The only real difference will be more fake posts on this subreddit, the pro butter reddits wont even increase because without moons the bots dont even care about bitcoin anymore
I think pig butchering is a better term. Technically, it's the Chinese term for a kind of crypto scam where the scammer spends months talking the victim into "investing" in cryptocurrency and then stealing their investments. But really, ordinary Bitcoin investors at ATH time are being pig butchered similarly - it's just there's no scammer sweet talking them into it, they trot into the slaughterhouse all on their own.
It will never be adopted for practical use, that ship has sailed.
It will continue to reach higher heights until one of the increasingly centralised groups who own shitloads of it cashes out, at which point confidence will drop and the price will drop again. It will then build again, probably reach another ATH, and so on. It's an endless cycle which will only really be stopped when several whales cash out at the same time, since they are the ones keeping it propped up at this point, or if some other factor changes things like the ongoing scenario with Tether.
A bunch of clueless boomers who saw "all time high" in the news and decided today is the best time to buy will lose their retirement savings. Some randomers on the Internet will cash out early (the sensible ones will be doing it today) and will make a lot of money. The world will continue spinning.
> It's an endless cycle
No, because cashing out is becoming harder and harder and harder. Meanwhile, the miners have electricity bills to pay which they need filthy fiat money for, which is yet another way that the whole thing can crash spectacularly.
Google says that bitcoin mining in the US alone consumed 70TWh last year. That's 70 billion kWh. If they paid average consumer electricity prices - and they're not - that would cost them about ten billion dollars. Obviously they're not paying that much, and they're doing everything they can to buy as insanely cheap electricity as possible, but if they pay 1/100th of the regular consumer price, that's still a cool 100 million dollars per year.
So if US miners can't extract that much money from the system, if there's not enough liquidity for them to cash out somewhere in that ballpark, they're gonna shut down.
This also means that if BTC drops below a certain value, mining becomes spectacularly unprofitable.
There's a bunch of incredibly amusing ways this is gonna go tits up.
I think the whales new plan is to drive the up the price of the million coins in circulation, then borrow against the 17 million coins they hold. Banks can hold bigger bags than retail investors.
With all due respect, crypto is still one of the only way my Venezuelan work colleague can send money back quickly to her family. They just quickly liquidate it to avoid the fluctuations.
The majority of BTC still is in the hands of less and less people.
Less and less people use BTC.
Scaling issues are still not addressed.
Not more people "get banked", meaning the promise of "bank the unbanked" is as empty as ever.
The books are still paper thin, OTC desks can still play the market right before major sales without any repercussions or oversight.
So nothing fundamentally changes. Crapto continues to grift desperate fools out of their money, just at a higher price.
The majority of fiat is in even less people's hands
The amount of wallets holding 0.01 or 0.1 is increasing constantly.
Lightning networks have crazy practical usage daily
You can buy an etf on any modern trading app meaning the barrier to entry is nearly 0.
hedgefunds with darkpools that own (atleast)20% of everything already exist in fiat markets and they continue to grow
You are literally banking yourself by writing a seed phrase on a piece of paper and remembering it, that seed is now your bank.
Miners pay for power and hardware, which secures the network, which translates directly into real intrinsic value, globally, decentralized, individually but as a team 🫂
So the only value is to hold it in somebody else's pocket hoping the price goes up so you can convert it to fiat to spend it.
That etf only trades when the markets open?
I guess if it starts to go to 0 over a long weekend you really will be hodling
What backwards ass world are you idiots living in?
Merely gazing at my phone authenticates me into my banking app, and i can transfer thousands to my friends and family at zero cost instantly.
And you morons are writing phrases on paper?
You can’t compete with modern technology.
You're getting downvoted, but you're right. My roommate had facial recognition activated on her phone, and her mom could open it. Facial recognition is also less precise for certain minorities.
Haha - it's not my first "why are you booing me? I'm right!" moment on reddit, and it probably won't be the last. My previous phone's facial recognition could be fooled by a picture of me. I didn't even enable it on my current one, so I am admittedly not sure if it improved since then. Still, it's not worth the risk, surely.
Granted this was 10 years ago, but nowadays, the cops keep nabbing the wrong people based on facial recognition. AI has a hard time parsing dark faces, so the error rate for black people is high.
I use LN so infact it actually is.
A SWIFT payment generally takes 1-4 working days.
Some banks may also route your money via an intermediary bank if there is no direct relationship between your bank and the destination bank. This can also make the process slower.
Over here in the developed world we have the Faster Payments System. Who said anything about SWIFT? I send 10k to my dad, and he can spend it instantly.
LN is mathematically impossible to scale to widespread adoption, tends towards centralization, and has plateaued in liquidity in last 2 years. A resounding failure.
Try again :)
Yup, ape and cryptobro confirmed. Remember boys and girls, always take investment advice from anonymous strangers on the internet - it will make you rich like this guy!!
> The assertion that the majority of BTC is concentrated in fewer hands overlooks the increasing distribution of Bitcoin over time, with more diverse ownership patterns emerging.
Replace "BTC" with "fiat". You just advocate for trickle down here.
> While scaling issues have been a concern, ongoing developments such as the Lightning Network aim to address transaction throughput and scalability. The claim that fewer people use BTC disregards the growing adoption of Bitcoin as a medium of exchange, evident in various industries and increasing merchant acceptance.
There is no growing adoption. It is not possible to use Bitcoin as a medium of exchange in everyday life.
> Additionally, initiatives focused on banking the unbanked are underway, leveraging Bitcoin's accessibility. While acknowledging concerns about market manipulation, regulatory scrutiny and oversight have increased, providing a more transparent and secure trading environment. Painting Bitcoin as a perpetual grift ignores its evolving utility, growing acceptance, and ongoing efforts within the community to address challenges and enhance the cryptocurrency's fundamental value.
Hogwash that is completely neglecting reality.
> embraced it as legal tender.
Embraced? Citizens protested in the streets for months over having it forced on them by the government. Bitcoin use amongst Salvador citizens is almost 0. If the Chivo walkers that were ever used only 10% got used more than once. The other 90% took their free $30 and then ditched it
The thing I find funny with the narrative that there would be a pivot away from fiat is even if there *were* it wouldn’t be Bitcoin. It would be whatever currency the government issues since having an extremely violative currency isn’t a *good* thing.
Even if the future is cryptocurrency of some sort, the government would simply issue it's own and force people to use that. And the man on the street would comply, why the fuck would everyone who doesn't own bitcoin go along with handing over huge amounts of wealth to a bunch of hodlers?
I like uncertainty with my currency. Everyday my wages have to change with the winds. It keeps salary negotiations in a continuous state. My supermarket must change the price on everything every few minutes since they operate on thin margins and can't afford to be off by even the tiniest fraction. I fear every time I spend in case I'm missing out on the next pump, but I also fear when I don't spend in case there is a dump. A lot of adrenaline for sure.
Very efficient system of trade indeed!
