Bitcoin Price Crashes Below $20K for the First Time Since December 2020

a reply to: Tarantula777

This pleases me as I regard crypto as a financial parasite, guzzler of fossil fuels and serious pollution hazard. It is reallly is old tech. It is to finance now what an Atari is to a Macbook M2.

Not all crypto is bitcoin. Bitcoin is proof of work, where miners process semi complex algos to backhaul the transactions. This is very energy intensive.

There are other cryptos that are or transitioning to proof of stake. These are far less demanding on resources.

Certain aspects of crypto are a parasite... But it's the wild west. It's for the most part unregulated, and I like it that way. If you don't like it, you can always just not partake

a reply to: putnam6

They should invest in tulips next. Maybe Matt Damon can hock that during the 2023 Super Bowl.

a reply to: olaru12

BC should start a rebound about Xmas.

Why? The only value to bit coin is if fickle people find it valuable or not. You can’t eat it, nor manufacture anything out of it. Bit coin is backed by what? Bit coin is just the digital and less tangible version of beanie babies.

Family Ruined By $100K Beanie Babies 'Investment'
One California family paid more than $100,000 for Beanie Babies.
By ABC NEWS
July 26, 2013, 2:33 PM ET

abcnews.go.com...

Certain aspects of crypto are a parasite... But it's the wild west. It's for the most part unregulated, and I like it that way. If you don't like it, you can always just not partake

I lean that way myself and as the old west's destitute town drunk, Im just watching this all unfold and wondering if it's gonna close the saloon, brothel, and general store.

a reply to: putnam6

Any idea if a few investors were buying up bit coin and driving up demand artificially to push up prices then sold to make their profits?

Anyway to judge the real demand for bit coin?

originally posted by: neutronflux
a reply to: putnam6

Any idea if a few investors were buying up bit coin and driving up demand artificially to push up prices then sold to make their profits?

Anyway to judge the real demand for bit coin?

I do not know, but I bet others here may have opinions, it's an interesting topic, and it's not Ukraine.

originally posted by: AugustusMasonicus
a reply to: putnam6

They should invest in tulips next. Maybe Matt Damon can hock that during the 2023 Super Bowl.

I completely forgot about the commercial. Hard lesson on truth in advertising,FWIW I like Matt Damon the actor but he ought to put away his financial manager's hat.

As somebody else mentioned there have to be loads of transactions in Bitcoin that never were transferred over.

www.newsweek.com...

Damon's Crypto.com ad aired for the first time on October 28, 2021 when the price of Bitcoin was $60,622.14. At that point in time, Bitcoin also had a total market cap of $1.14 trillion.

While there was a slight increase in its value in the days following the release of the ad, the current price of Bitcoin is a shell of its former self. As of Tuesday June 14, it is worth $22,404.78. The current market cap stands at $68.02 billion.

Anyone who invested on the day Damon's ad launched and held on to their investment for all this time, will have seen a loss of 63.04 percent. Anyone wanting to return to the full value of their initial investment would need the price of Bitcoin to increase by 170.58 percent.

To put this in context, if you invested $1,000 in Bitcoin on October 28, 2021 and didn't touch the investment from there, that Bitcoin would now be worth $369.80.

It's my understanding that we will see it down to triple digit numbers before it goes back up. This should occur around October 22. So I'm told by other investors.

I just got into bitcoin a couple month ago, and still confused on how it maintains value but it does.

At 18k now, but wait till it's in the triple. Then buy!

I made some good money, and lost a bunch. I went into it thinking of it like other investments and let it sit for a good while.

Anyway long story short, expect bitcoin to drop considerably.

Got this Pi app last month. I have no idea how it mines, and you have to be invited. Personally it feels like sn Amway Pyrmid. If anybody has advice on this, it would be greatly appreciated.

originally posted by: Bigburgh
It's my understanding that we will see it down to triple digit numbers before it goes back up. This should occur around October 22. So I'm told by other investors.

I just got into bitcoin a couple 3 month ago, and still confused on how it maintains value but it does.

At 18k now, but wait till it's in the triple. Then buy!

I made some good money, and lost a bunch. I went into it thinking of it like other investments and let it sit for a good while.

Anyway long story short, expect bitcoin to drop considerably.

Got this Pi app last month.

I have no idea how it mines, and you have to be invited. Personally it feels like sn Amway Pyrmid. If anybody has advice on this, it would be greatly appreciated.

Triple digits? as opposed to the current five? WOW, that will crush some people.

LOL I got the PI app too, isn't it the one where you have to click it every day to "mine" I don't understand it either I think I have 30.00004 of PI

a reply to: Bigburgh

I just got into bitcoin a couple 3 month ago, and still confused on how it maintains value but it does

Different people will give you different answers.

Some of the most widely accepted and or shilled is the following. (some will conflict)

Bitcoin is a store of value. The maximum total supply will be around 21 million coins (less the lost wallets). That number in theory can never be exceeded. This creates scarcity, and protects against inflation.

Bitcoin is a currency. You can transfer with relative speed to any other wallet with little chance of state actor interference. It should be noted the chances of it becoming viable for micro transactions is very small, so it's not a true currency replacement.

