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Bitcoin tumbles below $70K, heavy losses in cryptocurrencies in last three weeks

bloomberg.com

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Re: Bitcoin tumbles below $70K, heavy losses in cryptocurrencies in last three weeks

#11

Post by seydor »

jqpabc123 wrote: post #2

The myth that bitcoin is an effective store of value (aka "digital gold") has just died. The proof is available in your crypto wallet. Real gold bullion has now been fully "digitized". You can buy and hold real bullion without taking delivery, without transactions fees and without dealing with tbe schenanigans of unregulated markets and manipulators. Over the past year of unprecedented marketplace turmoil and upheava…

If gold rises (and therefore falls) as crazy as Bitcoin, then why is it better

Re: Bitcoin tumbles below $70K, heavy losses in cryptocurrencies in last three weeks

#12

Post by benj111 »

webdevver wrote: post #5
throwa356262 wrote: post #3

Last time I heard bitcoin was in free fall and doomed it was at $18K... (I dont own any bitcoin and believe the world would be a better place without cryptocurrencies)

i reckon this time it will touch $30k before hitting new high of $200k

Can't tell if genuine or sarcasm ...

Re: Bitcoin tumbles below $70K, heavy losses in cryptocurrencies in last three weeks

#13

Post by webdevver »

benj111 wrote: post #12
webdevver wrote: post #5

Earlier quoted context omitted.

i reckon this time it will touch $30k before hitting new high of $200k

Can't tell if genuine or sarcasm ...

very broad extrapolation of the previous two 'cycles'. after a peak, it tends to crash to 20-30% of previous peak value, goes sideways for a year or two, then goes up to 2x its previous peak.

the 'four year cycle' is perhaps moreso the 'US presidential cycle'.

Re: Bitcoin tumbles below $70K, heavy losses in cryptocurrencies in last three weeks

#14

Post by DennisP »

jqpabc123 wrote: post #9
browningstreet wrote: post #6

Hasn’t bitcoin repeatedly dropped 70%+ from record highs and then surged over that high again within a year?

Yes it has. But as they say, past history is no indication of future performance. Current economic conditions are anything but "normal" by recent historical standards. A good indication of this is the fact that "real gold" has risen just as dramatically and at the same time as "digital gold" has fallen.

Bitcoin has always traded more like tech stocks than gold.

Re: Bitcoin tumbles below $70K, heavy losses in cryptocurrencies in last three weeks

#15

Post by simmerup »

browningstreet wrote: post #6

Hasn’t bitcoin repeatedly dropped 70%+ from record highs and then surged over that high again within a year?

Yes, and such climbs coincide with Tether printing billions from unknown sources (most likely thin air)

You can’t pump bitcoin with monopoly money forever, because the liquidity becomes too small

Re: Bitcoin tumbles below $70K, heavy losses in cryptocurrencies in last three weeks

#16

Post by simmerup »

seydor wrote: post #11
jqpabc123 wrote: post #2

The myth that bitcoin is an effective store of value (aka "digital gold") has just died. The proof is available in your crypto wallet. Real gold bullion has now been fully "digitized". You can buy and hold real bullion without taking delivery, without transactions fees and without dealing with tbe schenanigans of unregulated markets and manipulators. Over the past year of unprecedented marketplace turmoil and upheava…

If gold rises (and therefore falls) as crazy as Bitcoin, then why is it better

Because when you buy gold you don’t have to rely on shady crypto bros to cash out

Re: Bitcoin tumbles below $70K, heavy losses in cryptocurrencies in last three weeks

#17

Post by derektank »

jqpabc123 wrote: post #2

The myth that bitcoin is an effective store of value (aka "digital gold") has just died. The proof is available in your crypto wallet. Real gold bullion has now been fully "digitized". You can buy and hold real bullion without taking delivery, without transactions fees and without dealing with tbe schenanigans of unregulated markets and manipulators. Over the past year of unprecedented marketplace turmoil and upheava…

I’m a crypto skeptic but the benefit of bitcoin over gold has never been ease of transaction. The benefit is that regulators and governments are generally unable to confiscate bitcoin. The same is not true of gold, particularly if you do not take final delivery.

Re: Bitcoin tumbles below $70K, heavy losses in cryptocurrencies in last three weeks

#19

Post by esseph »

derektank wrote: post #17
jqpabc123 wrote: post #2

The myth that bitcoin is an effective store of value (aka "digital gold") has just died. The proof is available in your crypto wallet. Real gold bullion has now been fully "digitized". You can buy and hold real bullion without taking delivery, without transactions fees and without dealing with tbe schenanigans of unregulated markets and manipulators. Over the past year of unprecedented marketplace turmoil and upheava…

I’m a crypto skeptic but the benefit of bitcoin over gold has never been ease of transaction. The benefit is that regulators and governments are generally unable to confiscate bitcoin. The same is not true of gold, particularly if you do not take final delivery.

Not true though.

"the US Department of Justice (DOJ) has also seized almost 130,000 bitcoin worth around $15 billion at the time of the announcement—the largest US cryptocurrency seizure to date."

https://www.wired.com/story/feds-seize-record-breaking-15-bi...

Re: Bitcoin tumbles below $70K, heavy losses in cryptocurrencies in last three weeks

#20

Post by heresie-dabord »

derektank wrote: post #17
jqpabc123 wrote: post #2

The myth that bitcoin is an effective store of value (aka "digital gold") has just died. The proof is available in your crypto wallet. Real gold bullion has now been fully "digitized". You can buy and hold real bullion without taking delivery, without transactions fees and without dealing with tbe schenanigans of unregulated markets and manipulators. Over the past year of unprecedented marketplace turmoil and upheava…

I’m a crypto skeptic but the benefit of bitcoin over gold has never been ease of transaction. The benefit is that regulators and governments are generally unable to confiscate bitcoin. The same is not true of gold, particularly if you do not take final delivery.

Here are estimates of the value of Bitcoin currently held (mostly via seizure) by the US government:

https://www.theblock.co/post/374636/the-daily-us-government-...

https://www.mexc.com/learn/article/how-much-bitcoin-does-the...

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