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Bitcoin Has Longest Losing Streak Since August in Bruising Week

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Re: Bitcoin Has Longest Losing Streak Since August in Bruising Week

#81

Post by OutOfHere »

scotty79 wrote: post #68
OutOfHere wrote: post #64

Earlier quoted context omitted.

> not much lower than that. Not much lower than what? > How low will it go in this cycle In the ballpark of 50K USD.

> Not much lower than what? Than the current price of fifty-ish k. Although even if you buy and sell perfectly. This cycle gain shouldn't be larger than about 100% between now and +2.5 years from now. And that's in dollars, that are gonna probably lose another another 15% of their value in that time. Bitcoin became a pretty boring asset.

> Than the current price of fifty-ish k.

Huh. The price as of today is 63K USD. Please always state your currency unit, and it's best to stick to USD for international communication purposes. Are you new to this?

I guess it's okay for different people to have different beliefs about how low it'll go, otherwise it wouldn't get traded. I base mine in experience over the last few cycles.

Re: Bitcoin Has Longest Losing Streak Since August in Bruising Week

#82

Post by KetoManx64 »

stephc_int13 wrote: post #56

Here is a prediction about Bitcoin: there will be a financial crash at some point in the future, maybe it will be the AI bubble, maybe because of oil, shortages, something entirely unforeseen or some combination of those things, but if there is something to know about cycles is that crashes happens. And because Bitcoin is now old enough that most people understand what it is, the hype has vanished, it won't survive t…

A financial bubble.. Like the one caused by the inflation of the dollar to unimaginable levels? 1/2 of all dollars in existance have been printed in the last 6 years.

I would much rather have hard asset like Bitcoin, that is backed by the biggest computer network that has ever existed, that has a hard cap of 200m, than Federal Reserve IOU notes that can be printed ad-infenitem with zero recourse from you and me other than being made more poor.

Re: Bitcoin Has Longest Losing Streak Since August in Bruising Week

#83

Post by KetoManx64 »

oldandboring wrote: post #27
Overpower0416 wrote: post #10

People will FUD. After the cycle is over, Bitcoin will make new ATH and the people who bought the dip will be called lucky. Same old tale

> Same old tale I have sweatshirts that are older than Bitcoin, brother.

Your sweatshirt was made in a factory by maybe 10 people.

Bitcoin has tens of thousands of people running nodes, mining, and is the largest collective CPU compute that has ever existed.

Re: Bitcoin Has Longest Losing Streak Since August in Bruising Week

#84

Post by KetoManx64 »

darth_avocado wrote: post #13
tigereyeTO wrote: post #5

Earlier quoted context omitted.

Contrived. Your imaginary dog can’t teleport value across the globe instantly, but Bitcoin can.

Value can only teleport if someone is willing to trade traditional currency in exchange on the other side. My no international fee bank account also teleports value across the globe instantly and more merchants are willing to accept it than Bitcoin.

Your "no international fee bank account" also inflates away at 8-10% a year if you're holding US dollars in savings. And about the same or more for other currencies. The Federal reserve has printed 1/2 of all dollars in existance in the last 6 years, and deflated the value of your dollar by around half.

While I can buy a cup of coffee with bitcoin, I'd rather use the federal reserve notes that are backed by nothing but empty promises from government institutions that look down on you.

Re: Bitcoin Has Longest Losing Streak Since August in Bruising Week

#85

Post by KetoManx64 »

malfist wrote: post #28
avmich wrote: post #24

Earlier quoted context omitted.

Telll it to my friend who was escaping a country under sanctions and had to move his money elsewhere. His bank didn't have that miraculous power, but Bitcoin did.

Yes, I agree. Bitcoin is great for crime.

The U.S. dollar is the #1 currency used for organized crime.

Re: Bitcoin Has Longest Losing Streak Since August in Bruising Week

#86

Post by KetoManx64 »

ToucanLoucan wrote: post #12
lern_too_spel wrote: post #8

Earlier quoted context omitted.

Can your imaginary dog be stolen by Russia and North Korea to circumvent sanctions? Are people buying "ownership" of your imaginary dog in a speculative frenzy that will cause the last bagholder to take a bath when there are no more greater fools? It's true that your imaginary dog, like Bitcoin, has no good legal use; but your imaginary dog is harmless. Bitcoin is not.

Don't forget the flagrant use by politicians to grift their supporters and/or receive money that would otherwise be illegal to do so from foreign actors through it. Truly amazing that the tech elite have replicated everything wrong with the existing financial system while not managing to get any of the actual good, useful parts.

Because foreign actors never "donate" hundreds of thousands of dollars to "charity" organizations run by US politicians or their families?

Bitcoin didn't change anything, other than permanently instript those transactions into a public ledger for everyone to see.

Re: Bitcoin Has Longest Losing Streak Since August in Bruising Week

#88

Post by KetoManx64 »

malfist wrote: post #87
KetoManx64 wrote: post #85

Earlier quoted context omitted.

The U.S. dollar is the #1 currency used for organized crime.

https://xkcd.com/1138/

Very true:

- US Dollar: Backed by the US government, which has a monopoly on violence over its citizens and pretty much the entire world. The Federal Reserve has the ability to print new dollars as demanded by US government policies and is responsible for funding the endless conflicts that the US has been involved in overseas for the last 100 years. The inflation of the US dollar cripples the middle class and weights down future generations with debt that they will never be able to pay off.

- Bitcoin: 100% free of any kind of force, created by an individual who believed individuals should have sovereign control of their money and is 100%. Due to the limited supply cap it makes wars unfundable and actually increases in value as the years go on so you can pass it on to your children and their children.

Re: Bitcoin Has Longest Losing Streak Since August in Bruising Week

#89

Post by the_gastropod »

ascendantlogic wrote: post #75
the_gastropod wrote: post #46

Earlier quoted context omitted.

Technical analysis is just astrology for finance bros.

I'm not a TA nerd, but there is a very clear pattern that has been established. Crypto moves in cycles. You don't need to draw a ton of triangles and lines all over a chart to see the cycle this has gone through over and over.

If it were a reliable predictor, it’d be trivial to become a billionaire by levering up, and riding the next “cycle” up, no? You doing it? I suspect not, because you know it’s not actually a reliable predictor of anything.

Re: Bitcoin Has Longest Losing Streak Since August in Bruising Week

#90

Post by illusive4 »

ryandvm wrote: post #78
jfengel wrote: post #62

Earlier quoted context omitted.

They were widely considered on topic when the price was going monotonically upwards. Aside from the technical aspects of blockchain, there is a second reason to talk about the direction of the price. There's reason to think that it's falling because of other technology offerings (mostly AI, and increasingly space). So it's a meaningful indicator of the sense of investors in technologies.

I like how 15 years on, we're not even pretending that blockchain has practical uses besides buying drugs and gambling. There's a certain refreshing clarity in this current kleptocratic moment - everyone is just openly engaged in fraud. Okay, I guess that's better than pretending they weren't.

Majority of crypto is pretty bad for buying drugs.
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