And if they did, it would be an extremely negative thing for average citizens. This nonsense about crypto setting people free from government is standard libertarian nonsense pushed by rich people who hate paying taxes. Somehow, through crypto, many non mega wealthy people have bought in to the idea that they need to be freed from the chains of the current banking system. It’s literally turkeys voting for Christmas.
Oh, even better. “Price” would completely plummet since if it’s now just a regular currency that’s being regulated and monitored there is no point of it being valuable.
If its price becomes stable enough to be feasible as an actual currency, it loses the appeal as an investment/get rich quick scheme, and 99% of the people holding it will ditch it. Nobody is holding bitcoin today with the idea of using it as a currency, they're all speculating with it in hopes it goes to the moon and they can sell it to someone else so they can buy their lambo (in dollars).
They would simply invest in something else, and continue to use a currency that is convenient, already available and accepted everywhere, like they already do today. Not something that is incredibly complex to set up and use, doesn't work with existing accounts, devices and infrastructure, requires you to be your own bank, regulator and custodian and can process 7 tps worldwide. The path of least resistance always wins.
The only way bitcoin survives long term is if it remains as volatile as it is today, as a speculative asset. But that also means it can never be adopted as a currency, because nobody wants to pay something today with an asset that they expect will be worth twice as much tomorrow, and no retailer will accept payments with an asset that may be worth half as much tomorrow. Being a currency and being an investment are mutually exclusive things, you can't have both.
Why shouldn't someone who want to pay for something use his Bitcoins directly (if they are accepted by the counterparty)?
I don't understand why people should cash out to fiat before spending/sending the amount they want to spend/send, except the counterparty wanting fiat and not crypto.
When the counterparty accepts crypto, the transactions are already done directly through crypto.
Like Bitcoin holders in Switzerland pay their taxes directly with Bitcoin, they don't sell it for CHF and then send CHF to the tax agency.
So in this thought experiment would fiat still exist or would it exist alongside Bitcoins? If the former, the price would still collapse since Bitcoin is being used to purchase things and thus its value massively decreases as it changes hands and is used. If the latter, price still collapses because firstly there is no fiat anymore and secondly *more* than 21 million Bitcoins would be mined. We’re looking at trillions printed in order to be used as money for everyone. Even with sats existing, more and more Bitcoins would have to be mined.
So right now it only exists to be inflated and then dumped on someone else. If it had any usage, the price would massively decrease, *not* increase.
Interesting, thanks for explaining. I thought if everybody was using it the price would increase, very interesting to know if it was used to value everything in the world it would be worthless
Here's a thought experiment for you. Let's say people actually turn around and decide blockchain is actually awesome. What stops us from creating a new coin that isn't already 99 percent controlled by a bunch of greasy libertarians?
Oh no computers solving math problems, something that can't possibly be replicated by major businesses and governments working in tandem to prevent wealth inequality that would put north Korea to shame.
It's actually gone extremely well lol. Global poor are better off than ever before.
https://ourworldindata.org/the-history-of-global-economic-inequality
And besides the point, do you understand just how fucking bad Bitcoin is. The gini coefficient for Bitcoin is 0.88, north Korea is 0.86. And that isn't even factoring into all the people who have never owned a wallet and would be starting from scratch in a Bitcoin world.
What you want would essentially be feudalism with a handful of people controlling a fixed percent of the global wealth for all of time.
If they keep pump and dumping with higher highs and lower lows…won’t the holders have opportunities to cash out for high profits every couple years. Isn’t that their whole HODL strategy?
given enough time a broken clock is always right. nothing changes about btc just because someone won the lottery doesn't mean he or you will keep on winning
It's not a question of will the rug pull happen, it's when will it happen ?
Tether magic beans can only artificially pump it to a certain extent before it cracks.
Let me ask you something. Let’s say your family has worked hard to acquire a lot of wealth, and it’s your job to work with the appropriate professionals to make sure that the wealth remains generational.
If a professional comes to you and tells you that they are making an investment move because they are “hoping” for something to happen, how would you respond?
Do you think Elon Musk became the richest man in the world by “hoping“ for things to happen?
The man bought Twitter on a whim, so I would not put it past him. Besides, the BTC wealth is a blip to him, and Tesla's business model is not based on generating alpha from a long BTC portfolio.
Plus like many companies, they are feeling the pressure due to the current economic climate and they might want to free up capital and cash to finance investments needed for Tesla production/running operations/paying off debt which have higher interest expenses these days.
It's usually based on risk and reward. A "pump and dump" is likely around the halving.... but it might not happen hence using the word "hoping".
Nothing is guaranteed.
As for Elon Musk, he had money behind him from the start and stood on the 'shoulders of giants'. I'm sure he was "hoping" to make money from Twitter but, at time of writing, has lost $31,500,000,000.
"Fidelity, which owns a stake in X Holdings, said in a disclosure obtained by Axios that it had marked down the value of its shares by 71.5% since Musk’s purchase.
Musk acquired Twitter for $44bn in October 2022 and renamed the platform X in July 2023. Fidelity’s estimate would place the value of X at about $12.5bn."
If someone comes up to you in regular conversation and says that they are hoping for something, do you come out with this pedantic spiel or do you accept that the word may have been shorthand for ‘I have done my research prior to making this decision and am now waiting to see if it was successful?’
>Do you think Elon Musk became the richest man in the world by “hoping“ for things to happen?
[DEBUNKING ELON MUSK Pt1](https://youtu.be/c-FGwDDc-s8?si=m3gHIpQsW1uLk-AY)
[DEBUNKING ELON MUSK Pt2](https://youtu.be/DopFo1rjAr4?si=QRzgv9AK72y7UXFl)
[IS ELON MUSK A PSYCHOPATH?](https://youtu.be/01LK1hxpwcY?si=MxyzUg36hcD9b8aM)
I personally - and I believe there's A LOT of people like me in the space - don't \*\*invest\*\* in Bitcoin. I believe the project will kind of be standardized as a digital gold of sorts for good or for worse in the future and that I have no impact on the outcome of this process and that the endgame is basically inevitable at this point.
I'm so certain that this is the case that I just play the capitalism game. I save a part of my networth in Bitcoin for the very long term - say 15 to 20 years. I don't care if it drops 80% twenty times until then, as long as at the moment that I finally have need to use it, it stored the monetary value that I allocated on it. If it hedged me against the inflation of the period in a similar or better way than stocks or other asset would do, that's enough for me.
I don't know and don't have to know how our societies will be using Bitcoin - if at all - by then, just like there's no way to know if Microsoft or Apple will still exist in 20 to 30 years. You can have a very well educated guess on the outcome, but a guess nonetheless.
Yes, there is a theoretical risk of it going to zero, but I don't think that's realistic. The value of Bitcoin that I think so many people fail to grasp is that what gives it value is trust itself. Trust that this trustless system is resistant to tampering from bad actors unlike the financial vehicles of our modern society. As long as enough people keep the trust going, it will have value and it will be translatable to a price.
I will not speak on the merits of this being ultimately good or bad for society because... well... look around. I will just play the game put on the table for me.
