Cryptocurrency mega-thread

[Bostonian]

Data shows Bitcoin bears dominate Friday's $2.5B BTC options expiry (cointelegraph.com)

 

[Bostonian]

 

[faible]

You see BEAR MARKET

I see BITCOIN SALE

 

[Bostonian]

You see BEAR MARKET

I see BITCOIN SALE

Won't be worth much if there's a global crash. That's when I'll buy BTC for $10 a pop.

 

[faible]

Won't be worth much if there's a global crash. That's when I'll buy BTC for $10 a pop.

I don't think we'll see $10 ever again, no more buying a pizza with a few bitcoins.

 

[Ghost Patrol]

Cat Season

 

[Toump Ass]

I keep seeing clickbaity headlines saying "Bitcoin DESTROYED overnight and everyone's BROKE!!!!!" but it seems to be hovering at the same price it has for a few weeks...

Anyway, is there a best day of the week or time to buy BTC?

 

[Bostonian]

I don't think we'll see $10 ever again, no more buying a pizza with a few bitcoins.

Crypto hasn't gone through a world wide prolonged financial crash so anything could be possible.

 

[faible]

Crypto hasn't gone through a world wide prolonged financial crash so anything could be possible.

Too much mainstream acceptance and interest in it these days IMO for it to go that far, a bit like how the stock market only crashes so far, for so long.

Never say never, but I think a 'crash' isn't going to be all the way back down to that region. $10k might be the floor this time around, but ultimately if you're investing for long-term buy and hold you're doing it because you believe it'll continue to appreciate regardless of the highs and lows.

Really depends what people's strategy is, those trading based off the latest Twitter hype are going to be caught out in a bear market though if they've only really experienced the last 6 months of everything going up.

 

[Evolved1]

This is my bullish case for crypto. If it's just further distribution, we're screwed.

 

[Evolved1]

I keep seeing clickbaity headlines saying "Bitcoin DESTROYED overnight and everyone's BROKE!!!!!" but it seems to be hovering at the same price it has for a few weeks...

Anyway, is there a best day of the week or time to buy BTC?

Last night would have been a good time.

 

[Seeds]

Might buy this Seeds dip

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Nassim Taleb — a highly respected mathematical statistician has crunched the numbers and come up with the conclusion that the cryptocurrency is worth exactly zero, and that there is no evidence that blockchain — the process used to record transactions — is a useful technology.

“In its current version, in spite of the hype, bitcoin failed to satisfy the notion of ‘currency without government’ (it proved to not even be a currency at all), can be neither a short or long term store of value (its expected value is no higher than 0), cannot operate as a reliable inflation hedge, and, worst of all, does not constitute, not even remotely, a tail protection vehicle for catastrophic episodes.”

“The total failure of bitcoin in becoming a currency has been masked by the inflation of the currency value, generating (paper) profits for large enough a number of people to enter the discourse well ahead of its utility.

He then goes on to argue that bitcoin can neither be a short nor long-term store of value. He looked at the comparison of gold versus bitcoin – which he said was not wise – to illustrate his point.

“Gold and other precious metals are largely maintenance-free, do not degrade over a historical horizon, and do not require maintenance to refresh their physical properties over time,” he said. “Cryptocurrencies require a sustained amount of interest in them.”

Finally he argued that bitcoin is not a safe haven for investments in a volatile world — to protect against nefarious governments or other catastrophes.

“Not even remotely,” he said, pointing to the market panic in March last year when bitcoin sank lower than the sharemarket.

 

[Evolved1]

Nassim Taleb — a highly respected mathematical statistician has crunched the numbers and come up with the conclusion that the cryptocurrency is worth exactly zero, and that there is no evidence that blockchain — the process used to record transactions — is a useful technology.

“In its current version, in spite of the hype, bitcoin failed to satisfy the notion of ‘currency without government’ (it proved to not even be a currency at all), can be neither a short or long term store of value (its expected value is no higher than 0), cannot operate as a reliable inflation hedge, and, worst of all, does not constitute, not even remotely, a tail protection vehicle for catastrophic episodes.”

“The total failure of bitcoin in becoming a currency has been masked by the inflation of the currency value, generating (paper) profits for large enough a number of people to enter the discourse well ahead of its utility.

He then goes on to argue that bitcoin can neither be a short nor long-term store of value. He looked at the comparison of gold versus bitcoin – which he said was not wise – to illustrate his point.

“Gold and other precious metals are largely maintenance-free, do not degrade over a historical horizon, and do not require maintenance to refresh their physical properties over time,” he said. “Cryptocurrencies require a sustained amount of interest in them.”

Finally he argued that bitcoin is not a safe haven for investments in a volatile world — to protect against nefarious governments or other catastrophes.

“Not even remotely,” he said, pointing to the market panic in March last year when bitcoin sank lower than the sharemarket.

Instead of theorizing, he could have bought the ****ing dip in March 2020 and been rich now.

 

[Bostonian]

Too much mainstream acceptance and interest in it these days IMO for it to go that far, a bit like how the stock market only crashes so far, for so long.

Never say never, but I think a 'crash' isn't going to be all the way back down to that region. $10k might be the floor this time around, but ultimately if you're investing for long-term buy and hold you're doing it because you believe it'll continue to appreciate regardless of the highs and lows.

Really depends what people's strategy is, those trading based off the latest Twitter hype are going to be caught out in a bear market though if they've only really experienced the last 6 months of everything going up.

