This is a HOT topic these days. Bitcoin, is it a bubble or do we have some tectonic shift happening in the world of currency!!!
I had an interesting conversation with someone on prashant krish’s slack channel where he mentioned
people have the temerity to call it a currency too. Oh well Tulips rehashed 2.0 i guess and none of points in its favor explain its bubbliness.
Leave alone him, the master himself (Charlie Munger) demeaned the entire concept in as derogatory a way as one could. he called it worthless Rat Poison.
I am intrigued by the audacity of Value investors across the world. What is this EGO and where is it coming from. Why is EVERYTHING within your circle of competence. Why can’t you be MAN enough and simply say, I don’t know nothing about Bitcoin, it can crash or it can become 50x from here, it won’t matter to me.
But no, they have to piss on it. Say derogatory things about it, use prose and logic and 10 page essays to justify their point. Do invert analyses and maths to show how ILLOGICAL it is.
Here is what i Think on the subject, “what is the urge for finding explanation!!! reasons and explanations always “appear” later for intellectuals to write books on. trader is suppose 2 make money with trend that is happening NOW. a war breaks out, balance of power changes , bitcoin becomes currency of choice, i m speculating stupid, point is who cares about reason. Tanla mite become a fraud or facebook buys it. Who cares. Adani green is a fraud is just a narrative, that ways reliance boss was fined for insider trading, that makes him a fraud too. All i m saying is that as a trader, we should follow price, period.
To which i received a rebuttal that
The lack of logic has no relation to its price or its price action. It has got to do with its comparison with a currency replacement
Nothing can be farther from the truth than that above statement. Everything is related to price action. If there was no price action, value boys wud not even have noticed what they have missed. Its only because bitcoin has rallied way past their wildest wet dream that they have the urge to call it illogical.
Just let it go, drop the ego, mind your fucking business and learn to say, “I don’t know”.