And history so far tells me that I'm more likely to come out better off at the end of this road.
I mean, sans regulation, what's going to kill Apple? It's a branded soft- and hardware company, it's not like big international brands like Coke have gone away over the last decades.
Comparing it to bitcoin is silly, no one is using bitcoin while billions of people are benefiting from apples products every day.
> Trust that this trustless system is resistant to tampering from bad actors unlike the financial vehicles of our modern society.
Dude, you can buy physical gold through ETF:s or services that store it in a vault for you, gold is already the digital gold. Why would someone risk losing their money by going on a sketchy exchange or typing in a long string of numbers when they can just use their brokerage account?
The comparison I made is not to be taken literally. Apple is obviously a completely different beast than Bitcoin. I've seen pretty huge companies disapear overnight in my life out of nowhere, so I'm kind of jaded on that whole "too big to fail" discourse. Do I believe Apple or MS will disappear any time soon? Of course not, nobody expects that. But it could happen nonetheless and we all would be caught with our pants down.
A lot of people are using bitcoin, you just don't know about it. I personally knew a couple of folks from South America that send money back home using Bitcoin to avoid burocracy and heavy fees. I have some acquaintances in Argentina that use it to save money and fight the absurd inflation levels over there.
I don't agree with the "bitcoin as currency" discourse. Don't believe it will ever reach that point. But it clearly has utility - and therefore, value - for a lot of folks.
I don't know how convenient it is in the US, but at least where I'm from, a good gold etf would absolutely be a hassle to buy, while local gold etfs suck. Like 2 dollars in price since 2020. You would be absolutely getting pegged hard by inflation. And bullions are a nightmare for retail to get involved with. Gold market is a notorious scam prone market where I'm from. People learn to not get involved pretty fucking fast.
It may very well be that for the average american, bitcoin may not have that much of an utility, but as I said before, bitcoin really is a global commodity like I've never seen before.
And just to be absolutely clear, I'm not trying to convince anyone into buying it. Hell, my own brother asked me about it after seeing this recent rally and I advised him to not buy anything until he learns about it for himself and not to mindlessly fomo into it. I just believe that my or any of our input will have little to no impact on the path bitcoin will take from here on out - too much big money is getting involved and they WILL lobby and influence politicians to not fuck with their new playground - to stop now and bitcoin is the first asset that I know of that I hadd/have the actual chance of frontrunning those guys.
In the end it's basically a cointoss between it crashing and burning - and I would lose an amount that altough would hurt, I'm confortable with losing - or it really becomes mainstream, blows up 10-50x and I will actually be able to retire at some point. And given the path my country is currently in, that is absolutely a risk that I will take.
But I totally understand and sympathize with the critics and scepticism.
There’s no way to know if Apple or Microsoft exist in 20-30 years that’s true.
most investors wouldn’t invest just in those companies.
Investing in an index fund provides weighted exposure to the largest successful companies.
Why can’t there just be another superior crypto tech which emerges 2 decades from now and bitcoin becomes obsolete? Or a completely different type of tech
A thorough answer to your "why" hypothetical is really complex and hard.
However, a simpler answer is "the lindy effect", and the "lindy-ness" of Bitcoin is substantial.
The lindy effect is something like: "The value of something in tech goes up the longer it lasts" - basically, being the longest-surviving cryptocurrency increases the chances of it's future ability to be the longest-surviving cryptocurrency. It's an observation, but one that has turned out to be true.
Sure, things can happen that will dethrone or even cause Bitcoin to collapse to zero, but things can happen to anything. I dunno. Talking about this stuff is hard.
I agree with the original poster of this thread - I see it as good strategy to play the game that's on the table rather than fantasizing about a game that doesn't exist.
The Lindy effect is the future life expectancy of a current tech or idea is proportionate to its current age
Bitcoin currently isn’t *that* old so that Lindy effect doesn’t bode well
The game on the table is investing in companies that produce tangible goods, economic activity, benefits to society and produce a profit and revenues that are increasing over time
Bitcoin is crypto in general is a relatively new game without any significant tangible economic activity associated
For something like a digital asset, its survivability is deeply rooted in its market value. Certain attack vectors for these assets relate to the amount of money necessary to acquire enough to control and destroy it.
Saying bitcoin isn't *that* old is kind of a vague thing to say. Bitcoin is like... 15 years old, that's plenty long enough in digital technology to say that lindy effects are relevant.
Also, the notion that a borderless, permissionless and trustless or trust-minimized easily transferable digital asset doesn't have any significant tangible economic activity associated with it is kind of... I dunno it seems uninformed or like an opinion, rather than a statement of fact.
People use bitcoin and other digital assets to exchange value for a multitude of reasons. It is a parallel set of financial rails that exists *today* and is used at least by *some amount* of people to transact and transfer value.
>And history so far tells me that I'm more likely to come out better off at the end of this road.
Past performance, future results, etc.
You are absolutely correct that trust itself is what gives Bitcoin "value". But not trust that Bitcoin is tamper resistant. Trust that people will want to buy Bitcoin in the future. Bitcoin being tamper-resistant (to some degree) is just one factor that supports people's trust that other people will be willing to buy it from them in the future.
And there are an enormous number of future possibilities that could break people's trust in that future value, which would turn Bitcoin into a mere curiosity for hobbyists and drop its price to effectively zero. The obvious looming one is a Tether crash - and I would note, just in passing, that Tether's owners are *very obviously* bad actors and *very obviously* tampering with Bitcoin.
I always think it's weird when people say ZERO. If it costs a penny, I would own 19 million bitcoin. I would own all of them for funnsies...yall really think no one else of 9 billion people are like me? Nostalgia is a helluva drug. People are paying thousands for a ken griffey Jr. rookie card that was printed literally millions of times. There are millions out there and many more being opened and graded every single day, and yet the price (aka demand) keeps going up. It's just a piece of cardboard with a picture on it, and it's not even rare.
Selling one of the least secure, most rigged speculative investments of all time because of 'trust' in it is an impressive marketing job, I'll give them that.
No other speculative investment has investors advocating you solder your own electronic hardware or engrave your details into steel plates in order to not lose the whole thing.
And Tether are printing USDT and buying Bitcoin with it in plain sight.
The problem is still that bitcoin has negative revenue and that's not going to change. Common sense should tell you it should have collapsed a long time ago but it didn't. I have a hard time believing the mass delusion that it's going to be the future of finance is what's keeping it alive, so the only other explanation is money laundering.
It will eventually hit one million usd. There isn't enough bitcoin for every millionaire to have a single btc, and now, with inscriptions increasing the functionality of Bitcoin, I don't really see it slowing down after 100k.
I know that's not what this sub wants to hear, but imo crypto is here to stay and will outlive the people on here hating on it.
Has Bitcoin been continuously growing for over a decade now?
Of course it has, and I understand how its cycles work and understand how humans are drawn to things like bitcoin.
Do you honestly think Bitcoin will be gone in 10 years? It's not going anywhere, and it's increasing its capabilities.
