0 sats \ 2 replies \ @Michelson_Morley OP 2 Oct 2023 \ parent \ on: The term "shitcoin" makes me sort of embarrased. bitcoin
It is pretty fun. And on the upside, the fact that so many cryptopeople willingly blind themselves to the entire market outside BTC is good news for the investors who understand that to "beat the market", one must look where the market has a blind spot.
As Warren Buffet says, all he did was look at the balance sheet and count the assets (e.g. "how many tractors do they own?"), sum it up, and if the market underpriced, he invested.
When should you count how any tractors a compay has, if you want to find undervalued assets? You should find the companies that the market is blind to. How many tractors does ethereum have..
If you think that shitcoins are the undervalued market then you don't know what bitcoin is.
The Correct value (i.e. what time and free markets will prove) is Bitcoin to absorb 100% of the "cryptocurrency" market, and all shitcoins go down to sub $1. Of course investors are irrational so this will take many years, but they're already living on borrowed time given to them by investors who don't yet understand bitcoin.
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Again, I'm not interested in other crypto than bitcoin, there is no need to get defensive.
Since you know (presumably by owning a time-machine) the "Correct value" of all cryptocurrencies, I must of course simply not know what bitcoin is. Maybe I'm too irrational to have my own time-machine :)
Seriously though, I'm not trying to rile you up here. Can you explain to me what it is that makes you guess that all cryptocurrencies except one will become worthless?
I'm really asking, because I don't get why anyone would be so certain of that. I'll give you 1000 sats for it, regardless of what you write.
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