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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I can’t believe that at this point people don’t understand bubbles and boom & bust cycles. OP do you really not understand this? Please stick to index funds until you get a better understanding of the basics. [/quote]

You're being an ass. Bitcoin is different than most boom and bust cycles.

The last boom and bust was the crash of 2007/8, and that had a very very specific underlying cause that had been been flagged for years..... mortgage backed securities, ever increasing home prices that seemed economically unsustainable by those buying them, fraud in the real estate lending market, adjustable rate mortgages flipping.... there were so so many real and tangible economic indicators that we knew at the time were likely propping up the market and would come down. After the crash, we could do post-mortems and understand.

Most crashes have similar.

Bitcoin is different. It seems to have meaningless value. It has no inherent value other than the value people arbitrarily ascribe to it.

There may be more to it. I think that's what we're asking here. But if there is, it's certainly not just "hey markets always go up and down arbitrarily"

The closest this one seems is like the 2000 dot com crash, where people were publicly investing in companies based on ideas before any products had been built or designed, before any customers were signed up, and before any revenues were generated. Same kind of concept that people were betting on nothing . Only difference is that you were at least petting on an idea in 2000. So as an investor, you might have thought pets.com had a better business idea than askjeeves.com, which might have driven your investment decision. But crypto doesn't even have that.

So please enlighten us.  [/quote]

I agree that it has no inherent or productive value. I don't invest in it at all.

But the argument is that it will eventually be the world reserve currency. Just as much of the U.S. dollar's value today is based on its status as a world reserve currency. This status is quickly eroding and, the argument goes, BTC is no worse than USD and in some ways more protected from manipulation.[/quote]
An uninsured currency backed by no government and currently used mostly for crime is unlikely to be the world's reserve currency.  And this level of volatility is not a good argument for that.[/quote]

lol well put. [/quote]

This is not the reason it’s falling and not correct at all [/quote]

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