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It will interesting to see what Bitcoin's price floor is when we get to maximum crypto-pessimism. Intuitively, that seems like it would be the price of its as
by danans 4y ago
It will interesting to see what Bitcoin's price floor is when we get to maximum crypto-pessimism.
Intuitively, that seems like it would be the price of its aspiration to be "digital gold", in the sense of it being an asset-of-last-resort that has little to no economically productive value, just like the piles at the United States Bullion Depository at Fort Knox.
Heck if I know what that is, though. $10k, $5k? Or are there structural risks that would preclude it from ever being used that way? Is there price or policy regime which will trigger a catastrophic loss of confidence and collapse, or like gold, is there a reality of its existence that can't be negated.
- vmception 4y agoSame here, to me its just another crypto decline. I build in this space all the time, declines are great for builders, and we mostly earn crypto and can immediately cash it out if desired. We don't need a bullish or bearish hypothesis. Transaction fees get cheaper. The economy is big enough to extract value regardless and we’re always accumulating professional experience (niche coveted coding skills) and network. In these crashes there is always an illiquid whale. In this crash that illiquid whale is Do Kwon liquidating the bitcoin he just bought to prop up Terra/Luna, and maybe Microstrategy. They’ll stop selling eventually. Some funds aren’t going to get new limited partners to pump their favorite assets. I would love to see how crypto performs in a market where sentiment isnt supported by the Federal Reserve, we havent seen that yet, even though crypto was never a direct beneficiary I think the limited partners in the last round of hedge/vc funds were fairly direct beneficiaries.