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289m 17 points ago +19 / -2

when this comment ages poorly, will you learn anything?

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deleted 7 points ago +8 / -1
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BasedInFact [S] 0 points ago +1 / -1

Are you for real? You are so fucking creepy. 🤣

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ZerroDefex 2 points ago +2 / -0

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.

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BasedInFact [S] -9 points ago +4 / -13

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. 🤣

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sillBag 14 points ago +15 / -1

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.

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redtoe-skipper 2 points ago +3 / -1

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)

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sillBag 0 points ago +1 / -1

There is nothing “they” can do… To destroy bitcoin….

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deleted 2 points ago +2 / -0
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sillBag 1 point ago +1 / -0

Why?

There is nothing anyone can do to stop bitcoin.

Even if they block exchange access in the US, there will be international exchanges we can use. There are decentralized exchanges... there are many ways to convert crypto into fiat w/o even using an exchange.

There are far too many untraceable (no KYC) ways, for them to ever truly enforce any law with it.

It can't, and will never be stopped. The only thing that can stop bitcoin is a mass extinction level event on the planet.

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289m 5 points ago +5 / -0

i'm not defending it because i have a position in it. however:

a) the current low is part of a pattern affecting everything... what you are seeing is fluctuations in usd, not btc.

b) the value inherent in a good cryptocurrency is trust. it cannot be spoofed by any party.

of course, i'm sure cryptocurrencies won't be relevant forever, but they will be around for a while; much more than long enough to bounce back.

again, what you are seeing is fluctuations in usd, while btc holds its value....do you really think usd won't sink further? when it does....btc📈

im just a crayon eater though, and nothing more...

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redtoe-skipper 1 point ago +1 / -0

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.

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lalahemingway 1 point ago +1 / -0

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?

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redtoe-skipper 2 points ago +2 / -0

https://nicksintel.wordpress.com/2022/05/05/05-05-2022-the-deed-is-done/

Quote:

Today, with the new asset-backed CBDC – Central Bank Digital Currency, this is no longer an issue. The new Quantum System traces the movement of money as many as 50 moves and possibly further. This is the end of “missing SWIFT wire transfers.” This is the end of scammers and cheats and thieves and the start of legitimate secure banking. Privacy ensured.

This will help you. I am not advocating this system. I am merely posing the question whether it has an influence?

If you are wondering what the fuzz is all about, goto swift.com and consider that this is a messaging service which messages can be altered on the fly. Most banks will deny that ... most current employees do not know how to. The salty dog bank employee though knows.

And this service, HQ-ed in Brussels is under US control. Money-Laundering ....

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lalahemingway 1 point ago +1 / -0

AHHHH, gotcha. Thanks so much! I'll check it out.

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Ogcarvattack 1 point ago +1 / -0

If the dollar loses value the dollar value of Bitcoin increases...

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deleted 2 points ago +2 / -0
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BasedInFact [S] 0 points ago +1 / -1

Uh, what?!? That’s not even remotely true. 🤣

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sillBag 1 point ago +1 / -0

It's 100% true. But there is a delayed effect.

Yes real world market dumps do affect crypto markets (initially).. because theres something called panic.

But historically, yes, it is exactly the case... because Bitcoin has a fixed maximum supply of 21M coins... and the dollar's supply keeps increasing... the value of Bitcoin vs the Dollar increases.

This is 98% of the reason why Bitcoin has gone from $200 in 2013... to $30,000 today.

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Ogcarvattack 1 point ago +1 / -0

How is it not true? If the dollar loses value through inflation. Then bitcoin will have more dollar value... It is just one factor among many, and basic economics.

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BasedInFact [S] -5 points ago +2 / -7

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.

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Thecloudsurfer91 3 points ago +3 / -0

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.

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deleted 0 points ago +2 / -2
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Thecloudsurfer91 1 point ago +1 / -0

What’s naive about this? u/BasedInFact is implying that ideas don’t have any intrinsic value. The economy of Supply and demand says otherwise.

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deleted 1 point ago +1 / -0
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BasedInFact [S] -2 points ago +1 / -3

What? Nothing in that white paper addresses, much less refutes, my clear points.

So why don’t you try? 🤔

You can’t, because you can’t.

And then “the math”?!? My goodness, you sound exactly like the nut jobs citing “the science” to gaslight transparent lies about the climate and Covid.

There’s no math that allows your magical coins to keep going up in price when no value is created, and when the early entrants have been continually pulling money-for-nothing out of the system (aside from that conspicuous tranche of zero-cost tokens that zealots love to point to to claim that early entrants have not been converting out to real assets all along, funded by “greater fool” entrants recruited by the trademark fraudulent “money for nothing, look at all the money others have made” tactics of pyramid schemes).

As an intermediary currency, great, fine. As an “investment” or a store of value? Absolutely insane. It’s a fundamentally worthless, scam-patterned, guaranteed-GTZ proposition.

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Thecloudsurfer91 1 point ago +1 / -0

Your “points” are little more than rambling garbage and you use a lot of buzz words and name calling when you clearly don’t even understand how Bitcoin works. You’re either a shill, or a doomer, or both and I shouldn’t even bother replying — but otherwise you’d be shouting into an echo chamber.

