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

reuters.com

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

#31

Post by rglover »

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 presumed ethos flew out the door the second that fundamentals were traded for chasing the very asset bitcoin was trying to replace (an inevitability vis-a-vis human behavior).

That said, I don't think it's "dead," but rather showing itself for what it is: a well-intentioned attempt at solving corruption of money, predictably co-opted by (and made the bitch of) the very forces it sought to replace. Now, it seems to best exist as a secondary financial rail that you can use if and when it suits your needs.

The original ideological base case failed miserably, unfortunately (sound money).

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

#33

Post by cyanydeez »

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.

No worries, they wanted to be considered a currency, and now with Trump's grift economy, they're really making a good case they're just as useless as real currency and even better for grift!

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

#34

Post by the_real_cher »

As long as the government continues to devalue the dollar, crypto is in a great position.

Speculating out several orders:

Once the new head of the fed takes over and pushes interest rate cuts per his bosses request, borrowing will get cheaper, money will flow and inflation will go up. The dollar will devalue. Congress will never stop going into a deficit with their spending bills as no one votes for austerity, requiring more and more money to be printed. Wages will not keep up with inflation as it skyrockets and taxes take an ever greater chunk of the workers check.

If things continue as they have been, at some point, the dollar will not be a good value proposition for average normal people to use for day to day exchange, and they will start to look into other options to maintain economic normalcy.

Crypto currency is poised to take over.

If you take speculation to even further orders beyond that... once people start to switch over to crypto en masse, the government will then start to track people's crypto usage to recoup it's tax money that it's losing.

Then privacy crypto currency will be poised to take over that.

Another interesting monkey wrench. The dollar is somewhat bastioned from inflation by being the worlds reserve currency. But imagine if the world lost faith in dollar and started to use something else like a EU or BRICS currency. I wonder how that would affect the dollars value?

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

#35

Post by Denatonium »

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.

In spite of its issues, it seems like Monero is the only mainstream cryptocurrency that actually still lives up to the ethos of what Satoshi had in mind.

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

#36

Post by beAbU »

the_real_cher wrote: post #34

As long as the government continues to devalue the dollar, crypto is in a great position. Speculating out several orders: Once the new head of the fed takes over and pushes interest rate cuts per his bosses request, borrowing will get cheaper, money will flow and inflation will go up. The dollar will devalue. Congress will never stop going into a deficit with their spending bills as no one votes for austerity, requir…

More likely americans will start trading in € or £ cash, on a parallel market. The same way argentinians are doing it now with $.

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

#37

Post by zamadatix »

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)

The markets have hardly moved yet and there are far bigger dips and faster dips within the last year which did not have such an effect https://i.imgur.com/nYSdiUN.png. I also agree with the sibling it doesn't really make sense to call Bitcoin a hedge if it's supposed to drop with the market.

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

#38

Post by Ancalagon »

Denatonium wrote: post #35
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.

In spite of its issues, it seems like Monero is the only mainstream cryptocurrency that actually still lives up to the ethos of what Satoshi had in mind.

I 100% agree and don't understand why Monero isn't talked about more. I own none of it but it accomplishes everything the crypto bro's talk about.
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