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Bitcoin is overvalued? How in the world did you reach that conclusion?

Because most cryptocurrencies can do what Bitcoin does at a faster, cheaper, and more scalable way.

While Bitcoin is one of the few “Decentralized” Development coins, it’s marginal advantage, and utility has been slowly corroded by corporate interests, as time continues on Bitcoin has become Fiat 2.0.

It’s losing its purpose as a medium of exchange.

It’s now become a greater fool theory speculation machine, & a banking collateralization mechanism.

Everyone who’s serious about Bitcoin knows its real intrinsic value as a medium of exchange is $30,000 + appreciation from inflation.

That’s just my thoughts.

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Discussion

n0>1 1mo ago 💬 2

Everyone who's serious about bitcoim knows it's value is 30k. That is an absurd statement my friend. I guess you haven't arrived yet.

Jordan S 1mo ago

If scarcity was the reason then Bitcoin would be double its price since the total supply is actually 10 million instead of 21 million but even scarcer coins would have flipped Bitcoin already and be worth 2x, or 3x more.

But we know that scarcity isn’t what gives Bitcoin its value because we know that the supply can be forked.

If Daddy Fink, Michael Saylor, and Donald Trump announced tomorrow that they’re forking Bitcoin to have a 60 million supply, and that the 21 Million supply Bitcoin is a pedophile drug money that they won’t buy then 90% of the people on here would gladly go to the 60 million Bitcoin fork for Their Fiat Gains, and Dump their “21 Million” Bitcoin coins.

Everyone knows L1 sucks, that’s why blocks are empty, they also know lightning is extremely difficult which is why ~80% to 90% of people use wallet of satoshi, strike, or primal wallet, etc., no self-hosting/self-custody.

n0>1 1mo ago

🙄