If you're a day trader, selling now to dodge a fall that will take until next month to recover from is exactly what you do. You're thinking of actual investors
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Well, and the crime backing. The existence of more "legitimate" "proof of stake" crypto shows that people DO still want to play the lottery with it, but I'm confident Bitcoin's criminal usage played a major role in its early growth in value
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And some of the folks buying in for financial reasons knew this; they'd been pushing for commodity-backed currency for ages, and here was currency backed by drugs, assassination, and illegal porn. But very strongly backed.
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I mean shit how many of these have there been in just my lifetime I lived through the rise of eBay as essentially a stock market where people traded in Beanie Babies Mt. Gox was a Magic card exchange before it was a Bitcoin exchange
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I remember being like 9 when my 7 year old friend gave me a The Graduate style speech about how my financial future was definitely in Beanie Babies. I was very confused.
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