Apparently the bitcoin market cap is over $167B. If this bubble continues as it seems likely to, it could easily go above $1T. Your barber will be asking how to get in on it. It will be a bubble of historic proportions. The following crash is going to be breathtaking.
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It's worth whatever people are willing to exchange in value for it.
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Eventually people will come to their senses.
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What do you think is so senseless about this development?
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No intrinsic value + infinitely replicable
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Nothing has intrinsic value—there is only intersubjective consensual value (i.e., stuff is worth whatever people are willing to pay for it). And ₿ isn't infinitely replicable when supply is capped at 21M.
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Bitcoin 2, bitcoin 3, bitcoin 4, etherium, etc etc etc
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Food has intrinsic value because it keeps me alive
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It can have practical value to you, as you rightly understand that sustenance is necessary for continued life. But it's by no means intrinsic.
End of conversation
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Once market access+participation stabilize, I expect cryptocurrencies overall to trade similarly to precious metals (but with a nonzero risk of going to zero, whereas no such metal can). For both: price = amt of capital investors allocate / supply. Bubbles and panics forever.pic.twitter.com/zOLMaIElFo
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The long-term price appreciation in cryptocurrencies to date has been driven by increasing adoption, because they succeeded in catching on to serve some useful economic purpose as a medium of exchange, and because they succeeded in catching on as a speculative asset like metals.
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These outcomes were not pre-ordained, and though they definitely seemed likely, the proportional level of market penetration at which a plateau in user base might occur has remained unclear historically and still does.
End of conversation
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there were bubbles even before the trivial asset was technological btw marketcap in something like bitcoin isn't rly that informative because you can't replace it (think tobin's q, if u know that idea)
Thanks. Twitter will use this to make your timeline better. UndoUndo
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