Crypto collapse: Bitcoin goes up • Hacker News Board

Re: Crypto collapse: Bitcoin goes up

#11

Post by doubleg72 » Tue, Jan 17, 2023, 2:08 AM UTC

anm89 wrote: post #10

codegeek wrote: post #7

It astonishes me that a "thing" that has no real value except speculation and "get rich quick" schemes after more than a decade is still being sold for 20K per unit. Amazing.

You should tell that to the hundreds of thousands of people in places like Argentina, Turkey, Venezuela, and Iran who rely on it This is a never endingly week argument.

None "rely" on a speculative cryptocurrency. Mobile phone cards are relied up as currency moreso than bitcoin. It surely doesn't lend itself to easy transfer.

Re: Crypto collapse: Bitcoin goes up

#12

Post by mekster » Tue, Jan 17, 2023, 9:32 AM UTC

codegeek wrote: post #7

It astonishes me that a "thing" that has no real value except speculation and "get rich quick" schemes after more than a decade is still being sold for 20K per unit. Amazing.

It astonishes me that people still don't see any value in distributed Blockchain but think it's only good as some sort of ponzi scheme.

I'd like to see those people actually refute the technology being totally useless.

Re: Crypto collapse: Bitcoin goes up

#13

Post by 1vuio0pswjnm7 » Tue, Jan 17, 2023, 1:25 PM UTC

ggm wrote: post #5

The key point made in this article (to me at least) is that for all its apparent size, the actual dimensions of this market are way way too much subject to large actor manipulation: it's never about real world economics, except where these align with criminal intent. If it looks too good to be "true" given other circumstances, then it very probably IS too good to be true. If you have enough liquidity to play a game a…

Madoff's clients did very well, despite real world market conditions, right up until he was arrested. Early in his career, when the market crashed, he borrowed money from family to hide his losses so that his clients would believe there were none.

Re: Crypto collapse: Bitcoin goes up

#14

Post by codegeek » Tue, Jan 17, 2023, 1:51 PM UTC

mekster wrote: post #12

codegeek wrote: post #7

It astonishes me that a "thing" that has no real value except speculation and "get rich quick" schemes after more than a decade is still being sold for 20K per unit. Amazing.

It astonishes me that people still don't see any value in distributed Blockchain but think it's only good as some sort of ponzi scheme. I'd like to see those people actually refute the technology being totally useless.

Blockchain tech has/had promise but crypto is totally overtaken by swindlers and scammers and people trying to make a quick buck. Promise is just promise so far. It has done far too much damage than potential good.

Re: Crypto collapse: Bitcoin goes up

#15

Post by ephbit » Thu, Jan 19, 2023, 4:57 PM UTC

> The bitcoin price is kept where the large players need it to be. The market is thin and trivially manipulable with the billions of pseudo-dollars in unbacked stablecoins on unregulated offshore exchanges.

> The bitcoin price needs to be high enough so the big boys’ loans don’t get liquidated, but low enough so bagholders don’t attempt to cash out and crash the price. It’s a tightrope.

Can someone explain, please?

Who is meant by "big boys" and "bagholders" here?

Bagholders are holders of (smalls amounts of) Bitcoin, trivial.

Big boys are the folks running the shady exchanges that basically borrowed money ("loans") and bought bitcoin with that, is that right?