71–80 of 540 posts
I'm kind of amazed that the Bitcoin price wasn't affected more given this event as well as the larger macro events with the stock markets, Fed and inflation.
Unweathered protocols on eth failing shouldn't affect bitcoin. They're only related insofar as they are both crypto. The $3B in bitcoin sold could have been anything.
So in other news, people saw enough value in bitcoin to buy $3 billion's worth I mean that's not a trivial amount by any explanation right?
"Sold" It's hard to show that they really sold these coins. Certainly, the LFG transferred the coins to some different exchanges. But did they truly sell them? If I was running a dodgy ponzi scheme and saw it collapsing catastrophically, I don't think I'd be throwing good money after bad trying to futilely patch it up. Much better to stash the remaining assets away somewhere and personally cash out later on. Also, “I…
> 'this is good for bitcoin' A total ponzi scam coin crashed. This IS good for Bitcoin. Bitcoin is not Luna nor is it one of the thousands of other garbage scam coins. The faster those coins are proven scams the better. Too many people falsely equate "Bitcoin === Crypto".. or "a fan of bitcoin is a fan of all crypto". So I'd bounce this back to you: How is Luna's Ponzi crash NOT good for bitcoin?
> So I'd bounce this back to you: How is Luna's Ponzi crash NOT good for bitcoin?
Doesn't the first line answer the second?
Earlier quoted context omitted.
> The current bubble is definitely over though Why do you say “over”? I see BTC reaching $20k this summer and then falling to <$10k as miners fold.
I mean it's not going back up to $60k. The bubble is over, but it's only the start of a longer bear market, so yeah, it can go much lower.
Oh man. I'll have fun poking you next year about how embarrassingly wrong you were.
Earlier quoted context omitted.
> 'this is good for bitcoin' A total ponzi scam coin crashed. This IS good for Bitcoin. Bitcoin is not Luna nor is it one of the thousands of other garbage scam coins. The faster those coins are proven scams the better. Too many people falsely equate "Bitcoin === Crypto".. or "a fan of bitcoin is a fan of all crypto". So I'd bounce this back to you: How is Luna's Ponzi crash NOT good for bitcoin?
> Too many people falsely equate "Bitcoin === Crypto".. or "a fan of bitcoin is a fan of all crypto". > So I'd bounce this back to you: How is Luna's Ponzi crash NOT good for bitcoin? Doesn't the first line answer the second?
To be clear, you're suggesting: "because people are uneducated about bitcoin and crypto, when one project fails they will incorrectly connect it to bitcoin. And that's bad for Bitcoin."
These events are great opportunities to educate ignorant people. > 0 such ignorant people will learn more about bitcoin and why it's not like crypto like Luna. Greater education is extremely good for Bitcoin and bad for scam coins - which rely on ignorance.
"Sold" It's hard to show that they really sold these coins. Certainly, the LFG transferred the coins to some different exchanges. But did they truly sell them? If I was running a dodgy ponzi scheme and saw it collapsing catastrophically, I don't think I'd be throwing good money after bad trying to futilely patch it up. Much better to stash the remaining assets away somewhere and personally cash out later on. Also, “I…
> 'this is good for bitcoin' A total ponzi scam coin crashed. This IS good for Bitcoin. Bitcoin is not Luna nor is it one of the thousands of other garbage scam coins. The faster those coins are proven scams the better. Too many people falsely equate "Bitcoin === Crypto".. or "a fan of bitcoin is a fan of all crypto". So I'd bounce this back to you: How is Luna's Ponzi crash NOT good for bitcoin?
Earlier quoted context omitted.
I mean it's not going back up to $60k. The bubble is over, but it's only the start of a longer bear market, so yeah, it can go much lower.
> I mean it's not going back up to $60k. Oh man. I'll have fun poking you next year about how embarrassingly wrong you were.
"Sold" It's hard to show that they really sold these coins. Certainly, the LFG transferred the coins to some different exchanges. But did they truly sell them? If I was running a dodgy ponzi scheme and saw it collapsing catastrophically, I don't think I'd be throwing good money after bad trying to futilely patch it up. Much better to stash the remaining assets away somewhere and personally cash out later on. Also, “I…
> 'this is good for bitcoin' A total ponzi scam coin crashed. This IS good for Bitcoin. Bitcoin is not Luna nor is it one of the thousands of other garbage scam coins. The faster those coins are proven scams the better. Too many people falsely equate "Bitcoin === Crypto".. or "a fan of bitcoin is a fan of all crypto". So I'd bounce this back to you: How is Luna's Ponzi crash NOT good for bitcoin?
Is Luna not run off of Bitcoin?
So if Luna could function as a Ponzi scheme, why doesn't Bitcoin inherently have that same capability or function embedded into it? Or is there something preventing that from happening with Bitcoin?
Confused.
Earlier quoted context omitted.
> I mean it's not going back up to $60k. Oh man. I'll have fun poking you next year about how embarrassingly wrong you were.
I wouldn't say next year, but by 2025 I think there will be a new ATH. But I'm just very conservatives in my predictions.
As for timelines - that's anybody's guess.
Earlier quoted context omitted.
> 'this is good for bitcoin' A total ponzi scam coin crashed. This IS good for Bitcoin. Bitcoin is not Luna nor is it one of the thousands of other garbage scam coins. The faster those coins are proven scams the better. Too many people falsely equate "Bitcoin === Crypto".. or "a fan of bitcoin is a fan of all crypto". So I'd bounce this back to you: How is Luna's Ponzi crash NOT good for bitcoin?
Tell me, what assets exactly are backing BTC which stop it from crashing just like Luna?
When you don't claim a value, you don't need a 'backstop.'