This Bear market

[Balance]

Well in that case I'll start loading up on it at $1 then! If you would point me to a seller or an exchange where it costs that much I'd really appreciate it!

Approach me when it is 50c.

I will happily oblige you.

You still holding your DGL and praising Simon Whimp?

[Balance]

There is a perfectly good Cryptocurrency Sub Forum for this sort of mindless argument and I strongly suggest that you all take yourselves and your worthless opinions off to it.

And you can hide yourself in the newly fallen snow in Queenstown with your sanctimonious postings.

[Azz]

There's any number of experts (such as Warren Buffet to name just one) that think Crypto has no value.
Eventually digital currency of one form or another might go on to be a widespread means of exchange but there is no plausible or reliable way of saying what form that might take and whether any of the existing crypto currencies might be "the one".
I'm not pretending to be an expert on the subject, I just think this is an extremely risky and highly speculative area of the market. Crypto pays no dividends and earns no interest but in news out overnight it appears one major exchange has been halted because of outflows and it would seem some people were lending their crypto at interest rates up to 18% per annum. In my opinion a lot of this speculation has been fueled by a tech asset bubble not dissimilar to the dotcom boom just over 20 years ago.

The Nasdaq lost about 90% of its value as the dot.com boom came crashing back to earth in 2001 and 2002. The same or worse could easily happen to crypto. The bear market in tech and in crypto in 2022 has happened at the same time. Coincidence ? One of the big arguments was that crypto was going to give valuable diversification. The Bull and now Bear markets in tech and crypto seem to have happened pretty much in sync from what I have observed. Nasdaq has been in a Bull market ever since 2007 until recently.

I invest in productive companies that pay me good dividends. Wild speculation in digital things like Crypto of NFT's that pay no dividends and can only go up based on the greater fool principle is not for an aging Beagle nearing retirement. Maybe for a young person as a very small part of a very well diversified portfolio but its not for me. In my career of 40 years as an accountant I have seen Deer go up as high as $20,000 a head as lots of people thought the Velvet from their antlers was the panacea for all their ills and Angora and Cashmere goats go as high as $15,000 a head as what they produced was supposed to be the next miracle product. Neither of these livestock types are anywhere remotely near those values now. It was all based on limited supply, demand and speculation about the next big thing that was supposed to happen. Hope that adds some useful perspective for you.

Easy riches can disappear just as easily as they arrived https://www.cnbc.com/2022/06/14/cryp...reum-fall.html

I don't think Buffett is an expert, actually. I would guess he has trouble logging into his "hard drive". Some good points you make, however. But there are two things that allow for a successful medium of exchange/store of value. 1) scarcity, and 2) tradition. Cryptography can create scarcity just as well as finding and then digging precious metals out of the ground - except it's pretty difficult to send, for example, gold over the internet. And tradition just occurs at a certain point. Of interest is that both these things (scarcity & tradition) turned cigarettes into a currency in prisons.

[couta1]

On another note its looks like the Bears claws might be getting a bit of a trim on the US tonight.

[Azz]

I think if you take a good long look at the history of crypto with a new set of eyes. I knew people "mining" bitcoin and it is the currency of choice with scammers and dark net dealers. Give it some cred and it's still lipstick on a pig. The only reason the make it more acceptable to mainstream is tax.

The currency of choice for criminals, terrorists, drug dealers, and the like - is the US Dollar.

[Azz]

Approach me when it is 50c.

As much as I would enjoy approaching you, Balance, it's never going to happen. Bitcoin is here to stay, and after this shakeout - which is not just affecting Bitcoin but entire stock markets - it will hit another all time high.

[Azz]

You still holding your DGL?

Absolutely. Plenty of brass in muck.

[Azz]

You still praising Simon Whimp?

Now, now. Be nice.

[Balance]

As much as I would enjoy approaching you, Balance, it's never going to happen. Bitcoin is here to stay, and after this shakeout - which is not just affecting Bitcoin but entire stock markets - it will hit another all time high.

For the sake of El Salvadorans, hope so.

The poor buggers ditched US$ for bitcoins. Ouch!

https://www.wsj.com/articles/el-salvadors-president-went-all-in-on-bitcoin-then-it-tanked-11652540400

[Beagle]

Interesting video https://www.youtube.com/watch?v=rE2izXZuaJ8