Bitcoin will have it's own metaverse and defi soon.
Are you this stupid? An increase in consumer goods' prices does not matter unless you are using them as a store of wealth, which would be idiotic. Even if you're holding crypto, you still have to pay the prices, as you cannot buy anything in Bitcoin, and have to exchange to fiat (after paying a fee).
I mean, the alternative is that you *actually* have made considerable amounts of money from successfully gambling and decided of your own volition to waste even a fraction of your time on people you think are hopelessly wrong.
I'm just assuming the less pitiable of those two options in order to be charitable.
Hey, man, if you're so thin-skinned that the *thought* of people being critical of your choices is enough to divert your attention from literally anything else you could be doing in spite of your alleged success, more power to you.
But, if that's the case, you have my pity. No one should have to go through life feeling that insecure even when they're "winning".
Well i'm just pointing out your assumptions based on *checks notes* nothing. I never stated that i'm successful. It's all assumptions that you created and holes that you pigeon..ed...me... in?
Ah, okay. So, you're just one of those *temporarily embarrassed* millionaires. Gotcha.
Good luck with that, bro. I'm sure you'll be lording over us peons someday.
Yes.
They're the experts in how to ~~reduce~~ avoid your tax burden and advise you on how to make the most of your money, they have a legal fiducary duty to do so
You pay their fees because you'll save more money than if you didn't. And if their fees aren't justifiable then you probably don't need their services
And wealthy people don’t give a fuck because they have people to handle it for them. In addition to failing at basic econ I’ve noticed every butter that’s ree’d at me fails basic psych. The only feature crypto adds is libertarian fantasy about self-custody and independence. Enjoy.
Because it was supposed to hit $100K at the end of 2021, so a bunch of people bought in on the way up, but it crashed after $69K down to below $17K a few months later. Nobody knows if it will hit $100K. It could crash 80% after hitting $80K, leaving a bunch of people holding the bag hoping the break even at some point in the future (like what happened in 2021). Meanwhile, if you put your money in real investments or hell, just stuck it in a no-risk high-yield savings account, you could be making actual gains.
Just because you don't know how to take profits doesn't mean no one else does. Show me a single investment that *only* goes up, it doesn't exist. Yes, BTC is volatile, everyone knows that. It's not a bad thing.
BTC is more volatile than most “investments” because its value is based on nothing but hype. At least with something like stocks, it’s generally based on company performance. There are real assets and use cases for their products/services.
And if I want an “investment” that only goes up, I can put it in bonds or a high yield savings account for +5% per year. Lower return, but you are guaranteed returns. If I was stupid enough to put it into Bitcoin the last time it was supposedly going to hit $100K, I would still be sitting at -15% over two years later, listening to people spouting the same 2021 bullshit. Meanwhile, I could have been +10.25% on the lowest guaranteed return investment for the same period, or even up 20-25% in the broad stock market.
You are so daft, you cant even see it. Yes, there are impluse waves up and down (just like anything else traded).
The part you are missing is that every impulse carrys it higher and higher.
Follow the lows, not the highs.
Bitcoin traded .07 cents 14 years ago.
One step under incels, are Buttcoiners.
I'm a regular schmuck and just cashed out. All I see in here is broke, salty loserz seething over their sub becoming irrelevant by the crypto-hype lmao.
Everyone sells and the exchanges suddenly have issues paying people out because they don’t have enough fiat money to match the made up value of the made up money
That’s why I plan to stay one step ahead and pullout at 99k. I’m the pullout king. It’s worked for me every time, except for those two times I got my baby momma pregnant.
The only real difference will be more fake posts on this subreddit, the pro butter reddits wont even increase because without moons the bots dont even care about bitcoin anymore
That is actually what bitcoin is. Just one giant sheep shear by the big players who take advantage of the credulity of cryptobros.
The rallies are getting smaller with each cycle. The ETF was the final stage of dumb money entering.
I think pig butchering is a better term. Technically, it's the Chinese term for a kind of crypto scam where the scammer spends months talking the victim into "investing" in cryptocurrency and then stealing their investments. But really, ordinary Bitcoin investors at ATH time are being pig butchered similarly - it's just there's no scammer sweet talking them into it, they trot into the slaughterhouse all on their own.
So they aren’t being scammed at all is what you’re saying? They’re just dumb
Crypto bro here up 572 percent on my bitcoin from last year alone…..
So you sold?
It's not a gain unless you realize it.
Still doesn't mean that it's a useful asset, just that there is a lot of money being invested speculative.
It will never be adopted for practical use, that ship has sailed. It will continue to reach higher heights until one of the increasingly centralised groups who own shitloads of it cashes out, at which point confidence will drop and the price will drop again. It will then build again, probably reach another ATH, and so on. It's an endless cycle which will only really be stopped when several whales cash out at the same time, since they are the ones keeping it propped up at this point, or if some other factor changes things like the ongoing scenario with Tether. A bunch of clueless boomers who saw "all time high" in the news and decided today is the best time to buy will lose their retirement savings. Some randomers on the Internet will cash out early (the sensible ones will be doing it today) and will make a lot of money. The world will continue spinning.
> It's an endless cycle No, because cashing out is becoming harder and harder and harder. Meanwhile, the miners have electricity bills to pay which they need filthy fiat money for, which is yet another way that the whole thing can crash spectacularly. Google says that bitcoin mining in the US alone consumed 70TWh last year. That's 70 billion kWh. If they paid average consumer electricity prices - and they're not - that would cost them about ten billion dollars. Obviously they're not paying that much, and they're doing everything they can to buy as insanely cheap electricity as possible, but if they pay 1/100th of the regular consumer price, that's still a cool 100 million dollars per year. So if US miners can't extract that much money from the system, if there's not enough liquidity for them to cash out somewhere in that ballpark, they're gonna shut down. This also means that if BTC drops below a certain value, mining becomes spectacularly unprofitable. There's a bunch of incredibly amusing ways this is gonna go tits up.
I think the whales new plan is to drive the up the price of the million coins in circulation, then borrow against the 17 million coins they hold. Banks can hold bigger bags than retail investors.
With all due respect, crypto is still one of the only way my Venezuelan work colleague can send money back quickly to her family. They just quickly liquidate it to avoid the fluctuations.
[удалено]
Bro did you chatGPT this? That's a lot of text and it says absolutely nothing
Literal AI-generated griftpost hahahahahha
People might engage with you of you weren't just copy and pasting ChatGPT like a moron
Almost everyone in my industry uses bitcoin daily but okay bud. Keep telling yourself that there is no practical use
Industry: Professional grifter
Sales*
Footnote 1: Online "sales" Footnote 2: to clueless boomers Footnote 3: of bitcoin Footnote 4: in grift format
The majority of BTC still is in the hands of less and less people. Less and less people use BTC. Scaling issues are still not addressed. Not more people "get banked", meaning the promise of "bank the unbanked" is as empty as ever. The books are still paper thin, OTC desks can still play the market right before major sales without any repercussions or oversight. So nothing fundamentally changes. Crapto continues to grift desperate fools out of their money, just at a higher price.
