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Comment Re:He is largely correct (Score 1) 85

Nope. Econ 101 fucks up. The COST is set by supply/demand.

Dunning-Kruger is strong with you.

neither neither supply nor demand is necessarily generated by need.

This shows your ignorance. You live in a parallel universe called "ignorance." There are two curves, a supply curve and a demand curve. Where they cross is the price.

Comment Re:something is useless (Score 1) 85

Buy on rumor, sell on news. Bitcoin went up to $120k on the hope the Trump would do things to increase the value (if he did everything people wanted him to do, Bitcoin could have reasonably gone to $250k). The strategic bitcoin reserve was an effort by Trump that showed in fact he was not going to do everything people wanted him to do.

So there's not a lot of hope that Trump will push Bitcoin up to $250k anymore. Wouldn't surprise me if it settled around $45k (based on organic use of legal and illegal money transfers).

Comment Re:He is largely correct (Score 0) 85

Having no intrinsic value means there is no floor to its value, unlike gold which at least exists physically has some uses.

Having intrinsic value does not mean there is a floor to its value. The value is set by demand and supply (ie, how much is available and how much people are willing to pay for that).

For example, air is arguably the most valuable thing we can possess, far more important than gold or even water. Yet, I will not pay a single cent for it because it is so abundant. I don't need to pay for it.

(You might consider watching some youtube videos about economics or something, solidify your understanding so you don't write stupid things.)

Comment Nostradamus predicts... (Score 1) 14

Users would not wager money, and the app would probably rely on a video game-like points system instead, one person said, though the company had not ruled out the eventual use of real money betting.

...

The effort, which insiders characterized as experimental but a top priority...

If it's a "top priority" the end goal is 100% to make this a real-money betting business to leverage the Facebook/Instagram userbase to create a racket the same as Kalshi. They will just develop a way to buy points the same way many video games have transactions for in-game currency.

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