You and your friend are standing outside and your mate says "The wind feels like it is coming from the North." You lick your finger and stick it up in the air as if it were a specialized weather instrument. You then tell your friend "No, it is definitely coming from the Southeast." Neither of you are right, of course. You're going to need a weather vane and an unobstructed view. Wind can reflect off of structures such as trees, buildings, mountains, fat friends, your horse, car, truck, etc. You get the idea.
From what I can tell and this is from observation only, but despite what everyone says, Bitcoin, altcoin, tokens, etc don't derive their inherent value from anything solid or real that can be measured. Which is why Trump stated,
"I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air."
Source: https://www.cityam.com/trump-dismisses-bitcoin-saying-cryptocurrencies-arent-money/
Case in point, Bitcoin was about to hit 10k this weekend and did for a short bit, but just in time for a whale to do a sell off. I find it funny someone or a bunch of someones bought BTC at the $10k mark. And then it plummeted to about $9.5k. Thankfully I only ever invested $150. One time I bought $100 and managed to sell it for $200. But that was one time and had I waited an hour longer I would've been holding for a year at least. I certainly bought some stuff with that extra $100 like an overhead digital projector which I still use today.
But like a dummy with his licked finger in the air, I was listening to the other guys with their fingers in the air. Everyone was talking about how BTC was going to hit $20k by December of 2019. So I bought back about $150 of BTC between the $8.5k and $9.8k marks in the Summer of 2019.
Here it is February 2020, about 7 months later and at least 2 months after the promised second coming of Christ and I've been HODLing that BTC. The $20k promise land never realized. Heck I remember some loon telling us that because of all the banking and investment firm attention to BTC that Bitcoin would make it to the $140k land of Milk and Honey. That smelled fishy but like a replacement religion for the Tanahk I went around repeating the mantra. Thankfully everyone I proselytized too didn't listen to me.
And here we are ...
It is happening again, the false prophets are posting on all the block chain driven blog sites because if you want your BITCOIN projections to sound real and good and true, well you best post about it on https://www.publish0x.com/?a=JxbonMXagw or SteemIt, or D.tube, anywhere that Crypto is pushed as if it were magic metal that makes all Demons hiss at you. These prophets are promising pots of gold and leprechaun orgies like you've never seen before.
Don't fall for it. Demand proof for the rise and falls.
I understand speculation driven markets. Stocks and Bonds operate this way, the difference tho is you're left holding a piece of paper that bears with it power that your proxy out or otherwise vote on something with. With crypto you're left with an evaporated dream. You only had a dream to begin with. There was no effort except for foolishness to invest money.
It's the best thing to come along since begging strategy you see at most intersections. Those beggars are probably making more daily than you are. You should pull into an adjacent parking lot and watch them sometime. After roughly four hours you'll see them get up and leave, push their little buggy into an obscure parking lot. And then, what's this? Is he changing his clothes and did he stash that buggy behind that bin? "That's a nice truck", you notice as he drives away money in hand. Sure there are true beggars out there but most are scams like this CRYPTO and whatever other term you want to call it.
Where is the store of value?
Other than the Brave browser which I do see has value and making a dent in what we use, etc. Do you know of anything that give real purposeful value to CRYPTO?
