Earlier quoted context omitted.
It just has to drop till it has a price/earnings ratio of around 15-20.
What earnings? There's no return on Bitcoin apart from price increase.
That’s exactly his point !
Bitcoin Falls Below $20k for the First Time Since 2020
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Re: Bitcoin Falls Below $20k for the First Time Since 2020
#52Re: Bitcoin Falls Below $20k for the First Time Since 2020
#53Considering Bitcoin had never fallen lower than a previous cycles ATH (All Time High) until now, who is thinking that this might be a sign of the end of crypto? Each cycle goes higher was pretty much the only thing that kept the whole thing going. Now that is gone I think the space will dry up. Tether collapsing in the next couple weeks will likely put Bitcoin under $10,000
I may sound overly optimistic however crypto is still the most easy and often cheapest way to transfer money.
I work in a weird field credit card providers don't like to work with. The only real international solution is Crypto, everything else are more local solutions with their own issues.
Even thought I am losing money every day, I don't see any other solution to my, and some others, businesses.
Re: Bitcoin Falls Below $20k for the First Time Since 2020
#54I wonder how the bitcoin mining industry is doing. Bitcoin's hash rate isn't falling [1], which suggests miners aren't able to reduce costs. Revenue on the other hand is tied to bitcoin price, which is falling. So what does that mean... are they headed for bankruptcy?
Re: Bitcoin Falls Below $20k for the First Time Since 2020
#55Considering Bitcoin had never fallen lower than a previous cycles ATH (All Time High) until now, who is thinking that this might be a sign of the end of crypto? Each cycle goes higher was pretty much the only thing that kept the whole thing going. Now that is gone I think the space will dry up. Tether collapsing in the next couple weeks will likely put Bitcoin under $10,000
Here's hoping. When stocks tank, one can decide if a company is undervalued and decide whether to buy in. Bitcoin has no value other than speculation, so it's a hard ask for people to buy in as it's never technically undervalued...
Bitcoin has value for the same reason Visa has value.
A medium of exchange is a tool, and tools people use have value.
I grant the majority of the market is speculation but many of us actually regularly use Bitcoin for things like payroll, settling debts, cheap international value transfer, buying coffee, and for cash-like privacy for online purchases.
For those like me that have been continually buying, saving, and spending bitcoin for a decade, vs simply speculating, dollar cost averaging kicks in. Even 300% price swings do not matter all that much in the long run.
Those that go all-in short term looking to gamble get wrecked, but that is often the case in trading. Bitcoin will be healthier when the short term traders are forced out.
Re: Bitcoin Falls Below $20k for the First Time Since 2020
#56Considering Bitcoin had never fallen lower than a previous cycles ATH (All Time High) until now, who is thinking that this might be a sign of the end of crypto? Each cycle goes higher was pretty much the only thing that kept the whole thing going. Now that is gone I think the space will dry up. Tether collapsing in the next couple weeks will likely put Bitcoin under $10,000
Tether collapsing would have a far larger effect than putting BTC to 10K, it would probably be the end of crypto. The vast majority of alt-coins cannot be exchanged against dollars and have a value only if they can be traded against USDT or other stablecoins.
I wouldn't call it the end, but it would set crypto prices back 5-10 years
Re: Bitcoin Falls Below $20k for the First Time Since 2020
#57Considering Bitcoin had never fallen lower than a previous cycles ATH (All Time High) until now, who is thinking that this might be a sign of the end of crypto? Each cycle goes higher was pretty much the only thing that kept the whole thing going. Now that is gone I think the space will dry up. Tether collapsing in the next couple weeks will likely put Bitcoin under $10,000
Tether collapsing would have a far larger effect than putting BTC to 10K, it would probably be the end of crypto. The vast majority of alt-coins cannot be exchanged against dollars and have a value only if they can be traded against USDT or other stablecoins.
> The vast majority of alt-coins cannot be exchanged against dollars and have a value only if they can be traded against USDT or other stablecoins.
Even in a hypothetical world without any stablecoins at all (which is different from a world without Tether), fiat-less exchanges could still exist: just exchange fiat for btc or eth, and then btc or eth for altcoins. Altcoins existed long before stablecoins.
Re: Bitcoin Falls Below $20k for the First Time Since 2020
#58Re: Bitcoin Falls Below $20k for the First Time Since 2020
#59Re: Bitcoin Falls Below $20k for the First Time Since 2020
#60Down $42,000 since the “Fortune Favours the Brave” commercial - which is famously something Pliny said before setting sail for Vesuvius as it was erupting, and then dying.
“History doesn't repeat itself, but it often rhymes” – Mark Twain
Meh. A lot of people have said that, some before disaster and some before victory. It was already an old saying when Pliny the Elder said it. Wellington made it his motto, and he beat Napoleon.