day
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*has done
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yet buying great stock uses significantly less electricity and resources than bitcoin does. Better for the environment.
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It’s now driven purely by greed. If bitcoin has underlying value it’s far outstripped that today. It’s a fun watch. (Sure I wish I owned it but no sense in crying).
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If you're old enough to remember the Web 1.0 bubble you saw this same thing in 96-99 with early web stocks. http://Pets.com anyone?
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Now would be a good time for you to read Galbraith's "The Great Crash 1929"
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I don’t know much about Bitcoin but it reminds me of tulip mania. A few quick turns and it vanishes
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Not to sound like an ass but by that reasoning you could also buy a lottery ticket. Risk / volatility probably equal
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