BTC has dipped below $10k. I'm not saying it's a buying opportunity, but... it's a buying opportunity.
I suspect bitcoins have been down lately as people have looked around at all of these other cryptocurrencies and wondered why anything infinitely replicable in this way should hold value.
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BTC is *not* infinitely replicable. That is the whole point.
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Cryptocurrencies are, though. Infinite forks. Bitcoin 2, 3, etc. We already have thousands of cryptocurrencies. In the end they're just numbers
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Well anybody who hasn't heard of Gresham's Law deserves what they got coming.
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What makes some good and some bad?
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The tech, dilutability, value held. Only one, or at most two, can win. BTC was first to solve major tech prob and biggest. It will almost surely win. Ethereum solves a slightly diff prob, so may win. The rest are garbage.
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Where does the value held come from, though? The tech verifies transactions and ownership, and that's very nice, but what are you owning?
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You're owning a cash that can be transferred on the internet without 3rd party verification. Stop and think about that.
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Beyond that, what is the value behind ANY currency? Demand for it, alone. Even the goldbugs' appeal to "intrinsic" value misses the overwhelming point re gold: it's a currency PRECISELY BECAUSE it's practically useless.
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