4 ms·

Oh my goodness surely this is going to be the absolute end for cryptocurrencies now isn't it? Is bitcoin now dead?

by thepasswordis 4y ago

AustinDev 4y ago
Bitcoin is dead. This is good for bitcoin. :D
- neosat 4y ago
  A lot (most?) of what's happening in Crypto is quite at odds with the proposed direction in the bitcoin paper (e.g. transparency, (de)centralization) So while a much needed correction for 'crypto' in general, this is not necessarily bad for bitcoin long term.
edwnj 4y ago
Naaa this is the best thing to happen to bitcoin. Over the last 2 years bitcoin was being eaten up by wall street and technocrats. The OG crypto people were being bribed by all the money coming in and the ones that remained "pure" were being shunned as "toxic btc maxis". This is like a massive wildfire that gets rid of all the "overgrowth". If it wasn't for this, there was a non zero chance that bitcoin would slowly die out. Worse we would've ended up in a dystopian future of CBDCs and social credit etc.
- boppo1 4y ago
  >Worse we would've ended up in a dystopian future of CBDCs and social credit etc. I think we might still be heading there. The Fed announced recently (iirc) that a CBDC is officially on the way.
hamiltonians 4y ago
down 80 percent in a year.already close to dead
- latchkey 4y ago
  Still up 16,000% from Jan 3rd, 2009.
  - hamiltonians 4y ago
    that shows the power of dividing by zero, not that this is a good investment . returns since late 2017 have sucked compared to index funds
    - latchkey 4y ago
      > returns since late 2017 have sucked compared to index funds What do you mean by returns?
      - tasuki 4y ago
        Return on investment, I suppose.
        latchkey 4y ago
        Seems weird then. Nov 2020, when Paypal launched the ability to buy and hold crypto, I bought $100 of btc and $100 of eth as an experiment to see what happens over time with a buy and hold approach. I haven't touched either of them since. While the btc hasn't done well (currently $103), the eth is worth $270. Total % gain is 86.80%. At the peak over the summer, my $200 had turned into like $1400. Maybe index funds have done better than that? I don't know... what confuses me is with ROI... crypto by itself doesn't offer ROI other than buy/hold, where index funds often have dividends.
stickfigure 4y ago
If you look at the existence of alternative coins as an attack on (your preferred) cryptocurrency, then every shitcoin implosion is a good thing. In the long run it seems unlikely there will be more than a couple surviving cryptocurrencies (see: Metcalfe's Law), and there will be a lot of chaos between now and then.
xur17 4y ago
https://99bitcoins.com/bitcoin-obituaries/ https://99bitcoins.com/bitcoin-obituaries/

Oh my goodness surely this is going to be the absolute end for cryptocurrencies now isn't it? Is bitcoin now dead?

AustinDev 4y ago

Bitcoin is dead. This is good for bitcoin. :D

neosat 4y ago
A lot (most?) of what's happening in Crypto is quite at odds with the proposed direction in the bitcoin paper (e.g. transparency, (de)centralization) So while a much needed correction for 'crypto' in general, this is not necessarily bad for bitcoin long term.

edwnj 4y ago

Naaa this is the best thing to happen to bitcoin. Over the last 2 years bitcoin was being eaten up by wall street and technocrats. The OG crypto people were being bribed by all the money coming in and the ones that remained "pure" were being shunned as "toxic btc maxis". This is like a massive wildfire that gets rid of all the "overgrowth". If it wasn't for this, there was a non zero chance that bitcoin would slowly die out. Worse we would've ended up in a dystopian future of CBDCs and social credit etc.

boppo1 4y ago
>Worse we would've ended up in a dystopian future of CBDCs and social credit etc. I think we might still be heading there. The Fed announced recently (iirc) that a CBDC is officially on the way.

hamiltonians 4y ago

down 80 percent in a year.already close to dead

latchkey 4y ago
Still up 16,000% from Jan 3rd, 2009.
- hamiltonians 4y ago
  that shows the power of dividing by zero, not that this is a good investment . returns since late 2017 have sucked compared to index funds
  - latchkey 4y ago
    > returns since late 2017 have sucked compared to index funds What do you mean by returns?
    - tasuki 4y ago
      Return on investment, I suppose.
      - latchkey 4y ago
        Seems weird then. Nov 2020, when Paypal launched the ability to buy and hold crypto, I bought $100 of btc and $100 of eth as an experiment to see what happens over time with a buy and hold approach. I haven't touched either of them since. While the btc hasn't done well (currently $103), the eth is worth $270. Total % gain is 86.80%. At the peak over the summer, my $200 had turned into like $1400. Maybe index funds have done better than that? I don't know... what confuses me is with ROI... crypto by itself doesn't offer ROI other than buy/hold, where index funds often have dividends.

stickfigure 4y ago

If you look at the existence of alternative coins as an attack on (your preferred) cryptocurrency, then every shitcoin implosion is a good thing. In the long run it seems unlikely there will be more than a couple surviving cryptocurrencies (see: Metcalfe's Law), and there will be a lot of chaos between now and then.

xur17 4y ago

https://99bitcoins.com/bitcoin-obituaries/ https://99bitcoins.com/bitcoin-obituaries/