Imagine you're about to deposit 1 BTC to exchange that you never used before, and imagine they have some bug with deposit addresses. If you deposit 0.001BTC first, wait for transaction to confirm and then see that the balance wasn't updated, you would stress much less than just blindly sending the whole sum and ending up in this situation. There can be other hypothetical situations, so when you're doing large transfers and the fees are low, it won't hurt to make a test transaction just in case. People do the same with banks too.
|
|
|
Do you think he will let bitcoin goes down during crash? While he have bought bitcoin on $33,000, do you think he doesn't want any profit from his investment? Do you think Elon is stupid for let market crash and make his investment down a lot?
If he deeply cared about his Bitcoin investment, he wouldn't spread FUD about it in the first place. There's a rumor that big Tesla shareholders became worried about his Bitcoin purchase and how it would reflect on them and Tesla as Bitcoin is being branded as "ecological disaster". So he was forced to denounce it, and he doesn't care about Bitcoin and his 1.5 billion deeply enough to oppose those shareholders. He's afraid of them dumping Tesla stock much more than losing on his Bitcoin bet.
|
|
|
Crypto bubble was/is still small compared to dotcom bubble or the housing bubble, so it won't have any macroeconomic effects. Institutions only started investing in Bitcoin in this cycle, and they don't touch altcoins, and they didn't put even that much money into it. Bitcoin can go to zero tomorrow and these institutions won't bat an eye.
|
|
|
This is correct, but it's not the whole story. If Bitcoin was properly banned by major governments (the US, EU, China, Japan), it would have a tiny fraction of today's adoption, and today's adoption is already very low. Very few merchants would want to accept illegal money if they don't do illegal business, generally it only happens in countries with hyperinflation or other economic problems. So, let's not get cocky here, Bitcoin ban is a serious threat. And from a point of view of investing, it can easily wipe 90%+ of its value.
|
|
|
It's no secret that it's completely wrong to look at the market cap that way - it's a well-known fact that these are just inflated numbers that are achieved by creating a coin with a very large supply and then inflating its price. The shitcoin season has definitely peaked at one point, take the example of the Doge, which at one point went to a value of as much as $0.70 +, which resulted in their market cap increasing astronomically - all because of one man.
Yes, it's not like $1.5 billion was literally moved out of the market, but it's still true that it's the biggest correction in terms of value. This was the first time Bitcoin has swinged by $10,000 in one day. We've seen bigger corrections in terms of relative value, but absolute value is also important. It shows that even with increased volume and 5-figure prices, Bitcoin still remains highly volatile.
|
|
|
PayPal is now less bad, but it's still pretty bad, their fees are horrendous and make centralized exchanges look like charity. I think most people who would trade crypto via PayPal are existing PayPal users who have balance, and newcomers who want to buy Bitcoin would almost always choose an exchange.
|
|
|
Maybe it's bad in short-term, but in the long run Bitcoin will break free from constant fear of China banning it and it would be able to attract more investors because there's one less threat looming above Bitcoin. But China will probably never fully ban Bitcoin, because they might want to use it one day for some reason. If they wanted to fully ban it, they would have done it a long time ago.
|
|
|
It bounced because the price never goes in a straight line, there are always corrections, but it's still very unclear if we will return the the bullish trend or if the bear market will continue. So don't regret anything right now, because maybe tomorrow you'll find that it was the correct decision. Both buying and selling are extremely risky right now, because the future is very uncertain and a big move is coming.
|
|
|
Bitcoin market is quite leveraged, so an individual trader with deep pockets can have as much influence as a big whale if they decide to use leverage. And exchanges like Binance allow x100 leverage or even more. This is what has been happening in this bull run - many coins were traded with leverage, so when some movement started, it could go a long way due to cascading liquidations.