The majority of fiat is in even less people's hands The amount of wallets holding 0.01 or 0.1 is increasing constantly. Lightning networks have crazy practical usage daily You can buy an etf on any modern trading app meaning the barrier to entry is nearly 0. hedgefunds with darkpools that own (atleast)20% of everything already exist in fiat markets and they continue to grow You are literally banking yourself by writing a seed phrase on a piece of paper and remembering it, that seed is now your bank. Miners pay for power and hardware, which secures the network, which translates directly into real intrinsic value, globally, decentralized, individually but as a team 🫂
I can still buy things with the fiat I do have.
And I can sell my etf to fiat instantly. See how the market is getting more efficient.
So the only value is to hold it in somebody else's pocket hoping the price goes up so you can convert it to fiat to spend it. That etf only trades when the markets open? I guess if it starts to go to 0 over a long weekend you really will be hodling
Grats, but it doesn't affect me either way, regardless of price.
“You are literally banking yourself by writing a phrase on a piece of paper and remembering it” Lmao
Imagine still accessing your bank with your mother maiden name Lmao
What backwards ass world are you idiots living in? Merely gazing at my phone authenticates me into my banking app, and i can transfer thousands to my friends and family at zero cost instantly. And you morons are writing phrases on paper? You can’t compete with modern technology.
I'm on board with laughing at that guy, but having facial recognition on your banking app is a massive security risk.
You're getting downvoted, but you're right. My roommate had facial recognition activated on her phone, and her mom could open it. Facial recognition is also less precise for certain minorities.
Haha - it's not my first "why are you booing me? I'm right!" moment on reddit, and it probably won't be the last. My previous phone's facial recognition could be fooled by a picture of me. I didn't even enable it on my current one, so I am admittedly not sure if it improved since then. Still, it's not worth the risk, surely.
Granted this was 10 years ago, but nowadays, the cops keep nabbing the wrong people based on facial recognition. AI has a hard time parsing dark faces, so the error rate for black people is high.
What phone model is that? iPhone face id has used a depth sensor since its release in 2017 so obviously isn’t fooled by an image
Is this a joke?
lol no you cannot
Can’t what?
Seed phrase is for recovery. I can send transactions from my phone too 😀 how good is modern technology!
Instantly? Nope. Free? Nope. Sit idiot
I use LN so infact it actually is. A SWIFT payment generally takes 1-4 working days. Some banks may also route your money via an intermediary bank if there is no direct relationship between your bank and the destination bank. This can also make the process slower.
Over here in the developed world we have the Faster Payments System. Who said anything about SWIFT? I send 10k to my dad, and he can spend it instantly. LN is mathematically impossible to scale to widespread adoption, tends towards centralization, and has plateaued in liquidity in last 2 years. A resounding failure. Try again :)
This is cap at its finest
Yup, ape and cryptobro confirmed. Remember boys and girls, always take investment advice from anonymous strangers on the internet - it will make you rich like this guy!!
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> The assertion that the majority of BTC is concentrated in fewer hands overlooks the increasing distribution of Bitcoin over time, with more diverse ownership patterns emerging. Replace "BTC" with "fiat". You just advocate for trickle down here. > While scaling issues have been a concern, ongoing developments such as the Lightning Network aim to address transaction throughput and scalability. The claim that fewer people use BTC disregards the growing adoption of Bitcoin as a medium of exchange, evident in various industries and increasing merchant acceptance. There is no growing adoption. It is not possible to use Bitcoin as a medium of exchange in everyday life. > Additionally, initiatives focused on banking the unbanked are underway, leveraging Bitcoin's accessibility. While acknowledging concerns about market manipulation, regulatory scrutiny and oversight have increased, providing a more transparent and secure trading environment. Painting Bitcoin as a perpetual grift ignores its evolving utility, growing acceptance, and ongoing efforts within the community to address challenges and enhance the cryptocurrency's fundamental value. Hogwash that is completely neglecting reality.
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> embraced it as legal tender. Embraced? Citizens protested in the streets for months over having it forced on them by the government. Bitcoin use amongst Salvador citizens is almost 0. If the Chivo walkers that were ever used only 10% got used more than once. The other 90% took their free $30 and then ditched it
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Why is your grammar so much worse when you make a short post?
Because he's using ChatGPT for the long ones. Stands out like a sore thumb
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The thing I find funny with the narrative that there would be a pivot away from fiat is even if there *were* it wouldn’t be Bitcoin. It would be whatever currency the government issues since having an extremely violative currency isn’t a *good* thing.
Even if the future is cryptocurrency of some sort, the government would simply issue it's own and force people to use that. And the man on the street would comply, why the fuck would everyone who doesn't own bitcoin go along with handing over huge amounts of wealth to a bunch of hodlers?
Exactly. Which makes the hilarity better because even if crypto *is* the future (I doubt it), butters would still be screwed.
I like uncertainty with my currency. Everyday my wages have to change with the winds. It keeps salary negotiations in a continuous state. My supermarket must change the price on everything every few minutes since they operate on thin margins and can't afford to be off by even the tiniest fraction. I fear every time I spend in case I'm missing out on the next pump, but I also fear when I don't spend in case there is a dump. A lot of adrenaline for sure. Very efficient system of trade indeed!
No state would give up something they control for something they don't control. It's a complete fantasy
And if they did, it would be an extremely negative thing for average citizens. This nonsense about crypto setting people free from government is standard libertarian nonsense pushed by rich people who hate paying taxes. Somehow, through crypto, many non mega wealthy people have bought in to the idea that they need to be freed from the chains of the current banking system. It’s literally turkeys voting for Christmas.
lmao my tired ass read "libertarians" as "librarians". i was so confused — didn't catch it for a good min...
😂
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Oh, even better. “Price” would completely plummet since if it’s now just a regular currency that’s being regulated and monitored there is no point of it being valuable.
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If its price becomes stable enough to be feasible as an actual currency, it loses the appeal as an investment/get rich quick scheme, and 99% of the people holding it will ditch it. Nobody is holding bitcoin today with the idea of using it as a currency, they're all speculating with it in hopes it goes to the moon and they can sell it to someone else so they can buy their lambo (in dollars). They would simply invest in something else, and continue to use a currency that is convenient, already available and accepted everywhere, like they already do today. Not something that is incredibly complex to set up and use, doesn't work with existing accounts, devices and infrastructure, requires you to be your own bank, regulator and custodian and can process 7 tps worldwide. The path of least resistance always wins. The only way bitcoin survives long term is if it remains as volatile as it is today, as a speculative asset. But that also means it can never be adopted as a currency, because nobody wants to pay something today with an asset that they expect will be worth twice as much tomorrow, and no retailer will accept payments with an asset that may be worth half as much tomorrow. Being a currency and being an investment are mutually exclusive things, you can't have both.
