This happens cyclically, to the extent that it’s a meme for anyone who actually knows about crypto.
It sounds like you’re rooting for it when what you should be doing is buying in.
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I’m happy to not engage in such volatility. But, yeah, buy low, sell high.
Fortunes are made by volatility and the volatile.
LOL LOL LOL
12 characters fuck off
oh no guys my holdings are back to being worth what they were in March how ever will I recover question mark
What you REALLY should be doing, is shorting it, because this is now the 4th time in a couple months BTC has lost more than 15-20% of its value in single day (usually Musk’s fault, too). You don’t see that happen with any national currency or commodities short of a catastrophe, meaning BTC is the perfect storm of a commodity where you know that placing short options almost any time BTC is at a high is a recipe for windfalls when it inevitably drops $10-20K in a single trading session.
What happens when you can pump and dump legally using a virtual currency, which is essentially value-less, and keep reaping rewards knowing that the “cyclical” phenom you’re describing isn’t like typical stocks…when commodities flux like this, billions get made/lost in short trading, whether its gold, BTC, frozen OJ, or pork bellies.
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Why does anything have value? Basically, value is just the knowledge that something will be worth about the same thing tomorrow as it is today, and thus instead of trying to figure out how to effectively barter for a burger with whatever item I have in my house, we just have some fungible token that people are fine with.
The easiest way to think about blockchain is like a row in an excel column that records who an owner of the item is at any given time. Each time someone new gains possession of the asset a new row is added with a timestamp (which is where mining comes in). There are some other fancy mechanisms that keep it semi-secret (encryption) and immutable (hashing the row).
The complicated stuff comes into play when discussing how all of the machines maintain the transaction databases and form consensus without actually having trust in a single server.
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Crypto has some technical limitations to adoption as a day-to-day currency. It’s always going to be more compute intensive than a centralized system because of consensus building requirements, and the frequency of adding blocks to the chain needs to hit a point that is comparable to traditional transactions if it’s going to be adopted for mainstream use. It’s also going to have to level out in price (e.g. get rid of people with massive holding that can force swings on their own).
That’s the long way of saying I’m skeptical for technical reasons.
That’s just one kind of value. There are several dimensions to value. The numerical worth of something is called systemic value. 50 cents = .5 dollars, etc.
The extrinsic value is whether or not you can use it for a purpose, like buying something Some paper money is now worthless, it still has a systemic value but no extrinsic value.
Intrinsic value is what Bitcoin lacks. You can’t eat it, drink it, or sleep with it. You can do all those thinks with actual paper cash. You could burn paper money to stay alive on a cold winter night (even though it’s technically illegal here in the US).
The only thing that makes BTC valuable in the market right now is that many people have it and seem very excited to trade it…based on what morons like Elon Musk think out loud. That’s why placing infrequent but periodic shorts on BTC will ensure a maximum ROI. It goes high, you go low, you win.
Investing in BTC is essentially investing in global pollution and energy crisis on a scale mankind isn’t prepared for. Maybe Musk plans on being the Overlord of Mars in that timeline, who knows.
Bitcoin is gen 1 crypto man. The whole industry has been moving on for years, and there are “coins” with specific purposes like executing smart contracts, secure data storage, and failsafeing energy grids, and even hack-proof voting.
People focused on Bitcoin when discussing crypto are like your parents calling every video game a Nintendo–shows they have no idea what they’re talking about.
Oddly enough though its seams to be viewed as the most robust in that many big institutional investors are now in big.
Personally I am a little concerned with how much of it is being hoovered up by the Chinese government.
Call me paranoid but I cannot help but think they might be upto something.
I do however have high hopes for projects like XRP and ADA which if they can overcome their current obstacles could be pretty solid bets over the next few years.
You’re most definitely not paranoid. China is making enormous pushes through illegal back channels like organized crime and flat out bribery and spreading corruption all over the middle east through their so-called “belt and road” initiative (thinly veiled Chinese hegemony front) and through propping up dozens of high profile foreign agent politicians. They’re moving into Africa at high speed as well with the same kind of manuevering using humanitarian aid and industrial development as a front in the same way that Brezhnev did for the USSR.
How dare you ! He’s an expert on crypto, he’ll have you know!
I’m the resident site expert on all things “cryptx”.
Go ahead, challenge me.
LOL, well, @phrost just spanked ya, silly fella.
Respond to him, I could give a shit about crypto whatever.
No, he didn’t.
Denial is a specialty of yours.
You don’t understand why half of what Phrost posted was wrong, so if anyone is in the land of the lost, it’s thee.
Phrost conflated cryptocurrency “coins” with blockchain, and it’s hardly “gen 1 crypto”, it’s more like gen 3.
I’m probably the only person here who’s actually read “Computer Systems Established, Maintained, and Trusted by Mutually Suspicious Groups”, and actually able to understand it. Submessenger might, and possibly Tranquil Suit if he posts here anymore.
So like I said, ask questions all you want. My expertise in crypto is well documented, and free of charge to all registered Bullies, who if they’re lucky enough, pay me in martial arts knowledge.
Everyone else pays heftily.