Re: BitPay raising $30 million of capital, gives itself a ridiculous valuation

BitPay raising $30 million of capital, gives itself a $160 million valuation which is ridiculous - an article by The Cryptocurrency Times http://www.usacryptocoins.com/thecryptocurrencytimes/uncategorized/bitpay-raising-30-million-of-capital-gives-itself-a-160-million-valuation-which-is-ridiculous/

I just bought this for $100. I now declare it's worth $500. This means I'm a brilliant businessman.

-bm

This is exactly what happened, and is still happening, with Bitcoin. Every single day, people pay $500 for something (1 BTC) that less than a year ago, everyone agreed was worth ~$100.

Many assets appreciate and depreciate with time. Automobiles depreciate. Fiat scrip depreciates. Art appreciates. Cryptocurrency appreciates. That's what makes these things sound investments.

you're missing something here. When something appreciates, it's MARKET VALUE has increased. I can't just declare it to be more valuable.

-bm

Honestly, this is no different than the companies around here that are making, say $500 in profit in 6 months and IPO at a valuation of $10m and still raise it all. People are getting stupider and assume that everything related to cryptos are automatically trillion-dollar companies just because we're talking about Bitcoin. As long as people keep making stupid decisions, companies will continue to be overvalued like this.

dumb money quickly turns to dumb ideas.

I'd rather invest in Elvis collector plates than some of these outfits I've seen lately.

-bm