Why come into a thread about Bitcoin and its value
Good afternoon...
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I normally don't discuss the fundamental underpinnings of any markets(especially in public), because I am strictly a technical analyst and never use market fundamentals to determine whether to invest in something or not. In fact...I believe they're worthless in determining value simply because the "herd" trades on belief and emotion. Although...there is a small group of men who do study fundamentals diligently and can be handsomely rewarded for having done so...to not acknowledge the hardworking...is folly. I tip my hat...
I wanted to respond to this comment from ZZZ on why I personally drop in to this thread now and again. I do so to see commentary in regards to Bitcoin because I have had a lifelong fascination with market bubbles and their dynamics. I've studied bubble economies since....well, for 40 years now. Bitcoin et al. from my perspective is a financial mania and absolutely from day one has had zero value other than...."belief" of value. The principle and primary ingredient for a bubble. When viewing my charts...I believe this to be the largest bubble in recorded history. Again...I will recommend reading Charles McKay's novel....Extraordinary Popular Delusions and the Madness of Crowds.
What concerns me as I'm watching the stock market peak(It will not pass it's May 10, 2021 high, or you can feel free to call me incorrect on the matter)...is the "second act". It's the second act that most interested parties(especially in bitcoin) never seem to consider and having grown up in the backrooms of brokerage firms...I am absolutely certain there will be a second act.
Liquid...what do you mean by a "second act"? I mean...the real reason for bitcoin hasn't quite stepped forward yet. Again...from my perspective...those who hold bitcoin and other cryptos are crying freedom....where I see virtual slavery as the
only end game. Complete regulation, taxation...and if the local currency is competed against. Just as in gold...confiscation. The rest of society ends up in a dystopian nightmare in the process...and bitcoin is what I would call...the introduction. Perhaps bitcoin is just an instrument of introduction to a new digital age of....well, whatever you want to call it is fine. I called it a dystopian nightmare because that is how I see it...quite clearly.
Step right up, step right up and see this amazing new gizmo gadget you can wow your friends with. You sir...yes you. Let me familiarize you with our new digital currency...check out this fancy new crypto called...Bitcoin. It will be the talk of the town. Step right up step right up folks...be amazed and wondered at this new techology.
It's been bought....hook, line, and sinker.
Best Regards,
Liquid Cool