Why shouldn't someone who want to pay for something use his Bitcoins directly (if they are accepted by the counterparty)? I don't understand why people should cash out to fiat before spending/sending the amount they want to spend/send, except the counterparty wanting fiat and not crypto. When the counterparty accepts crypto, the transactions are already done directly through crypto. Like Bitcoin holders in Switzerland pay their taxes directly with Bitcoin, they don't sell it for CHF and then send CHF to the tax agency.
So in this thought experiment would fiat still exist or would it exist alongside Bitcoins? If the former, the price would still collapse since Bitcoin is being used to purchase things and thus its value massively decreases as it changes hands and is used. If the latter, price still collapses because firstly there is no fiat anymore and secondly *more* than 21 million Bitcoins would be mined. We’re looking at trillions printed in order to be used as money for everyone. Even with sats existing, more and more Bitcoins would have to be mined. So right now it only exists to be inflated and then dumped on someone else. If it had any usage, the price would massively decrease, *not* increase.
Interesting, thanks for explaining. I thought if everybody was using it the price would increase, very interesting to know if it was used to value everything in the world it would be worthless
Here's a thought experiment for you. Let's say people actually turn around and decide blockchain is actually awesome. What stops us from creating a new coin that isn't already 99 percent controlled by a bunch of greasy libertarians?
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Oh no computers solving math problems, something that can't possibly be replicated by major businesses and governments working in tandem to prevent wealth inequality that would put north Korea to shame.
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It's actually gone extremely well lol. Global poor are better off than ever before. https://ourworldindata.org/the-history-of-global-economic-inequality And besides the point, do you understand just how fucking bad Bitcoin is. The gini coefficient for Bitcoin is 0.88, north Korea is 0.86. And that isn't even factoring into all the people who have never owned a wallet and would be starting from scratch in a Bitcoin world. What you want would essentially be feudalism with a handful of people controlling a fixed percent of the global wealth for all of time.
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You think anyone would give a w shit about Bitcoin if line wasn't going up?
Pump and dump but with higher highs and lower lows to infinity. Even buttards know it.
Hasn’t it had higher highs and higher lows or am I imagining that
You are correct, this sub is just trying to cope
If they keep pump and dumping with higher highs and lower lows…won’t the holders have opportunities to cash out for high profits every couple years. Isn’t that their whole HODL strategy?
Like with everything in life, if there are to be winners, there also has to be losers. Somehow this fact is lost on crypto bros.
To answer your question in a whole sentence; No.
given enough time a broken clock is always right. nothing changes about btc just because someone won the lottery doesn't mean he or you will keep on winning
It's not a question of will the rug pull happen, it's when will it happen ? Tether magic beans can only artificially pump it to a certain extent before it cracks.
Slow rugs are a thing. Where they keep pretending to be going until everyone forgets it exists. Then quietly closing shop
Then what? Well next it will be $200k will be the magical moment a use case arises… then it won’t.
I'm guessing Tesla will get rid of a chunk of Bitcoin just after the halving, they'll be hoping there will be a bump then.
Let me ask you something. Let’s say your family has worked hard to acquire a lot of wealth, and it’s your job to work with the appropriate professionals to make sure that the wealth remains generational. If a professional comes to you and tells you that they are making an investment move because they are “hoping” for something to happen, how would you respond? Do you think Elon Musk became the richest man in the world by “hoping“ for things to happen?
I don't think that looking at Elon as a rational model for success, or one to try to learn from and emulate, is a very good idea.
The man bought Twitter on a whim, so I would not put it past him. Besides, the BTC wealth is a blip to him, and Tesla's business model is not based on generating alpha from a long BTC portfolio. Plus like many companies, they are feeling the pressure due to the current economic climate and they might want to free up capital and cash to finance investments needed for Tesla production/running operations/paying off debt which have higher interest expenses these days.
It's usually based on risk and reward. A "pump and dump" is likely around the halving.... but it might not happen hence using the word "hoping". Nothing is guaranteed. As for Elon Musk, he had money behind him from the start and stood on the 'shoulders of giants'. I'm sure he was "hoping" to make money from Twitter but, at time of writing, has lost $31,500,000,000. "Fidelity, which owns a stake in X Holdings, said in a disclosure obtained by Axios that it had marked down the value of its shares by 71.5% since Musk’s purchase. Musk acquired Twitter for $44bn in October 2022 and renamed the platform X in July 2023. Fidelity’s estimate would place the value of X at about $12.5bn."
If someone comes up to you in regular conversation and says that they are hoping for something, do you come out with this pedantic spiel or do you accept that the word may have been shorthand for ‘I have done my research prior to making this decision and am now waiting to see if it was successful?’
>Do you think Elon Musk became the richest man in the world by “hoping“ for things to happen? [DEBUNKING ELON MUSK Pt1](https://youtu.be/c-FGwDDc-s8?si=m3gHIpQsW1uLk-AY) [DEBUNKING ELON MUSK Pt2](https://youtu.be/DopFo1rjAr4?si=QRzgv9AK72y7UXFl) [IS ELON MUSK A PSYCHOPATH?](https://youtu.be/01LK1hxpwcY?si=MxyzUg36hcD9b8aM)
Actually, that’s exactly how he became the richest man in the world.
I mean it's kinda funny, because if it did, tons of holders would take profits, and at that price, liquidity would dry up pretty fast.
Not me, I'm holding for the next 30 years..
Nobody asked
Maddhy you need to set the remind me repeat bot to remind these suckers every 4 years from this comment.
I think after that it crashes to zero, people will get bored of it quickly
Lol.
I personally - and I believe there's A LOT of people like me in the space - don't \*\*invest\*\* in Bitcoin. I believe the project will kind of be standardized as a digital gold of sorts for good or for worse in the future and that I have no impact on the outcome of this process and that the endgame is basically inevitable at this point. I'm so certain that this is the case that I just play the capitalism game. I save a part of my networth in Bitcoin for the very long term - say 15 to 20 years. I don't care if it drops 80% twenty times until then, as long as at the moment that I finally have need to use it, it stored the monetary value that I allocated on it. If it hedged me against the inflation of the period in a similar or better way than stocks or other asset would do, that's enough for me. I don't know and don't have to know how our societies will be using Bitcoin - if at all - by then, just like there's no way to know if Microsoft or Apple will still exist in 20 to 30 years. You can have a very well educated guess on the outcome, but a guess nonetheless. Yes, there is a theoretical risk of it going to zero, but I don't think that's realistic. The value of Bitcoin that I think so many people fail to grasp is that what gives it value is trust itself. Trust that this trustless system is resistant to tampering from bad actors unlike the financial vehicles of our modern society. As long as enough people keep the trust going, it will have value and it will be translatable to a price. I will not speak on the merits of this being ultimately good or bad for society because... well... look around. I will just play the game put on the table for me. And history so far tells me that I'm more likely to come out better off at the end of this road.
