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Bitcoin Plummets Below 40K
- londons_explore 5y agoIf it gets down to 1k again like a few years ago, I'll buy!
- quickthrower2 5y agoI’ll buy at 10k
- bruce343434 5y agoSorry, but why? Because you think it will go up even thought the fundamentals of the product suck? Are you building castles in the air? Not to be rude, but bitcoin is slow and inefficient. It also has terrible privacy. It's getting replaced by other coins.
- varispeed 5y agoFor the pleasure of embedding poems in the blockchain, that will stay forever, alone...
- globular-toast 5y agoI wonder why people think of the Bitcoin blockchain (assuming that's what you mean by "the blockchain") as immortal. We've had computers for less than a century and been doing blockchains for about a decade of that. The oldest known poem is 4000 years old and carved in clay. It seems to me if you want a poem to last forever, never to be seen, there are much better ways, like carving it in granite and burying it deep underground where it's unlikely to be found. Even if you insisted that it's "digital", making a commit in the Linux kernel is much more likely to last for as long as computers last because Linux is actually useful, sustainable, and copied to just as many, if not more, computers as any blockchain.
- londons_explore 5y ago> burying it deep underground where it's unlikely to be found. Most people who want their works to last forever want people to read and use and enjoy them. Burying and having it forgotten doesn't meet that criteria. Making millions of copies and burying some, with incentives for future people to make more copies and bury some again seems more likely to succeed. And the blockchain isn't far from that.
- globular-toast 5y agoWrite a good poem if you want people to copy it and read it. What you're essentially doing by putting stuff in the blockchain is tricking people into copying it millions of times. It doesn't mean any of them will read it or appreciate it. I agree with your analogy, but what's the point of it? Some weird desire for your footprint to be larger and imposed on people for all time? I can't think of much more narcissistic than that.
- londons_explore 5y agoHumans are genetics + knowledge/culture. Wars typically are as much about spreading culture as they are about genetics. Religious crusades are a way to spread culture without genetics. Humans seem to have a desire to increase both their genetic and cultural footprint into other humans. Make sense really - expansionist traits tend to survive.
- FabHK 5y ago> bitcoin is slow and inefficient Oh, come on. If it gains universal adoption, it is fast enough that every human being can make one transaction in their lifetime, maybe even two! What more do you want???
- londons_explore 5y agoTo be fair, that would actually be plenty for the lightning overlay network to function.
- bruce343434 5y agothere's other cryptocurrency out there that actually has such extravagant features as "reasonable ability to transact" built in without needing second layers.
- selfhoster11 5y agoIt's become the backbone of many new coins. It's basically a piece of infrastructure by this point. I don't think it's going away.
- londons_explore 5y agoEthereum is the backbone of many new tokens. Not much relies on the bitcoin network itself.
- stkdump 5y agoI would, too. But I would be surprised if it ever gets as low as 5k again, unless the crypto gets obsolete.
- magma1983 5y agoKeep dreaming. Under $1000, literally anybody can buy 1 bitcoin. That would be the end of it.
- 988747 5y agoI wonder if this has anything to do with recent Tether reserve report: https://www.coindesk.com/tether-first-reserve-composition-report-usdt https://www.coindesk.com/tether-first-reserve-composition-re... Since the report does not really specify what exactly the reserves are we can expect NYAG to not be happy with it, and taking further steps against Tether.
- creshal 5y agoA mix of that plus Elon dunking on it plus China tightening regulations plus Ethereum news about PoS progress, probably.
- nly 5y agoIsn't PoS really good news for Ethereum, especially in light of Elons energy concerns? Ethereum has tanked 25% as well.
- gitrog 5y agoIt should be, but Bitcoin's influence on other crypto currencies will still outweigh their own growth vectors for a little while. If Bitcoin stabilises a bit from here I think we'll see Ethereum continue to grow a bit again.
- rvz 5y ago'I hope you didn't buy BTC at >$60K.' [0] Do not invest at the all time highs. [1] [0] https://news.ycombinator.com/item?id=26843806 https://news.ycombinator.com/item?id=26843806 [1] https://news.ycombinator.com/item?id=26937153 https://news.ycombinator.com/item?id=26937153
- domano 5y agoAt least for stocks i don't think this is valid. The great index funds have more all-time-highs then not, for bitcoin this has also partly been true i guess. Still i am wary of crypto investments, easy to get burned.
- autosharp 5y agoI have no idea why you are downvoted. The stock market and the housing market are at all time highs almost all the time for the last 150 years. This doesn't mean you should almost never buy stocks.
