I’ve lost money in crypto. Not a catastrophic amount, but enough to sting.
The frustrating part isn’t the loss. It’s that I still can’t tell you what the right price for any of it is. Not Bitcoin, not Ethereum, not anything else in the space. I’ve read the arguments — store of value, digital gold, programmable money, inflation hedge, settlement layer for the future financial system. None of them give me a number. None of them let me say: at this price it’s cheap, at that price it’s expensive.
With equities I can be wrong in a specific, falsifiable way. With crypto I’m not even sure what being right would look like.
I still don’t understand how it’s valued.
Period.