Bitcoin Falls Below $16,000 - Slashdot

Bitcoin Falls Below $16,000

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• Bitcoin isn't a currency. It's completely unfit for the purpose of a currency. At the absolute best it might have been a store of value you could leverage into a currency. People tried and they were continuously bilked out of tens of millions if not billions. That's before we get into the massive risks of 51% attacks and the like on the Bitcoin chain itself all made possible by the heavy centralization around a handful of miners and exchanges.
  
  Face it man, it's a failed experiment. It turns out it's not so easy to create your own banking system.
  • 3 hidden comments

  • • Re:

      The difference is that Telsa has something of value behind it... Cypto is pure ether

      Buying crypto is NOT investing it is gambling and the hope is there are more fools down the line than you.

    • Re:

      The poster you are replying to has no success in life and is just bitter and resentful towards people who do.

    • Re:

      Yeah, and I made $6k off Puts on TSLA just today alone, and I'm looking to give it another whack tomorrow to see how much more falls out of that tree. So whatever dude, you do you. Good luck with your bits, I hope it works out for you.

    • Re:

      Yeah, and MLM founders make billions, but that does not mean their franchise model works. There is more to something's utility than how much money people made from it. Crypto fleeced tons of money away from people, but still fails at a currency because it doesn't do the later job very well.

  • Re:

    > It's completely unfit for the purpose of a currency. At the absolute best it might have been a store of value you could leverage into a currency.

    It isn't a security so it isn't the best long-term store either. In terms of Bitcoin only, it should have had value in sending money instantly and globally. The best use case would have been microtransactions. Example: If everyone paid half a cent to read a news article and spent 20c a day they probably wouldn't care, but in aggregate maybe that would compe

    • 1 hidden comment

  • Re:

    It sucks but it's still worth nearly $16k as of this posting. The only reason it dipped was the FTX liquidation. Once those shockwaves settle down, it'll probably just go back to around $17k-$19k and sit there for awhile. Nothing has changed.

  • Re: Event everyone predicted comes true -- More at

    The entire market is crashing starting yesterday. Elections are over so everyone is now going to be honest about the economy, itâ(TM)s really, really bad.

    11,000 people at Facebook on the street, 3,000 at Twitter, probably 10,000 at Amazon in the upcoming weeks. Many other companies are doing the same, the US is hitting a depression.

    The drop you see is a drop in the real value of a dollar, not whether true cryptocurrency can work, because they do work, people trading on the streets in Africa and South A

    • Re:

      no, not hyperinflation yet. This is just high inflation. When the currency starts losing a percentage point (or more) a day, then it will get into that territory. It is a possibility though, the Fed will not sit idly by as US bonds and stocks all drop in value because nobody wants to buy and hold them. The Fed will be the buyer of last resort, printing like a mad man, becoming the only buyer of US bonds, then it *will* hyperinflate the dollar.

  • Re:

    The 'coin' market was pumped up by 0% interest and quantitative easing. Now the fed is cranking up the rates and crashing the stock market due to Bidenflation and globally to the damage done by the other Branch COVIDians, a bitcoin holder has to ask themselves if they would rather hold some Amazon that just corrected by 1 trillion dollars, or some other real stuff.

    Coins generally fail Gresham's Law that bad money drives good money out of circulation. Also few even attempt not to create a traceable trail a

  • Re: Event everyone predicted comes true -- More at

    I think of bitcoin as nothing more than ingame loot that gets traded/stolen online. Just another version of gold-farming. It has no actual intrinsic value. It has value for the exact same reason some beanie baby has value.

• Re:

  This isn't about your imaginary paranoid conspiracy.
  Suckers have been paying large quantities of hard money for bitstrings just about long enough.
  Hucksters talk about cryptocurrency as if it were money, but you can't pay anything but ransom with it.
  People always wake up eventually from a tulip madness.

  • Re:

    Momma always said, be sure to feed the trolls

    UK CBDC - https://www.youtube.com/watch?... [youtube.com]
    ( Russel Brand lighting that on fire: https://www.youtube.com/watch?... [youtube.com] )

    US CBDC
    https://www.youtube.com/watch?... [youtube.com]

    Would you like to borrow some crayons to connect the dots?

• Re:

  But governments have done nearly nothing about cryptocurrencies. Governments could decide to impose a high tax on cryptocurrency mining, trade, ownership, or profits, or they could just outlaw all related activities for their residents. Whether the governments would be able to collect a tax or enforce a prohibition is not the question. What matters is that to date the governments have not taken any of the steps of "not permitting" cryptocurrencies. If I misunderstood your comment, you are welcome to clarify

• Re:

  Did see what coming?
  
  Initially I thought that you might refer to cryto going down the drain, which a lot of non stupid people did predict and never jumped on that train beyond a little bit of disposable money.
  But reading further it sounds more like da big ebil guberment made it happen because crypto was too stable and to dangerous to their power.