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

Bitcoin tumbles below $70k, wiping out gains since Trump 2024 win

reuters.com

Post reply on HN
Print view View original

21–30 of 67 posts

Re: Bitcoin tumbles below $70k, wiping out gains since Trump 2024 win

#21

Post by Terr_ »

jfengel wrote: post #16
duxup wrote: post #5

The Bitcoin ecosystem, folks looking at it as an investment / get rich pathway, all the scam / poorly run companies, straight up crime ... really seems to fly in the face of the whitepaper and presumed ethos.

The ethos assumes a world in which Bitcoin has become widely accepted as a currency and reached a stable exchange rate. That world wasn't necessarily impossible. Imagine that the US reconceived the dollar as a coin, and everybody simply accepted it as a replacement currency. Potentially, a very large bank or credit card company could have done that with a stablecoin pegged to the dollar. But that's not what happened.…

IMO it was always a bad fit for a prospective currency, since its nature is tilted towards deflation, a speculative asset to be hoarded while everyone continues to conduct normal "I need a sandwich" business in anything else.

Re: Bitcoin tumbles below $70k, wiping out gains since Trump 2024 win

#22

Post by JumpCrisscross »

cs702 wrote: post #2

Bitcoin has been declared dead many times: https://bitcoindeaths.com/ It just keeps on existing.

> Bitcoin has been declared dead many times

This is also true of Boeing, Citigroup and the Argentinian peso.

Looking at the actual quotes on that website, I'm struggling to find the word death (or a synonym). Instead, it's a collection of criticisms. Many of them wrong. But not many showing thoughtless dismissal.

Re: Bitcoin tumbles below $70k, wiping out gains since Trump 2024 win

#23

Post by bigbadfeline »

jfengel wrote: post #16
duxup wrote: post #5

The Bitcoin ecosystem, folks looking at it as an investment / get rich pathway, all the scam / poorly run companies, straight up crime ... really seems to fly in the face of the whitepaper and presumed ethos.

The ethos assumes a world in which Bitcoin has become widely accepted as a currency and reached a stable exchange rate. That world wasn't necessarily impossible. Imagine that the US reconceived the dollar as a coin, and everybody simply accepted it as a replacement currency. Potentially, a very large bank or credit card company could have done that with a stablecoin pegged to the dollar. But that's not what happened.…

> The ethos assumes a world in which Bitcoin has become widely accepted as a currency... That world wasn't necessarily impossible.

That world has always been a hallucination at best and a cruel deception at worst, but it's never been possible and never will be.

> Bitcoin was never adopted as a currency

It was and it is, it's not a central bank currency but the promise of BTC is the opposite of that. BTC is officially tradable in the US, you can exchange it for dollars to pay your taxes.

> so there was no way to anchor its value.

The promise of BTC has never been "anchored value"... it's always been a "to the moon" scam.

> It's still possible that the US government could... anchor the price of BTC, the whitepaper ethos could find a foothold.

That cannot happen without invalidating everything written in the white paper, in other words that wouldn't be Bitcoin anymore and nothing like that could function in the current financial system.

Re: Bitcoin tumbles below $70k, wiping out gains since Trump 2024 win

#24

Post by bigbadfeline »

moralestapia wrote: post #10
SideburnsOfDoom wrote: post #9

Earlier quoted context omitted.

> It just keeps on existing. That is not in itself a recommendation. You could say the same of most infectious diseases and parasites, or antisocial acts.

>you'd have $70,482,477 today I wish COVID had that ROI.

> I wish COVID had that ROI.

It had it... for some, same as BTC.

Re: Bitcoin tumbles below $70k, wiping out gains since Trump 2024 win

#25

Post by bigbadfeline »

unsupp0rted wrote: post #7
almosthere wrote: post #3

I don't think the BTC market is worth playing unless you are good at knowing how the whales (who control it in its entirety) operate. Everyone already knows BTC will be back at 110 in a few months. It might dip to 30 first, who the hell knows.

What can the whales do that is unclear until its over? They can all sell massively to drive the price down, then all re-buy massively?

They'll have to pay taxes on the sales, it's an attrition game and BTC is on losing side. Most retail "investors" are cooked.

Re: Bitcoin tumbles below $70k, wiping out gains since Trump 2024 win

#26

Post by nitwit005 »

JumpCrisscross wrote: post #22
cs702 wrote: post #2

Bitcoin has been declared dead many times: https://bitcoindeaths.com/ It just keeps on existing.

> Bitcoin has been declared dead many times This is also true of Boeing, Citigroup and the Argentinian peso. Looking at the actual quotes on that website, I'm struggling to find the word death (or a synonym). Instead, it's a collection of criticisms. Many of them wrong. But not many showing thoughtless dismissal.

I found a "RIP: Bitcoin" from a self described conspiracy theorist.

A number of them suggest that it'll become worthless in the future, but that's certainly not saying it's dead now.

Re: Bitcoin tumbles below $70k, wiping out gains since Trump 2024 win

#28

Post by pinnochio »

cs702 wrote: post #2

Bitcoin has been declared dead many times: https://bitcoindeaths.com/ It just keeps on existing.

AFAIK, after all the hype around Bitcoin proved to be false, the last justification for owning it among people who can't think straight was as a systemic risk hedge, like gold, but this has also not borne out.

I don't doubt the faithful's ability to conjure up some other BS story for why it's worth owning, but there has to be something.

Re: Bitcoin tumbles below $70k, wiping out gains since Trump 2024 win

#29

Post by Ekaros »

krunck wrote: post #27

Wall Street is not doing well at the moment[1] and is probably calling on it's hedges[2] - including Bitcoin - to cover losses. [1] https://news.ycombinator.com/item?id=46904619 [2] https://en.wikipedia.org/wiki/Hedge_(finance)

My guess is that Bitcoin was never a actual hedge. But instead fully speculative gambling. Hedge is really something someone would want in market correction or something that keeps value in such. Bitcoin never was actually wanted for anything but gambling.

Re: Bitcoin tumbles below $70k, wiping out gains since Trump 2024 win

#30

Post by ManuelKiessling »

gfdklgfdlkjl wrote: post #11

Russia-Ukraine war is being wound down and Russian sanctions will be lifted probably in the next 1-2 months. Crypto is the financial tissue that connects sanctioned entities to non-sanctioned Western banks. What you are seeing is Russians and other sanctioned entities dumping their coins since they won't be needed soon.

This is quite a wild take — but I‘m willing to not dismiss it outright. Not that I’m in any position or capacity to know anything more than the next guy about these matters. But it has a „so wild it could actually be true“ vibe.
Post reply on HN