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Bitcoin’s plunge intensifies, tanks 30% to $30k in single day

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Re: Bitcoin’s plunge intensifies, tanks 30% to $30k in single day

#101

Post by LanceH »

endisneigh wrote: post #10

other than trying to get the money of suckers, I've never understood the point of bitcoin. no currency, digital or not, can be removed from the world's activities. why would you ever want something that could plunge 30% in a day? even if it went up 5 billion percent, then what? everyone sells and it goes down? what's the point? it's like the most zero-sum activity imaginable. edit: I'm sincerely wondering what the va…

It can hold value while your country's fiat currency doesn't. Or while you move out of that country and they would seize your assets as you leave. Or you can buy the reopening of your pipeline.

Re: Bitcoin’s plunge intensifies, tanks 30% to $30k in single day

#102

Post by almost_usual »

mavhc wrote: post #82
riffraff wrote: post #40

Earlier quoted context omitted.

sure, but let's say that you're in Turkey, and very worried about your currency devaluating 17% every year. Does putting your money in something that can devaluate 30% in a day sound like a better solution?

As long as you can wait long enough it should always go up, because there's 3 built in methods of deflation. Which also means you should never sell bitcoin.

So you should never use your wealth in the best case scenario. What’s the point?

Re: Bitcoin’s plunge intensifies, tanks 30% to $30k in single day

#103

Post by tudorizer »

cma wrote: post #36
endisneigh wrote: post #10

other than trying to get the money of suckers, I've never understood the point of bitcoin. no currency, digital or not, can be removed from the world's activities. why would you ever want something that could plunge 30% in a day? even if it went up 5 billion percent, then what? everyone sells and it goes down? what's the point? it's like the most zero-sum activity imaginable. edit: I'm sincerely wondering what the va…

It's not zero sum, it already got close to 1% of the worlds electricity usage. It is negative sum.

This pales in the face of other useless things people waste energy on...

Re: Bitcoin’s plunge intensifies, tanks 30% to $30k in single day

#104

Post by unmole »

LanceH wrote: post #101
endisneigh wrote: post #10

other than trying to get the money of suckers, I've never understood the point of bitcoin. no currency, digital or not, can be removed from the world's activities. why would you ever want something that could plunge 30% in a day? even if it went up 5 billion percent, then what? everyone sells and it goes down? what's the point? it's like the most zero-sum activity imaginable. edit: I'm sincerely wondering what the va…

It can hold value while your country's fiat currency doesn't. Or while you move out of that country and they would seize your assets as you leave. Or you can buy the reopening of your pipeline.

> It can hold value while your country's fiat currency doesn't.

It can also spectacularly crash overnight.

Re: Bitcoin’s plunge intensifies, tanks 30% to $30k in single day

#105

Post by tudorizer »

aazaa wrote: post #28

Ingredients for a Bitcoin correction: - a recent steep increase in exchange rate - heavy mainstream media coverage - announcement from China - outages at one or more exchanges As the article shows, all of these factors are present now. Those celebrating "the crash" either have short memories, or haven't been paying attention. This has all happened before. Several times. The only difference today is the scale.

Scale, but not %.

Re: Bitcoin’s plunge intensifies, tanks 30% to $30k in single day

#106

Post by simonsarris »

itsoktocry wrote: post #99
endisneigh wrote: post #10

other than trying to get the money of suckers, I've never understood the point of bitcoin. no currency, digital or not, can be removed from the world's activities. why would you ever want something that could plunge 30% in a day? even if it went up 5 billion percent, then what? everyone sells and it goes down? what's the point? it's like the most zero-sum activity imaginable. edit: I'm sincerely wondering what the va…

> I've never understood the point of bitcoin I'm far from a Bitcoin maxi, but I own a small % in my portfolio. Here's my take: We are entering a world of abundant cyber-terrorism. If my bank and/or brokerage gets hacked, why do I own? I have nothing except that entry in their book keeping. And if you think, "It's backed up, they'll have you up and running in no time", I'm skeptical. I think anything like this would b…

That's funny because the only people I know who had big sums of money lost via hacking were holding crypto.

Re: Bitcoin’s plunge intensifies, tanks 30% to $30k in single day

#108

Post by cogman10 »

drcross wrote: post #56
535188B17C93743 wrote: post #33

Earlier quoted context omitted.

It's a cool technology/concept, but at the cost of all the energy it's wasting to be a "speculative asset" at best... yeah, it's frustrating.

You'll listen to Bitcoin FUD all day but you don't seem to care about the hydro carbons purged in the process of strip mining the earth for shiny rocks though. https://www.nasdaq.com/articles/why-bitcoin-may-actually-spe...

This is pure garbage. The problem bitcoin solves, a distributed ledger, is one that's simply solved with a ledger over a trust network. In otherwords, this is a "solution" that is burning TWh of energy doing something global banks accomplish with kWh of power.

All the power funneled into BTC would be far better spent doing anything useful. From electrolysis to protein folding.

Also, it should be noted that shiny rocks have intrinsic value beyond their aesthetics. BTC is literally just a number with no value.

Re: Bitcoin’s plunge intensifies, tanks 30% to $30k in single day

#109

Post by 3np »

throwaway5752 wrote: post #79
pessimizer wrote: post #60

Earlier quoted context omitted.

It probably just means that it's not actually liquid at the values that btc people are crowing about. The real question is how much trade volume it took to drop it 30%. Being at $60K just means that a handful of suckers bought for $60K.

It's not something I'd care to speculate over. There's a public ledger, we can find out exactly how many people bought it at every price. I don't have the inclination, but it's something that's precisely knowable.

No, you can’t. Given a transaction on the btc blockchain, how would you determine if actually changed hands (as opposed to internal/self-transfer), and if so, at what valuation?

Trades on sidechains or on centralized exchanges also don’t register.

Re: Bitcoin’s plunge intensifies, tanks 30% to $30k in single day

#110

Post by [deleted] »

LanceH wrote: post #101
endisneigh wrote: post #10

other than trying to get the money of suckers, I've never understood the point of bitcoin. no currency, digital or not, can be removed from the world's activities. why would you ever want something that could plunge 30% in a day? even if it went up 5 billion percent, then what? everyone sells and it goes down? what's the point? it's like the most zero-sum activity imaginable. edit: I'm sincerely wondering what the va…

It can hold value while your country's fiat currency doesn't. Or while you move out of that country and they would seize your assets as you leave. Or you can buy the reopening of your pipeline.

[deleted]
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