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Last year people would jokingly say that the headline this year would be "bitcoin crashes to 30k", and that was dismissed as stupidly bullish.
Your comment appears to be the only one in Hacker News history that says, "bitcoin crashes to 30k". Maybe the phrasing was different? It's not good when an asset class drops by 30% in 24 hours.
other than trying to get the money of suckers, I've never understood the point of bitcoin. no currency, digital or not, can be removed from the world's activities. why would you ever want something that could plunge 30% in a day? even if it went up 5 billion percent, then what? everyone sells and it goes down? what's the point? it's like the most zero-sum activity imaginable. edit: I'm sincerely wondering what the va…
Your self-admitted lack of understanding is not evidence there's no value in Bitcoin.
1) Speculation 2) Electricity 3) Compute
There's going to be volatility.
other than trying to get the money of suckers, I've never understood the point of bitcoin. no currency, digital or not, can be removed from the world's activities. why would you ever want something that could plunge 30% in a day? even if it went up 5 billion percent, then what? everyone sells and it goes down? what's the point? it's like the most zero-sum activity imaginable. edit: I'm sincerely wondering what the va…
That's always been the point of bitcoin. It's used for speculation.
- a recent steep increase in exchange rate
- heavy mainstream media coverage
- announcement from China
- outages at one or more exchanges
As the article shows, all of these factors are present now.
Those celebrating "the crash" either have short memories, or haven't been paying attention. This has all happened before. Several times. The only difference today is the scale.
Meanwhile, Elon Musk is trying to extinguish the fire. https://twitter.com/elonmusk/status/1395027147161489412
So bizarre that he would tweet this after coming out against Bitcoin for environmental reasons. The higher the price goes, the greater the incentive to spend more electricity on mining; for anyone who cares about the environment this crash is great news.
Earlier quoted context omitted.
Something something hedge against 4% YoY inflation
Not everyone in the world lives in an economy that has 4% YoY inflation. And not everyone has access to financial services or a developed banking sector