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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

#161

Post by tarsinge »

Jarmsy wrote: post #97
delaaxe wrote: post #23

Earlier quoted context omitted.

Prices are gonna be dirt cheap after Ethereum switches to proof of stake in September

Hasn't that been promised and delayed dozens of times already? Do you think it will ever really happen?

In recent years I have not seen it scheduled then delayed, only there was a long roadmap where progress was slow but ongoing, development is very transparent. And now that it’s ready and that the merge already happened in testnets it really looks like FUD to repeat that like we were in 2018.

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

#162

Post by quickthrowman »

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?

You can short Bitcoin in a variety of ways, CME offers micro BTC and BTC futures contracts which would be the safest way to short it (no counterparty risk due to the clearinghouse, and it’s cash settled so no stablecoin risk).

I’m sure crypto exchanges offer ways to short BTC as well, but the exchange itself probably handles settlement, so there is counterparty risk involved (among other risks inherent in unregulated exchanges).

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

#163

Post by datadata »

knorker wrote: post #124
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. Visa has contracts, offices, and cash. They have over $81B in assets, over $12B of which is cold hard cash.[1] Visa also has employees who know what they're doing. Bitcoin has cryptocurrency industry people working on its behalf. It's not the same thing. Bitcoin has people and companies invested in it (emotionally and financially). Visa has almost a hundred…

> Bitcoin has no assets.

Cash just as well "has no assets". You can't just compare bitcoin to a corporation and get something that makes sense.

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

#164

Post by sentirism »

herbst wrote: post #53
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

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.

I think we are just in a golden period like the 1920s before May 1, 1933 when gold was confiscated.

Central bank digital currency seems inevitable. I imagine in the far future there will be central bank digital currency and illegal crypto currency that facilitates black market transactions. Crypto holders will be smeared in narratives as drug traffickers and criminals. At some point there will be risk outside of volatility with holding crypto. I just can't see how things evolve any other way.

The digital Yuan is going to be incredibly tough competition for the West that I don't see how a renegade non-central bank digital currency does not eventually come to be seen as counterfeit.

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

#165

Post by FridgeSeal »

alkonaut wrote: post #133
yawnxyz wrote: post #108

ETH also briefly dropped below $1k. These should trigger a series of margin call events, shouldn't it?

If people are doing any kind of leveraged positions on Cryptocurrency then who the hell lent them the money?

Other people in crypto? Haven’t you seen how wild that ecosystem is?

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

#166

Post by datadata »

cmrdporcupine wrote: post #154
datadata wrote: post #147

Earlier quoted context omitted.

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

So you agree it's not money then.

That is irrelevant here. The argument that bitcoin is not inflationary is merely that it has a supply cap. USD has no supply cap but it obviously has lower price volatility. That said, it is the Fed's goal to purposefully reduce the purchasing power of USD by 2% every year, so the trajectory is clear.

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

#167

Post by [deleted] »

petertodd wrote: post #149
bb88 wrote: post #94

Earlier quoted context omitted.

> 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.

FWIW the global industrial fastener industry totaled $86 billion of revenue in 2020, or about $11/person: https://www.grandviewresearch.com/industry-analysis/industri...

[deleted]

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

#168

Post by datadata »

nappy-doo wrote: post #122
scoopertrooper wrote: post #61

Earlier quoted context omitted.

> 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? This sounds like just another one of those synthetic signposts people create around crypto. It's just a pattern. It has no particular significance; beyond the fact that if enough people believe in it, then it might influence their actions in a way that move…

The arbitrary signposts are because the only way to look at Bitcoin is with technical analysis and looking at the graph. There are no earnings releases, press releases, or business conditions to discuss. We can only look at the price, and speculate. (NB: speculate, not invest.)

There is of course news that matters to bitcoin and impacts the price. When China banned bitcoin, one would expect price to go down. When Tesla bought bitcoin, price should go up. By your argument all commodities would also fall into the same camp.

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

#170

Post by squidbeak »

petertodd wrote: post #149
bb88 wrote: post #94

Earlier quoted context omitted.

> 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.

FWIW the global industrial fastener industry totaled $86 billion of revenue in 2020, or about $11/person: https://www.grandviewresearch.com/industry-analysis/industri...

Beautiful retort to a lazy argument.
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