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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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redpillrising 2 points ago +2 / -0

nope

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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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redpillrising 0 points ago +2 / -2

naïve....

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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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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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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.