Posted on 06/18/2022 12:02:44 PM PDT by zeestephen
Bitcoin has broken to $18,248, and Ether has fallen to $944, as the sell-off in the crypto market accelerates...The world's two most popular crypto currencies are down more than 35% in the past week, as both breach symbolic price barriers.
(Excerpt) Read more at cnbc.com ...
Instead look at Bitcoin's lows year by year. Then you can clearly see pattern.
I like looking at the daily 200 day moving average too.
But most crypto critics on FR seem interested in seeing how many times they can use the word ‘tulips’, not actually looking at the returns.
137,900%!
Again, if you could predict what fools would do, you would be extremely wealthy rather quickly. Just like bitcoin, the tulip market rose to ridiculous heights.
In the end, people lost massive fortunes chasing it.
It was true then, and it remains true now.
The intent wasn't to be clever, it was to point out that people have chased silly fads in the past.
People nowadays can see that the tulip fad was ridiculous, and with time, I think many will be able to see that a system of value based on crypto has no real world value either, at least not long term. It certainly made some people rich in the interim.
It’s mostly a historical urban legend; fortunes were not lost and it didn’t coincide with a huge economic crash. It’s not an astute comparison in any way, shape, or form, but people imagine they’re making some sort of highfalutin historical point.
If you don’t think Bitcoin will be worth anything in 2030 or 2035, best not get involved with it. I just don’t understand the need to mention the fake tulip panic in place of an actual, coherent thought.
But good luck to you regardless.
The tulip craze was a limited group and lasted less than a year.
Bitcoin has rocked on for more than a decade and still is rocking.
Maybe you’re asking the wrong questions…
Bitcoin haters gonna hate. Watch the news, read it and weep, haters... the large institution buyers continue to buy this limited commodity. Personally speaking, one BTC will make you a millionaire 8 years from now but I probably won’t still be alive. Of course that 1M will only be worth 250K in today’s money.
I have a generic rule, and that is when the newsies are all screaming blood, mayhem, murder and the total collapse of a sector, that is the time to buy. I have an order in to buy BTC at 13,267 and Ether at 829 ( avoiding round numbers, just something I do), but I am wondering if I might start to nibble a bit if we drop below 20K again. When NPR covers it, we are close to the bottom
https://www.npr.org/2022/06/17/1105343423/cryptocurrencies-winter-crash-bitcoin-celcius
I believe in the concept of digital currency and BTC (and Ethereum) are viable models of “money” in that they meet the requirements...
one of which is NOT the idiotic assertion that a currency have “intrinsic value.”
If you are listening to someone who asserts this necessity (usually a gold bug.. and I am a certified gold bug) then walk away. That person is a moron. There is no such thing as “intrinsic value” and those who say that bitcoin is inherently “worth nothing” are frankly too stupid to come in out of the rain. ALL currency is intrinsically “worth nothing” given the right circumstances. Implied value is the only thing that matters, and utility, security, and adaptability are the keys in digital currencies to why one would imply value.
The massive volatility and crazy speculative excesses we have seen (and will continue to see, in my opinion) in digital currencies are NOT due to the nature of bitcoin, but due to the insane money printing of the ULTIMATE ponzi scheme, the US dollar (and its bastard step children, the paper currencies of the developed and developing nations). If you are a nervous nellie (not a problem with that... I have become much more cautious in my declining years), then stick to “secure” investments..... if you can find one, lol.
I will state it again categorically, if you are placing your confidence and your hard earned and meticulously accumulated wealth in a web of assets whose “security” depends on the stability, dependability, and long term solidity of the US Dollar, your eyes are going to pop out when you see how quickly that mirage comes unwound. Again, there has never been a bigger ponzi scheme in history than the dollar. It makes tulip bulbs look like a passbook savings account by comparison. At the minimum buy a little gold and silver, a little bit of farmable land, a little digitial and a few consumables for storage (they will call it “hoarding”... screw em).
I don’t pretend to know when this will go down. I have been looking for the portents of this locked in event f, and have been “wrong” on the timing. I might continue to be off on timing, so I am not committing the whole nut to some speculative sector. I am saying that the evaporation of “wealth” that is coming is going to make people both gasp and weep. I am sure of that.
So, mock at the swings of btc and sneer again about “tulip bulbs” and how it is “worth nothing” .... and write me about how well your 401K and your bonds are doing.
And you don’t think people who are saving USD in their retirement funds won’t lose massively as their savings is devalued with inflation?
Yea, I am not betting the dollar is any better, and probably worse, and regardless, we are all in for a world of hurt as this economic disaster unfolds...
I suspect that Bitcoin is used as a mechanism for transferring assets across borders (eg, Chinese upper class trying to get their assets somewhere safe in anticipation of confiscation by CCP). While they are transferring, demand for bitcoin would be high. When they are done, when they have sold bitcoin for tangible assets in the West (like land) demand for bitcoin would crash.
what sort of logic is that?
Bingo!
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