Personally, bitcoin isn't my favorite, but long term I think it will hit new highs. There are issues with their transaction reconciliation mechanism long term, but once you go down the rabbithole you'll see the layer 2 and 3 protocols can mitigate this drawback.

The beauty of the Blockchain is the fact that it's (layer 1) fully transparent. You can download and validate every transaction ever done. Currency aside, the technology behind it is going to offer use cases for other applications.

originally posted by: CriticalStinker
a reply to: Bigburgh

I just got into bitcoin a couple 3 month ago, and still confused on how it maintains value but it does

Different people will give you different answers.

Some of the most widely accepted and or shilled is the following. (some will conflict)

Bitcoin is a store of value. The maximum total supply will be around 21 million coins (less the lost wallets). That number in theory can never be exceeded. This creates scarcity, and protects against inflation.

Bitcoin is a currency. You can transfer with relative speed to any other wallet with little chance of state actor interference. It should be noted the chances of it becoming viable for micro transactions is very small, so it's not a true currency replacement.

Personally, bitcoin isn't my favorite, but long term I think it will hit new highs. There are issues with their transaction reconciliation mechanism long term, but once you go down the rabbithole you'll see the layer 2 and 3 protocols can mitigate this drawback.

The beauty of the Blockchain is the fact that it's (layer 1) fully transparent. You can download and validate every transaction ever done. Currency aside, the technology behind it is going to offer use cases for other applications.

Glad you posted this, there are a few guys I do listen to and they say the same thing. We will see, but that's got to be fairly far down the road, I mean they had to shed so many investors, won't it take multiple years to even come close to recouping those totals, or is that overly simplistic.

a reply to: putnam6

I never trust what people say, but these guys care about money. They feel around $300-500 USD.

I was going to jump and buy recently again, but told to wait. And do not sell what I have now as it's expected to bounce back right around the last week of October first week of November.

a reply to: CriticalStinker

Thank you so much.

I have so much to learn still, and very crunched on time it feels.

a reply to: putnam6

I don't think that's overly simplistic. Markets tend to be cyclical.

If you look at any asset or security that was baking in speculative growth, they're all down. Zoom, Tesla, Amazon, and a few others.

We were in the greed part of the bull run where instead of valuing assets on revenue, people were speculating on growth.

We're seeing a pull back now as people are fully realizing the economy is going into a probable recession.

The question will be what bounces back and what dies. I personally think the big names in crypto will bounce back, though I'll wait till prices come way down before I put my money where my mouth is. Could be a few years before we see the market trends reverse, and that's where conviction and resolve come into play as an investor. Crypto will make a very small percentage of my portfolio and ultimately is a hedge against fiat or getting assets frozen for whatever reason.

But all my holdings are down.

Near term catalysts I could see providing a quick reversal would be a different US admin, end to the war in Ukraine, bullish agriculture numbers this fall, major shifts in the energy market. Absent a majority of those, get ready for a long ride.

originally posted by: Bigburgh
a reply to: CriticalStinker

Thank you so much.

I have so much to learn still, and very crunched on time it feels.

Don't put too much money into it until you fully understand it. And if there comes a day you get serious, make sure you have your own wallet and keys. Not your keys, not your wallet. Exchanges don't insure your holdings, if coinbase goes under they don't owe you a thing. Keys never get typed into a keyboard or have a picture taken of them. Ideally that wallet should be cold and offline.

originally posted by: CriticalStinker
If you look at any asset or security that was baking in speculative growth, they're all down. Zoom, Tesla, Amazon, and a few others.

The entire crypto sector is down dramatically. None of these issues you mentioned are down 65%.

originally posted by: Bigburgh
a reply to: putnam6

I never trust what people say, but these guys care about money. They feel around $300-500 USD.

I was going to jump and buy recently again, but told to wait. And do not sell what I have now as it's expected to bounce back right around the last week of October first week of November.

If goes that low I'll have to try and scrounge up some bucks for exactly one Bitcoin, and see what happens.

Ironically if Bitcoin does hit $500, it will be worth exactly 27 dollars more than my whole crypto portfolio currently, LOL

originally posted by: AugustusMasonicus

originally posted by: CriticalStinker
If you look at any asset or security that was baking in speculative growth, they're all down. Zoom, Tesla, Amazon, and a few others.

The entire crypto sector is down dramatically. None of these issues you mentioned are down 65%.

Zoom is down about 80% from ATH. But to your point, I don't think many blue chips are if any.

Crypto is definitely taking a bigger hit than the broader markets since its speculative by nature.

I'm not really a crypto maximalist, so I won't argue the built in risk associated with it. It just is very interesting to me, and I'll make plays on it, though that money will be written off as soon as I put it in. I'm still about 90% in stocks (small amount of that is in bonds depending on ETF holdings).

Energy intensive enough for world leaders to speculate about a world energy crisis?

Or, more locally, brown/black outs on the Australian eastern seaboard?

I have nothing of substance except some dots to consider joining.

What do you, OP and guys and gals of ATS, think?

a reply to: CriticalStinker

I’m going to buy Network Dude some beer.

a reply to: AugustusMasonicus