If someone offered you 1BTC for $10k right now you would bite their hand off. At $14k it would be still some of the easiest money you've made in your life.
Even if you have the most cynical opinion of cryptocurrency, you must admit it's alive and well. It is as long as there are enough people who believe that it is - and your honest answer to the above would reveal that you know that to still be very true.
Sure, I’m not stupid. I would turn around and sell it to some other fool. And thats the problem. There is honestly no price I could buy it at where I would be willing to hold.
You say you can't understand, but the chart you yourself posted (to illustrate price volatilility) also shows a 12,000% increase in price in less than 8 years, up to today.
Past performance is no guarantee of future results, but maybe that, the improbable 12000%, is the thinking that you're trying to understand?
That's my point - given the extreme volatility (and the fact that it was trading below $1K less than 6 years ago) why would anyone think there's some floor below which the price of BTC will never fall? Please don't bring up mining costs, which are completely irrelevant here.
You're making a stronger counter argument than you think. BTC only gets a 12,000% increase because you recruit a bigger fool to pay $16,059 than the fool who paid $16,058. The only value that you've offered here is that you can eventually find a fool big enough to pay $1,925,760.
If it hits x sell. So if I was given a coin currently "worth" $15,000 for $5. I could set a stop loss of $6 and always make a profit since my initial investment was $5. Asleep, awake, doesn't matter.
Set multiple stop losses? $6, $5.99, $5.75, etc, etc. if one fails one of the others will catch it. Hell as long as it sells before $5.01 I'm profitable. Simple as.
That’s not how stop losses work. If things are falling fast enough, You could have one trade at $7, and the next trade at $4. Sorry, you still lost money.
And it's the same argument as Santa Claus in the movie The Elf. So long as enough people stand in Central Park singing the same song, all is well, just be sure to leave before the party is over, the Clausometer goes to 0, and the police horses trample you.
Oh absolutely. Had I known the absurdity of crypto would still have been going on this long, I would have set up a bunch of rug pulls and run away with the money.
Interrst rate hikes kill zombie companies. Scams put dumb people under the lash of their betters.
> Scams put dumb people under the lash of their betters
Continuing this line of thought, isn't the next level of "betters" the people who would readily employ violence to get retribution on those who scammed them? Or even those who would just employ violence to take what they want in general?
I can understand the law of the jungle as-it-currently-is point that boils down to "lol normie rubes fell for advertising", but extrapolating that out into an overarching moral judgement makes no sense unless you're also repudiating the specialization of labor that has led to most of our current prosperity.
Right. When we talk about laws not getting enforced leading to people doing bad things, we're talking about you. You seem alright with that, which I've already noted.
Even if you have the most cynical opinion of cryptocurrency, you must admit it's alive and well. It is as long as there are enough people who believe that it is - and your honest answer to the above would reveal that you know that to still be very true.