[HN Gopher] Bitcoin falls under $16,000 ___________________________________________________________________ Bitcoin falls under $16,000 Author : mfiguiere Score : 63 points Date : 2022-11-09 22:20 UTC (40 minutes ago) (HTM) web link (www.cnbc.com) (TXT) w3m dump (www.cnbc.com) | bpodgursky wrote: | Having bought Eth at I dunno, $150, it's funny watching people | panic or gloat about price swings from $1k, or $2k, or $7k. | | Whatever, maybe I'll be wiped out tomorrow. Or maybe it'll be | $10k in a year or two. Let's ride it and see. | telesilla wrote: | I joke that I'll sell my ETH when it's worth half a million | USD. It was an insignificant investment at the time and it's | fun just going for the ride. | [deleted] | spamizbad wrote: | Tons of people got into Bitcoin when it was over 20K. That's | part of what pushed it so high last year. | pessimizer wrote: | Bitcoin down 77% in a year. | gordon_freeman wrote: | performing neck-and-neck in going downhill as Meta stock. ;) | lostlogin wrote: | Can bitcoin sack staff? | paxys wrote: | With every bubble pop, exchange insolvency, token scam, crypto | startup bankruptcy, we are getting closer and closer to the | "real" value of bitcoin. Still ways to go I predict. However, I | also do think that value is comfortably > 0. | Gigachad wrote: | For actual use of Bitcoin I don't think the value even matters. | You buy it, transact it, and the seller sells it immediately. | It doesn't matter what the value was as long as it doesn't | change in between this process. | | In my perspective the only real use of bitcoin is transferring | money where you can't use traditional payment providers. | WoahNoun wrote: | :tada: emoji | bogota wrote: | Im sure this will lead to great discussion | TechBro8615 wrote: | On the rare occasion when I meet a girl and she says "you must | have been really early into Bitcoin," it's the look of | disappointment on her face that motivates me to post derisively | about cryptocurrency every chance I get! | bogota wrote: | Well at least we are being honest now haha | rouxz wrote: | How long until ASIC mining to become unprofitable? | paxys wrote: | Mining will never really be unprofitable, because the size of | the pool will just regulate itself as needed. | Gigachad wrote: | Meaning the drop in value is a massive benefit to the planet | as miners shut their setups down. | poulpy123 wrote: | Ah yes the magic invisible hand of the market | bogota wrote: | Pretty hard to say since it depends on the price you pay for | electricity. But you can just watch the difficulty adjusting to | see when people have started to turn off miners | SevenNation wrote: | For those who may be new to this, what's happening now is the | final act of the Bitcoin Cycle. | | The Cycle starts with nobody giving Bitcoin a second thought. | It's deader than a doornail. Yesterday's news. That is, if | anybody even remembers it. Winter. | | Spring comes in the form of inexplicably rising exchange rate. | Few are paying attention because... Bitcoin is dead. There have | been rallies in the past, all failed. Too many failed rallies to | even count. So many hopes dashed. So many families broken. So | many lives warped beyond recognition. | | Summer arrives with an out-of-the blue shot at making a new all | time high against the dollar. Will it or won't it? The excitement | drives the materialization of a new generation of promoters. | Those who have "done the math" and now believe in Bitcoin. People | who will tell you to mortgage your house, sell your car, and | borrow against your retirement because it's "going up forever." | | The popular press starts to smell the sweet scent of clicks and | gets busy. | | In late summer, problems with "custodians" begin. First with a | trickle of instability at an obvious scam. Maybe an exchange. | Maybe a yield farm. Maybe an admitted Ponzi. | | Before long two, three, four of these custodians are tits up in a | pool of blood. "Victims" can't believe their misfortune! They | were lied to! | | Influencer after influencer comes out of the woodwork to assure | followers that capitulation has happened. The exchange rate has | stabilized around a nice round number $10. $1000. $10000. $20000. | Further declines are not in the cards. Fortune favors the bold! | | This goes on for some time, each episode tearing the exchange | rate to a lower level. It's Fall. | | Eventually, the influencers move on to other audiences. Nobody | ever admits what a complete fool they have been. They just... | disappear. | | Winter comes and the only ones left are the ones who warned the | Johnny-come-latelies that this is blood sport, that they are ill- | suited for the risks their taking on, and for the love of God, | get your damned money off of exchanges. | kjoedion wrote: | loandbehold wrote: | I thought it was a good asset to own in case of recession? | jancsika wrote: | Then what better time to buy a recession-proof asset? | | (Did I gambler's fallacy correctly?) | agumonkey wrote: | Are we in a recession ? | piva00 wrote: | We are, a recession is usually called in retrospect after | some quarters, we are definitely in the beginning of a | recession. | ceejayoz wrote: | GDP was up last quarter. Probably this upcoming one, too. | If there's a recession coming, we aren't in it yet. | ceejayoz wrote: | It turns out that chanting "this is good for Bitcoin" doesn't | actually make that true. | andreygrehov wrote: | These are expected historical falls - https://ibb.co/TWyTDh5 | 988747 wrote: | This graph only looks good because of logarithmic scale use. | This is how it looks like to normal people: | | https://www.coindesk.com/embedded-chart/QMQGWJngBbWTR | MarkPNeyer wrote: | Why would you use anything but a logarithmic scale to | understand an asset over long periods of time? | ceejayoz wrote: | Because "lost nearly 80% YOY" shows up better this way. | yrgulation wrote: | A store of value i was told. Because see, unlike money, bitcoin | has value i was told. | bloodyplonker22 wrote: | This is the sales pitch for Bitcoin, and it does have some | merits if you consider the "digital gold" argument. However, as | it turns out, too many people got on the boat and started | thinking that bitcoin would make them "rich". They flooded the | market and Bitcoin transformed into a completely speculative | asset instead. | elorant wrote: | Good effing riddance. | kleer001 wrote: | Weeble wobbles but they don't fall down. ___________________________________________________________________ (page generated 2022-11-09 23:00 UTC)