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by lmm 1944 days ago
Plenty of people made money on the South Sea company until they didn't.
1 comments

This has no relevance. People keep trying to compare Bitcoin to anything they think will help them make their point, but it’s nonsensical.
It's very relevant. To claim Bitcoin is a success because people have made money from it is nonsense.
No, to compare Bitcoin to something that has absolutely nothing to do with Bitcoin is ridiculous. That’s like me saying Apple is going to go out of business because Sears went out of business. A complete non sequitur.
If I said something like "Apple won't go out of business because it's a big company", comparing to Sears would be completely fair.
The OP said Bitcoin is like the lottery. It’s on him to explain that. The lottery has not returned value to almost every person who bought a ticket in the past decade, Bitcoin has. It’s a false and inept analogy.
I think the overwhelming majority of people who bought Bitcoin have paper gains only, not realised value.