- ivanche 5y agoI don't know why you're being downvoted, all-time highs is nothing to be afraid of. Ben Carlson discussed the topic a few times with a lot of interesting data points: https://awealthofcommonsense.com/2020/12/investing-in-stocks-at-all-time-highs/ https://awealthofcommonsense.com/2020/12/investing-in-stocks... https://awealthofcommonsense.com/2017/03/all-time-highs-are-usually-followed-by-all-time-highs/ https://awealthofcommonsense.com/2017/03/all-time-highs-are-... https://awealthofcommonsense.com/2016/11/dont-be-afraid-of-all-time-highs-in-the-stock-market/ https://awealthofcommonsense.com/2016/11/dont-be-afraid-of-a...
- rvz 5y agoWell the context in my replies there is clearly only talking about Cryptocurrencies here. I did not mention anything else. > Still i am wary of crypto investments, easy to get burned. So, since I stayed away from the late Bitcoin mania up to >$60K (and DOGE) and warned others, I am downvoted? This is why people get burned because they don't understand these 'investments' and join in when it is late, or when Elon Musk and Tesla start a pump and dump scheme and baghodl at all time highs, which is what I am talking about. I am now congratulating the BTC short-sellers who took advantage of the sea of red in the cryptocurrency markets just 12 days ago. [0] [0] https://news.ycombinator.com/item?id=27075627 https://news.ycombinator.com/item?id=27075627
- normaler 5y agoWhen bitcoin drags monero under 100$ again, I buy some more of that. Just because I actually like it as a currency.
- spurgu 5y agoYup, it actually has a real world use case as online cash.
- slezyr 5y agoIs it? Avg. transaction fee is 13$ [1] and it takes hours to confirm it. 1: https://bitinfocharts.com/comparison/bitcoin-transactionfees.html https://bitinfocharts.com/comparison/bitcoin-transactionfees...
- squealish 5y agoI think they're talking about Monero. It currently has fairly low fees [1] 1: https://bitinfocharts.com/comparison/monero-transactionfees.html https://bitinfocharts.com/comparison/monero-transactionfees....
- DonHopkins 5y agoI'll never regret buying a pizza with PayPal.
- CapriciousCptl 5y agoBut in 15 years you could use that money to buy 0.5 pizzas!
- the-dude 5y agoYou can use dollars for that.
- StavrosK 5y agoI love it, other coins (and their speculation) can f off, I'll keep my Monero because I can actually pay for stuff with it, it's fast and has low fees. I like my cryptocurrencies usable, I couldn't care less about what price they're currently at.
- mikewarot 5y agoI'll buy at $1.00 to replace the Bitcoin I lost to MtGox years back
- fho 5y agoYeah ... I still occasionally get a (analog) mail in Japanese informing me that the bankruptcy procedure is still ongoing. Luckily it was "just" 1 BTC.
- peteretep 5y agoThe Japanese court documents are absolutely beautifully designed
- StavrosK 5y agoI had been looking for a light wallet (even though I didn't know the term or that they existed back then) since before the bankruptcy. If they'd been more widespread, we'd have lost a lot fewer coins! I guess that, like me, a lot of us didn't want to store their BTC with MtGOX, it was just that back then the alternative was to use a significant portion of your hard disk to store the blockchain if you wanted to use your BTC.
- mikewarot 5y ago>I guess that, like me, a lot of us didn't want to store their BTC with MtGOX Who in their right mind would store Bitcoin anywhere else than a well backed up hard drive? I was trading the ups and downs, they didn't have any fees for a long time, so you could buy low, sell high, and repeat. Today a limit order could have bought at 31,000 and then turned around and sold at 36,000 or more. But... never try to catch a falling knife. ;-)
- fho 5y agoSad thing is that I got my BTC to test my tiny wallet implementation I did for my final thesis back then :-)
- asdev 5y agochecks price 40.3k...yeah it really plummeted. Everyone who upvoted this is a FUDster
- drawfloat 5y agoIt lost 33% of its price in the last week. If you think the price is gonna go back up good for you, buy now and I hope it goes well for you. But pretending that isn't a plummet for any sort of investment or stock is just denying reality.
- yeneek 5y ago33% down is a lot on stock market but it's nothing unusual for bitcoin. People bought it for wrong reasons and now they couldn't handle it and sold their positions.
- nly 5y agoThe stock market dropping 30% in a week is a major world catastrophe and makes the history books. Bitcoin dropping 30% in a week is a fun week.
- deleted 5y ago[deleted]
- nly 5y agoThings that go up for no apparent reason can come down for no apparent reason.
- dr_zoidberg 5y agoIn this particular case, the no apparent reason is certain person known to speculate with cryptocurrencies suddenly decided he'd go on to publicly bash the thing he pumped in the past "for no apparent reason". I mean, we couldall speculate the price was a bit high for his taste and wanted a discount, or maybe he really believes what he said. That said, I agree that bitcoin price is kind of a bubble, and something that is pumped and dumped by people with a lot of money to the detriment of those who saw it as a miracle savings investment (usually people with little financial education) or those who truly believed in it (I think those became a small % of the users a long time ago).
