Financial freedom is not a ponzi system like btc. Let it drop to where it started: 0 usd.
short it then
Who would pay my profits if it all blows up?
Is Bitcoin Down or Just Me?
51–60 of 268 posts
Re: Is Bitcoin Down or Just Me?
#52Earlier quoted context omitted.
The S&P 500 market cap is over $40 trillion. The bitcoin market cap is under $2 trillion. I just looked up this data super quick with Google so corrections are welcome. And yep, I'm editing my comment because apparently that data is for all of crypto - bitcoin is $815 billion according to ycharts. https://ycharts.com/indicators/bitcoin_market_cap That's still an absurd amount of money, but there is more than an order…
I don’t understand what you’re trying to say. That is, why do market caps matter here?
Bigger market caps means bigger market makers with far more liquidity, so an average trade is much smaller in the grand scheme of things. When there isn't as much liquidity and smaller volumes, the market will move more quickly.
Re: Is Bitcoin Down or Just Me?
#53Earlier quoted context omitted.
You can't take one snapshot in time and compare it when the two assets exhibit wildly different volatility characteristics. You are capturing Bitcoin's price when it is down. If we were to do the same thing at the end of the year last year we could say it went up 70% in 2021 (and that was after a big drop from it's ATH) whereas the S&P only went up 26%. See how that isn't the whole story?
> You can't take one snapshot in time and compare it when the two assets exhibit wildly different volatility characteristics. I mean, you certainly can if you're taking the "buy and hold" approach, or hodl amongst the cool kids. It simply points out that buy and hold crypto is not guaranteed to be better than something like SPY, and the excess volatility is maybe not a good thing? The highest possible returns != what…
>It simply points out that buy and hold crypto is not guaranteed to be better than something like SPY
There are no guarantees in life, much less in financial markets of any kind. The whole concept of markets is that different investors make different assessments of different assets.
Re: Is Bitcoin Down or Just Me?
#54For all the hate Bitcoin gets because it’s obviously in a bubble market, can we at least agree that it is an astounding engineering achievement that an anonymous individual and a small group of researchers were able to build a network capable of transacting billions of dollars of value with only 2 service incidents in 14 years? All without any meaningful service costs and no hacking of the network, despite huge incen…
There is a meaningful service cost, it's just paid for by mining. Environmentally there's also a massive cost, one that is not offset by the benefits bitcoin brings - which is primarily financial speculation and scams.
Cryptocurrency is probably one of the worst inventions in recent memory.
Re: Is Bitcoin Down or Just Me?
#55I am curious how the 99.98% SLA compares to other payment networks (eg: Visa, etc). A bit apples to oranges, since the transaction volume is different.
You can buy goods and materials with visa though. Not sure people want to wait 30 minutes to buy a cup of coffee with bitcoin.
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Re: Is Bitcoin Down or Just Me?
#56I am curious how the 99.98% SLA compares to other payment networks (eg: Visa, etc). A bit apples to oranges, since the transaction volume is different.
You can buy goods and materials with visa though. Not sure people want to wait 30 minutes to buy a cup of coffee with bitcoin.
you can use Lighting Network which is a payment processor like VISA on top of Bitcoin
Re: Is Bitcoin Down or Just Me?
#57For all the hate Bitcoin gets because it’s obviously in a bubble market, can we at least agree that it is an astounding engineering achievement that an anonymous individual and a small group of researchers were able to build a network capable of transacting billions of dollars of value with only 2 service incidents in 14 years? All without any meaningful service costs and no hacking of the network, despite huge incen…
> were able to build a network capable of transacting billions of dollars of value
But that is only possible because the value of bitcoin has skyrocketed. The last data I saw had it at only a few transactions per second which isn't that impressive.
>All without any meaningful service costs
There are service costs, they are just paid in Bitcoin. There is also obviously the electricity spent to keep the whole thing running that exceeds the amount needed to actually process the transactions.
Re: Is Bitcoin Down or Just Me?
#58For all the hate Bitcoin gets because it’s obviously in a bubble market, can we at least agree that it is an astounding engineering achievement that an anonymous individual and a small group of researchers were able to build a network capable of transacting billions of dollars of value with only 2 service incidents in 14 years? All without any meaningful service costs and no hacking of the network, despite huge incen…
> only 2 service incidents in 14 years
Only 2 service incidents if you don't count all the scams and lost wallets.
Re: Is Bitcoin Down or Just Me?
#59For all the hate Bitcoin gets because it’s obviously in a bubble market, can we at least agree that it is an astounding engineering achievement that an anonymous individual and a small group of researchers were able to build a network capable of transacting billions of dollars of value with only 2 service incidents in 14 years? All without any meaningful service costs and no hacking of the network, despite huge incen…
Using more energy than many many countries with populations of millions isn't meaningful?
Re: Is Bitcoin Down or Just Me?
#60For all the hate Bitcoin gets because it’s obviously in a bubble market, can we at least agree that it is an astounding engineering achievement that an anonymous individual and a small group of researchers were able to build a network capable of transacting billions of dollars of value with only 2 service incidents in 14 years? All without any meaningful service costs and no hacking of the network, despite huge incen…
There is a meaningful service cost, it's just paid for by mining. Environmentally there's also a massive cost, one that is not offset by the benefits bitcoin brings - which is primarily financial speculation and scams. Cryptocurrency is probably one of the worst inventions in recent memory.
>Cryptocurrency is probably one of the worst inventions in recent memory.
Do you have a source for this fact? It might survive the 50 year old fiat dollar experiment. Until 50 years ago, there has not been a currency that wasn't backed up by something that was beyond the government