Think how weak the true worth of Bitcoin must be if the word of one man can effect so much. Does the value of gold, silver or diamonds change that much just because of an interview?
The closest thing I can think of is investment stock, and even then the asset value of the companies put a lower value on the stock, but what does any cryptocoin have to back it's value?
I take it You have an issue with BTC? What do You think about artwork? How about old comic books? Interesting that You included diamonds in Your example considering they are the penultimate example of market manipulation.
What do You think would happen if Elon had said he was going to dump 1.3 billion dollars worh of any one of your examples into the market?
I have about 500 bucks worth of crypto, and a couple factors of magnitude more precious metals (Silver, Gold and Lead) but if I wanted to move some wealth abroad, I would much rather use crypto than deal with customs agents.
Knowing the world disagrees with me but still trying to argue what I feel is a righteous point,..,. it wasn't one man but two brothers that were able to manipulate the silver market. Google "Hunt brothers silver" or "Silver thursday". That was a while ago but somehow, I feel the arrogance of youth has pushed down the wisdom of the aged in matters of great social importance. The sad thing is we oldies have seen this before, in the slogans of "Greed is Good" and "Lifestyles of the KrashDashian Jersey Shore's", "Mike Hunt".
Personally I tend to agree, there is no value in contrived currency but when powerful individuals seek to influence the masses...perception of value, be that of commodities or populations can be manipulated.
As this is an old post and my response should survive the mob's backlash, I would ask anyone reading this to reply with other examples of contrived value in todays society.
Crypto's value is based on hypothetical future adoption. Since people believe Musk is a great influencer of future-adoption, his tweets make the market.
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[ 4.4 ms ] story [ 24.0 ms ] threadThe closest thing I can think of is investment stock, and even then the asset value of the companies put a lower value on the stock, but what does any cryptocoin have to back it's value?
What do You think would happen if Elon had said he was going to dump 1.3 billion dollars worh of any one of your examples into the market?
I have about 500 bucks worth of crypto, and a couple factors of magnitude more precious metals (Silver, Gold and Lead) but if I wanted to move some wealth abroad, I would much rather use crypto than deal with customs agents.
Personally I tend to agree, there is no value in contrived currency but when powerful individuals seek to influence the masses...perception of value, be that of commodities or populations can be manipulated.
As this is an old post and my response should survive the mob's backlash, I would ask anyone reading this to reply with other examples of contrived value in todays society.
Tyvm. SP (Mr.Othe)