RE:RE:Price of gold and stock price disconnectMaybe someone can explain to me why crytocurrency even continues to exist. People are literally investing in NOTHING! Cryptocurrency employs almost nobody, produces nothing and provides no service, yet it uses more energy than anything in modern history.
A single transaction in crypotcurrency uses the same energy as me swiping my credit card 1 million times and the industry uses more energy per year than Google, Microsoft, Netflix, Amazon and Apple combined. And all this in order to produce virtual coins which as I pointed out is literally nothing.
Considering the state of the global environment and the need for energy, I can't understand why governments can continue to allow cryptocurrency to exist, it makes no sense... unless you want/need a currency that is difficult to track so you can pay off people, governments, contractors, mercenaries or whatever for illegal actvities. What other use does it have? Very few companies accept cryptocurrency, so it is no use to the average person.
What a nightmare for a CFO for a company to base its revenue on cryptocurrency. The currency is way too volatile. How do you show your financial statements? When crytopcurrency first started I understood part of the argument that a single World currency could make travel and business transactions easier and do away with the different currency exchange rates with about a 180 different currencies in the World, but today there are over 20 000 different cryptocurrencies. It's even worse.
And what determines when cryptocurrency goes up or goes down? What are those factors? It's all very mysterious and then you can get a single person like Elon Musk who can choose to move it up or choose to move it down if they want to. At least with regular investments we typically know what the driving factors are that can push a stock up or push a stock down even when there is complete disconnect like what gold and gold stocks are experiencing. The fundamentals of a stock will eventually win out. So who is this anonymous that has been relentlessly selling shares to knock the stock price down, while gold sits at $2046 per ounce?