I’m not talking about mining btw, I’m talkingaboutt having bitcoin and holding it.
97% of wallets being in profit isn’t profitable? Man, you should tell these people!
BobGnarley@lemm.ee 9 months ago
Holyginz@lemmy.world 9 months ago
Then there was no point in your response cause the comment you replied to explicitly said mining, not holding.
BobGnarley@lemm.ee 9 months ago
97% of every bitcoin in existence being in profit still pertains to mining too, though. I mean you can deny it and be upset about it all you want. Facts is facts.
Ibaudia@lemmy.world 9 months ago
It’s not profit until it’s converted to FIAT, which causes the value of BTC to drop. Crypto can’t generate money, it can only move it around. Someone always loses.
Jakeroxs@sh.itjust.works 9 months ago
Isn’t that true of money in general?
Ibaudia@lemmy.world 9 months ago
Kind of? Not really. With FIAT, central banks can influence the creation of money through quantitative easing, adjusting interest rates, etc. They are also backed by their respective governments, which ensures their value as a medium of exchange and store of value. They represent the economic output of the countries they are tied to, which is real and measurable, and are guaranteed value by the system of government as a whole. Bitcoin’s supply is algorithmically generated, and its value is only representative of the number of people who agree that it has speculative value. Bitcoin also doesn’t have financial products that have intrinsic value such as stocks and bonds, which are backed by powerful institutions that can ensure dividends/profit. Bitcoin is a low-utility, scarcely accepted security whose main perk is its ability to cash out to FIAT. Because of this, you need to rely on someone to buy you BTC at a higher price than you bought it; that’s the only real way to make money on it.