LogFAQs > #964980638

WingsOfGood posted...

Also to mention part of what causes a stock crash is rich people being ahead of the curve and pulling out. As that tanks stocks value.

Then people behind the curve see the drop and pull out at a loss. This causes a freefall.

Then later the first class of rich people will rebuy whatever they think is actually still good at lower price.

This CAN be the case with crypto too.

Cryptocurrencies aren't stocks. They're not regulated like stocks.
There's no safety in them. No ability to rely on hedging (Terra Luna).
They aren't backed by any government, they have no intrinsic value, and the only reason they have any monetary value is because they have, up to this point, maintained the illusion that there is some degree of stability and fallback system in place to prevent what we have just seen.

The value of a Bitcoin is 100%, what someone is willing to pay for it. Nothing else. There's no company, no object, no house, no fort knox, nothing. It's very highly complicated gambling.

This delusion needs to end.