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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

#151

Post by petertodd »

timmg wrote: post #136
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

Does anyone know what price it needs to drop to to no longer pay for mining? Like with the most efficient rigs? (Particularly with energy prices going up.)

Mining difficulty adjusts automatically.

There is a price at which Bitcoin is no longer secure from the entity willing to spend the most money to 51% attack it. But there's no good way to know how big that threat is. Most likely Bitcoin has a significant safety margin there (I'd take a rough guess at >100x).

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

#152

Post by physicsguy »

timmg wrote: post #136
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

Does anyone know what price it needs to drop to to no longer pay for mining? Like with the most efficient rigs? (Particularly with energy prices going up.)

I read in the FT this morning that it’s about $16000 in electricity costs to mine a bitcoin at the moment

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

#153

Post by quickthrowman »

lrvick wrote: post #55
silisili wrote: post #31

Earlier quoted context omitted.

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…

> Bitcoin has value for the same reason Visa has value.

I disagree, Visa has value because it is a company that earns profits, ~$10B in FY 2021 ($5.xx per share, 2B shares outstanding)

Bitcoin is not a company that earns profits, so any value ascribed to BTC cannot be for the same reasons Visa has value. In fact, BTC has zero intrinsic value.

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

#154

Post by cmrdporcupine »

datadata wrote: post #147
cmrdporcupine wrote: post #111

Earlier quoted context omitted.

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.

Normally by inflation it is meant "monetary inflation", price has no bearing on this.

So you agree it's not money then.

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

#155

Post by physicsguy »

The interesting thing this time is that it is at a point with high inflation and an incoming recession, when people - even the “true believer HODL” crowd - might not have a choice about whether to withdraw if they need the money for living costs.

I’ve certainly got my popcorn for the next year or so.

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

#156

Post by sentirism »

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 had 22% revenue growth up to 68 billion dollars last quarter. Not being able to see the difference between GOOG and crypto pretty much sums up the sophistication of crypto investors.

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

#157

Post by [deleted] »

yieldcrv wrote: post #118
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 milli…

[deleted]

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

#159

Post by sentirism »

Lionga wrote: post #7

Obligatory "this is good for bitcoin"

In a sense, it could be good for bitcoin long term for the speculative mania to die. Then it can possibly find some price stability to actually function as a currency.

This is all standard speculative mania stuff right now though. The bubble burst, next the scams are uncovered and wiped out, regulation comes in then to "protect" investors from being scammed in the same fashion in the future.

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

#160

Post by quickthrowman »

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?

Google made $72B in profits on $257B sales in 2021.[0] What was BTC’s earnings for 2021?

[0] https://abc.xyz/investor/static/pdf/2021Q4_alphabet_earnings...

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