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Bitcoin is 'almost too big to fail,' Dave Portnoy says

Bitcoin cryptocurrency background. A bunch of golden bitcoin, Digital currency

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Bitcoin (BTC-USD) has "so much money behind it, it's almost too big to fail, almost too big to go away," Barstool Sports' Dave Portnoy said in an interview on Fox Business Network

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HaroldRamis profile picture
Does Dave still do his Twitter show end of day

I stopped caring over a year ago

Bet everyone else did too
HaroldRamis profile picture
Crypto = end run around lottery/ponzi/unregistered offering/fraud/con game/tax evasion/money laundering laws

Did I miss anything?

Say hi to mikey for me
HaroldRamis profile picture
Dave said stonk only go up $penn
After dropping 40,000 bucks into SafeMoon he may have questionable credibility lol
Love it or hate it.. Bitcoin is immutable, universal, finite, divisible, leaderless, weightless, transferable, decentralized, cannot be manipulated, operates 24/7, anywhere in the world, and was not pre-mined to enrich its developer(s).. the hardest money and store of value ever created... If you hate it... ya don't have to buy any.......... but keep posting your tulip comments in SA.... always fun to read.....
@Scepisle put quite simply it’s like a runaway freight train and there is no way to actually stop it…It is hilarious to read the “Buttcoin” Reddit sub thread…those people are bitter as hell
@Scepisle It was solo-mined by its developers prior to public mining, misleading to say it wasn't pre-mined.
TommyIrish profile picture
"He's optimistic that the world's largest crypto will gain more traction as a means of payment. "It's all about the Lightning Network, right... all about making bitcoin fast payment so you can use it everywhere from a McDonald's to the Walmart to anybody going shopping," he said."

Yeah, that is totally what crypto is about.

Don't you HATE being stuck behind someone in the Drive-Thru not using Crypto to buy their meal; Jeez, these non-Crypto people with their ridiculous dollar bills and Visa cards!

GET out of the Crypto HIghway!
Taxpayers beware. When they start talking too big to fail that means a government bailout when the bottom drops out. BTW crypto isn't the biggest bubble in financial history. Tulipmania Remains the largest by far. You could buy an average sized house for one tulip bulb at the peak of the Tulip Mania. Where can you buy an average size house with a single Bitcoin at 43000 today? Google it.
Why on earth do I care what some nitwit sports bro has to say about crypto and why is this on SA?
@Jemericoy those that really don't care didn't take the time to read and comment on the article.
@Seeking more alpha than you those that care about the quality of the articles being posted on a site dedicated to sound investing advice certainly do care to comment when content is posted that does not further that goal, bro. In much the same line of reasoning, I would not keep going back to and/or staying silent about a store that charged me over $300 a year a year and did not deliver what it said it would.
@Jemericoy I am glad SA posted the article and hope they continue posting more articles like this.
He should stick to rating pizza's.. at least it's entertaining, at times
Long Twitter and Shopify!
Investment Pancake profile picture
I can shop with my Visa or Mastercard at any retailer anywhere in the world, in any currency with no exchange fees, and anywhere online. So I don't see why I would need Bitcoin. Not only that, if someone ever takes my account number, Visa and Mastercard protect me against all fraudulent charges. Once someone stole my Uber information and took a $1,000 ride up the California coast. No worries for me, because I don't use Bitcoin to pay Uber. I use Visa or Mastercard. All fraud charges dropped. But if someone hacks my crypto accounts and steals my Bitcoins, what protection do I have? None. Just ask anyone with a Coinbase account. So here is another reason why credit cards are vastly superior to owning Bitcoin. But there are even more reasons why crypto is a silly investment. The volatility speaks for itself. My bitcoin could plunge from 68k to 43k in no time at all. But does the cash in my online savings account drop in value by 30% during a bad week of trading? No, it doesn't drop by any value whatsoever. Economists call that "a store of value." One of the basic things you look for in a currency.

These are all great reasons to prefer cash, checking accounts and credit cards to crypto, but they aren't the most important reasons.

Let's start with barriers to entry. Anyone can issue a cryptocurrency. So that means a literally infinite supply of cryptocurrencies, and there are only 6 billion people in the world to buy it all. Intro to Economics 101 is all the education you need to understand what the laws of supply and demand tell you about the value of ANYTHING that is in infinite supply but faces inherently limited demand. Maybe there will ever only be a fixed number of Bitcoins - what about the number of cryptocurrencies that compete with it? The answer is that number is unlimited.

