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Actually Bitcoin is down 13.52% in the last 7 days https://coinmarketcap.com/ https://coinmarketcap.com/

capableweb 5y ago
Actually, Bitcoin is lateral, not below me.
iszomer 5y ago
You may be confusing the bitcoin network conditions with price action. iirc, there were some mainstream and social media stories of the recent "events" concerning the country of Kazakhstan regarding banning of bitcoin mining and the political unrest (and or violence that ensued). The blip you experienced may have been a direct result from this.
- kingcharles 5y ago
  You may be confusing a joke with a WHOOOOOOOOOOOSH!
- boxmonster 5y ago
  It was a little joke, but probably not funny to those hodling BTC
  - iszomer 5y ago
    I think it would be funny for those HODLing their mined BTC but not those whom are HODLing their bought BTC. :)
  - matheusmoreira 5y ago
    To those people bitcoin going down is cause for celebration. It's a sale and they get to buy more for cheap. The real joke is the fact there are far better coins out there that nobody cares about just because they're not BTC.
    - iszomer 5y ago
      "..from centralized exchanges" should be appended to "..they get to buy more for cheap."
deleted 5y ago
[deleted]
ogogmad 5y ago
Bitcoin's at the same price today as it was on this date last year. Wen moon? Srsly: $40.8K on 8th Jan 2021 and 2022 https://www.statmuse.com/money/ask/bitcoin+price+jan+2021 https://www.statmuse.com/money/ask/bitcoin+price+jan+2021
- zitterbewegung 5y ago
  Adjusting for inflation that is actually a loss year to date. S&P 500 was up 26 percent last year.
  - nightski 5y ago
    You can't take one snapshot in time and compare it when the two assets exhibit wildly different volatility characteristics. You are capturing Bitcoin's price when it is down. If we were to do the same thing at the end of the year last year we could say it went up 70% in 2021 (and that was after a big drop from it's ATH) whereas the S&P only went up 26%. See how that isn't the whole story?
    - Guzba 5y ago
      > You can't take one snapshot in time and compare it when the two assets exhibit wildly different volatility characteristics. I mean, you certainly can if you're taking the "buy and hold" approach, or hodl amongst the cool kids. It simply points out that buy and hold crypto is not guaranteed to be better than something like SPY, and the excess volatility is maybe not a good thing? The highest possible returns != what investors actually achieve. Pointing out that at the peak it was up higher than SPY, even though it is no longer up higher, and considering that a good thing seems very odd. It would also only relevant if you're able to know when things are at a top and bottom. Did you sell any bitcoin you owned when up 70% and, if so, have we reached a bottom when it is optimal to buy back in?
      - StanislavPetrov 5y ago
        >It simply points out that buy and hold crypto is not guaranteed to be better than something like SPY There are no guarantees in life, much less in financial markets of any kind. The whole concept of markets is that different investors make different assessments of different assets.
steelstraw 5y ago
And up x,xxx% the past 5 years. People have short memories. Heck, in 2020 it was only around $9k.
- amelius 5y ago
  In modern times people want fast results. Bitcoin is not up to this task.
  - kevinak 5y ago
    What kind of fast results are you actually looking for? Is sub-second transactions not good enough for the vast majority of applications?
    - amelius 5y ago
      0% increase in 1 year is too slow; given the sub-second transaction delays people expect better results, faster.
- throwhauser 5y ago
  I went up x,xxx% from basically nothing though. Going up the same percentage in the next five years from the current price is another story. I wonder if this might be contributing to the popularity of NFTs as a new, alternative thing for people to risk their money on.
- matheusmoreira 5y ago
  I suppose short memory is good when remembering is painful. I remember when ETH was about $100. BNB was $40 months before I had enough spare money to enter this market. I have one family member who once held several bitcoins but sold them at $70.
throw0101a 5y ago
> Actually Bitcoin is down 13.52% in the last 7 days If a stock market index (e.g., S&P 500, FTSE 100, etc) was doing the same there would be many more headlines and people freaking out. Some people claim that Bitcoin is "money", or at least a store of value, but I'm not sure I'd want to have any net worth stored in something that is as volatile at Bitcoin has been over the past year: * https://coinmarketcap.com/currencies/bitcoin/ https://coinmarketcap.com/currencies/bitcoin/
- sp332 5y ago
  It is a lot of volatility, but it's also weird to compare an index to a single security.
- OnlineGladiator 5y ago
  The S&P 500 market cap is over $40 trillion. The bitcoin market cap is under $2 trillion. I just looked up this data super quick with Google so corrections are welcome. And yep, I'm editing my comment because apparently that data is for all of crypto - bitcoin is $815 billion according to ycharts. https://ycharts.com/indicators/bitcoin_market_cap https://ycharts.com/indicators/bitcoin_market_cap That's still an absurd amount of money, but there is more than an order of magnitude difference just in money, not to mention how almost no parts of the modern economy interact with cryptocurrencies in any way whatsoever.
  - dan-robertson 5y ago
    I don’t understand what you’re trying to say. That is, why do market caps matter here?
    - OnlineGladiator 5y ago
      I don't necessarily agree with it, but market cap is essentially the standard metric for how we measure value in our economy. If Apple goes down 10% people care because they're worth trillions and lots of people lose money. If a mid-size company goes down 10% a lot fewer people care.
suifbwish 5y ago
It’s quite possibly because of omicron speculation and uncertainty related to the virus.

