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This is a decent example of an actual safe haven in volatile times. Didn't blink at the financial crisis in 2008. Didn't blink at the Brexit vote. Didn't blink when Covid came along.

 

Reckitt.png

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On 23/04/2021 at 21:07, Scott7 said:

Has Bitcoin not collapsed once already?

It did last January then recovered a bit. Incredibly volatile. Similar to the tulip bubble of the 18th century. It's what called fictitious capital; nothing concrete backing it. In fact iif it was concrete it might have some future.

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12 hours ago, ranger_syntax said:

You tell me.

 

What are the characteristics of a pyramid scheme?

 

Do other safe haven assets, like gold, share those characteristics?

price goes up as long as people keep buying but has no real world use or demand. 

 

gold has practical uses. 

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10 hours ago, alexscottislegend said:

It did last January then recovered a bit. Incredibly volatile. Similar to the tulip bubble of the 18th century. It's what called fictitious capital; nothing concrete backing it. In fact iif it was concrete it might have some future.

Recovered a bit?!

 

The tulip claim is often made. For example J.P. Morgan said this and recently changed tune. I don't think anyone can seriously liken it to tulips unless it tanks and stays down for a decade or so.

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Martin Vander Weyer writing for the Spectator, 24 April:

 

What should we make of the valuation of Coinbase, the cryptocurrency exchange listed on Nasdaq last week at $80 billion — three times the market value of Nasdaq itself? Coinbase’s stratospheric debut is clearly a reflection of the mania for bitcoin, currently trading at five times its price of six months ago. And that spike has in turn generated short-term profits for Coinbase, making it an attractive rarity among tech flotations that more often come to market long before they reach profit, which some never do. 

But is there a deeper message? Some say this is crypto’s coming of age, coinciding as it does with Rishi Sunak’s announcement of a Treasury-Bank of England taskforce to explore potential for a ‘central bank digital currency’ harnessing crypto-technology. Akin to that, some crypto-maniacs deride Coinbase as a sell-out to the mainstream: an exchange that operates within Wall Street’s regulatory framework rather than shunning state-led financial systems in the libertarian spirit of bitcoin’s founding legend. 

Cynics, meanwhile, watch the price graphs and predict an imminent bursting of the crypto-gambling bubble. To me, all this forms a vision of a virtual Las Vegas whose towers must one day fall, though perhaps not yet. The one thing to be said for investing in the likes of Coinbase is that it’s better to own a casino than to bet your savings on its tables and slot machines.”

 

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