No fundamentals backing Bitcoin other than speculators and the cost to mine coins. Also, no standing military behind the cryptos and they’re being hacked leafy and right.
By the way, my comments about crypto were not directed at you specifically, I think every bank and official monetary authority on the planet has done lots of DD and analysis.
I agree Bitcoin has no fundamentals as an asset left but perceived, subjective value going forward.
I should point-out that it's not the Bitcoin itself being hacked but usually the exchanges' infrastructure. Unless BTC really is an NSA, back-doored mark-of-the-beast experiment (tinfoil hat required), it's had everything thrown at it and it's simply not hackable. Lightning, increased complexity and further "technical debt" may change that but who knows... The Ethereum network did actually get hacked badly more than once and the whole DAO/Mircea Popescu fiasco was one of the most hilarious "financial" circuses I've ever seen.
The planet knows about it, the financial system knows about it, the average person won't go near it due to lack of understanding and present cost and ability to use it, large-scale OTC, options and leveraged trading... The concept is here to stay but the reality is Bitcoin Core specifically is a highly compromised technology now even from a layman's point of view. It did exhibit a few lovely textbook manias, complete gifts for anyone invested if they knew what was happening and provided so much entertainment though (among other things).
The chances of a Bitcoin investment, or any crypto investment, beating any market now in terms of purchasing power/unit are about the same as a guy living through an 800' tumble down a mountain in a steel box IMHO but stranger things have happened...
Thanks for entertaining a bit of chat.
