Re:Bitcoin surpasses $50K as major companies jump into crypto
by PragmaticPulp on Tuesday February 16, 2021 @06:31PM
(#26160233)
> I don't see an inherent problem with this. People who were too gullible to believe influencer crap and caused bitcoin's price to go down by panic selling are now gone from the market, and the believers stayed in and made money. That's a good thing, and weeds out gullible people from the system.
So when the price goes down due to influencers, people are dumb for selling.
But when the price goes up due to the very same influencers, people are smart for buying?
> This isn't the stock market where fundamentals matter.
Amen to that.
Re:Bitcoin surpasses $50K as major companies jump into crypto
by dheera on Tuesday February 16, 2021 @08:17PM
(#26161354)
> But when the price goes up due to the very same influencers, people are smart for buying?
The way I see it, Bitcoin is all about hype and modelling hype, so if you can correctly model a particular influencer's effect on a bunch of sheep, I think it's fine to reward that modelling prowess.
As for the sheep themselves, they might win or lose, it's a coin toss, but at the end of the day, they're just sheep.
Re:Bitcoin surpasses $50K as major companies jump into crypto
by viraptor on Tuesday February 16, 2021 @06:27PM
(#26160181)
> People who were too gullible to believe influencer crap and caused bitcoin's price to go down are now gone from the market
That's a part of the crowd. Another part is in for speculation and sold on negative message then bought in the dip. We don't know the proportions. The first part could be close to 0.
I don't see an inherent problem with this. People who were too gullible to believe influencer crap and caused bitcoin's price to go down by panic selling are now gone from the market, and the believers stayed in and made money. That's a good thing, and weeds out gullible people from the system. This isn't the stock market where fundamentals matter.