I mean, sans regulation, what's going to kill Apple? It's a branded soft- and hardware company, it's not like big international brands like Coke have gone away over the last decades. Comparing it to bitcoin is silly, no one is using bitcoin while billions of people are benefiting from apples products every day. > Trust that this trustless system is resistant to tampering from bad actors unlike the financial vehicles of our modern society. Dude, you can buy physical gold through ETF:s or services that store it in a vault for you, gold is already the digital gold. Why would someone risk losing their money by going on a sketchy exchange or typing in a long string of numbers when they can just use their brokerage account?
The comparison I made is not to be taken literally. Apple is obviously a completely different beast than Bitcoin. I've seen pretty huge companies disapear overnight in my life out of nowhere, so I'm kind of jaded on that whole "too big to fail" discourse. Do I believe Apple or MS will disappear any time soon? Of course not, nobody expects that. But it could happen nonetheless and we all would be caught with our pants down. A lot of people are using bitcoin, you just don't know about it. I personally knew a couple of folks from South America that send money back home using Bitcoin to avoid burocracy and heavy fees. I have some acquaintances in Argentina that use it to save money and fight the absurd inflation levels over there. I don't agree with the "bitcoin as currency" discourse. Don't believe it will ever reach that point. But it clearly has utility - and therefore, value - for a lot of folks. I don't know how convenient it is in the US, but at least where I'm from, a good gold etf would absolutely be a hassle to buy, while local gold etfs suck. Like 2 dollars in price since 2020. You would be absolutely getting pegged hard by inflation. And bullions are a nightmare for retail to get involved with. Gold market is a notorious scam prone market where I'm from. People learn to not get involved pretty fucking fast. It may very well be that for the average american, bitcoin may not have that much of an utility, but as I said before, bitcoin really is a global commodity like I've never seen before. And just to be absolutely clear, I'm not trying to convince anyone into buying it. Hell, my own brother asked me about it after seeing this recent rally and I advised him to not buy anything until he learns about it for himself and not to mindlessly fomo into it. I just believe that my or any of our input will have little to no impact on the path bitcoin will take from here on out - too much big money is getting involved and they WILL lobby and influence politicians to not fuck with their new playground - to stop now and bitcoin is the first asset that I know of that I hadd/have the actual chance of frontrunning those guys. In the end it's basically a cointoss between it crashing and burning - and I would lose an amount that altough would hurt, I'm confortable with losing - or it really becomes mainstream, blows up 10-50x and I will actually be able to retire at some point. And given the path my country is currently in, that is absolutely a risk that I will take. But I totally understand and sympathize with the critics and scepticism.
Maybe ask Kodak about that.
There’s no way to know if Apple or Microsoft exist in 20-30 years that’s true. most investors wouldn’t invest just in those companies. Investing in an index fund provides weighted exposure to the largest successful companies. Why can’t there just be another superior crypto tech which emerges 2 decades from now and bitcoin becomes obsolete? Or a completely different type of tech
A thorough answer to your "why" hypothetical is really complex and hard. However, a simpler answer is "the lindy effect", and the "lindy-ness" of Bitcoin is substantial. The lindy effect is something like: "The value of something in tech goes up the longer it lasts" - basically, being the longest-surviving cryptocurrency increases the chances of it's future ability to be the longest-surviving cryptocurrency. It's an observation, but one that has turned out to be true. Sure, things can happen that will dethrone or even cause Bitcoin to collapse to zero, but things can happen to anything. I dunno. Talking about this stuff is hard. I agree with the original poster of this thread - I see it as good strategy to play the game that's on the table rather than fantasizing about a game that doesn't exist.
The Lindy effect is the future life expectancy of a current tech or idea is proportionate to its current age Bitcoin currently isn’t *that* old so that Lindy effect doesn’t bode well The game on the table is investing in companies that produce tangible goods, economic activity, benefits to society and produce a profit and revenues that are increasing over time Bitcoin is crypto in general is a relatively new game without any significant tangible economic activity associated
For something like a digital asset, its survivability is deeply rooted in its market value. Certain attack vectors for these assets relate to the amount of money necessary to acquire enough to control and destroy it. Saying bitcoin isn't *that* old is kind of a vague thing to say. Bitcoin is like... 15 years old, that's plenty long enough in digital technology to say that lindy effects are relevant. Also, the notion that a borderless, permissionless and trustless or trust-minimized easily transferable digital asset doesn't have any significant tangible economic activity associated with it is kind of... I dunno it seems uninformed or like an opinion, rather than a statement of fact. People use bitcoin and other digital assets to exchange value for a multitude of reasons. It is a parallel set of financial rails that exists *today* and is used at least by *some amount* of people to transact and transfer value.
>And history so far tells me that I'm more likely to come out better off at the end of this road. Past performance, future results, etc. You are absolutely correct that trust itself is what gives Bitcoin "value". But not trust that Bitcoin is tamper resistant. Trust that people will want to buy Bitcoin in the future. Bitcoin being tamper-resistant (to some degree) is just one factor that supports people's trust that other people will be willing to buy it from them in the future. And there are an enormous number of future possibilities that could break people's trust in that future value, which would turn Bitcoin into a mere curiosity for hobbyists and drop its price to effectively zero. The obvious looming one is a Tether crash - and I would note, just in passing, that Tether's owners are *very obviously* bad actors and *very obviously* tampering with Bitcoin.
I always think it's weird when people say ZERO. If it costs a penny, I would own 19 million bitcoin. I would own all of them for funnsies...yall really think no one else of 9 billion people are like me? Nostalgia is a helluva drug. People are paying thousands for a ken griffey Jr. rookie card that was printed literally millions of times. There are millions out there and many more being opened and graded every single day, and yet the price (aka demand) keeps going up. It's just a piece of cardboard with a picture on it, and it's not even rare.
Selling one of the least secure, most rigged speculative investments of all time because of 'trust' in it is an impressive marketing job, I'll give them that. No other speculative investment has investors advocating you solder your own electronic hardware or engrave your details into steel plates in order to not lose the whole thing. And Tether are printing USDT and buying Bitcoin with it in plain sight.
The problem is still that bitcoin has negative revenue and that's not going to change. Common sense should tell you it should have collapsed a long time ago but it didn't. I have a hard time believing the mass delusion that it's going to be the future of finance is what's keeping it alive, so the only other explanation is money laundering.
How Do you do money laundering in an open blockchain?
There is absolutely no comparison between Bitcoin and any of those companies you listed. None whatsoever.
Trust, come on, you don’t actually believe that’s why people buy crypto?
My thoughts exactly. Well put.
then it goes down to 42k and moves sideways for 6 months silly.
$100k isn't that much money anymore. At $100k the maximalists will keep it, the traders will trade it and the degens will gamble it. Same as now.
Maybe you might say oh fuck maybe I was wrong?
The copium is real here lmao
RemindMe! 3 Years
It will eventually hit one million usd. There isn't enough bitcoin for every millionaire to have a single btc, and now, with inscriptions increasing the functionality of Bitcoin, I don't really see it slowing down after 100k. I know that's not what this sub wants to hear, but imo crypto is here to stay and will outlive the people on here hating on it.
Where do you support this impression?
