My post was mostly directed to plommer and Vegas Dave
My opinion of it is always the same. It is intrinsically worthless. When it's closer to zero, it's closer to it's actual worth. When it's sky high, it's silly.
But it doesn't matter what I think. Things are worth what people are willing to pay for them. So the market says it's worth a lot right now, it's worth a lot. Hooray for those of you that hold it.
The fact that we are still having the same back-and-forth is the problem, though. As more time passes, it's worth should be clearer. Things like personal computers, smart devices, the internet were all met with initial resistance before eventually proving their worth and having a massive impact on society.
It’s a store of value.
Do people that buy gold use it on a day to day basis?
Gold is also intrinsically worthless, but it's a staple of value throughout the history of humankind. I think it's also a bad investment (if society crumbled and we were in end times, weapons and ammo and fuel and jeans and canned goods are going to be worth a lot more than hunks of metal), but at least it has history behind it.
That's all you see Bitcoin as? "Store of value🤷♂️"? Seems like a pretty terrible one given that it isn't in physical form and has no history behind it. Why after all this time is it still so inefficient as currency or something usable, which is what it's supposed to be? Why as a "store of value" can value jump or drop 75% so quickly?
I have friends who have some in their portfolio and agree it's bullshit but just want to ride the wave in case it goes to the moon. I respect them a lot more than the folks who argue it is actually super awesome technology that I just "don't get" or whatever. I've done tons of research on it. It could very well reach a million. And I'll STILL be saying it's stupid intrinsically useless pixels, until it proves to be anything else. Whereas I doubt if it goes to zero, it's champions will still be saying it's amazing.