A novel concept

Nope

It's price is connected to actual sales. Obviously a lot of it is speculative, but we've already seen the brunt of that dip these past few weeks.

It won't dip much further.

Value is based on High Frequency trading professionals that are experts at stealing your money. They recruit people in the same manner in which a drug dealer does. First hits are free but then you start paying for it because you end up giving all your time and energy to try and achieve the same high that you got with the first time. It is drastically overvalued because the pusher is out of gullible suckers. The market is saturated. Why do you think the Federal government of the united states stopped giving money to ITT?

>>1902288
That implies BTC has a true underlying value and a seperate market value. It's the only way speaking of "overvalued" or "undervalued" makes sense.

But that's not the case. Cryptocoins *only* have a market value. BTC has exactly the price corresponding to its value. Since the value is only driven by supply and demand, it couldn't be otherwise. The price is discovered via match-making of orders at transparent exchanges, so there is no reason to believe there's a distortion in the market.

>>1902337

In other words... It can't go down?

>>1902373
Why not? If supply increases or demand decreases, the price will most likely trend down.

But that's a prediction of the future. Calling it "overvalued" is diagnosis of the present state. But what are you comparing it to? What's the "true value" of one BTC supposed to represent? That's stock market terminology where you can look at profits, product announcements, big new contracts of a company and calculate that purely based on numbers it should be valued lower on the stock market than it currently is. But what are the fundamentals of BTC? They don't exist.

>>1902337
The price is not discovered. HFT algos create and pull bids on a whim giving the manual trader the illusion of "price discovery". Its a game and the house always wins. You are a fool if you actually beLIEve the shit you spew. Either that or you are so hopped up on blue pills it is ridiculous.

>>1902393
>But what are the fundamentals of BTC? They don't exist.
The fundamentals are very similar to that of Chuckie Cheese. The issue the worthless tokens so that you can be entertained with their games and win worthless tickets and then select worthless low quality prizes.

The real value for those that play this game is how well it can trick people into believing that they actually have authority.

There is a reason why history repeats itself. You give an idol power over you and you will fight tooth and nail to convince people it has power.

Funny how the ones that are trying to trick you always have the most from the very beginning. Why do you think the coins rolled out so fast at first? CPU mining! It was designed to pump out most coins first to reward the meme creators. Just look at all the ALTCOINS. They echo exactly what happened with BTC.

Make the tokens first and give them to yourself. Afterwards, try and convince idiot buyers into buying your lie. Let euphoria build then dump the shit out if it.

>>1902395
I'm a nocoiner, so I really have no horse in this race. And whoever talks about "pills" can fuck right off back to /pol/.

>The price is not discovered. HFT algos create and pull bids on a whim giving the manual trader the illusion of "price discovery". Its a game and the house always wins.
First, creating and pulling bids sounds a lot like price discovery to me.
What "house"? Are you accusing the exchanges of running their own trades as bucket shops and that there is no arbitrage, only internal price fixing?
What the heck even is your point? Are you saying if manual trades place orders they don't go on the book and influence the price?

I'm inclined to believe *you* are the one spewing a lot of shit.
Does the crypto market have a very limited liquidity and a few whales who could easily manipulate the markets? Absolutely. But the mechanism the exchanges use is still price discovery. I don't see what's illusionary about it.

The flaw about the system is not with the exchanges or the price discovery - it's that you're "investing" into a digital good with zero underlying value, which is concentrated in a few hands.

>>1902411
lol this stupidity is always great to read

>>1902423
Whales creating and pulling walls is not price discovery it is manipulation. Couple that with crypto news websites that inject stories and forums that spread rumors about coins and you just whipped up your "value".

Don't believe me just look at /biz/ now and all the meme coins getting whipped up by pump and dumpers. No value at all. Just pump and reward with fiat beast bucks and move to the next scam to keep floating the idea that fiat is good for humanity. Altcoin world is merely a microcosm of exactly how Bitcoin started.

The whole Bitcoin ecosystem is no different than how Wall St operates.

The name of the game is create value from vapor then reward the meme with the currency of the time.

Increase your authority until they actually believe you run the show and there you have it. A newly crafted paradigm using the same old and tired tricks that your father used on all the uneducated purposefully held down slaves of his time.

>>1902436
Go back to sleep blue pilled dreamer.

Don't you have a golem to feed?

>>1902479
>The whole Bitcoin ecosystem is no different than how Wall St operates.

So if neither crypto coins nor the stock and commodity markets use price discovery - what meaning does that concept even have and where is it used? In your mind - is "price discovery" just a synonym for "manipulation"? What's the point of making a distinction then?

I don't even disagree with you on the other points, it's just that you're aimlessly flailing while missing the original point of this discussion.

bitcoin cucks are the best. the delusions are growing by the day.

>>1902493
>I don't even disagree with you on the other points
glad we have reached an understanding

How much of Bitcoins value is from people buying it so they can get into other crypto?

>>1903265
About three fiddy

>>1902288
Not only Bitcoins, but crypto in general. It is a concept that is generally still fairly distant from being used by population as a whole and we already have a gorillion of different currencies. Bitcoin and Etherium are somewhat special because they have distinguishing unique properties, i.e. being the first big one and being the first big one usable for other purposes, but once you start getting shit like Milocoins that people ironically invest in, you know that this is going to end the same way the Y2K bubble ended when everyone invested into tech companies that were entirely pointless.

Personally, I would follow the same rule that you should follow when buying stocks--never keep more than 5% of your wealth invested into a single one. I would treat the whole crypto business as one single stock however.