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Bitcoin Falls Below $20k for the First Time Since 2020

bloomberg.com

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Re: Bitcoin Falls Below $20k for the First Time Since 2020

#111

Post by cmrdporcupine »

lrvick wrote: post #81
scoopertrooper wrote: post #71

Earlier quoted context omitted.

You shouldn't have your wealth stored in a medium of exchange, while expecting capital appreciation exceeding or even comparable to the equity market. That kind of volatility is a sign of there being something seriously wrong with that medium of exchange.

Storing wealth in an -inflationary- asset like fiat currency is a stupid move, I grant. I store value in a mix of fixed quantity or -deflationary- assets that are useful or interesting to me like art, vehicles, real estate, and yes... crypto-assets. The latter is perhaps the most volatile but also has the highest liquidity, is fireproof, can be traded for other assets anonymously, etc. Tradeoffs.

Calls fiat currency inflationary while advocating a "currency" that has had (as of this moment) 45.92% inflation YoY and is rapidly getting worse.

Nice religion you got there.

Re: Bitcoin Falls Below $20k for the First Time Since 2020

#113

Post by dubswithus »

highwaylights wrote: post #32
technocratius wrote: post #21

Earlier quoted context omitted.

You can short Bitcoin on larger exchanges

But then you’re trusting those exchanges to be able and/or willing to exit you. There’s no reliable way to short it. (Unless the exchanges let you withdraw the fiat for your positions while they’re open?)

So every business associated with crypto is untrustworthy? It’s hilarious that the anti bitcoiners are so anti bitcoin that it prevents them from using any of the trustworthy exchanges to short it.

Exchanges make huge amounts of money in bear and bull markets.

Re: Bitcoin Falls Below $20k for the First Time Since 2020

#114

Post by Turbots »

bb88 wrote: post #94
lrvick wrote: post #55

Earlier quoted context omitted.

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…

> Bitcoin has value for the same reason Visa has value. No. Bitcoin has utility. Screws have utility also, they just don't have very much value.

No post body was provided.

Re: Bitcoin Falls Below $20k for the First Time Since 2020

#115

Post by lekevicius »

kgwgk wrote: post #104
lrvick wrote: post #63

Earlier quoted context omitted.

It will never drop to 0, barring no fundamental security flaws are discovered, because there will always be people like me that are never willing to sell and always willing to buy more. If it hits $1, I will just stock up. Traders getting out is good for me. I am in Bitcoin, or any really viable replacement that emerges, long term for reasons fickle speculators do not care about. I fundamentally believe a healthy soc…

> Traders getting out is good for me. Say everyone gets out except you. You own all the bitcoins in the world. Now what?

Assuming the node network and mining remains intact... now you own a pretty valuable and difficult to replicate infrastructure. At least some people will want to own the "native token" of that network.

Re: Bitcoin Falls Below $20k for the First Time Since 2020

#116

Post by cmrdporcupine »

agilob wrote: post #39

People here cheer for fall of Bitcoin and end of cryto not seeing that GOOG dropped from 2999.05 to 2157 and both charts look pretty much the same?

GOOG has not dropped 45% in a year.

(Not that I care much, I sold all my GSUs after I quit in January, and lucked out and hit it at its peak)

Re: Bitcoin Falls Below $20k for the First Time Since 2020

#117

Post by jcfrei »

highwaylights wrote: post #32
technocratius wrote: post #21

Earlier quoted context omitted.

You can short Bitcoin on larger exchanges

But then you’re trusting those exchanges to be able and/or willing to exit you. There’s no reliable way to short it. (Unless the exchanges let you withdraw the fiat for your positions while they’re open?)

You can short it using CME futures. Collateral is in USD and insured by various safeguards in case counter parties cant meet margin requirements. You can short it as reliably as any other asset.

Re: Bitcoin Falls Below $20k for the First Time Since 2020

#118

Post by yieldcrv »

drawingthesun wrote: post #11

Considering 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

Bitcoin hit $3,000 like 2 years ago, just trade my guy! I love the volatility in digital commodities, its like seasonal commodities every year except with way greater amplitude and traders that treat it like forever-up equities

The origin of “hodl” was a drunk guy languishing that he couldnt trade well

> Yeah you good traders can spot the highs and the lows pit pat piffy wing wong wang just like that and make a millino bucks sure no problem bro. Likewise the weak hands are like OH NO IT'S GOING DOWN I'M GONNA SELL he he he and then they're like OH GOD MY ASSHOLE when the SMART traders who KNOW WHAT THE FUCK THEY'RE DOING buy back in but you know what? I'm not part of that group.

Just trade my guy. Nobody has to ever make an opinion on the asset class’ utility, only liquidity. Know your risk and accept the consequences. I’m very keen on this shakeout, the money is barely exiting the market its still in the stablecoins ($200bn+) and ready to pounce into any other crypto in the matter of any single block. Even if those implode too, good! Shake it out! I love 1,000% swings that dont have an expiration date, I still dont know another market to do that, especially randomly on a weekend. That was happening before hedge funds with LPs that are QE beneficiaries got into this space, and will happen after.

Re: Bitcoin Falls Below $20k for the First Time Since 2020

#119

Post by dubswithus »

SunlightEdge wrote: post #17

I was laughed at, repeatedly, on Twitter, by crypto types when I often said I was confident Bitcoin price would fall below $20k 6 months ago. It's not something you can really short though?

I’ll bet you $10k USD that Bitcoin goes over 30k in the next 4 years. What does your crystal ball say about that?

Re: Bitcoin Falls Below $20k for the First Time Since 2020

#120

Post by synu »

robonerd wrote: post #60
uejfiweun wrote: post #28

Earlier quoted context omitted.

“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.

At the risk of explaining a joke, the idea was not that it’s something that’s only ever been said before failure, but that it’s a quite funny thing to say just before one.
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