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Ask HN: Is Bitcoin Dead Now?
Is Bitcoin dead now? FTX founder Sam Bankman-Fried is in prison, Binance founder Changpeng Zhao pleads guilty to money laundering, and Bitcoin is mostly used for illegal activities, the energy usage is massive. How can I short this awful currency?
- pettycashstash2 3y agoA simple google search will provide plenty of guidance on how to short. My suggestion is just to not get involved in this
- AnimalMuppet 3y ago"The market can stay irrational longer than you can stay solvent." Personally, I wouldn't short it. I think it's dead (or rather, it was never really alive), but I wouldn't short it.
- houseatrielah 3y agoBTC has had a futures market for years. You're very brave to short BTC during the BlackRock ETF approval window.
- ALUC-inc 3y agoIt is quite possible
- wryoak 3y agoBitcoin is infrequently used for illegal activities considering payments are, you know, publicly traceable, as several high profile cases demonstrated. It’s more often used for your intentions: speculation.
- flessner 3y agoI wouldn't short it personally, but if you really want to you will most likely need a (crypto) broker that gives you access to leveraged trading and/or futures.
- keiferski 3y agoTopics like this are a good example of why you should never trust HN's advice on crypto. Bitcoin is up, considerably, in the last ±6 months. Centralized exchanges like FTX or Binance have always been more convenient than logical, and the effect of their "collapse" on the market as a whole will not last beyond the media's attention span. P.S., it's not just used for illegal activities, but is in fact a vital part of remittences abroad in places without stable currencies.
- vinniepukh 3y ago[dead]
- ps256 3y ago> Is Bitcoin dead now? No, that's not how anything works. The point is that it's alive as long as someone is running a node. Whether the price will move up or down in the future - I think it's naive to think that you can profitably speculate on its price movement (long or short).
- t312227 3y agono. but they smell quite funny since many years ;))
- factorialboy 3y ago> How can I short this awful currency? I wouldn't until Jan 10th. That's when they decide on Blackrock's (and several other) Bitcoin ETFs.
- yuppie_scum 3y agoI guess it was a good way to extract value from gullible Redditors (and HN readers) but I think the gig is up. It never made any sense.
- cableshaft 3y agoYep, bitcoin is totally dead. That's why its more than doubled in price over the past year, while Dow Jones is up a whopping 3% in the same time period (and a single bitcoin currently costs more than a single share of Dow Jones stock).
- deleted 3y ago[deleted]
- hollerith 3y agoYes, totally dead with a market cap of only $724 billion, which is even lower than Tesla's market cap (at least right now) and everyone knows Tesla is dead as a doorknob.
- pawelduda 3y agoYes it's more dead than ever before, experts agree https://99bitcoins.com/bitcoin-obituaries/ https://99bitcoins.com/bitcoin-obituaries/
- jejeyyy77 3y agolmao