Call me a Bitcoin maximalist, but I view all these algorithmic stablecoins as just a new and more elaborate method for scamming investors and traders - we've seen quite enough rugpulls, hacks (that could be just inside jobs), premine dumps, pump and dump schemes. So the fact that some shitcoin project owns a lot of BTC to support the price of their token doesn't mean anything - in the long run they will have to liquidate more and more BTC to support the price. I don't see any reason why would the masses want to adopt this token, and that's the thing that most people ignore - it doesn't matter if a token has web3, NFT, smart contracts, zero fees and all the other stuff that is there to attract investors; without real users such product is doomed.
My comment aged well  This isn't the first time DeFi and algorithmic token resulted in a disaster, and not the last one. I don't think Luna will make it to live again because it has gone as far below 0.04 as at this morning
It's below one cent, 0.008. I find it funny how a lot of bagholders that are screaming now about how this has happened were the same people mocking Warren Buffett on Twitter for being an old fart and not understanding how revolutionary Defi is. And average crypto enthusiast knows nothing about the technology and how it works, they invest purely on endorcements and popularity of hashtags. The altcoin and token market is just one big HYIP, people just refuse to realize it and still want to believe that it's a legitimate industry. |
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The people who are panicking are the newbies - those who entered in 2020-2021, don't have experience with investing in general, encounter bear market for the first time in their lives. People who have been holding Bitcoin for many years and witnessed at least one full market cycle mostly don't care. Some have sold when the price was high and are now buying, others never sold and just keep HODLing and will do it for many more years.
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ETH lost 10% of its BTC value in last 7 days. It means it fell 10% harder than Bitcoin, when comparing performance of both against USD. This has been the case in every bear market or just price downtrend - alts fall harder than Bitcoin. So idk what that guy was smoking and at which charts he has been looking, because the reality is completely opposite of what he is claiming.
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Not everyone who is selling now is panicking, and it's not like selling means selling forever and never owning Bitcoin. Investors might be trying to time the market and buy back lower to ahve more coins. This is risky, because timing such volatile market takes some luck, but it's a risk that can pay off quite well.
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When people talk about security, they need to think about concrete attacks. Security is not an abstract value that can be "more" or "less". If you keep your seed or key in your memory only, you have a huge risk of forgetting it. The second risk is a $5-wrench attack. If you want to ask, which method is more safe when you type your seed or key into your wallet, then there's no difference between them. If you have malware, your coins will be stolen in both cases.
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In cryptocurrency, skepticims more often than not saves people from losses, because most of the "opportunities" lead to a loss. Even if you take altcoins that showed great growth, it only counts as opportunity if you manage to sell with a profit, which a lot of people don't do, as they get greedy. And then the market crashes and they miss out on any profit at all.
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What makes such scenario realistic is the ability of Bitcoin to flash crash into very low levels for no big reason. One of such moments was a 50% crash when quarantine was announced, there was no fundamental reasons for Bitcoin to crash so hard, yet panic and cascading liquidations did their job.
Even retail investors can take a lesson from it - never trade with leverage on a volatile market.
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No it's not. Safe haven means an asset that doesn't lose its value during hard times, or at least loses much less value than other assets. With Bitcoin we see that when stocks go down, Bitcoin follows. When covid and response to it happened, Bitcoin experienced some of it biggest crashes. It full recovered from it and made lots of gains afterwards, but still that alone disqualifies Bitcoin from being a safe haven. Imagine that if you have a contract that requires you to pay a sum at certain date, you store your money in Bitcoin, because you think it's a safe haven, then Bitcoin crashes before that date, and you're forced to sell at a loss, like it or not. That's the opposite of safe haven.
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I wouldn't say that anyone who failed to achieve a high rank or isn't progressing in their rank or simply left the forum has failed. This forum is not a career, it's a place to learn. Maybe a new user decided to learn from other sources, or they decided to stop being involved with Bitcoin and cryptocurrency altogether. Merit is not a measure of success, it's just a fake internet point.
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There will always be people who oppose something, this is the reality of life. Also people for some reason have a strong urge to have a strong stance on every matter in the world, so when it comes to crypto they either support it or oppose it, they can't just say "I don't know much about it, so I don't think much about it". This is especially common on the Internet and discussion platforms like reddit, when everyone is an "expert" on everything.
