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Bitcoin Looks Set for Longest Monthly Losing Streak Since 2018
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Re: Bitcoin Looks Set for Longest Monthly Losing Streak Since 2018
#22Re: Bitcoin Looks Set for Longest Monthly Losing Streak Since 2018
#23People dump BTC in order to buy gold.
They aren't buying actual gold though
Re: Bitcoin Looks Set for Longest Monthly Losing Streak Since 2018
#24People dump BTC in order to buy gold.
People are dumping all sorts of things into gold.
I just did so with a few pounds of silver (when @ 49.5:1; now 56:1).
Re: Bitcoin Looks Set for Longest Monthly Losing Streak Since 2018
#25Earlier quoted context omitted.
As far as I can tell, bitcoin, having no intrinsic value, is priced entirely by vibes. Right now the vibes are generally negative. The latest bubble of interest has faded. I would wait, the world could become interested again but it may be 2 or 3 years. The bottom will probably be around 70k.
What if all these AI companies, are going to mint coins with their idle GPUs, wouldn't that lower value of these coins massively ? It's not as good as an ASIC, but we talk about millions of GPUs
The rate of coin mining is the same, no matter how many miners there are
Re: Bitcoin Looks Set for Longest Monthly Losing Streak Since 2018
#26Vibes guy here. I dabbled in Bitcoin for about a year, on the notion that if the world's overall financial system got degraded, more people would view Bitcoin holdings as a safe way to preserve value. Maybe better than owning physical gold. Why not get in early before the next stampede? But I was wrong about bitcoin > gold. It's worked the other way around. There's also persistent chatter that the supposedly uncracka…
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Re: Bitcoin Looks Set for Longest Monthly Losing Streak Since 2018
#27Doesn't matter, there's no shortage of clowns interested in buying because the price will go up.
Nowadays even includes banks and custody companies.
Doesn't matter how much it falls.
Re: Bitcoin Looks Set for Longest Monthly Losing Streak Since 2018
#28Vibes guy here. I dabbled in Bitcoin for about a year, on the notion that if the world's overall financial system got degraded, more people would view Bitcoin holdings as a safe way to preserve value. Maybe better than owning physical gold. Why not get in early before the next stampede? But I was wrong about bitcoin > gold. It's worked the other way around. There's also persistent chatter that the supposedly uncracka…
You can easily trade gold today. You can easily trade gold if ww3 starts to the goons pressganging people into dying in the trenches so they take your bitcoin hoarding neighbor instead. You can easily trade gold after a nuclear apocalypse to your local warlord so you get access to non-irradiated food.
Gold is a pretty, shiny rock and rich people like pretty, shiny things so they can display their superiority to no-gold-having proles. Just about everybody on the planet knows gold is highly valuable. It is fundamentally a superior store of value than bitcoin if you’re talking about notable global disruptions, even without going into the actual tech.
Re: Bitcoin Looks Set for Longest Monthly Losing Streak Since 2018
#29Vibes guy here. I dabbled in Bitcoin for about a year, on the notion that if the world's overall financial system got degraded, more people would view Bitcoin holdings as a safe way to preserve value. Maybe better than owning physical gold. Why not get in early before the next stampede? But I was wrong about bitcoin > gold. It's worked the other way around. There's also persistent chatter that the supposedly uncracka…
Don't even need quantum to worry: Satoshi's wallet could be a massive rug pull by the CIA/FBA/NSA when the time comes.
Re: Bitcoin Looks Set for Longest Monthly Losing Streak Since 2018
#30Vibes guy here. I dabbled in Bitcoin for about a year, on the notion that if the world's overall financial system got degraded, more people would view Bitcoin holdings as a safe way to preserve value. Maybe better than owning physical gold. Why not get in early before the next stampede? But I was wrong about bitcoin > gold. It's worked the other way around. There's also persistent chatter that the supposedly uncracka…
You can easily trade gold today. You can easily trade gold if ww3 starts to the goons pressganging people into dying in the trenches so they take your bitcoin hoarding neighbor instead. You can easily trade gold after a nuclear apocalypse to your local warlord so you get access to non-irradiated food. Gold is a pretty, shiny rock and rich people like pretty, shiny things so they can display their superiority to no-go…
Yeah, that angle never worked out for me. If we imagine instead the world became hyper-capitalistic (even more than today), then I could see that digital and untracable (not Bitcoin) decentralized money might have a big influence, but in the opposite scenarios, I don't think there is a lot of need for cryptocurrencies.