The first thing institutions will dump with a world wide crash coming is crypto.

 

[Seeds]

Can't we all get along without the attacking, if you see something that triggers you walk away.

We are all here to buy lambos

No we can’t get along cos you crypto traders are thieves. Or atleast trying to be. Those lambos don’t grow on a tree.

 

[Bostonian]

Nassim Taleb — a highly respected mathematical statistician has crunched the numbers and come up with the conclusion that the cryptocurrency is worth exactly zero, and that there is no evidence that blockchain — the process used to record transactions — is a useful technology.

“In its current version, in spite of the hype, bitcoin failed to satisfy the notion of ‘currency without government’ (it proved to not even be a currency at all), can be neither a short or long term store of value (its expected value is no higher than 0), cannot operate as a reliable inflation hedge, and, worst of all, does not constitute, not even remotely, a tail protection vehicle for catastrophic episodes.”

“The total failure of bitcoin in becoming a currency has been masked by the inflation of the currency value, generating (paper) profits for large enough a number of people to enter the discourse well ahead of its utility.

He then goes on to argue that bitcoin can neither be a short nor long-term store of value. He looked at the comparison of gold versus bitcoin – which he said was not wise – to illustrate his point.

“Gold and other precious metals are largely maintenance-free, do not degrade over a historical horizon, and do not require maintenance to refresh their physical properties over time,” he said. “Cryptocurrencies require a sustained amount of interest in them.”

Finally he argued that bitcoin is not a safe haven for investments in a volatile world — to protect against nefarious governments or other catastrophes.

“Not even remotely,” he said, pointing to the market panic in March last year when bitcoin sank lower than the sharemarket.

This is the same bloke who in 2017 was saying positive things about crypto.

He sounds just like the kind of flog who bought in at the top and sold at the bottom and got burned.

 

[Evolved1]

Have fun being poor Seeds

 

[Seeds]

Too much mainstream acceptance and interest in it these days IMO for it to go that far, a bit like how the stock market only crashes so far, for so long.

Never say never, but I think a 'crash' isn't going to be all the way back down to that region. $10k might be the floor this time around, but ultimately if you're investing for long-term buy and hold you're doing it because you believe it'll continue to appreciate regardless of the highs and lows.

Really depends what people's strategy is, those trading based off the latest Twitter hype are going to be caught out in a bear market though if they've only really experienced the last 6 months of everything going up.

The mainstream acceptance is based on its value as an asset. Not it’s value as a currency.

its value as an asset can turn very quickly Given it has 0 fundamental value. have people forgotten the it stock market bust up. Those techs atleast had a pretence of fundamental value. Cryptos have none. it has the ability to dissolve into nothing faster then any other good or asset in history. There has been no other asset in history that has 0 fundamental value before. None.

 

[Seeds]

This is the same bloke who in 2017 was saying positive things about crypto.

He sounds just like the kind of flog who bought in at the top and sold at the bottom and got burned.

Yep. He isn’t someone has always been anti crypto and is just stubborn. he looked at it with hope. back then he thought it could be a currency. we now know it can not. He changed his mind based on new information. It’s what smart people do.

 

[Ghost Patrol]

Yep. He isn’t someone has always been anti crypto and is just stubborn. he looked at it with hope. back then he thought it could be a currency. we now know it can not. He changed his mind based on new information. It’s what smart people do.

Do you have a flybys card or collect frequent flyer points?

 

[faible]

The mainstream acceptance is based on its value as an asset. Not it’s value as a currency.

its value as an asset can turn very quickly Given it has 0 fundamental value. have people forgotten the stock market bust up. Those techs atleast had a pretence of fundamental value. Cryptos have none. it has the ability to dissolve into nothing faster then any other good or asset in history. There has been no other asset in history that has 0 fundamental value before. None.

No doubt it's still a high risk investment class, but people have been saying the same things for a decade now and it just keeps on keeping on. I was saying similar things the other day that it's not analogous to the stock market as there's no real underlying company or profit to base the value off, nor a currency as such. N

o one really knows how to classify it with few people understanding the technology behind it let alone the use cases for it.

I wouldn't suggest anyone put money in to the crypto space that they can't afford to lose, and if you strike it big, don't leave any amount in there you'd be uncomfortable losing.

It's very speculative, but I believe long-term it's a space worth having some investment in for those who are inclined to do so.

You're also yet to really explain your views that crypto traders are thieves, as your argument so far has been that crypto isn't a safe investment basically.

 

[Bostonian]

Yep. He isn’t someone has always been anti crypto and is just stubborn. he looked at it with hope. back then he thought it could be a currency. we now know it can not. He changed his mind based on new information. It’s what smart people do.

People are already purchasing goods and services with crypto.

It's almost like it's a currency that is accepted in 2021.

 

[Ghost Patrol]

Seeds often goes off on news.com tangents. I checked and yes, it's on the front page.

 

[Evolved1]

He seems like an old man shouting at clouds because he sold the bottom.

 

[faible]

People are already purchasing goods and services with crypto.

It's almost like it's a currency that is accepted in 2021.

Biggest barrier seems to be not in accepting or processing the payment, but how do you value it versus the goods.

El Salvador will be an interesting case study, will a carton of milk be USD$1 and will charge in real-time whatever the equivalent in BTC is to USD$1? I haven't really spent any time reading up on how they plan to implement it.