@Porwest
more from that month
Both Doge and Shiba Inu are up significantly today, and it makes me wonder, being that Shiba Inu is the supposed "Doge killer," if loyalists on both sides are now calling themselves into battle, trying to win a victory to determine who really is the better meme? Not sure if this is a "thing" that would occur in the crypto world, but it at least seems plausible. What else would be driving this? Any thoughts or comments are appreciated.
6 comments
I think it's definitely a competition 😃 it looks like it
Two groups of folks each trying to prove they are the bigger idiots?
Probably more true than you know. Still, I think a millionaire or two will be made out of it for whatever it is worth.
Maybe. The question then becomes, how long will these millionaires stay rich? How long will it take for them to blow all their money on high living and other craziness, and then wind up poorer than when they started?
That is part of the problem here, and one I have been slowly alluding to in a few posts over on read which may even begin to become a theme of sorts. And that is that I don't think what we are dealing with here, mostly, are actual investors. Some are. But most aren't. And as such the ones who are just pulling levers and hoping for big returns, once they get the money, will not have the mentality of an investor. They will have the mentality of a gambler who just won a big pot. The problem with that is that at that point they will feel free to spend what they want, thinking all they have to do is repeat their "success" by pulling different levers. I am still trying to wrap my head around the one question that continues to beg me, and that is "what makes crypto valuable long term?" Stocks are easy enough to figure out. The underlying companies produce things which produce revenue streams and that gives them value. If the only value is derived from use, there seems to me a massive limit to what that value ultimately becomes. I still continue to see comparisons to the dot com boom, and we know what happened there to all those companies that really didn't produce the one most important thing which is key to success... Money.
"what makes crypto valuable long term?" That's the 20 million dollar question, isn't it? For me, the value of crypto is as a replacement for fiat. As such, you do NOT want these crazy price swings, even if the trend is upwards. If your currency is increasing in value at over 20% a year, who wants to spend it? I would like to see a group of cryptos, say BCH, DASH, Litecoin, and maybe a few others, stabilize in price, and then only have modest 1% increases in value year after year. At that point I believe they could be used as currency. The vast percentage of my "wealth", (over 95%), is still stuck in the stock market, mostly mutual funds. Yes, the crazy recent gains are making me nervous as hell, but at this point even a 30% downward correction would still have me making a nice gain for this past five years.