Bitcoin is taking a dump with all the other shtcoins

it's up 40% from last year and EtH is up 400% from last year. It's down like 2% on the day. Volatile, but in an upward trajectory.

Del Preston wrote:

it's up 40% from last year and EtH is up 400% from last year. It's down like 2% on the day. Volatile, but in an upward trajectory.

Yes. It's great for people who have held over a year. Not for the people who bought at $65k who are now jumping out windows.

Pamp and dump

brien evans wrote:

Del Preston wrote:

it's up 40% from last year and EtH is up 400% from last year. It's down like 2% on the day. Volatile, but in an upward trajectory.

Yes. It's great for people who have held over a year. Not for the people who bought at $65k who are now jumping out windows.

That’s about half of Bitcoin buyers (bought in the last year)

That’s my modest view

https://youtube.com/shorts/PV5be1dQieA?feature=share

When is Sen Warren going to crack down on corrupt company Tether and those crooks without physical address but based in China?

Sh||tcoin Gambler wrote:

Haha it’s great

Should approach its underlying value

Whales always pause to wipe after they take a dump; that is your brief chance to buy in low.

Blockchain uses as much CO2 as has been saved by all the EVs introduced in 2021. It should be banned, but there are probably constitutional issues raised by a blanket ban. Instead, it should be treated as a form of gambling and taxed like gambling winnings instead of capital gains. Same for all the other derivatives that serve no purpose other than to provide a vehicle for big investors to roll the dice instead of actually doing the work to study a business and make an investment in real economic activity.

It's not an asset it's a medium. And since all payment providers will utilize Blockchain exclusively within the next 5 years, being down 2% on the day is meaningless.

yargl wrote:

It's not an asset it's a medium. And since all payment providers will utilize Blockchain exclusively within the next 5 years, being down 2% on the day is meaningless.

Why would central banks use blockchain (which has been out for a long time and yet no one uses except to provide the shtcoin gambling platform) and not their own centralized digital currencies?

The price of bitcoin right now is cheap when you compare it with its value a decade from now. It's price is volatile in the early stages of its adoption. The doubters have and will always exist. But the reality is that bitcoin has exceeded most peoples expectations already amd made a lot of people permanently rich. To the OP, jealousy is a weak emotion.

Buying bitcoin is so risky, or any crypto. It's only worth what it's worth because for some reason people are willing to pay that amount for it today. It has no real world value, and it's not guaranteed to be backed by anything. Tomorrow someone could create a new crypto that is more popular and no one will want to buy the old one anymore. You can't make this argument with stock because it represents ownership in a real company that is making money. And the USD is backed by the government and the only way USD will become worthless is if the government collapses and doesn't exist anymore, and in that situation we probably all have bigger things to worry about. Doge coin was a joke and it grew, stealing a portion of the market. There will be others continuing to pop up, and eventually the new ones will be replaced by more new ones.

How do you know its value will be higher in 2032? It doesn't function as a currency. So it's a crypto-asset****. But it doesn't meet definition of an asset either since it doesn't produce anything. So it's a zero sum game where all 13,000 of the shtcoins ultimately take a different path to $0. Maybe you're lucky during the gambling path to $0 and you're able to find someone else to sell it to before the jig is up and it busts. But there are and will be just as many losers as winners, if not more losers.

What does adoption even mean at this point? Institutions letting people trade the turds even though they know it's worthless except to gamble and make money on fees? The whole idea of crypto is a libertarian fantasyland that is like going back to the 1920s before FDIC insured banks and SEC securities laws. Decentralized currency is fantasyland. Many of the coins are not decentralized because the miners are highly centralized in China or Belarus and the people who founded the coins own and control a very high percentage of the coins (i.e. "whales") and they are able to control and manipulate the price of the coin since there are no securities laws (crypto are unregistered securities). If anything happens to your crypto and it's hacked or no longer there, you can try to go straight to police or FBI but they can't do squat. I've already seen plenty of instances where this happens and the gambler goes to police and FBI, is contemplating suicide and needs counseling because they somehow gave access to their wallet hash to someone else online or it was hacked. It's way more common than you think.

The adoption thing is the lie the insiders are pushing to get suckers to HODL while they and the whales secretly dump their coins.

There's even a crypto cult that's come up with ways to keep people getting scammed/the victims from selling.

-Lambo/Mooning

-HODL

-FOMO

-FUD

-HFBP

-BTD/BTFD

-Rekt (i.e. ultimately most people)

-Shill (e.g. Matt Damon)

NOTE: It's likely in future US central banks will have a centralized digital currency utilizing fintech, but that has nothing to do with crypto or blockchain.

Liquidity is also a big issue. If everyone has to sell crypto immediately there won't be enough fiat when people have to cash in. Exchanges can and do reject gains from being paid out and meanwhile the price falls and the bagholder is stuck and can't get their fiat money out. Also, if crypto is so useful, why would they ever want fiat out?

Tether which is a stablecoin is total fraud. It's the tip of the iceberg with the fraud going on in crypto. They print more of it to prop up the price. Props to New York Attorney General for prohibiting them from doing business in New York

Doubters include:

Warren Buffett

Charlie Munger

Peter Schiff

Paul Krugman

Bill Gates

I admit it's traded at stupid prices for far too long. But tulips and beanie babies traded at ridiculous prices way out of line with fundamental value for quite some time too.

It seems to be a few whales, scammers, and crooks (as well as influencers paid by a developer before developer abandons project for the rug pull and is nowhere to be found) selling the Lambo dream fantasy to Gen Z youth?

"It's not currently as decentralized as it could be" is a bad argument.

"The Wright Brothers' plane only flew 300 ft"

"The internet will have same economic impact as the fax machine"

History is rife with embarrassing quotes from techno-pessimists. You can dismiss current implementations but to ignore the fundamental prospects is pure boomerism.

blah blah blah.

BTC maximalist wrote:. You can dismiss current implementations but to ignore the fundamental prospects is pure boomerism.

blah blah blah.

That’s funny since I’m a gen z/millennial

boomerism can strike at any age

Once a mind has decided the status quo is the way things ought to be... one becomes a boomer.

Change is the only constant in life. Get with it or get left behind.

BTC maximalist wrote:

"It's not currently as decentralized as it could be" is a bad argument..

That’s not the argument. Crypto bros say it’s decentralized but it’s not. Being decentralized is stupid anyway and no country will put up with that for its currency, total fantasy land.

the whales of bitcoin own and control so much of it that the wealth distribution is worse than in North Korea

Melania Trump is very cutting edge with her NFT offering. You dig?