Bubbly bitcoin not worth the wager: investors

Gerald · 11-18-17, 06:49 PM

Quote:

LONDON (Reuters) - Bitcoin may have surged a staggering 700 percent since the start of the year but most investors at a Reuters Summit this week said they had not been tempted to play the volatile cryptocurrency.

https://www.reuters.com/article/us-i...-idUSKBN1DH249

700 percent in one year.

Buddahaid · 11-18-17, 09:10 PM

Just like my chances of not getting laid....

Skybird · 11-18-17, 11:18 PM

The Bitcoin is no investment in the classical meaning of the term, but a gamble for the sake of the gamble, and not more. You can get away with it, like you could get away with a bet you place in the casino. But you also could get surprised by a sudden major or all-loss. In the end, the bitcoin's has an intrinsic value for nill, it is paper money without paper. Its a game people play , not a money in the meaning of the word "value-covered money". In other words: its Quatsch. Influential, popular Quatsch, and if you are ruthless and do not think it thorugh, you can make a fortune with it maybe, but Quatsch it is nevertheless. And the costs of this latest folly of paper money dreamers, will be needed to be paid one day, there is no forgiving.

I have moral problems with modern "investing" without investing for real. In the end, that is always just plundering. Real investments are not about just shaving off profits by plundering the host, but engaging in building and construction of the thing one invests into it. Its aboit growth and prospering of the thing. Today's investing is predatory, original investing was constructive, and cared for what one invested in.

This is not understood today. And that is one of the main reasons why the financial business is where it is, and why evertyhing is over the cliff. Classical national economists understood this. Austrian economists understand this. Modern bankers and FIAT money apostles do not understand this.

ikalugin · 11-19-17, 03:35 AM

There is no intrinsic value, as value is a subjective construct.

Buddahaid · 11-19-17, 03:48 AM

Quote:

Originally Posted by Skybird

...Today's investing is predatory, original investing was constructive, and cared for what one invested in....

It has always been predatory. The world moves on and different ways of making money will always open, and close. Everything, including your vaunted gold standard, is of arbitrary value.

Skybird · 11-19-17, 06:40 AM

There is no intrinsic value, but then there is. Its - a bit complicated.

https://smilingdavesblog.wordpress.c...trinsic-value/

I know that things have no intrinsic value. Only the value attributed by market participants. Still, as the short article explains, "Austrians" nevertheless talk of intrinsic value, but they mena something special with it. Its context-sensitive.

Read that article, its not long.

STEED · 11-19-17, 10:06 AM

Just another lie like I.O.U paper money.

ikalugin · 11-19-17, 11:04 AM

Quote:

Originally Posted by Skybird

There is no intrinsic value, but then there is. Its - a bit complicated.

https://smilingdavesblog.wordpress.c...trinsic-value/

I know that things have no intrinsic value. Only the value attributed by market participants. Still, as the short article explains, "Austrians" nevertheless talk of intrinsic value, but they mena something special with it. Its context-sensitive.

Read that article, its not long.

What is described as "intrinsic" value is more or less irrelevant in case of money in my opinion, as you cant eat gold.

(and I am not a big fan of Mises)

11-18-17, 09:10 PM	#2
Buddahaid Shark above Space Chicken Join Date: Jun 2008 Posts: 9,319 Downloads: 162 Uploads: 0	Just like my chances of not getting laid.... __________________ "However vast the darkness, we must provide our own light." Stanley Kubrick "Tomorrow belongs to those who can hear it coming." David Bowie

11-18-17, 11:18 PM	#3
Skybird Soaring Join Date: Sep 2001 Location: the mental asylum named Germany Posts: 42,609 Downloads: 10 Uploads: 0	The Bitcoin is no investment in the classical meaning of the term, but a gamble for the sake of the gamble, and not more. You can get away with it, like you could get away with a bet you place in the casino. But you also could get surprised by a sudden major or all-loss. In the end, the bitcoin's has an intrinsic value for nill, it is paper money without paper. Its a game people play , not a money in the meaning of the word "value-covered money". In other words: its Quatsch. Influential, popular Quatsch, and if you are ruthless and do not think it thorugh, you can make a fortune with it maybe, but Quatsch it is nevertheless. And the costs of this latest folly of paper money dreamers, will be needed to be paid one day, there is no forgiving. I have moral problems with modern "investing" without investing for real. In the end, that is always just plundering. Real investments are not about just shaving off profits by plundering the host, but engaging in building and construction of the thing one invests into it. Its aboit growth and prospering of the thing. Today's investing is predatory, original investing was constructive, and cared for what one invested in. This is not understood today. And that is one of the main reasons why the financial business is where it is, and why evertyhing is over the cliff. Classical national economists understood this. Austrian economists understand this. Modern bankers and FIAT money apostles do not understand this. __________________ If you feel nuts, consult an expert.

11-19-17, 03:35 AM	#4
ikalugin Ocean Warrior Join Date: Aug 2014 Location: Moscow, Russia Posts: 3,212 Downloads: 8 Uploads: 0	There is no intrinsic value, as value is a subjective construct. __________________ Grumpy as always.

11-19-17, 06:40 AM	#6
Skybird Soaring Join Date: Sep 2001 Location: the mental asylum named Germany Posts: 42,609 Downloads: 10 Uploads: 0	There is no intrinsic value, but then there is. Its - a bit complicated. https://smilingdavesblog.wordpress.c...trinsic-value/ I know that things have no intrinsic value. Only the value attributed by market participants. Still, as the short article explains, "Austrians" nevertheless talk of intrinsic value, but they mena something special with it. Its context-sensitive. Read that article, its not long. __________________ If you feel nuts, consult an expert. Last edited by Skybird; 11-19-17 at 10:39 AM.

11-19-17, 10:06 AM	#7
STEED Lucky Jack Join Date: Jan 2006 Location: Down Town UK Posts: 27,695 Downloads: 89 Uploads: 48	Just another lie like I.O.U paper money. __________________ Dr Who rest in peace 1963-2017. To borrow Davros saying...I NAME YOU CHIBNALL THE DESTROYER OF DR WHO YOU KILLED IT!