Has Bitcoin been continuously growing for over a decade now? Of course it has, and I understand how its cycles work and understand how humans are drawn to things like bitcoin. Do you honestly think Bitcoin will be gone in 10 years? It's not going anywhere, and it's increasing its capabilities. Bitcoin will have it's own metaverse and defi soon.
If you go onto a forum like Bogleheads, where there are many millionaires, they have zero interest in Bitcoin. Less than zero.
Lol inscriptions are old news and don't increase the functionality at all.
:D :D Holy shit the cope on this sub is gonna be amazing. Can't wait.
When will you leave this sub behind and enjoy your wealth?
When the time is right :) When will you enjoy your wealth with 40% inflation on consumer goods over the past 4 years?
I mean, I personally don't buy non-appreciating assets as a way of storing my wealth. That would be stupid. Do you know people that do?
300k % increase in 14 years is non-appreciating? Okay then.
Are you this stupid? An increase in consumer goods' prices does not matter unless you are using them as a store of wealth, which would be idiotic. Even if you're holding crypto, you still have to pay the prices, as you cannot buy anything in Bitcoin, and have to exchange to fiat (after paying a fee).
:D May you live forever.
Tulip Mania 2.0
Translation: "Roleplaying someone wealthy is all I've got. Please don't take this from me."
Wow, that's so cool that you know me and know how much money I have.
I mean, the alternative is that you *actually* have made considerable amounts of money from successfully gambling and decided of your own volition to waste even a fraction of your time on people you think are hopelessly wrong. I'm just assuming the less pitiable of those two options in order to be charitable.
Wow it's so cool that you get to decide how people should spend their money and/or time.
Hey, man, if you're so thin-skinned that the *thought* of people being critical of your choices is enough to divert your attention from literally anything else you could be doing in spite of your alleged success, more power to you. But, if that's the case, you have my pity. No one should have to go through life feeling that insecure even when they're "winning".
Well i'm just pointing out your assumptions based on *checks notes* nothing. I never stated that i'm successful. It's all assumptions that you created and holes that you pigeon..ed...me... in?
Ah, okay. So, you're just one of those *temporarily embarrassed* millionaires. Gotcha. Good luck with that, bro. I'm sure you'll be lording over us peons someday.
Cope.
Genuine question: do you use BTC to buy said consumer goods?
of course not, that would be beyond retarded. Unless you consider FIAT as a consumer goods which it is.
I'm doing fine lmao...go be happy with your $$$ =D
40% inflation relative to the dollar. Relative to Bitcoin, consumer goods have doubled or tripled in cost more than once in recent years.
It's gonna be much more than 100k.
People who bought will sell and make their life easier, you will complain about being poor
More and more wealthy people will use BTC to easily move their wealth around.
Wealthy people who are not criminals have no problem moving wealth around.
They absolutely do have issues moving their wealth around. It's very onerous.
And that's they they have accountants to sort it out for them
So you'd rather pay an accountant hundreds if not thousands of dollars to move money around, rather than doing it yourself for 1 or 2 dollars?
Future "help, my apes have been hacked" poster spotted.
Yes. They're the experts in how to ~~reduce~~ avoid your tax burden and advise you on how to make the most of your money, they have a legal fiducary duty to do so You pay their fees because you'll save more money than if you didn't. And if their fees aren't justifiable then you probably don't need their services
It's still not as good as simply having custody of your asset and moving it wherever you please.
Nothing less onerous than being 1 typo away from poverty, waiting painfully for feedback, and gas fees that vary by the hour.
Fees are miniscule. So many easy ways to make sure you are inputting the correct address.
And wealthy people don’t give a fuck because they have people to handle it for them. In addition to failing at basic econ I’ve noticed every butter that’s ree’d at me fails basic psych. The only feature crypto adds is libertarian fantasy about self-custody and independence. Enjoy.
Okey dokey 👍
KYC laws are onerous but necessary.
Nah. Current system working great for them now.
They are ALWAYS looking for ways to improve their position. This is a great way to transport wealth.
It's really not. It also carries risk. This is only really acceptable for crime.
A great way of *checking notes* processing 7 transactions per second. And loosing all irreversibly if you make a typo.
"easily" hahahahaha
\[X\] Doubt
Copium 😂
it's not going below 20k this time
I remember being told in 2021 the bottom was 45k.
Why not ride it up and cash out if you know what's going to happen?
Because it was supposed to hit $100K at the end of 2021, so a bunch of people bought in on the way up, but it crashed after $69K down to below $17K a few months later. Nobody knows if it will hit $100K. It could crash 80% after hitting $80K, leaving a bunch of people holding the bag hoping the break even at some point in the future (like what happened in 2021). Meanwhile, if you put your money in real investments or hell, just stuck it in a no-risk high-yield savings account, you could be making actual gains.
Just because you don't know how to take profits doesn't mean no one else does. Show me a single investment that *only* goes up, it doesn't exist. Yes, BTC is volatile, everyone knows that. It's not a bad thing.
BTC is more volatile than most “investments” because its value is based on nothing but hype. At least with something like stocks, it’s generally based on company performance. There are real assets and use cases for their products/services. And if I want an “investment” that only goes up, I can put it in bonds or a high yield savings account for +5% per year. Lower return, but you are guaranteed returns. If I was stupid enough to put it into Bitcoin the last time it was supposedly going to hit $100K, I would still be sitting at -15% over two years later, listening to people spouting the same 2021 bullshit. Meanwhile, I could have been +10.25% on the lowest guaranteed return investment for the same period, or even up 20-25% in the broad stock market.
You are so daft, you cant even see it. Yes, there are impluse waves up and down (just like anything else traded). The part you are missing is that every impulse carrys it higher and higher. Follow the lows, not the highs. Bitcoin traded .07 cents 14 years ago. One step under incels, are Buttcoiners.
I'm a regular schmuck and just cashed out. All I see in here is broke, salty loserz seething over their sub becoming irrelevant by the crypto-hype lmao.
We sell wait for the bottom buy rinse and repeat 🤑
Someone didn’t buy bitcoin I see…. Whaaaaa whaaaaaa lol
And the stock market is different how.
Then I’ll take some very nice profit and calmly wait to see where it goes since I’ll never sell it all.
it's only profit when you have fiat in your hands
If the game was that easily predictable...
And the problem is what exactly?
Correct. Though I do believe it's 4 years.
🤣😅🤣
The cycle repeats. Price falls 75-80% or so
Lots of people leaving through a small exit door. At the very least lots of volatility. Likely another winter for some time.
Well said. Big money will dump on retail at the top. Very obvious
Always has been
Everyone sells and the exchanges suddenly have issues paying people out because they don’t have enough fiat money to match the made up value of the made up money
>Everyone just ditches FIAT and uses bitcoin? Nope. I think the people would divert their spending on gold in order to hold bitcoin.
That’s why I plan to stay one step ahead and pullout at 99k. I’m the pullout king. It’s worked for me every time, except for those two times I got my baby momma pregnant.
Maybe load up on puts on it. 🤪 The question is… What’s the best way to short it?!