Bitcoin discussion and news

[NoXion]

Well in this case there are going a lot of people caught up in the hype, and have tried to use it to get a little head. But for the Whales, it's very funny.

Yes, shit like the SuperBowl ads and the endless bots shilling crypto are obviously an attempt to draw in more marks and keep the scam/grift going. Although I've seen crypto ads in London, and it's interesting to see that they basically admit up front that it's an unregulated, speculative asset.

 

[NoXion]

I am just glad that bitcoin always holds its value steady at 1btc.

What the fuck is this supposed to even mean? One bullshit electronic token will always equal one bullshit electronic token. That's not value. That's a tautology.

 

[q_w_e_r_t_y]

What the fuck is this supposed to even mean? One bullshit electronic token will always equal one bullshit electronic token. That's not value. That's a tautology.

It means I have exactly the same proportion of the total supply that I had a week ago.

Exchange rates go up and down, but bitcoin is priceless.

 

[Supine]

It means I have exactly the same proportion of the total supply that I had a week ago.

Exchange rates go up and down, but bitcoin is priceless.

It will be next Tuesday

 

[beesonthewhatnow]

It means I have exactly the same proportion of the total supply that I had a week ago.

Exchange rates go up and down, but bitcoin is priceless.

You’re either mental or trolling us at an expert level now, surely?

 

[NoXion]

It means I have exactly the same proportion of the total supply that I had a week ago.

Exchange rates go up and down, but bitcoin is priceless.

I still have the same amount of silver that I had ten years ago; the ring on my right middle finger.

Exchange rates go up and down, but silver is priceless.

That's how ridiculous you sound. Come the fuck on. Your btc is fucking useless without something to exchange it for. And that is what is constantly changing, at a rate that would destroy any real currencies as an actual medium of exchange.

 

[SpineyNorman]

Impossible to parody at this point

 

[kabbes]

Which charts are you looking at? $18k is the lowest I’m seeing.

£15k, or $18k

 

[Rob Ray]

Dollars vs pounds.

 

[Flavour]

lot of bag holders in this market. on a very serious note, there will be plenty of crypto-suicides over this

 

[mod]

Dollars vs pounds.

View attachment 327876

Oh right. I always look at the $ price. It now makes sense what you means. £ value.

 

[littlebabyjesus]

lot of bag holders in this market. on a very serious note, there will be plenty of crypto-suicides over this

Will there? Only people who bought in the last 18 months have lost out. Everyone else is still quids in.

At what point are we allowed not to feel sorry for people who did an antisocial, greedy thing, and lost out


Were they going to share their winnings?

 

[littlebabyjesus]

Even this hides the fact that the £ has lost ground to the $. In the exchange rate that matters — BTC to $ — it looks even worse. As I speak, 1 BTC is now $18,269. At its peak, it was $68,789, which means it has lost an astonishing 75%-ish of its value in less than a year.

It's not so astonishing when you see how quickly it gained that value. And it did this before, back in 2017-18. It's still nowhere near losing the value it had when it started its astonishing climb in 2020. It still has a long way to go.

 

[BigTom]

This has been the most amazing week in crypto that I've ever experienced.

Luna down
Celcius down
3AC down
tether teetering
Coinbase layoffs
Potential mining rig selloff.
This isnt over yet I dont think, there are massive liquidations at $16k, and even more at $14k.

I am just glad that bitcoin always holds its value steady at 1btc.

Don't forget another stablecoin, MIM, depegging yesterday, although I see they've managed to get it back up to $0.98 this morning after going down to $0.90 yesterday.
Who'd have thought a coin called "Magic Internet Money" could possibly be an unsafe bet? Nobody saw that one coming.

Also Babel Finance, a crypto investment firm stopped investors making withrdawals this week, though I've no idea how important they are in the crypto world: Babel Finance suspends withdrawals as crypto markets slump

As somebody else noted, the truism "nobody who has held bitcoin for more than 4 years has lost money" is no longer true. But 1btc will most certainly always equal 1btc.

 

[kabbes]

It's not so astonishing when you see how quickly it gained that value. And it did this before, back in 2017-18. It's still nowhere near losing the value it had when it started its astonishing climb in 2020. It still has a long way to go.

