[MuffinFlavored]

and yet Bitcoin is off 4.5% off of lows $15.6k -> $16.3k

[mikeyouse]

It's down 20% in the last week..

[ilamont]

Serious question: how long can it last at these levels. Where’s the support for this asset?

[adam_arthur]

Well, it has no intrinsic value, so it's all psychological on the basis of what numbers sound low or high.

Sounds like my kind of asset

[dav43]

Ditto. Just because people call it "an asset" doesn't make it one. It's not an asset. It's no more than a Ponzi scheme, just a complicated one at that.

[tasuki]

Why is bitcoin not an asset?

[AustinDev]

>>Well, it has no intrinsic value

Like nearly every other asset. 'Bitcoin is dead' has been said for over a decade now. We'll see what happens. I mined one of the first few thousand blocks. I don't think it's going anywhere unless civilization gets destroyed but that's just my opinion.

[adam_arthur]

> Like nearly every other asset.

Prove to me you know nothing about investing in one sentence. Bravo.

Plenty of assets cashflow and provide tangible value. Crypto is not one of them. Unless you consider yields from a lending ponzi to be sustainable

[outside1234]

Drugs, Money Laundering, Money Hiding, etc. etc.

There is utility in a black currency for all sorts of illegal things

[daveguy]

But bitcoin is the absolute worst black currency. Every single transaction has a permanent public record.

[eru]

Still somewhat useful for ransom ware.

[wruza]

You seem to imply something here, what it is?

[dghlsakjg]

If you do crimes you shouldn’t take notes on it. Let alone record it in a public traceable ledger that the authorities actively track.

[wruza]

But why do you think so? They track it, so what exactly? Last time I’ve seen a ransomware it demanded ETH, not something else.

Edit: not bitcoin, eth actually, but it makes no difference here

[rubatuga]

> absolute worst black currency

Yeah, Visa is much better.

[adam_arthur]

Why not prepaid debit cards? (Bought with cash)

[hanniabu]

Cheaper fees, more portable, no limits, transactions can't be blocked

[Gigachad]

This is a value in crypto in general. There is no reason that in 10 years time, bitcoin will be the coin most used for these activities. Bitcoin could drop to absolute zero and some other coin rise up for its utility value.

[AOsborn]

It's not an asset. It doesn't provide value or a return.

[CallMeJim]

It is an asset, unless you consider gold etc. to not be assets either?

[marticode]

Gold has industrial uses without even talking about jewelry. Even if everyone stopped valuing gold as a form of currency, it would still has some intrinsic value.

[tasuki]

What would that value be though? 20% of its current value? Would you then say that gold was only 20% asset and 80% ponzi?