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Unfortunately, a lot of people want to get rich very-very quick, so they try to trade frequently, and because of that they are worried about about bear markets. If only people realized that getting rich in 2-4 years is already extremely fast, and anything faster than that is virtually impossible, there would be far less stress and losses in their lives.
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Bitcoin is currently trading at $ 34,493 and the bear market is coming to an end. Also, another good thing that will definitely affect the price of bitcoin is halving.
Why are you announcing that bear market is about to end, if it hasn't been even one full year since the ATH/top of the bull cycle? There's still a lot of time till a new bull cycle starts, if the previous pattern holds true. And halvening will only happen in 2 years, and it usually takes a bit more time after the halvening for a new bull run to start. It's true that bear market is a good time to buy, but it doesn't mean that now is the perfect time, although remember that perfect shouldn't be an enemy of good. |
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Bitcoin is not an ideal asset for harsh times. Look at how poorly it's performing now, while gold is consistently increasing in value. Bitcoin is a high risk asset, and in uncertain times investors remove risks.
As for covid, Bitcoin didn't do anything to help with it. Idk where you got the idea that Bitcoin donations helped solve hunger. That's not a massive trend, just some anecdotes.
How can crypto replace fiat if 99.9999% of global transactions are still done in fiat. At the current rate of adoption, it will take millions of years to replace fiat.
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40% drop right now would put Bitcoin at $20,000. That's the top of the previous cycle. Bitcoin never fell to the price level of the top of the previous cycle. Of course there's a first time for everything, but purely from the long-term trend, it is unlikely. The bottom of this cycle should be much higher than $20,000 - somewhere at $27-29,000. Maybe it will briefly touch $25,000 if there's some foreseen event that could cause such panic.
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There are zero documented cases of someone stealing coins by bruteforcing private keys. Whenever someone gets their coins stolen, it's because of malware, phishing, and some dumb mistakes like using brainwallets.
The idea that you can guess a private key comes from people who don't know math and who think that if something is possible to happen, than it can realistically happen or already happened.
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Yes, it's likely we're only in the middle of a long bear market, the ATH wasn't actually long ago, and it's still 2 years till next halvening. So you shouldn't be surprised if the price drops further, just don't panic sell and keep hodling. The good time to sell is in bull market, not in bear market, because you never know when bear market reverses, it can happen suddenly and you might have to rebuy at a higher price and lose some coins in the process.
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The price goes down by a lot when someone decides to sell, and similarly it goes up when someone decides to buy. No amount of line drawing will tell you when exactly that will happen. Plus there's a factor of fundamentals - the market reacts to various events in the world, and you rarely can predict them. This is why short-term trading is indeed close to gambling. And this is why long-term investing is safer and more profitable.
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Payment
Basically, the purpose of such a token is a coin that can be used to pay for goods and services. (Bitcoin, Litecoin)
There are thousands of tokens and altcoins and most of them promise that they will be used as money, and none of them actually gets used. Same goes for smart-cotracts - they only find use inside the crypto sphere and not in mainstream economy. So the "objective" value of almost any token is zero. |
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Since the passion to learn was there, the moment I started reading about Cryptocurrency, how it evolved and how it is been controlled and its trading system, my eyes got opened to the opportunities I had kept waiting for so long because of my preconceived notion about it.
There's actually very little opportunities in cryptocurrency. There's a ton of scams and chaotic pump and dump markets, but not a lot of things that are actually useful for society. It's also very hard to find a job that pays in cryptocurrency or get into mining. It may look like people who are into crypto are making a lot of money, but what you don't hear is all the stories how people lose a lot of money. Focus on learning about Bitcoin, because Bitcoin is an actually useful project that wasn't created just to enrich the developers. |
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He said he wouldn't buy all of the BTC for $25 billion. except what multiplies in BTC is its value.
past performance does not guarantee future performance I wonder what would make Buffet change his perception of BTC. Or maybe he's just trying to influence the crypto market for a bargain buy.
Nothing. Buffet invests in stocks and he hates speculative trading. Bitcoin is pure speculative trading, there's no mathematical formula for claculating how much 1 bitcoin should cost. Stop seeking validation from him. |
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