Originally Posted by MontanaCreekHunter
Originally Posted by Milwroad
Originally Posted by MontanaCreekHunter
[quote=Hastings]Weren't tulips, ostriches, and other big bubbles destined to fail because of the unlimited potential supply? Is there a finite supply of bitcoin? I am curious because I don't understand it. I bought RIOT Blockchain at somewhere between $2 and $3 last year and it went almost to $80 and today closed at $48. Wish I had bought 20,000 shares instead of 200.


I do not see how some fictional asset with no intrinsic value can possibly be worth anything in the long run unless it is backed by a government as legal tender.


This seems to me that you imply faith because it is backed buy Government, Financial Institutions, and Intrinsic Value!

Not attacking you, just saying what you see as faults in Crypto is the same faults in basically every other currency.


Yes, you are certainly correct to a point. The big difference is that anyone can create a crypto currency. What will the value be when there are 500 different ones running around? There can only be one legal tender (for the most part) and that gives it a value (dependent on its creation and the soundness of the government to be sure as you suggest) but a basic value non the less. And please understand I am not telling anyone not to invest in crypto currencies. I have done so myself. I am just trying to say they are a speculative asset and that is ALL they are and when their use in exchange is questioned that value will certainly be 0.

The difference between genius and stupidity is that genius has its
limits.- Albert Einstein