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RE: Why I Buy Bitcoin During Crashes Despite Calling it a Bubble
Ha ha, you're the only chap I know that invests in bubbles, but I respect your unwavering opinion.
The question I have for you though is, why invest in Bitcoin, when you could easily invest in Steem, or EOS, or Ethereum, or something that actually has a use-case instead.
Because you are right, all people use Bitcoin for is speculating, but the others I mentioned can actually benefit you... so would you say that they are in a bubble too?
I am invested in Ethereum and Steem for the record. Those are bubbles too as a direct result of Bitcoin - nearly all cryptocurrencies are (I'm using the word "nearly" just not to be absolute, but I personally believe all of them are), just some are less so than others. It's worth noting that the success of other cryptocurrencies hinges heavily on Bitcoin due to its public awareness and perception.
At what point do you think they will deserve their value?
Also BTC has the largest and most established network and long term survival. It’s under continuous development and spins off fork assets.
This is a question I would like him to answer, good point. Btw, I lot of people have come to the conclusion that bitcoin is a store of value, like gold. Having that in mind, I give you the question back: why people invest in gold if they can invest in companies that have a product ?
I agree, and to me, investing in gold is pointless... especially if you don't hold it yourself.