I have to agree, I said the same thing and laughed when Bitcoin fell from 20k only to have my jaw drop when it came back and hit 65k. Had I put at least a little money in I could have put a new roof on the house without taking out a loan for it. Now I put a little into promising cryptos because I'm tired of having missed out several times now.
You may be right. And under the original circumstances I would agree with your view. What has changed? Quite a lot, not the least the fact that Bitcoin already de facto is part of the system, fully controlled. Check the graphs and especially the corrections when it reaches a certain level.
Sometimes you need to allow a product to reach a certain interest, in order to smack it down for good. (think Nixon: we will defend the Dollar against the speculators)
Ok, we're talking about two things here. BTC and the crypto market is arguably leaving a bear cycle/entering a bull cycle. This is normal and predicted. Many have expected BTC to go to 24-25k and this would be the ideal time to buy. There is expected to be a leg up within the next few months-closer to end of year and that's when profits should be taken. However, Biden sucks so who knows how much this going to influence the predicted pattern.
Anchor/Terra had been attacked by bad actors. The rumor is Citadel is the culprit and now they are attacking other algorithmic stablecoins in an attempt to scare everyone into wanting regulation. 8 hours after the attack on UST, Janet Yellen makes an announcement about regulating the market. UST wouldn't have been depegged if liquidity hadn't been lowered on FTX. This is a risk for coins on centralized exchanges.
LUNA is never coming back. Do Kwon said as much. Their goal is to sacrifice LUNA to try and restore UST to the dollar. This is a lesson in diversifying assets. Globalists want you to trust and invest in BNB and BUSD. Look at their stablecoin, BUSD, it is the only stablecoin that has not experienced a spike down since all this started.
Edited to add USDC to their chosen globo approved coins.
It's far more valuable than the ascii characters on your banking app telling you that you have money.
Why Bitcoin is valuable to me, is because there will only ever be 21,000,000 coins in existence. That cannot be changed.
Bitcoin also cannot be newly created with ease out of thin air. It requires an impressive amount of computer hardware to perform calculations (and effectively process transactions and blocks for the network) to be able to create new bitcoins.
Bitcoins become increasingly scarce as time goes on.. people lose wallets, people die... etc.
Bitcoin also is the highest performing asset the WORLD HAS EVER seen perform at this level.. for this long.... and it's only just beginning.
Bitcoin is a big middle finger to government thinking they can just dilute and print more money as much as they want.... because now there is an asset out there that everyone in the world is becoming accustomed with.. that exposes fiat govt backed currencies in a very big way.
But that is not the only thing you see. What you see is price manipulation. This is what was warned about when the unholy idea was floated to allow bitcoin options .... It should have stayed what it was .... just a medium of exchange.... then it' s growth and userbase would be much more tied to actual business and a perfect replacement to do business in.
But there is another consideration. Russia. Why? Because of the Ruble for oil scheme and behind it the operation of trying to create a commodity basket that would underpin a digital currency for cross border transaction in the Eurasia region. (Russia, China, Kazakhstan, India, etc)
And as a counter, I see Silver and Gold decreasing in fiat currency, while dollars and Euros are printed like crazy. So what would that do to the underpinning of a currency with gold in it? What does that do to the Oil/Gold/Yuan?
In essence, is a currency war going on? And are you watching its fall-out? I would not be surprised to see Crypto go to the levels of the start of the hype phase: bitcoin between 4 - 12000, Gold at 1400 - 1500 and Silver around 14-18.
I appreciate your sincere response, and so I’ll give you my sincere response back on those points, and you can do with it what you like:
Bitcoin is actually losing ground to the dollar, not simply losing value because it is a dollar-denominated asset. And then it is not just losing nominal value in exchange to the USD, but that loss against the dollar must then be further compounded by the ongoing devaluation of the dollar itself.
“the value inherent in a good cryptocurrency is trust.” I’m sorry for the bluntness, but that is patently the language of a con artist peddling something that has no intrinsic value. I’m sure you heard it somewhere and thought it sounded reasonable; understand that it’s not. It’s transparent sophistry. Now that’s not to say that trust isn’t a critical factor in assessing value, but the calculus here is critical: people don’t pay for “trust”, they pay for value, and will prudently discount from that value according to their level of trust. But even in an environment of perfect trust (trust = 100%), if intrinsic value = 0, 0 x 1.00 = 0. “Trust” importantly functions as a coefficient in valuation, but not at all as a source of exchangeable value. And what’s the underlying value of a “Bitcoin”? Oh, you know.
Sorry man but you’re actually wrong. You can’t cheat math. Go read the Bitcoin whitepaper and then tell me again that there’s no “value” there. https://bitcoin.org/bitcoin.pdf
It’s not like USD has intrinsic value like you’re suggesting - it’s just backed by the Fed and inflating terribly. Bitcoin will never be controlled like that by independent parties.
Are you for real? You are so fucking creepy. 🤣
I have to agree, I said the same thing and laughed when Bitcoin fell from 20k only to have my jaw drop when it came back and hit 65k. Had I put at least a little money in I could have put a new roof on the house without taking out a loan for it. Now I put a little into promising cryptos because I'm tired of having missed out several times now.
Hold on for dear life, sucker! Don’t let go of that anchor.
But oh, yeah, definitely remind me of this post when those worthless, looted tokens come roaring back to new highs. 🤣
You do realize Bitcoin has dropped like this over 6 times in it's history... and it has ALWAYS followed with new all time highs?
