VessOnSecurity on Nostr: nprofile1q…z5k2y Ah, the two parts of your toot are unrelated. Yes, the equity ...
nprofile1qy2hwumn8ghj7un9d3shjtnddaehgu3wwp6kyqpqwf44gvmu4g6x0gwwjgrnlw0f8dxmvx7h929k057wwv8hwa8clq6s0z5k2y (nprofile…5k2y) Ah, the two parts of your toot are unrelated.
Yes, the equity markets are wildly overvalued pretty much everywhere. This will end very badly. They are more overvalued than they were in 1929 and 2000.
However, you can't say that cryptocurrencies are "overvalued", since it is impossible to value them. They have no fundamentals. No earnings. Their price depends only on what the next fool is willing to pay for them. At least the fiat currencies have behind them the strength of the economy of the country producing them. Cryptocurrencies have nothing. They are just a medium for speculation. You can trade them and make (or lose) a wild amount of (actual) money - but investing in them is foolish. You can forecast their short-to-medium price movements using technical analysis but long-them it is impossible to say what they will do. The price of Bitcoin could get 10x higher in 10 years - or it can go to zero.
And, yes, as you noted, "be your own bank", as the Bitcoin fans like to say, usually means "get robbed", one way or another.
Yes, the equity markets are wildly overvalued pretty much everywhere. This will end very badly. They are more overvalued than they were in 1929 and 2000.
However, you can't say that cryptocurrencies are "overvalued", since it is impossible to value them. They have no fundamentals. No earnings. Their price depends only on what the next fool is willing to pay for them. At least the fiat currencies have behind them the strength of the economy of the country producing them. Cryptocurrencies have nothing. They are just a medium for speculation. You can trade them and make (or lose) a wild amount of (actual) money - but investing in them is foolish. You can forecast their short-to-medium price movements using technical analysis but long-them it is impossible to say what they will do. The price of Bitcoin could get 10x higher in 10 years - or it can go to zero.
And, yes, as you noted, "be your own bank", as the Bitcoin fans like to say, usually means "get robbed", one way or another.