[puma_ambit]

People are still holding on with the hope that it’s going to rebound, after something that high profile it’s been tainted and it’s more associated now with scams. When the ”every day person” can’t find a use for it in their daily lives, there isn’t much value for it to grow beyond a specific subset of users, and that’s what FTX was trying to do, but ultimately failed at.

[bavell]

Bitcoin has way more baggage than FTX. I didn't even know they existed till they collapsed and I've been following BTC since 2014 haha.

We've been hearing these same arguments since the beginning... If nothing else Bitcoin has shown impressive sticking power, given all of its stumbles and uphill battles.

[itairal]

The network of belief people have in this is quite impressive even if I think they are fools.

Still though, in the grand scheme of things crypto just hasn't been around that long.

MSFT is so close to taking out its old high while crypto is all 2X away from the old highs. Over time, crypto is not going to be able to compete with stocks of cash producing businesses. Crypto fools have mostly confused commodity investing with stock investing and not understanding that the upward drift of the stock market is from the cash produced from business. Gold and silver looked like pretty genius long term holds in 1981 from being able to hold them again in 1974 but gold bugs paid an absolutely enormous opportunity cost over time.

The worst part to me for crypto fools is that because the anti-crypto people have a narrative that the price is going to zero, their false beliefs are reinforced when this doesn't happen and won't happen. The risk is not going to zero, it is the risk of trading ranges forever like gold and eating massive opportunity cost.

[MuffinFlavored]

> People are still holding on with the hope that it’s going to rebound

How many people? How much are they holding?

Bitcoin's market cap is $485b. That's a whole lot of people and a whole lot of hope.