Antifragile
Progress not perfection
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That’s exactly what worries me about Bitcoin. As it becomes more of a “gambling” tool, this upswing may continue for a long time. But what is the “intrinsic” value? Is it a good storage of wealth or not? The limited coins design may imply “gold” but it clearly is not (as we now have multiple crypto currency). As a medium of exchange - thanks to Musk it’s getting better! But still, can’t buy a coffee or groceries at my local market, so no...Two close friends made very decent x10 gains on crypto the last year.
One guy 200k in and now around 2m (bitcoin).
The other 5k in and now around 200k (alt coin).
Yet stories like what you listed above are plentiful because value shot up. Now many rush in “to the moon”, thinking that no price can be too high. Wrong, there is always a price that’s too high. Just look at history of other innovative financial products. South Sea company example comes to mind. And yes, that is a very very old example.
I agree that blockchain has great potential and crypto has a great future, I’m trying hard to understand how to value the damn Bitcoin to decide how much and when to buy.
Not easy...
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