I have no venom. Disagreeing with you doesn't mean I have "venom". Its called disagreeing with you. I have stated many times (and I guess you dont read it), I have bought and sold BTC and I am currently short Puts on IBIT contracts. Maybe
@Blazin or
@Jysin can explain to you what writing Puts on IBIT mean. Perhaps you don't follow options.
I am going to try this again, like I said this is a convo. I am not full of venom or some such. Shit ask
@Chanur what I am like on Twitter.
We, meaning you and a couple of others so far on this thread, have a disagreement on what certain words mean. And I think that is the crux of it. in the financial world, instruments have a value. Many times that value is what something is worth to the buyer. How that value is determined is what varies between both market participants and the individual instrument. Stocks are "generally" valued based on a numerous amount of metrics that are commonly referred to as fundamentals. But not always. <Cough> PLTR <Cough>. Even worse would be the meme stonks. But I digress. Crypto has a value. Be it Doge, BTC or even the Hawktuah coin (praise be her name). This is because someone is willing to buy them.
What crypto does not have, and this is where we are hitting a speedbump, is an intrinsic fundamental value as defined by the financial world. An instrument can have more than one type of value. Options have both time value and intrinsic value. Stocks have book value, stock price value etc. The stock price of a profitable company is generally priced as a multiple of its earnings. Crypto, all crypto, doesn't have this. No matter how much you believe it does, it doesn't. It has value, but its the value someone is willing to pay for it. That's it. The blockchain isn't BTC. You don't buy and sell the blockchain. You buy and sell BTC. If I own BTC, I don't own the blockchain or even the smallest portion of it. A bored Ape NFT sold for $3.4m. The buyer valued it as such. It did not and does not have an intrinsic value of $3.4m, it has that value strictly because someone was willing to pay that for it.
That's all I am saying. I recognize that BTC only has the market value of the current buyer. You may or may not. This is entirely different than how most stocks are valued. Macy's the department store chain has a floor value. Its stock cannot go to zero. Why? Because it owns real estate valued in billions if not tens of billions. If its stock price falls below its book value at some point it gets bought and can be sold off piece by piece for a profit. This is the difference in the terms value and fundamentals I was trying to explain. BTC isn't Macy's. BTC price can go to $1m and Macy's can't (realistically). BTC price can go to zero, and Macy's can't. The reasons lie in intrinsic value.
