Unless they patch bitcoin to remove energy intensive proof of work concept, bitcoin is goner in couple of year.
POW is not a flaw its a feature.
Just like how GPUs are intensive in terms of consuming electricity.
Bitcoin Plummets Below 40K
41–50 of 91 posts
Re: Bitcoin Plummets Below 40K
#42I'll buy at $1.00 to replace the Bitcoin I lost to MtGox years back
Yeah ... I still occasionally get a (analog) mail in Japanese informing me that the bankruptcy procedure is still ongoing. Luckily it was "just" 1 BTC.
The Japanese court documents are absolutely beautifully designed
Re: Bitcoin Plummets Below 40K
#43Earlier quoted context omitted.
In this particular case, the no apparent reason is certain person known to speculate with cryptocurrencies suddenly decided he'd go on to publicly bash the thing he pumped in the past "for no apparent reason". I mean, we couldall speculate the price was a bit high for his taste and wanted a discount, or maybe he really believes what he said. That said, I agree that bitcoin price is kind of a bubble, and something tha…
My point is nobody has an answer to " Why did people bid up Bitcoin 5x from September 2020 to mid-Feb 2021?" Maybe Elon is the trigger for the 30% drop over the last few days... but remember he didn't announce his initial holdings until mid-February 2021, which was after the 5x surge. If anything his timing was awful. Everything in hindsight is pure speculation and rationalization. Nobody has a clue, markets are comp…
In this particular case I don't think the market is all that complex. People were valuing bitcoin on the assumption that other people would keep buying it at higher prices before they sell.
People didn't cut nearly half a trillion dollars from the value of bitcoin on the word of a person known for blurting out impulsive and weird things. He didn't reveal any deep new insights into this thing. What Musk said just spooked the herd, that's all.
Re: Bitcoin Plummets Below 40K
#44Does anybody use bitcoin for payment at all or is it only speculation at this point?
It is irresponsible to use bitcoin as a form of payment.
Re: Bitcoin Plummets Below 40K
#45checks price 40.3k...yeah it really plummeted. Everyone who upvoted this is a FUDster
It lost 33% of its price in the last week. If you think the price is gonna go back up good for you, buy now and I hope it goes well for you. But pretending that isn't a plummet for any sort of investment or stock is just denying reality.
Re: Bitcoin Plummets Below 40K
#46I'll buy at $1.00 to replace the Bitcoin I lost to MtGox years back
Yeah ... I still occasionally get a (analog) mail in Japanese informing me that the bankruptcy procedure is still ongoing. Luckily it was "just" 1 BTC.
I had been looking for a light wallet (even though I didn't know the term or that they existed back then) since before the bankruptcy. If they'd been more widespread, we'd have lost a lot fewer coins!
I guess that, like me, a lot of us didn't want to store their BTC with MtGOX, it was just that back then the alternative was to use a significant portion of your hard disk to store the blockchain if you wanted to use your BTC.
Re: Bitcoin Plummets Below 40K
#47Re: Bitcoin Plummets Below 40K
#48Re: Bitcoin Plummets Below 40K
#49When bitcoin drags monero under 100$ again, I buy some more of that. Just because I actually like it as a currency.
Yup, it actually has a real world use case as online cash.
I love it, other coins (and their speculation) can f off, I'll keep my Monero because I can actually pay for stuff with it, it's fast and has low fees.
I like my cryptocurrencies usable, I couldn't care less about what price they're currently at.
Re: Bitcoin Plummets Below 40K
#50'I hope you didn't buy BTC at >$60K.' [0] Do not invest at the all time highs. [1] [0] https://news.ycombinator.com/item?id=26843806 [1] https://news.ycombinator.com/item?id=26937153
You could have said that at the end of 2020, when BTC was ATH at 20K.
'I hope you didn't buy BTC at >$20K'.
If you are so sure about this, you should have shown your short or put positions on BTC. Then people might consider what you wrote.
People that are pro-BTC usually have some money invested in cryptocurrencies.