Posted on 03/17/2023 2:07:16 AM PDT by zeestephen
I am posting the current chart - $26,118 as I write this. Every time I think Bitcoin is almost dead, something crazy like this happens. Full Disclosure - I have never owned Bitcoin, and I have never encouraged anyone to buy it.
(Excerpt) Read more at cnbc.com ...
This is why I laugh every time crypto has a bear market and ignoramuses come out of the woodwork to proclaim its all a ponzi scheme, its all over, anyone who holds it is a sucker who got taken, blah blah blah.
Its had several bull and bear markets. Its always eventually come back after every downturn.
Even with a +30%, seems a bit off the highs.
16,000 + 30% isn’t
65,000 USD in November 2021.
There will always be a need to buy stuff with untraceable currency. Tax free Weed, Women of the Night, Cars all need to delt with hard dirty currency.
As I write this...
Bitcoin - $26,800.
Bitcoin up 34% since Silicon Valley Bank crashed.
No doubt, Bitcoin and all other crypto is way down off of its previous highs.
Then again, this is nothing new. Its early days in that market. The swings are absolutely brutal.....as in over 90%. You have to have a strong stomach and patience. But if you do have those....if you can sit tight and not panic when there’s a downturn, history shows you can profit handsomely.
“This is why I laugh every time crypto has a bear market”
I laugh every time crypto has a bull market.
Fools and their money will be separated.
It is an iron law of nature.
“...strong...”
Word choice?
Bitcoin isn’t untraceable.
But there are cryptoassets that are (e.g. Monero), for all practical purposes.
The utility of bitcoin, Ethereum, and other major, liquid cryptoassets is that they are non-permissioned and uncensorable.
The government can freeze your bank accounts and credit cards, but it can’t freeze your crypto wallet. And that’s why the statists want it to fail.
Too bad bitcoin isn’t untraceable. Good old fashioned hard currency is probably less traceable than bitcoin.
I do not know enough about crypto to argue the issue.
However, if the government can't find your crypto wallet, how do merchants and landlords know where to find it, and how do your employer or your customers pay into it?
Actually, it is up 34% since the Fed RESCUED SVB...all coins exploded the second that was rumored.
In practice, one has multiple wallets, some that are public and some that are private. There are several ways to obscure the transactions between public and private wallets.
BTW, I’m not suggesting not reporting taxable transactions. I’ll pay the taxes required by law. IMO, there’s value to financial privacy.
Ping, Bitcoin Carrie’s on as a hedge against government!
RE: $26,118 as I write this.
Bitcoin reached a high of almost $65,000 in November 2021.
The folks that owned the “dollar” stable coins got burned. They realized there is no sense in keeping your cryptos in dollars; so they bought Bitcoin.
The whole, “ the banks were too invested in crypto” thing is BS. I’ve owned Bitcoin for ten years. It’s never been in a bank. In that sense, I am my own bank.
It didn’t fall as much as Netflix.
That said, Bitcoin is definitely traceable. See others' comments below. Its blockchain is a public ledger.
Maybe everyone should be their own bank.
S*hole country citizens without access to banks love crypto b/c they can be their own bank if they have internet access.
US citizens have access to plenty of bad banks.
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