By contrast, with government-backed currencies, there is a limit to how much they can print without causing runaway inflation. Maybe one of the reasons why we are seeing runaway inflation now is because the supply of what people consider to be "money" is expanding explosively as more and more people issue non-government backed cryptocurrencies? If so, that would bring me to the most serious reason to eschew Bitcoin and other crypto currencies. Laws. If world governments decide that on balance, Bitcoin is bad for the economy or anything else the governments care about, they will ban it. Just ask China and Russia if you think outright bans are unlikely. And if the only countries that allow Bitcoin to exist are places like El Salvador.... well..... that ain't so good for the lucky investors who buy Bitcoin today. Unless they plan to move to El Salvador.

I suppose I won't be the most popular person for saying so, but my assumption is that Bitcoin will eventually drop to zero. The same thing will happen for every other cryptocurrency that exists today. Once world governments start to use blockchain to issue, oversee and regulate their own currencies (intermediated by banks that all happen to own the Federal Reserve), that'll be the final nail in the coffin for Bitcoin, Ethereum, and whatever other crypto flavor of the month happens to be in vogue today. 100% losses. That's what I expect every crypto investor today faces. That statement may draw dismissive laughter today... followed by tears of sorrowful remorse in the future.
@Investment Pancake - Just to make sure I understand your thought process, you consider a world wide decentrilized network consisting of an estimated 100 to 200 Billion USD worth of equipment that currently generates over 200 TH/s in harsh rate... as a low barrier for entry?
six-oh profile picture
@Investment Pancake

You seem to have a slavishly luddite view on things, and that's ok. You can just choose to not buy bitcoin. Cheers.
@Investment Pancake you are correct of course. All you have to do is listen to what the crypto Enthusiast say to know it's a con job. For instance it's an asset, it's a coin, it's a replacement for gold as a store of value, it's limited in its production, it's secure from hacking, etc etc.
Bitcoin as a payment method? Yeah right...it doesn't even work in countries that have a currency that is completely crap so why should it work in western countries? If I am a car dealer and want to give people the possibility to pay with bitcoins, how should that work? I need to update the price every 10 minutes because there is so much volatility. Even in the negotiation it can fluctuate by a few thousand dollars. Or in industries with really slim margins. You tag a product with a bitcoin price so that you have a 2% margin and 2 minutes later you make losses on that product because bitcoin went south.
So why on earth is that a better idea than the dollar or euro? And please don't come up with "inflation hedge"...Bitcoin is down 25% of its ATH while Gold is near its ATH. Just speculation without any use case...
@German-Investor I see the situation differently.
@Seeking more alpha than you thanks for the explanation ;-)
FlagFootballSaint profile picture

In times like these flexible real-time pricing should not be an issue.
its_a_dog_pal profile picture
But I though safemoon was safe. To the moon...haha or toilet
Winnertakesall profile picture
Dave will be working at a Pizza shop until he's 90 babbling about how Crypto destroyed him and its the governments fault.
LittleMilk profile picture
Cocaine is a hell of a drug.
Oh that's cute, a sports commentator is who we should take our information from these days
treespace profile picture
Is it safe to say Dave Portnoy knows absolutely nothing about economics and even less about block chain or cryptography. He's obviously gambling that BTC-USD brand tokens are too big to fail.
Economist 101 profile picture
Portnoy is a piece of garbage and bitcoin is a massive pyramid scheme.
@lester11 noted and recorded.
@lester11 The first part is true.
HaroldRamis profile picture
So glad I only put 100k into safemoon

When I hear the braintrust Dave was in it , I figured it was a sure thing

You know, stonks only go up Dave ?
six-oh profile picture

Sir, I am sure you are joking.
I always wonder why so many people who are anti Bitcoin waste their time commenting never mind reading the articles. Always see so many comments on it going to zero but never see them explain why it has got as high as it has and been worlds best performing asset 11 of the last 13 years. A lot of idiots according to them have got rich going against their advice.
@coach24 Why its so high? Speculative buying. Same reason why all bubbles bubble
@TastyLaksa Guy never heard of tulip bubble or dotcom bubble.
@TheRealIntelligentInvestor Tulip industry is now a billion dollar industry worth far more now than during the bubble. Sure Bitcoin will be the same.

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