This is normal bitcoin cycle...
in 3 years it will be worth over $100,000... and nothing can stop that from happening.
I hate to break your heart tho.
You may be right. And under the original circumstances I would agree with your view. What has changed? Quite a lot, not the least the fact that Bitcoin already de facto is part of the system, fully controlled. Check the graphs and especially the corrections when it reaches a certain level.
Sometimes you need to allow a product to reach a certain interest, in order to smack it down for good. (think Nixon: we will defend the Dollar against the speculators)
There is nothing “they” can do… To destroy bitcoin….
Ok, we're talking about two things here. BTC and the crypto market is arguably leaving a bear cycle/entering a bull cycle. This is normal and predicted. Many have expected BTC to go to 24-25k and this would be the ideal time to buy. There is expected to be a leg up within the next few months-closer to end of year and that's when profits should be taken. However, Biden sucks so who knows how much this going to influence the predicted pattern.
Anchor/Terra had been attacked by bad actors. The rumor is Citadel is the culprit and now they are attacking other algorithmic stablecoins in an attempt to scare everyone into wanting regulation. 8 hours after the attack on UST, Janet Yellen makes an announcement about regulating the market. UST wouldn't have been depegged if liquidity hadn't been lowered on FTX. This is a risk for coins on centralized exchanges.
https://news.coincu.com/88043-the-crash-of-luna-and-ust/
LUNA is never coming back. Do Kwon said as much. Their goal is to sacrifice LUNA to try and restore UST to the dollar. This is a lesson in diversifying assets. Globalists want you to trust and invest in BNB and BUSD. Look at their stablecoin, BUSD, it is the only stablecoin that has not experienced a spike down since all this started.
Edited to add USDC to their chosen globo approved coins.
So, please, why don’t you tell me what it’s worth. How do you value it? 🤣🤣🤣
It's far more valuable than the ascii characters on your banking app telling you that you have money.
Why Bitcoin is valuable to me, is because there will only ever be 21,000,000 coins in existence. That cannot be changed.
Bitcoin also cannot be newly created with ease out of thin air. It requires an impressive amount of computer hardware to perform calculations (and effectively process transactions and blocks for the network) to be able to create new bitcoins.
Bitcoins become increasingly scarce as time goes on.. people lose wallets, people die... etc.
Bitcoin also is the highest performing asset the WORLD HAS EVER seen perform at this level.. for this long.... and it's only just beginning.
Bitcoin is a big middle finger to government thinking they can just dilute and print more money as much as they want.... because now there is an asset out there that everyone in the world is becoming accustomed with.. that exposes fiat govt backed currencies in a very big way.
I do agree with your view in principle.
But that is not the only thing you see. What you see is price manipulation. This is what was warned about when the unholy idea was floated to allow bitcoin options .... It should have stayed what it was .... just a medium of exchange.... then it' s growth and userbase would be much more tied to actual business and a perfect replacement to do business in.
One has to ask: why does that happen, at this point? Maybe this? https://nicksintel.wordpress.com/2022/05/10/05-10-2022-the-launch-schedule-has-begun/
But there is another consideration. Russia. Why? Because of the Ruble for oil scheme and behind it the operation of trying to create a commodity basket that would underpin a digital currency for cross border transaction in the Eurasia region. (Russia, China, Kazakhstan, India, etc)
And as a counter, I see Silver and Gold decreasing in fiat currency, while dollars and Euros are printed like crazy. So what would that do to the underpinning of a currency with gold in it? What does that do to the Oil/Gold/Yuan?
In essence, is a currency war going on? And are you watching its fall-out? I would not be surprised to see Crypto go to the levels of the start of the hype phase: bitcoin between 4 - 12000, Gold at 1400 - 1500 and Silver around 14-18.
What did you mean by " Maybe this? https://nicksintel.wordpress.com/2022/05/10/05-10-2022-the-launch-schedule-has-begun/?" I read the article, but it might as well be written in another language to me. Can you please briefly summarize what it all means for my layman brain?
If the dollar loses value the dollar value of Bitcoin increases...
Uh, what?!? That’s not even remotely true. 🤣
I appreciate your sincere response, and so I’ll give you my sincere response back on those points, and you can do with it what you like:
Bitcoin is actually losing ground to the dollar, not simply losing value because it is a dollar-denominated asset. And then it is not just losing nominal value in exchange to the USD, but that loss against the dollar must then be further compounded by the ongoing devaluation of the dollar itself.
“the value inherent in a good cryptocurrency is trust.” I’m sorry for the bluntness, but that is patently the language of a con artist peddling something that has no intrinsic value. I’m sure you heard it somewhere and thought it sounded reasonable; understand that it’s not. It’s transparent sophistry. Now that’s not to say that trust isn’t a critical factor in assessing value, but the calculus here is critical: people don’t pay for “trust”, they pay for value, and will prudently discount from that value according to their level of trust. But even in an environment of perfect trust (trust = 100%), if intrinsic value = 0, 0 x 1.00 = 0. “Trust” importantly functions as a coefficient in valuation, but not at all as a source of exchangeable value. And what’s the underlying value of a “Bitcoin”? Oh, you know.
Cheers, fren.
Sorry man but you’re actually wrong. You can’t cheat math. Go read the Bitcoin whitepaper and then tell me again that there’s no “value” there. https://bitcoin.org/bitcoin.pdf
It’s not like USD has intrinsic value like you’re suggesting - it’s just backed by the Fed and inflating terribly. Bitcoin will never be controlled like that by independent parties.
Good comment!