Bitcoin drops as much as 17%, falling below $23,000 as $200 billion wiped off crypto market over the weekend

CNBC ^ | 13 June 2022 | Arjun Kharpal

[zeestephen]

Bitcoin tumbled below $23,000 on Monday, hitting its lowest level since December 2020, as investors dump crypto amid a broader sell-off in risk assets. Meanwhile, a crypto lending company called Celsius has paused withdrawals for its customers, sparking fears of contagion into the broader market. [About one hour ago, Bitcoin was trading at $21,300. Since that low it has rallied back up to almost $23,000]

[No.6]

I don’t do crypto but took 4 seconds to search and find https://www.investopedia.com/what-can-you-buy-with-bitcoin-5179592#:~:text=%20What%20You%20Can%20Buy%20With%20Bitcoin%20,makers%20and%20retailers%20have%20begun%20accepting...%20More%20

[dennisw]

RIGHT NOW>>
Bitcoin Price (BTC)
$21,934.82
down 7.38%

Ethereum >> $18.78 ETH down 4.95%

[BiglyCommentary]

If you buy it and keep accumulating, expecting some future appreciation, you are treating it as a capital asset.

[freefdny]

Loneliness, that’s the bottom line. I was never happy as a child... Christmas, Ted, what does that mean to you? It was living hell. Do you know what it’s like falling in the mud and getting kicked, in the head? With an iron boot? Of course you don’t, no one does, that never happens. Sorry, Ted, it’s a dumb question, skip that.

[corkoman]

it’s not a currency......what can you buy with it without first converting it to $$ ?

Came to this thread looking for the most ignorant post - found it!

[Honest Nigerian]

And I wonder if the financial houses are into BTC and other crypto so deeply that another Taxpayer Funded Bailout will be inflicted on the rest of us.

[zeestephen]

In theory, in periods of high inflation, Bitcoin should appreciate or retain value, since there are only 21 million Bitcoins.

Obviously, the consuming public is not impressed with Bitcoin, as a currency, or as an asset.

[ding_dong_daddy_from_dumas]

You think Biden and the Fed Reserve wouldn’t try to destroy any investment instruments that allowed you to try to escape the USD inflation?

[sergeantdave]

The U.S. dollar has lost 86% of its value since 1971.

https://www.in2013dollars.com/us/inflation/1971

Enjoy the dollar reaching its inherent value - zero.

[BiglyCommentary]

“In theory, in periods of high inflation, Bitcoin should appreciate or retain value, since there are only 21 million Bitcoins.”

So what about CRYPTO coin inflation? Where just anyone can just create money by creating new coins? That’s always overlooked.

I have posted repeatedly that Bitcoin has serious inherent design flaws that would prevent it from scaling out at the size needed. It was a hobbyist designed coin. Professionally engineered coins will replace it.