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BasedInFact [S] -2 points ago +1 / -3

So, project much? 😂🤣

And you can’t respond to clear arguments because, uh, “buzzwords”? 🤨

Just terrible, man.

But whatever - every absurd asset in history bubble has popped, sending the asset down to roughly its intrinsic value (in this case, precisely zero) and rendering itself a cautionary tale, painful to the bag-holding fools in the moment, and laughably incomprehensible in distant hindsight… every absurd asset bubble, except this one? Fella, that’s what they all say.

Just don’t blame it on “them” when the most obvious, and most hyped, asset bubble in history does exactly what they all do.

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redtoe-skipper 1 point ago +2 / -1

Good comment!

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N0rds 0 points ago +1 / -1

No, hes literally a retard and that's a stupid comment.

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redtoe-skipper 2 points ago +2 / -0

Indeed, a very stupid comment.

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pearlrevolver 2 points ago +2 / -0

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.

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BigMikesSaggyBaggins 1 point ago +1 / -0

Ahh yes, this exact conversation has been going on ever since BTC dumped at $100, $1,000, $5,000, $10,000....

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BasedInFact [S] 0 points ago +1 / -1

So, please, why don’t you tell me what it’s worth. How do you value it? 🤣🤣🤣

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sillBag 1 point ago +1 / -0

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.

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JulesW 3 points ago +3 / -0

If crypto is all tied to Chinese junk bonds (as rumored) there may not be a rebound this go around. Evergrande might be the first domino in the collapse of the cabal’s world economic dominion.

What happens afterward? No clue. GMErica? Be your own bank?

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ATLAS_ONE 3 points ago +3 / -0

What's different to every other crypto cycle? Last time it dropped from an ATH of 20k to like 3k.

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CokeOrPepe 2 points ago +2 / -0

Buy buy buy buy biy

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BasedInFact [S] 0 points ago +1 / -1

Compelling! 👍👍👍

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10lbsBass 2 points ago +3 / -1

I wish crypto guys understood money better. :(

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sillBag 1 point ago +1 / -0

I wish money understood money better.

Because printing trillions and trillions of new ones is exactly why Bitcoin is better money... than dollars. (Or gold)

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10lbsBass 1 point ago +1 / -0

BTC is not money it is currency. It is EXTREMELY important to understand the difference.

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sillBag 1 point ago +1 / -0

Money is intangible (BTC) Currencies are tangible

You are exactly backasswards :)

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kinpolaj 1 point ago +1 / -0

How dare they try to support a system that falls outside of the central banks?! Fucking insurgents

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10lbsBass 2 points ago +2 / -0

If they understood money they would know crypto is fundamentally flawed and would have invested in Gold and Silver and waited for the coming revaluation.

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sillBag 1 point ago +1 / -0

Tell me how it is fundamentally flawed?

Specifically:

How is it any more flawed than traditional fiat currencies, or stocks in the real world stock market.

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10lbsBass 1 point ago +1 / -0

https://www.milesfranklin.com/the-seven-characteristics-of-money/

Fiat currency is not sound money. Unbacked crypto is digital fiat. The only thing that gives it value is people's confidence in it. That literally makes it a confidence game [con game]. Gold and Silver are TANGIBLE assets.

We have been conditioned to think of dollars in terms of value when dollars are just Gold and Silver substitutes. When that switch clicks in your head it is like a light bulb turning on.

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sillBag 1 point ago +1 / -0

Ok but you do realize that gold while yes it's a "tangible asset".. it is not truly usable

Let me put it this way

if the shit hits the fan enough that you need to try to use your gold... you likely would have been better off buying supplies and actual items rather than gold.

When it comes to purely investment and what is a better store of holding USD value... it's Bitcoin, and the past 10+ years prove it.

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BasedInFact [S] -4 points ago +1 / -5

Oh, they certainly, eventually will. 😉

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10lbsBass 1 point ago +1 / -0

Have you checked Tether lately? Here we go.

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anonleo1579 1 point ago +1 / -0

Are you comparing Tether to Btc?

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BigMikesSaggyBaggins 1 point ago +1 / -0

Learn to zoom out. This is nothing for Tether, it has weathered way WAY worse. I even say this, as all crypto traders do too, that Tether has always been propped up on BS.

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BasedInFact [S] -1 points ago +2 / -3

No.

But unless it’s fully collateralized, it’s fundamentally all the same scam.

Even these “stable coins” have more in common with a stable full of horse sht than a stable, valuable asset. Only today, when some shyster “stable coin” was imploding into nothingness, its pimp actually described how they were going to “stabilize” it by utterly debasing it some more. It’s all ridiculous beyond belief.

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10lbsBass 2 points ago +2 / -0

Greed blinds people. :(

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BasedInFact [S] 1 point ago +2 / -1

Always has.

Makes them behave extremely viciously, too. 🤔

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deleted 2 points ago +2 / -0
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BasedInFact [S] 0 points ago +1 / -1

That’s plainly all it is.