- nly 5y agoMy point is nobody has an answer to "Why did people bid up Bitcoin 5x from September 2020 to mid-Feb 2021?" Maybe Elon is the trigger for the 30% drop over the last few days... but remember he didn't announce his initial holdings until mid-February 2021, which was after the 5x surge. If anything his timing was awful. Everything in hindsight is pure speculation and rationalization. Nobody has a clue, markets are complex, volatile and full of irrational actors.
- rapsey 5y agoThey are also full of whales/market makers who dance to their own tune and can manipulate the price. All this Elon Tesla talk is just a side show to entertain the public. There is no doubt hedge funds are playing in this space with lots of money and skills to extract maximum value from the joe shmoes
- spankyspangler 5y agoIn this particular case I don't think the market is all that complex. People were valuing bitcoin on the assumption that other people would keep buying it at higher prices before they sell. People didn't cut nearly half a trillion dollars from the value of bitcoin on the word of a person known for blurting out impulsive and weird things. He didn't reveal any deep new insights into this thing. What Musk said just spooked the herd, that's all.
- Yuioup 5y agoDoes anybody use bitcoin for payment at all or is it only speculation at this point?
- nlitened 5y agoI do. It is in many ways more convenient than international wire transfer.
- ivanche 5y agoCare to share a few more details? Do you use lightning network?
- nlitened 5y agoI don't use the Lightning network because although I am pretty knowledgeable in how Bitcoin works, I've never had enough time to dive deeper into Lightning. Also, I expect it to be more cumbersome for my clients who are generally less technically knowledgeable. I use direct on-chain transfers. Since it's usually not a major share of revenue, I don't care much about price volatility - prices go up and down all the time. I quote in USD, and clients send amounts at current conversion rates. Over time, it averages out. The transfer fee is strictly less than international wire transfer. The transfer is fast, no-hassle, and also all clients are able to send the money all the time. If you live beyond the first-world countries, from my experience it is pretty common that some minor banks are not able to send money to some other minor banks in other countries, and you never know beforehand, and lose a lot of time on that.
- puranjay 5y agoI sold a website a while back and had a chance to be paid in either BTC or a wire transfer. I opted for a 50-50 split. The wire transfer involved going to the bank and filling out a form to fulfil some regulatory requirements. The transfer itself took 3 business days. The BTC payment was credited to my account in 10 minutes.
- 5y ago
- iamgopal 5y agoUnless they patch bitcoin to remove energy intensive proof of work concept, bitcoin is goner in couple of year.
- stephc_int13 5y agoThis is not the only flaw but this is a big one, and it was designed this way.
- max_ 5y agoPOW is not a flaw its a feature. Just like how GPUs are intensive in terms of consuming electricity.
- selfhoster11 5y agoAbsolutely not. There are plenty of markets that don't care about energy intensive use. Literally no one gave a shit about it a year ago, they won't start now.
- iamgopal 5y agoBitcoin’s future value is in the hope that any kind of government or large institutions support, which is not/never coming now. I think Tesla also dumping their coins very soon.
- dariusj18 5y agoOrrrr, the pressure bitcoin places, tying more markets to power, will create demand for more efficient power technologies.
- PhantomBKB 5y agoAnd I just purchased my first Bitcoins last week. *sigh*
- n0mad01 5y agobuddy hold, looking at btc history these cycles repeat over and over - it will go up again. also, i highly recommend this guys channel: https://www.youtube.com/channel/UClgJyzwGs-GyaNxUHcLZrkg https://www.youtube.com/channel/UClgJyzwGs-GyaNxUHcLZrkg
- akmarinov 5y agoYou’re downvoted, but it’s true. Bitcoin might be a scam, not worth investing and used as a currency, but we will see it above 100k again. Might not be soon, but someone will dig it up and pump it, so that they can dump it again.
- ivanche 5y agoTechnically, we'll not see it above 100K again because it wasn't there before. But it's possible it will go to 100K some day.
- KenanuReeves 5y agoI bought Discord Nitro a week ago and learnt it now has a free month for everybody, I can only imagine how awful it feels to be a bitcoin buyer last week.
- stephc_int13 5y agoCrypto/hashing based digital currencies will likely be used in the future, at least I think this is a safe bet to assume. But I think Bitcoin has too many flaws to be used as a digital currency, the very long term value is nil, and I think this is a safe bet. It will be replaced by something else.
- me_me_me 5y agoOh noes! Bitcoin is dead... yet again.
- n0mad01 5y agoyes, for the at least 413th time now https://99bitcoins.com/bitcoin-obituaries/ https://99bitcoins.com/bitcoin-obituaries/
- systemvoltage 5y agoBlaming this on Elon is barking at the wrong tree and not confronting the underlying weaknesses.