Posted on 02/26/2026 8:30:06 AM PST by Miami Rebel
Since its peak last fall, Bitcoin, the world’s largest cryptocurrency, has lost almost half its value. Nearly $2 trillion of wealth has evaporated from the global crypto market since October.
We have one question. What took so long? Outside of crimes and scams, the technology is useless, and its economics are even worse.
....At a time when investors have grown skittish about riskier assets, the value of Bitcoin has fallen nearly 50 percent since October, dropping to below $70,000, proving it was only a matter of time before crypto faced the critical lens it always needed but never truly received.
....One of the industry’s main facilitators, Senator Cynthia Lummis, a Wyoming Republican nicknamed the Crypto Queen, received over $50,000 in campaign contributions from the crypto industry and investors just weeks before sponsoring a pro-crypto bill.
....If this technology is that revolutionary, why weren’t any of the giant tech firms using it? Were they too shortsighted to see the technological revolution unfolding before them? Or was the technology — which we learned was essentially a painfully slow and expensive database — just not that special?
Crypto is at best a form of private money, which has a long history of ending up in financial ruin. At worst, it is a speculative and highly volatile asset with almost no practical use, whose backers were (and still are) constantly trying to embed it into the financial system, both to increase its adoption and, should the market nosedive, stick taxpayers with the bill.
(Excerpt) Read more at nytimes.com ...
How does buying it in an IRA make it a stable currency?
Would be nice but does not really seem to work that way. Seems to cause the average person more headaches than good given how bitcoin is used to enable things like ransomware and big tech level crimes.
At least tulips are tangible and pretty.
Chat Gpt:
The cost of producing Bitcoin has been rising significantly, with estimates currently around $49,500. This increase is attributed to rising mining difficulty and energy costs, leading to a decline in profitability for individual miners.
-The Coin Republic
As for control, Bitcoin operates on a decentralized model, meaning it is not controlled by any single entity. The identity of Satoshi Nakamoto, the creator of Bitcoin, remains unknown, and the current ownership of Bitcoin is not straightforward.
-Glassnode
Regarding the ability to lower or raise costs, the cost of electricity and mining hardware is a primary factor. Changes in electricity prices can significantly impact mining costs, and companies are focusing on efficiency to manage these costs effectively.
-Cointelegraph
In summary, while the cost of producing Bitcoin is rising, the decentralized nature of the network allows for some flexibility in control and management of production costs.
Things are worth something as long as people agree it is worth something. Once that changes, so does the worth. And for crypto...that time has come. It could change again, but there is no way of knowing that.
“Cypto exists to give an untraceable way to transfer money to high level criminal activities “
That capability already exists.
It did not lose any value. It had no value. Wealth doesn’t evaporate. There was no wealth.
There was nothing but peoples’ hopes and delusions.
You might be able to receive it anonymously, but you won’t be able to spend it anonymously.
If $2 trillion were simply transferred into bitcoin (or any commodity) you would know it. The demand for dollars (or any currency) to “create” wealth in bitcoin serves as a bubble into which governments can print currency - without inflation. Simple supply and demand.
The bubble bursts, and people who thought they had a chair - don’t.
No inflation, rinse and repeat. I would expect this is fundamental economic theory, after all the “bubbles” we’ve had.
It’s in the New York Times. It must be true.
IT’S AN OPINION PIECE By GUEST WRITERS. Lord Jesus.
“because we’ve all agreed it has value, and it’s easier to carry “
That’s it, in a nutshell.
Funny little abbreviation that says “what I just said is not really true”
No personal information is associated with the wallet encryption key (if you do it right and stay away from “KYC” sites like Coinbase).
The Rise and Rise of Bitcoin
2014 ‧ Documentary/Drama
I watched this a awhile back and would recommend anyone do the same.
While it was intended to sing the praises of crypto it actually made a great case for why it’s a bad concept.....at least to me anyway.
At the very end it admits the whole thing was thought.up by some Japanese dude and nobody knows who or where he is.
Yeah, THAT’S what I want to stake my financial future on. 👌
None for me thanks. 👎
Once you put it in your wallet it’s ready to be stolen or identified.
The value given to crypto seems to rely on nothing tangible but only a sufficient body of folks who “believe” in it. Maybe enough draw downs like the latest one will someday shatter that belief.
I always like the crypto threads.
So much disinformation or just plain ignorance. And I don’t write that in a pejorative way—it’s natural, i guess.
It’s funny that people will cheer when the Congress spends an extra two trillion dollars every year. They seem to think it’s OK when bank accounts are shut down for political reasons. They think billions of dollars being spent into black holes with no auditing or public exposure by the government every year.
But, crypto is sketchy. Ha Ha.
I am not advocating anyone go out and buy bitcoin or any of the other crypto currencies. I do advocate learning what problems they solve and how they help the rest of the world become “banked.”
In these threads we hear about “it has no value”, “it is not an investment”, “it pays no dividends”, “it will evaporate in an EMP”, “Quantum computing will destroy it”, and so on.
It’s funny to read the authors from the biggest socialist rag in the world rail on about cryptos.
Luddites of the world unite!
If you can attach a “wallet” address to a person, it is 100% public.
One of the best case uses would be to run government payments on the blockchain. Then publish the addresses of all contractors. You would be able to see…in an instant, where all the money is going. Audits would not be some “deep dive.” You could just pull up the records and see it all.
It is literally called “the public ledger.”
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