It’s almost like people have never heard of, much less comprehended, the serial mass psychology phenomenon of asset bubbles where assets can be bid up so insanely far beyond the intrinsic value of the underlying asset by new money seeking the incredible money-for-nothing gains that early entrants (who directly benefit from every new dollar that pours in) so publicly tout.

They almost all start in times of prosperity where cheap money is chasing limited assets, and they ALL end the same way. And, to put it mildly, it’s not a soft landing.

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deleted 1 point ago +1 / -0
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deleted 1 point ago +1 / -0
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Ogcarvattack 1 point ago +1 / -0

Ipod has entered the chat...

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truthyDOTchurch 1 point ago +1 / -0

Define intrinsic value pls

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deleted 1 point ago +2 / -1
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sillBag 1 point ago +1 / -0

So tell me... in clear detail with evidence to support your claim...

How exactly is Bitcoin a ponzi scheme?

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sillBag 1 point ago +1 / -0

If the power goes out for that long we have a much bigger problem and gold bars and us dollar notes are going to be WORTHLESS.

implantation changes???? Do you know how btc works?

encryption is broken... Yes, quantum computing does break sha256 encryption... Buy guess what... BTC already has a quantum resistant algorithm it is ready to fork to before that becomes a problem... and also, it won't become a problem for DECADES.

Your arguments for how BTC becomes worth nothing... would also cause gold bars and us dollar notes to become worth nothing xD... you don't think Quantum computers couldn't hack into all of the bank's systems and encryptions they are using today???

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sillBag 1 point ago +1 / -0

And also, I like how you just went to the general boomer's reasons... when I specifically asked HOW bitcoin was a Ponzi...

Answer THAT question... because you can't (without looking like a fool).

How EXACTLY is Bitcoin a ponzi scheme?

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Skankblunt42 1 point ago +1 / -0

These posts when bitcoin goes down are automated by NPCs and are practically copy/pasted.

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BasedInFact [S] 0 points ago +4 / -4

Wow!

It lost another thousand buck per, uh, token in the 4 minutes since I posted this.

$25,700.

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deleted 8 points ago +8 / -0
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N0rds 3 points ago +3 / -0

OP is mad he never got in, and lashes out with retarded threads like this.

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BigMikesSaggyBaggins 1 point ago +1 / -0

Same shit, different bear cycle.

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deleted 1 point ago +2 / -1
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10lbsBass 0 points ago +2 / -2

So has gambling.

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BasedInFact [S] -2 points ago +4 / -6

Yes. And zero value was created; it was simply redistributed. Which all the “greater fool” bag holders will discover when the bubble created by new entrants deflates, and then implodes (“gradually, and then suddenly”). There is no underlying value to this asset - it won’t settle to anything but zero.

And those millionaires you are glorifying simply reappropriated the assets of the suckers, but unlike Bernie Madoff and the ilk who dud the same thing, they’ll walk free. Or, more likely, drive away, in a Ferrari. Anyone still dumping money into “crypto”, hoping for the easy riches of the “millionaire” that preceded him, blind to participating in a story identical to every pyramid scheme, is an absolute fool.

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Thecloudsurfer91 5 points ago +5 / -0

Man, I wonder what you’d say about regular stocks then. At some point it’s always just a pyramid scheme. Bitcoin has outperformed stock market gains every year and this dip is only temporary. Quit dooming!

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BasedInFact [S] -2 points ago +1 / -3

Do you even know what the value of equity is based on? (hint: it can be clearly articulated in one sentence)

Or what happens when asset prices get too far from their underlying value? (hint: it happens every. single. time.)

Neither is a secret. Being ignorant of these, and plowing your hard-earned assets into money-for-nothing schemes… is just insane.

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sillBag 1 point ago +1 / -0

Do you even know how bitcoin and crypto market cycles work?

Do you realize when you say "plowing your hard-earned assets into money-for-nothing schemes" with no evidence or actual reasons for your claim makes you look like an asshat?

Especially since... every single person that I know who has got into Bitcoin has come out WAY AHEAD... Yes they lost some money on a few failed projects or scams... but they made 10x...100x...1000x on many others.

Turning $800 into $300,000 in 2017 bull cycle, and then $100,000 into $2M+ in 2020 bull cycle... and that is just me personally.

Every single person I know who was involved in those same cycles, has similar results in terms of percentage of gain.

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inkbourne 1 point ago +1 / -0

What value does gold have?

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deleted 1 point ago +1 / -0
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sillBag 1 point ago +1 / -0

You are an absolute lunatic.

Underlying value?

Entire businesses are built ontop of these blockchains.. are you moronic?

All of the metaverses that are coming out.. are built ontop of blockchains..

Soon almost all forms of computer programs, games, banks... almost everything that transmits over the internet.. will be running on blockchain infrastructure

And all of those things bring REAL INTRINSIC value to the parent cryptocurrency of the blockchain they operate on.

There are multi billion dollar start up business changing the world... running completely on Crypto and blockchain.

You are a boomer, and a moron.