80,000 Bitcoin millionaires are wiped out.
(cointelegraph.com)
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I am going to jump to Qanaut’s defense here. Some of my friends and I started studying Bitcoin in 2012. At the end of 2013, we bought. We bought between $180 and $900 each.
We are all pretty wealthy now, and have, along the way, bought real estate, cars, traditional equities, metals, Rolexes, and we still have plenty of Bitcoin and some of us Ethereum. None of us messes with other shitcoins.
So, for what it’s worth, you are welcome to your opinion, but many many regular people, mostly geeky ones that got it a long time ago, got very wealthy. Maybe we’ll even be the new cabal some day!
Unbacked crypto is fundamentally flawed and will never be a successful currency. You got in early and found a sucker to unload your coins on. Good for you. Now buy some physical Gold and Silver to protect your wealth for what comes next. :)
Did you read about the multi trillion dollar gold discovery in Uganda? More than doubles the amount of gold in the world.
There will only ever be 21 million bitcoins. It is backed by math. The current bear market is linked to the market cycle relationship to next halving in 2024. About 18 months after each halving event, new highs are reached. The next new high will be 6 figures.
Now is a great time to buy. But you buy shiny rocks and cans of beans. Don’t worry about us man.
Hell, even the Rolexes doubled in price.
But yeah, shiny rocks are way better than a weightless store of value made entirely out of the same stuff as the universe, math, that can be sent across the globe in seconds for pennies with nobody’s permission.
That’s freedom.
The BRICs nations are about to release a commodity-based currency involving Gold. What do you think that will do to the US dollar? Unbacked cryptocurrencies will not be able to compete. They have no intrinsic value. Get out while you still can. People are conditioned to think of value in dollars but the dollar is dying. You either understand or you don't. Enjoy the rest of your weekend.
I don’t own USD. I own BTC for the most part. Gold has just taken an enormous crap.
https://www.miningreview.com/news/uganda-discovers-gold-deposits-worth-12-trillion-usd/
One of us needs to “get out while he still can”. I just keep getting richer and richer every 4 years because of the intrinsic value of math. Shiny rocks are a dime a dozen now. Good luck finding buyers for your rocks.