When you say bitcojn scammers, you mean these guys in particular, right?
Cuz I was planning to perhaps one day invest in it.
Discussion
i been up for like 20 hours and falling asleep.
that conversation is too deep for me right now.
learn the difference between trading and investing.
investing is when you know something has fundamental value, like land, and you buy it because you know it will hold that value.
trading is when you buy something because you believe it will go up in price, whether or not it has any fundamental underlying value or not. another words for this is speculation.
B1tC0iNers are traders LARPing as investors. they buy B1tC0iN because it's going up then make up mythical explanations for why it fundamentally has value.
i cannot advise you either for or against buying B1tC0iN - just make sure you understand the difference between Trading and Investing and make sure you can remain dispassionate and don't get emotional or get sucked into cults which always form around any asset that has been going up for a long time such as B1tC0iN, Tesla or Apple.
buying a fundamentally worthless "asset" can be a rational decision if you can be certain that there are enough idiots who will keep buying it ( because they believe it has value ) to drive the price up further. but you can only be truly certain of that if you're not one of the idiots yourself.
if the only other people buying the worthless "asset" are all also rational and all also know it is worthless and buying it only because it's going up - that is a very dangerous situation - because it can reverse on a dime.
this is why B1tC0iNers always lie and tell gullible children that B1tC0iN is fundamentally valuable because they need somebody to hold the bag when it's time for them to cash out ...
a teen lifeguard at my pool was telling everybody proudly about how he is investing in B1tC0iN and Tesla and it was clear that has had no understanding of anything i just said ... people like him are the ultimate victims of charlatans like the ones we have here on NOSTR
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logically a worthless meme asset like B1tC0iN will keep going up until one of two things happen
1 - it is banned
2 - people stop believing it has any value beyond speculative
that is to say as long as there are suckers on standby ready to become bagholders it is probably a smart move to keep buying a meme asset as other speculators will do the same and it will keep pushing the value up ...
the key is to make sure you can always exit / cash out. if one day you wake up and find all bitcoiners are on death row by that point it will be too late to get out as nobody will buy.
or if one day B1tC0iN is crashing and you realize that almost 100% of all B1tC0iN was held by other speculators and almost none by stupid true believers then again - you might take heavy losses.
i suppose the volatility of an asset should be in itself a sign whether it is purely speculative or whether some people are stupid enough to believe it has value.
in the end everything is a calculated risk. you could try to diversify but the problem is that pushes you into things you do not understand. on other hand putting all you eggs in one basket is great if you TRULY understand it - but what if you only THINK that you do, but actually you do not ?
if i was going to trade / invest i would probably either find somebody like what Nancy Pelosi used to be - she was infamous for insider trading and jokingly known as the best trader ever - and simply mirror her trades assuming i was able to somehow automate it so it happened instantly and not the next day. timing is everything.
i don't know if that information is instantly available or with a delay but we could make a simple AI and train it on all the known insider trading politicians and then simply have it buy stocks based on what those politicians are buying ... i don't know how real HFT ( high frequency trading ) works but that's how i would do it ...
and the only other idea is to buy whatever Klaus Schwab and Bill Gates pump - as they are closest to power ...
well, actually there is one more method - do the opposite of what Jim Cramer says as it is literally his job as TV host to manufacture suckers that his Wall Street clients can offload junk assets to ...
famously in 2008 before Lehman Brothers went bankrupt causing global economic downturn Cramer was begging everybody to buy Lehman Brothers. he later apologized for this but he didn't change - it is still his job to bail out his buddies on Wall Street at your expense.
basically to make money in this game you must be EXTREMELY CYNICAL.
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Sure, but what about the value of bitcoin as something that cannot be taxed? I have heard it will help restore and perfect private property in the future.
you would have to talk to a tax specialist about that.
evading taxes is the quickest path to prison.
Hunter Biden ( son of president ) just pleaded GUILTY to tax evasion.
I know a certain person from a certain country who has millions of dollars in bitcoin and is not arrested over only paying taxes via his poor normal cash.
Also, sure. Can lead to prison but even then the judge can't actually remove the bitcoin.
if he only keeps that B1tC0iN and never uses it he will never need to pay tax
but the point of money is to use it to buy things
if people manage to avoid paying Income Tax the government will move to switch taxation to Sales Tax instead in which case you will be paying tax on your B1tC0iN when you use it
the reason Income Tax is more popular than sales tax is because Income tax can exceed your total spending whereas sales tax can only be a fraction of it - and government wants to take as much of your money as possible
He does use it, but for private stuff not regulated by the government.
I mean, if the gov does that, I call for a revolution against its commie ass.
tax strategy is always adjusted to maximize amount of extracted wealth
do you know why all the western countries are at roughly 30-40 percent tax ? because economists have found that making taxes even higher would REDUCE tax revenue by killing the economy. you can't tax bankrupt businesses.
if the situation changes they will change the taxation scheme to continue extracting maximum revenue.