Actually, Bitcoin is lateral, not below me.

You may be confusing the bitcoin network conditions with price action. iirc, there were some mainstream and social media stories of the recent "events" concerning the country of Kazakhstan regarding banning of bitcoin mining and the political unrest (and or violence that ensued). The blip you experienced may have been a direct result from this.

kingcharles 5y ago
You may be confusing a joke with a WHOOOOOOOOOOOSH!
boxmonster 5y ago
It was a little joke, but probably not funny to those hodling BTC
- iszomer 5y ago
  I think it would be funny for those HODLing their mined BTC but not those whom are HODLing their bought BTC. :)
- matheusmoreira 5y ago
  To those people bitcoin going down is cause for celebration. It's a sale and they get to buy more for cheap. The real joke is the fact there are far better coins out there that nobody cares about just because they're not BTC.
  - iszomer 5y ago
    "..from centralized exchanges" should be appended to "..they get to buy more for cheap."

deleted 5y ago

[deleted]

ogogmad 5y ago

Bitcoin's at the same price today as it was on this date last year. Wen moon? Srsly: $40.8K on 8th Jan 2021 and 2022 https://www.statmuse.com/money/ask/bitcoin+price+jan+2021 https://www.statmuse.com/money/ask/bitcoin+price+jan+2021

zitterbewegung 5y ago
Adjusting for inflation that is actually a loss year to date. S&P 500 was up 26 percent last year.
- nightski 5y ago
  You can't take one snapshot in time and compare it when the two assets exhibit wildly different volatility characteristics. You are capturing Bitcoin's price when it is down. If we were to do the same thing at the end of the year last year we could say it went up 70% in 2021 (and that was after a big drop from it's ATH) whereas the S&P only went up 26%. See how that isn't the whole story?
  - Guzba 5y ago
    > You can't take one snapshot in time and compare it when the two assets exhibit wildly different volatility characteristics. I mean, you certainly can if you're taking the "buy and hold" approach, or hodl amongst the cool kids. It simply points out that buy and hold crypto is not guaranteed to be better than something like SPY, and the excess volatility is maybe not a good thing? The highest possible returns != what investors actually achieve. Pointing out that at the peak it was up higher than SPY, even though it is no longer up higher, and considering that a good thing seems very odd. It would also only relevant if you're able to know when things are at a top and bottom. Did you sell any bitcoin you owned when up 70% and, if so, have we reached a bottom when it is optimal to buy back in?
    - StanislavPetrov 5y ago
      >It simply points out that buy and hold crypto is not guaranteed to be better than something like SPY There are no guarantees in life, much less in financial markets of any kind. The whole concept of markets is that different investors make different assessments of different assets.

steelstraw 5y ago

And up x,xxx% the past 5 years. People have short memories. Heck, in 2020 it was only around $9k.

amelius 5y ago
In modern times people want fast results. Bitcoin is not up to this task.
- kevinak 5y ago
  What kind of fast results are you actually looking for? Is sub-second transactions not good enough for the vast majority of applications?
  - amelius 5y ago
    0% increase in 1 year is too slow; given the sub-second transaction delays people expect better results, faster.
throwhauser 5y ago
I went up x,xxx% from basically nothing though. Going up the same percentage in the next five years from the current price is another story. I wonder if this might be contributing to the popularity of NFTs as a new, alternative thing for people to risk their money on.
matheusmoreira 5y ago
I suppose short memory is good when remembering is painful. I remember when ETH was about $100. BNB was $40 months before I had enough spare money to enter this market. I have one family member who once held several bitcoins but sold them at $70.

throw0101a 5y ago

> Actually Bitcoin is down 13.52% in the last 7 days If a stock market index (e.g., S&P 500, FTSE 100, etc) was doing the same there would be many more headlines and people freaking out. Some people claim that Bitcoin is "money", or at least a store of value, but I'm not sure I'd want to have any net worth stored in something that is as volatile at Bitcoin has been over the past year: * https://coinmarketcap.com/currencies/bitcoin/ https://coinmarketcap.com/currencies/bitcoin/

sp332 5y ago
It is a lot of volatility, but it's also weird to compare an index to a single security.
OnlineGladiator 5y ago
The S&P 500 market cap is over $40 trillion. The bitcoin market cap is under $2 trillion. I just looked up this data super quick with Google so corrections are welcome. And yep, I'm editing my comment because apparently that data is for all of crypto - bitcoin is $815 billion according to ycharts. https://ycharts.com/indicators/bitcoin_market_cap https://ycharts.com/indicators/bitcoin_market_cap That's still an absurd amount of money, but there is more than an order of magnitude difference just in money, not to mention how almost no parts of the modern economy interact with cryptocurrencies in any way whatsoever.
- dan-robertson 5y ago
  I don’t understand what you’re trying to say. That is, why do market caps matter here?
  - OnlineGladiator 5y ago
    I don't necessarily agree with it, but market cap is essentially the standard metric for how we measure value in our economy. If Apple goes down 10% people care because they're worth trillions and lots of people lose money. If a mid-size company goes down 10% a lot fewer people care.

suifbwish 5y ago

It’s quite possibly because of omicron speculation and uncertainty related to the virus.