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Looking at Google's 5 year graph of Bitcoin prices, it looks like there were 2 crashes last year of similar size as this one.
With markets it's all about narrative. Growth stocks have been coming down and so has Bitcoin, so people like to highlight that everyone is sharing the pain.
As is with pyramidal schemes, which most of crypto are.
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The article then goes on to say: >In fact the picture is rather different: a sorting process is under way And talks more about the process of penalizing weaker crypto assets, focusing on Tether. So it's actually a balanced and interesting overview of the fallout of the current selloff on what is now becoming a rather large and very complex market all of its own. I only mention this as your comment seems a bit dismiss…
Thanks for bringing this up! The good stuff you've mentioned is behind the paywall for me and the intro I can read does look non-balanced.
> “… The trouble is that a draconian crackdown would put at risk the benefits that crypto eventually promises, including new financial products that bypass stodgy banks; innovations in property rights; and the possibility of a less centralised financial system.”
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Also bitcoin != crypto, those are not even subset/superset for the most part. Bitcoin solves one single problem of "digital cash" with the most robust and boring mechanism (known to mankind so far). While the "cryptos" aim at satisfying demand for all sorts of p2p apps and moneymaking schemes that can be funded with the digital cash to avoid getting regulated out of existence.
It’s practically impossible to use Bitcoin as digital cash because it’s so slow and expensive. That was the original problem it purported to solve, but it failed miserably at that.
That competes pretty well with many bank transfer methods, especially international, which still take many days and cost sometimes $20+.
This is a particularly bad time to trade crypto if you don't know what you're doing. Even if you think you do, it's dangerous in a bear market.
That includes having short positions? Why would that be particularly bad if the momentum is downward?
https://twitter.com/BXRekt/status/1527462460457984000
Here's a million dollar short that got liquidated all of seven hours ago. Shorting Bitcoin is madness, partially because no regulation prohibits most exchange operators from frontrunning their own customers (besides the ones that voluntarily signed on to become the benchmarks for CME's Bitcoin futures price). Exchanges and market makers will collaborate to artificially push prices around to optimally liquidate shorts -- it happens all the time. They love people shorting Bitcoin.
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It’s practically impossible to use Bitcoin as digital cash because it’s so slow and expensive. That was the original problem it purported to solve, but it failed miserably at that.
Every time one makes the point that Bitcoin has no real utility, someone says 'Lightning network'. Does anyone know if it's getting any adoption?
oh yeah, & this: https://www.youtube.com/watch?v=0BZoKH-hX_o
but yeah, bitcoin has no utility. you'd just have to wait until The Merge inevitably occurs, or use any of the few PoS cryptocurrencies that are generally better & more capable than bitcoin in every capacity, like Avalanche, Cardano, Fantom, Solana, etc.
,,The crypto slump has been brutal’’ I’ve been holding Bitcoin since 2013, and this 50-60% retracement from the all time high was nothing compared to what I (and other people) were living through. I advise people to look at past volatility of Bitcoin before making an investment decision.
It's crypto we're talking about here. It's not just a few covert skinny dippers but a whole nudist colony.