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 on larger exchanges
Bitcoin Falls Below $20k for the First Time Since 2020
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Re: Bitcoin Falls Below $20k for the First Time Since 2020
#22Considering 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
While I appreciate that's somewhat psychologically important, I don't think it's magically going to drop to zero now.
Probably not, but the myth that trees grow to the sky is the only reason 99% of the money that bought into this did so.
A year ago the internet was non-stop jokes about how much it outperformed the S&P 500 year over year.
It’s now underperformed it by 75% since the previous peak. The myth has been completely shattered.
Re: Bitcoin Falls Below $20k for the First Time Since 2020
#23My favourite side effect is the Graphics Card prices coming back to realities.
Prices are gonna be dirt cheap after Ethereum switches to proof of stake in September
Re: Bitcoin Falls Below $20k for the First Time Since 2020
#24My favourite side effect is the Graphics Card prices coming back to realities.
I’d still wait if I were you. That’s a red hot used market that Lovelace still needs to sell into. The drops aren’t done yet.
Are used graphics cards worth buying or does bitcoin mining cause significant wear and damage to them?
Re: Bitcoin Falls Below $20k for the First Time Since 2020
#25Considering 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
Do you think the tech disappears when Bitcoin goes below some magical threshold?
No, the code still sticks around, useless as it ever was for almost everything that was boasted of it.
Re: Bitcoin Falls Below $20k for the First Time Since 2020
#26Considering 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
Do you think the tech disappears when Bitcoin goes below some magical threshold?
No one cares about the tech if people won’t put money into it anymore.
Re: Bitcoin Falls Below $20k for the First Time Since 2020
#27I 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 miners and hodlers like Microstrategy. I’ve been at it for a while and am up a nice vacation or two out of it. https://paulbutler.org/2021/betting-against-bitcoin/
Re: Bitcoin Falls Below $20k for the First Time Since 2020
#28Down $42,000 since the “Fortune Favours the Brave” commercial - which is famously something Pliny said before setting sail for Vesuvius as it was erupting, and then dying.
“History doesn't repeat itself, but it often rhymes” – Mark Twain
Re: Bitcoin Falls Below $20k for the First Time Since 2020
#29Obligatory "this is good for bitcoin"
I don't think anything could be better for cryptographic currencies than most of the speculators having their investments crushed.
Re: Bitcoin Falls Below $20k for the First Time Since 2020
#30So many new entries for https://www.bitcoinisdead.org/
It never gets old.