Just something to think about (trigger warning): What if cryptocurrencies are the ultimate in excess and denote the top of the credit bubble? This market is based on something that doesn't physically exist and has no required function. It is purely speculative.
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Replying to @TXWestCapital @meta_nomad
counterpoint: BTC and other crypto has real value based on network effects. Very similar to early stage internet companies. Reas
@nsquaredcrypto1 reply 0 retweets 3 likes -
Certainly possible as long as more and more people use it. But if the macro environment changes to risk off then less people will use it. In either case, it remains speculative as it is not required for anything.
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Replying to @TXWestCapital @VeloMontaigne and
Just like gold. Almost useless. Also stock prices are based on faith that the copmany will produce. That Tesla will have buyers. But in bad economy they shouldnt. Everybody knows there is a bubble. I tried shorting it in summer. Didnt work out.
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Replying to @EdgarsKuks @VeloMontaigne and
Well, to be honest, gold is used quite extensively, though jewelry accounts for around 50% for the last figures I saw in 2019, I believe it was.
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Replying to @TXWestCapital @VeloMontaigne and
Since pandemic retail gold buying has decreased big time. And the other half that is sitting in vaults used for nothing. What has real value ? Land, food?
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Replying to @EdgarsKuks @TXWestCapital and
yeah
@MorlockP has a bretty good thread on this in a collapse scenario rural land is the best thing to own2 replies 0 retweets 2 likes -
Replying to @VeloMontaigne @EdgarsKuks and
Do you actually own land though when failure to pay land taxes can result in it being taken from you and sold to satisfy that debt?
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This is a tedious take, tho, bc under this standard no one has ever owned anything
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