I don't believe whales alone can move the market. If it was so, why was the market stagnating for so many years? Why were they not pumping and dumping if they had the power to do so?
|
|
|
It shows that american miners are seriously worried about what Elon Musk thinks about them and Bitcoin, and it can't be a good thing, it's essentially giving Elon more and more influence. If only they ignored him, the market would stop caring, but now it's likely that Elon's crypto market manipulation will continue.
|
|
|
Saylor obviously thinks he needs to convince EM that not everything is as black as he thinks it is - and that definitely affects his investment. If you have invested billions in BTC, then it is only logical to try to protect that investment in all possible ways - and that is exactly what Saylor is doing because he estimated that it is better not to let things go downhill without any control.
But this makes his investment more vulnerable to the whims of narcissist billionaire troll who could at any moment tweet "Bitcoin is overpriced" or some other FUD regardless of what's actually happening. Maybe it's a short-term boost to the price, but it's gonna be bad in the long run. But I believe Bitcoin will emerge stronger when people would stop caring about what Elon or any other celebrity says.
|
|
|
This is pathetic, Saylor and miners are bowing to Elon as if he's some sort of Bitcoin king, while he even has less coins than Microstrategy. This just continues the the narrative that Elon's opinion is important and everyone should do what they can to please him. While this guy talks about "100x capacity 100x smaller fees" lol.
Maybe in a few years we'll have another Segwit2x-kind contentious fork, this time backed by Musk, Saylor and some miners to "save" Bitcoin from something.
|
|
|
If we consider Bitcoin as private, which is debatable, then you still have to agree that Bitcoin is only offering you financial privacy, and not privacy of general communications. Privacy has many aspects, so saying that Bitcoin is the last bastion is not correct. Also, cash will often be more private than Bitcoin, though I would say Bitcoin is safer than cash, since you can transact with it purely online.
|
|
|
Religion is a belief in supernatural. Bitcoin is nothing like that. Just because there are people devote to Bitcoin doesn't mean that Bitcoin is a religion. And as far as movements go, Bitcoin community isn't exactly monolithic, there are people of all sorts of political or ethical beliefs here. You don't even have to hate the government or fiat currency or banks to be a bitcoiner.
|
|
|
How can individual coin have promising technology if crypto as a whole is still not proven? Ethereum promised to become world's computer and automate a ton of stuff in a decentralized manner, but what are its real use cases? Creating scam tokens, trading on DeFi and a bit of gambling. And this is the leader of altcoins. Others are even worse, literally zero real world use.
The price of alts is driven by hype and pumps with a goal of dumping to "bigger fools".
|
|
|
Very high chance that yes. There isn't much hype about Bitcoin, there hasn't been any major positive news for a long time, only FUD. No new big institutions have publicly announced that they bought BTC or plan to adopt it, which was the main drive behind this bull run. Bears are dumping more coins than bulls can buy.
|
|
|
The thing is, the market can be in the state of "greed" or "fear" for a long time. If you look at the recent history, this indicator was showing "greed" since Bitcoin touched $20k. Does it mean that selling at $20k was good? Now we have "fear", but if we are in a bear market, there will be many more months of it, so you could buy Bitcoin even lower.
|
|
|
Getting to the point, bubbles happen when you start buying something just because you think someone will pay more for it, instead of looking at how useful is it for you or for a community of people.
You can buy something because you believe it will be worth more in the future because it would be more useful. Like shares of a company that is small now but will become large in the future. Or with Bitcoin, it will be more adopted as a currency or store of value. The problem with Bitcoin is that there's no good way to calculate how much it should be worth like you can with stocks, it's all just pure guess and the fact how much money can people actually pay for it. Some people say that Bitcoin will be worth $150,000 or $500,000 - but if they truly believe it, why won't they sell all their assets for it?
|
|
|
There's been a lot of negative news lately that contributed to this fall, but the main cause is that the bull run simply ran out of steam - no one was willing to buy Bitcoin at above $60k, despite the predictions of $150k that floated around. Also the market structure was highly levereged, so the more price fell, the faster it kept falling because liquidations triggered even more liquidations.
|
|
|
She made this statement on the day that Bitcoin fell to $30k and bounced back to $40k. To me it looks like desperation, at attempt to give hope to bulls to continue this bull market by buying right now and not letting the price slip any further.
I believe that in some distant future new highs await Bitcoin, maybe even $500k in some decades, but in the immediate present things look very risky.
|
|
|
|