Posted on 06/30/2022 1:48:57 PM PDT by Trump20162020
More than 80,000 Bitcoin (BTC) investors have had their millionaire status revoked due to the crypto market downturn.
Back on Nov. 12, just days after Bitcoin hit a new all-time high of around $69,000, a total of 108,886 BTC addresses reported a balance greater than $1 million, according to data from BitInfoCharts.
Fast forward to the present day, with the price of Bitcoin struggling to hold above $20,000, a mere 26,284 addresses are reported to contain holdings valued at upward of $1 million, meaning that the number of paper millionaires has declined by more than 75% throughout the last nine months.
(Excerpt) Read more at cointelegraph.com ...
About a year ago it was worth 3 times what it is today. Thankfully *my* portfolio is only down about 10% in that time.
Bitcoin has always been subject to wild swings but the trend has been upward as more people start using it. Government hates Bitcoin because it makes capital so easy to move around. That is the source of the wild fluctuations: the fear Governments will come up with a way to shut it all down, just like it did with Pirate Bay.
So for laundering cash these things seem great! beyond that I see it as nothing but a scheme...for the life of me I see no benefit to computer equation generated non cash. Anyone agree?
Kind of like that crash in the Clinton years
“but the trend has been upward”
In my book it is a steady downtrend from 62k to 20k.
But if BitCoin sticks to its promise of limiting the overall number of coins, then the miners will only get transaction fees which might not recoup their costs.
So you could have a situation where the miners give up and no transactions occur, or the miners go on strike and the transaction fees go so high that people lose too much trading or using their digital currency.
“I see it as nothing but a scheme...”
The developers grabbed the first thousand or so easy bitcoins before putting it out to the public.
I never put much money into crypto. I had a tiny amount of ETH (and zero bitcoins) which I purchased to do some testing on a side-project I was working on years ago. I stopped working on it.
But my point is that they call $19,000 a crash. About 5 years ago it ran to $17,000 and then fell back to $3000. And $3000 was higher than it was a year before that. So I guess it depends on your timeline. Some people are still way up. And also, well, this kind of pull back has happened before. From 60 to 20, and before that from 17 to 3.
I think blockchain is great technology, and I understand why some people think bitcoin is the “gold standard” but I don’t think so. The limited supply makes a geopolitical monetary point and that is attractive to some libertarian minded folks (and to me as well) but as a form of currency it is destined to fail imo. Even if they split 100,000 to 1 it is still too limited to be functional. ETH and the Ethereum platform is more versatile and other types of coins and blockchain tech may come along that are even more useful.
Also, many of the ICO (Initial Coin Offerings) turned out to be pump and dump scams with the coin creators taking all of the "investments" and running away.
Since there is no government oversight, there is no enforcement of contracts, so was a crime really committed when their coin was "stolen"?
You would think that the libertardians who created this government-less system would have read Nozick's book and created minarchist security companies that would hunt down anyone guilty of digitheft. But alas, they were too busy watching "arrow go up" they forgot some of their so-called principles.
I think it depends. Banks and credit card companies operate transactions for around 3%. Blockchain transactions on the ethereum platform is flat fee regardless of the size of the transaction. So as a merchant, I'd like to pay 3 cents for a $100 transaction instead of $3. And that makes the concept a threat to the big institutions and credit card companies.
As far as it being non-cash, well, it is pegged to cash and trades on a fairly open market basis. So it is not much different than, say, making a purchase in Euros or in Yen. It will fluctuate to market forces but it is still relative to the value of dollar.
You mean the Pirate Bay that's still up? There's A LOT of mirrors. Whack one, two more appear.
So for laundering cash these things seem great! beyond that I see it as nothing but a scheme...for the life of me I see no benefit to computer equation generated non cash. Anyone agree?
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I’m likely a minority opinion, but I see bitcoins and the other cryptos as the 21st century version of the Tulip Craze, without even the tulips. How does one attach a value to something that as you say is nothing more than an equation. There is no business. There is no good or service. How would one even attempt to apply quantitative analysis to it. It really has all the earmarks of a craze.
Bitcoin?
I think of it as Bitcon.
It's like investing in air, hoping that someone else will think that it's even worth more than what you paid for it.
Hoping that the good folks hereabouts on this fine forum didn't get crunched too badly.
At least we have pieces of paper ... much better than equations ...
Besides Bitcoin there are now dozens if not hundreds of digital currencies”
Yep. And with the exception of an infinitesimally small percentage of those currencies the rest are pump and dumps that have a literal profit window of minutes before their liquidity pool is looted.
Mine is down 0% because I don’t have one.
Do I win?...
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