Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Bitcoin Falls Below $20k

coindesk.com

Post reply on HN
Print view View original

21–30 of 83 posts

Re: Bitcoin Falls Below $20k

#21

Post by cal85 »

kossTKR wrote: post #7
mettamage wrote: post #5

I am a long-term cryptocurrency bull. I love the ideals of cryptocurrencies. To be fair, I am also very cynical about the current price of bitcoin. With that said, given the glut of cryptocurrency articles on HN that have a very similar nature, I wish I could downvote this submission back to 1 point. Lower than 20k? Alright, that’s not interesting from a technical perspective. It’s also not interesting from an econom…

I love the ideals of crypto. What ideals?

Many cryptocurrency proponents see it as a path to a more decentralised economy, and a way to facilitate anonymity, autonomy (giving people more control over their financial assets), stuff like that.

Not saying anything about my ideals, just answering your question.

Re: Bitcoin Falls Below $20k

#22

Post by Brendinooo »

mettamage wrote: post #5

I am a long-term cryptocurrency bull. I love the ideals of cryptocurrencies. To be fair, I am also very cynical about the current price of bitcoin. With that said, given the glut of cryptocurrency articles on HN that have a very similar nature, I wish I could downvote this submission back to 1 point. Lower than 20k? Alright, that’s not interesting from a technical perspective. It’s also not interesting from an econom…

I think it’s interesting

Re: Bitcoin Falls Below $20k

#23

Post by eimrine »

mettamage wrote: post #5

I am a long-term cryptocurrency bull. I love the ideals of cryptocurrencies. To be fair, I am also very cynical about the current price of bitcoin. With that said, given the glut of cryptocurrency articles on HN that have a very similar nature, I wish I could downvote this submission back to 1 point. Lower than 20k? Alright, that’s not interesting from a technical perspective. It’s also not interesting from an econom…

> because it’s very hard to have an analysis about it that we haven’t heard in recent months.

You literally have answered your own question.

Re: Bitcoin Falls Below $20k

#24

Post by mettamage »

bloqs wrote: post #13
mettamage wrote: post #5

I am a long-term cryptocurrency bull. I love the ideals of cryptocurrencies. To be fair, I am also very cynical about the current price of bitcoin. With that said, given the glut of cryptocurrency articles on HN that have a very similar nature, I wish I could downvote this submission back to 1 point. Lower than 20k? Alright, that’s not interesting from a technical perspective. It’s also not interesting from an econom…

You sort of made no point. Bitcoin falling below a certain price threshold is implicative and interesting to a lot of people. You aren't the target for this article maybe.

I may not be. Then, since I don’t see it then I genuinely wonder: what do you find interesting about it?

The most interesting thing to me is how correlated it is to the S&P 500. It’s interesting in the sense that people used to say it’s an inflation hedge but it isn’t. Suddenly, we don’t see the opposite message so much (that it isn’t an inflation hedge). This shows a positivity bias and points to a certain information asymmetry.

Just to point out how I believe an article with the headline of it falling below 20K could be interesting. The submission here is just a chart, not interesting. I guess this comment can be seen as showcasing some factors as to why it is below 20K :P

I think that the smart money is running for the hills because the FED is performing quantitative tightening. Moreover, more and more retail traders are panic selling, realizing that it isn’t an inflation hedge (but not being vocal about it).

Anyway, I’m just brainstorming.

How do you find it interesting?

Re: Bitcoin Falls Below $20k

#25

Post by thriftwy »

r721 wrote: post #18
eimrine wrote: post #6

Earlier quoted context omitted.

Is this a cause of crypto crash how do you think?

(Pure speculation) Maybe not war in Ukraine itself but fall in Russia’s imports ("to levels not seen since the early 2000s" [1]), and therefore lack of foreign currency? So some billionaires there could decide to get out of crypto? [1] https://www.themoscowtimes.com/2022/05/25/russias-imports-fa...

Russia has huge surplus of foreign cash right now. If anything, I would expect billionaries to get into crypto, since what would you hodl instead:

Russian Rouble and risk its volatility?

USD in bank and risk its freezing?

Physical printed USD? Not available in sufficient quantities.

Re: Bitcoin Falls Below $20k

#26

Post by eimrine »

kossTKR wrote: post #7
mettamage wrote: post #5

I am a long-term cryptocurrency bull. I love the ideals of cryptocurrencies. To be fair, I am also very cynical about the current price of bitcoin. With that said, given the glut of cryptocurrency articles on HN that have a very similar nature, I wish I could downvote this submission back to 1 point. Lower than 20k? Alright, that’s not interesting from a technical perspective. It’s also not interesting from an econom…

I love the ideals of crypto. What ideals?

(plus to the things being told) Also immutability of storage and an ability to fork the thing and proof of being able to be anonymous for a someone nowadays.

Re: Bitcoin Falls Below $20k

#28

Post by pakitan »

mettamage wrote: post #5

I am a long-term cryptocurrency bull. I love the ideals of cryptocurrencies. To be fair, I am also very cynical about the current price of bitcoin. With that said, given the glut of cryptocurrency articles on HN that have a very similar nature, I wish I could downvote this submission back to 1 point. Lower than 20k? Alright, that’s not interesting from a technical perspective. It’s also not interesting from an econom…

This particular level ($20K) is actually very interesting. Because it's the top from the previous bull run. And cryptobro TAs everywhere were parroting incessantly the mantra "Bitcoin never falls below the top from the previous bullrun". Well, oops.

Re: Bitcoin Falls Below $20k

#29

Post by Maxious »

mettamage wrote: post #24
bloqs wrote: post #13

Earlier quoted context omitted.

You sort of made no point. Bitcoin falling below a certain price threshold is implicative and interesting to a lot of people. You aren't the target for this article maybe.

I may not be. Then, since I don’t see it then I genuinely wonder: what do you find interesting about it? The most interesting thing to me is how correlated it is to the S&P 500. It’s interesting in the sense that people used to say it’s an inflation hedge but it isn’t. Suddenly, we don’t see the opposite message so much (that it isn’t an inflation hedge). This shows a positivity bias and points to a certain informati…

20k was the December 2017 peak of the ICO craze. I guess NFTs are the new ICOs/DAOs?
Post reply on HN