Ah, but the scale of money lost is much bigger this time round. Previously, there were fewer bitcoins, and each one “only” lost $14k each when the price collapsed from $20k to $6k. This time, there are more bitcoins and each one has lost $50k. The total value affected is thus probably an order of magnitude higher. These things matter too — it is not just about proportions and ratios. And the bigger numbers also come with the involvement of institutional investors — hard to follow through the impact of that but it ain’t pretty.

Sure, it’s collapsed and recovered before. It might do so this time too, absolutely. But eventually, Ponzi schemes collapse. Each time we see this kind of bust, it has a chance of being the final collapse.

 

[gosub]

Price of tulip bulbs still rising in line with inflation

 

[magneze]

What's the point of these stablecoins that are pegged to the dollar?

 

[magneze]

I know there isn't actually a point but, in theory, like?

 

[kabbes]

I know there isn't actually a point but, in theory, like?

Since excess demand increases price for a given supply, magical thinking means that reducing the supply will also make the prices go up, even when demand is not excess

 

[Storm Fox]

What the fuck is this supposed to even mean? One bullshit electronic token will always equal one bullshit electronic token. That's not value. That's a tautology.

I think I've figured it out. It means the Central Banks can print money, so your pound or dollar will a smaller percentage of the overall number of pounds/dollars available. But Bitcoin with Bitcoin this won't happen.

But I'm not sure how that is important when then my 1BTC could buy an Audi A4 at the peak and then 5 days ago I could buy a VW POLO, and today at 09:40BST a 1litre Škoda Fabia, this afternoon who knows
With my nasty fiat pounds, I could still afford my A4, but would have to forgo the family-sized Ski and luggage box and the dash cam.

 

[magneze]

Since excess demand increases price for a given supply, magical thinking means that reducing the supply will also make the prices go up, even when demand is not excess

So the peg makes the price go up?

 

[kabbes]

So the peg makes the price go up?

Via expanding and restricting the supply

 

[Hollis]

Will there? Only people who bought in the last 18 months have lost out. Everyone else is still quids in.

At what point are we allowed not to feel sorry for people who did an antisocial, greedy thing, and lost out


Were they going to share their winnings?

That comes across as all a bit black and white. I expect some people got themselves sucked into Bitcoin for the same reason others end up with problem gambling. That and also a lack of education/naivety.

 

[magneze]

Via expanding and restricting the supply

Ok, that's even more mad than I thought.

 

[kabbes]

That comes across as all a bit black and white. I expect some people got themselves sucked into Bitcoin for the same reason others end up with problem gambling. That and also a lack of education/naivety

The very fact that this thing was allowed to get to the point that ordinary, desperate people were sucked into its speculation is exactly why it needs to die now before it gets worse

 

[Rob Ray]

The proof that bitcoin is done at least in the short-medium term is in the vidya I think. A year ago the most popular GPU on the market was selling at two or three times retail prices because they were also great for bitcoin mining. A couple months back the prices went to normal again, and now they're doing a roaring trade on eBay at well under par. That's the less agile wave of serious money getting out.

 

[Flavour]

The point of tether was you could "sell" btc to usd without actually withdrawing fiat, Ie keep something with fiat value in the cryptoverse without the fees and delays of withdrawal and so on. If you sell a bitcoin at 50k usd then buy it back for 30k usd having actually exchanged for usd that's somewhat of a headache and liable to get taxed. Doing so with tether avoids that

 

[magneze]

Ok, that makes more sense, sort of. As in, this is why it exists.

 

[littlebabyjesus]

The very fact that this thing was allowed to get to the point that ordinary, desperate people were sucked into its speculation is exactly why it needs to die now before it gets worse

Yes, although where there are people out there who are losing big chunks of money, I hesitate to call them desperate. Desperate people don't generally have big chunks of money going spare.

 

[BigTom]

It's good for the gamblers because of what Flavour said.

Some stablecoins like tether and iirc dai are not algorithmic but are supposedly backed 1:1 with us dollars but definitely aren't. The idea being you can always swap tether back to tether for 1usd and that's how it maintains its price.

Plenty of this type of coin are openly collateralised with other crypto though, so it will all come crashing down together.