Before I finish the statement of my title, I want to discuss all of the Bitcoin Haters and Deniers claiming “It’s a fraud” “It’s overvalued” “It’s a bubble” and throwing subjective numbers at what they ‘think’ it should be worth.
A famous investor Jack Bogle, who is 88, recently claimed “Avoid bitcoin like the plague... it may reach $20,000 but come and talk to me when it’s $100”, hedging your bets there huh Jack? In reality he has no clue what he is talking about. It could drop, it could rise, I am not denying that. But he didn’t give one shred of evidence that he actually understands the technology behind the blockchain to even make this claim. Trust everything you read with a grain of salt, hell, even this article I am writing right now. Do your own research before coming to a conclusion… let's talk a little bit about valuation.
I was reading in the news the other day that a painting accurately titled “untitled”, because the artist spent so much time working on it he didn’t want to put in the extra effort into coming up with a name, recently sold at an auction for $46 Million dollars. Now, if you haven't seen this gem, it looks like something that I, with absolutely no artistic ability, created after returning home from the longest pub crawl ever, completely shit faced. The look is eerily similar to what my tortilla shell looks like after I prep it with 3 pouches of Taco Bell fire sauce.
First off, I feel sorry for whoever spent a fortune on this piece of ar… shit. Actually, no i don’t, in my opinion they are an idiot. Period. But that is for them to decide, it's their money.
What in the hell makes this worth that kind of money? You can’t even look at it without it hurting your eyes.
Now, stepping up the game a little bit, this comic book (http://variety.com/2014/biz/news/first-superman-comicbook-sells-for-3-2-million-1201289733/) sold in 2014 for around $3.2 million, it originally cost .10 cents. So for this pad of paper, that’s only unique properties are the ink that was printed on it, sold for what could feed a small village, for 10 years. The only justification being “rarity”. I mean what can you do with a comic book besides read it? In this case you probably don’t even want to do that because if you bend one corner you just lost half its value.
What makes the new iphone $800, or the lipstick my wife buys from Mac Cosmetics for $50 a tube, worth it? I was in the gap the other day with my wife and a pair of pants were selling for $50, essentially the same exact pair with a simple color variation were selling at Target for $25. It all comes down to what someone is willing to pay, at the time, for something.
Where are the people claiming these are “Overvalued”. Hell i am not even claiming that, anything is worth what someone is willing to pay for it. That is how the world has operated for thousands of years.
I personally hate articles that claim “$25,000 by february” or even the opposite “It’s going to go down to $100, one day”. No one actually knows what is going to happen. They can speculate by, using models, studies, theories, to justify their prediction. Hell, if we listened to some of those people and they were correct every time, you probably wouldn’t be viewing this article because we may not have the internet itself, which was claimed to be a “bubble” in its infancy.
While watching the new season of Halt and Catch Fire the other day Spoiler Alert they are envisioning use cases for the internet. At the early stages there wasn’t any such thing as a search engine. You basically had to know someone's web address to see their site. The initial pass at creating the first google was essentially a page with links. In order for your site to be listed you had to email them the link and description of your page. Looking back now it's hard to put yourself in that place. But if you have no clue what something CAN become, you can make any claim you want… Like Ken Olsen for instance...
In 1977, Ken Olsen the CEO of Digital Equipment Corporation, was quoted as saying “There is no reason for any individual to have a computer in his home.” How did that turn out Ken?
Now, to finish my title…. World changing technology and rarity (only 21 Million) aside…. Bitcoin will be worth, whatever we as the community and adopters decide its f%$king worth… period… We are all just along for the journey and if you are an investor my advice is: Invest wisely, do your own research, it's your money… Invest in what you believe in.
Together we might change the world, or come crashing down with it. I’m betting my money on the former. F%$k the haters...
One9Oh9 - https://linktr.ee/one9oh9
