BITCOIN

Hexane

Zola. said:

https://twitter.com/BitcoinMagazine/status/1430937931993202706

Its probably nothing

It wasn't quite nothing, but it did see huge losses.

Hexane

Hexane said:

Scottex99 said:

YellowStarling said:

Genuine question:  for those knocking Bitcoin, do they (consciously or not) substitute "cryptocurrency" (as a whole) with it, or not?  In other words, are those not in favour of Bitcoin also not in favour of other cryptocurrency projects, or just Bitcoin?  I know the title of this thread is specific but some posts appear more aimed at the crypto space in general, hence my question.

Just wondering whether any anti-BTC are more bullish on alternative projects, perhaps those that are aiming for the scalability/TPS targets more akin to fiat monetary systems, or smart contract/app networks, or something else.  E.g. Proof-of-Stake projects like Ethereum 2.0, Cardano, Polkadot, or hashgraph projects like Hedera, etc.

Oh and see you at $100k BTC in a few months. Peace

That was on 13th April 2021. Six months down the line, BTC seems to be at around $59,000

So it's gone basically nowhere in that time, other than down a lot and back up again.

Need another "few months"?

And again? BTC seems to be worth less than $17,000 right now.

Where are you, Scott?

Hexane

darren232002 said:

Remembered why I stopped posting here. 

But do you remember why Scott stopped posting here? He and you were the "big brains", right? 

Hexane

darren232002 said:

Look around, its not conspiracy theorists and rednecks buying Bitcoin, its rocket scientists, CEO's, institutions and computer programmers/STEM graduates. These guys know the way the world is going. JP Morgan in 2017 said BTC is a ponzi, in 2021 they are advising their clients to put a % of their portfolio in it and predicting prices in the $140k range. Citigroup threw out a $300k+ price prediction.

Lest we forget.

mooneysaver

Hexane said:

darren232002 said:

Remembered why I stopped posting here. 

But do you remember why Scott stopped posting here? He and you were the "big brains", right? 

Don't blame me... I voted for binance!

DannyCarey

All of this is caused by s**tcoin casinos being over leveraged, selling worthless tokens, and other various extremely shady business practices. Sam Bankman-Freid will be going to jail. 

This != to Bitcoin, although Bitcoin is affected, forced liquidations, people panicking who have left their tokens on exchanges etc and now risk losing everything as no protection. 

This is precisely why bitcoiners say "not your keys, not your coins". When an exchange goes bust like this and your tokens are on there, they are gone forever. I think there will be more exchanges going down next, my bet is on crypto.com, another sh**coin casino. 

This activity is nothing new in the "crypto space" but it will wash out bad actors over time, more stringent licensing will come into play and eventually people will realise that all the froth is worthless, but Bitcoin the protocol is very very different from the rest. 

Bitcoin probably has more to fall. Hell my employer's share price is down 70% this year and they sell critical services, not deemed a speculative asset by the masses... 

mooneysaver

DannyCarey said:

Hell my employer's share price is down 70% this year and they sell critical services, not deemed a speculative asset by the masses... 

Selling trainers is hardly a critical service

Frequentlyhere

hallmark said:

$15,737 currently.  You have to think there's an awful lot of leveraged positions / companies that won't be able to stand this level of falls very long.

This is it isn't it? With any normal good investment, you'd at least think/hope that lower prices now beget higher prices later as things recover. 

There's no such assurances with this guff. Lower prices make things even more precarious because as you say there's so much leverage and (frankly) fraud/shenanigans going on. If FTX can explode overnight, anything can.

Will it be a margin call on Saylor next?  Will it be Tether deciding the jig is up and vanishing into the ether? Perhaps some other shadowy firm no-one's even heard of will suddenly explode? Coinbase? Maybe the regulators will choose now as the time to pounce on Binance? Politicians meanwhile in general will now side against crypto which could be devastating to any idea of institutional adoption.

Then there's the ongoing background sell pressures. Miners need a steady flow of cash to pay their bills. There are also now several large stashes of Bitcoin (one found just last week with the arrest of that guy hiding it in a chocolate tin) that need to be sold into the market at some point.

Frequentlyhere

DannyCarey said:

This activity is nothing new in the "crypto space" but it will wash out bad actors over time, more stringent licensing will come into play and eventually people will realise that all the froth is worthless, but Bitcoin the protocol is very very different from the rest. 

I agree with most of what you say, but once your licensing (I assume you mean regulation?) is in place, how does that square with the very aims that Bitcoin was designed for?  If it's just another regulated asset that can't be used outside of the strictures of Government control, then what's the point?

DannyCarey

mooneysaver said:

DannyCarey said:

Hell my employer's share price is down 70% this year and they sell critical services, not deemed a speculative asset by the masses... 

Selling trainers is hardly a critical service

Nike (if that's what your wildly inaccurate guess is), isn't the only stock that's down 70%