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

originally posted by: putnam6

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.

I channel the piano player.

Nobody ever shoots the piano player!

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.

I would bet my house we're never going to see bitcoin at that value again. Yes we're in a crypto winter, people are feeling the pain. But I cant imgine bitcoin ever revisiting those lows.

I've been in crypto for a long time, I think we'll possibly see it bottom out out at 5-7k within the next 4 months before the next cycle begins.

a reply to: Dalamax

I'm going off a hunch, but I doubt crypto is really contributing to any energy crisis on a macro scale. Miners typically only set up big shops where energy is cheap, typically it's only cheap where there's a surplus.

I'm sure we could find isolated cases, but I can't imagine they'd be able to turn a profit if they're in a strained area.

a reply to: putnam6

Glad I ditched bitcoin and bought Pfizer instead… Guess which one went up!

Bill Gates called Bitcoin " a techno tour de force ". What you see is actually the institutional money doing their job at trying to destabilize Bitcoin ( because they hate it). Will they succeed? Me say NO.
www.reddit.com...

So many equities are down 50% or more, some as much as 85-90%
I don't hear anyone saying that the stock market won't ever rebound, that it was all a fad, or that investing is obsolete.
People love to act as if they know something everyone else does not know and they called it! last month, last year, and on and on. WHATEVER. What is true, 90% of what people invest in, is going back, or has already gone back to the pre-pandemic, pre fake economy. I won't pretend to know what Bitcoin will or won't do, but people were spouting the same crap the last time it fell from all time highs. I sold mine at $45K when it traded sideways around $40k for a while and spiked for a day or two. Large hedge fund trading is mainly done with AI now; machines that don't have any feelings and make trades based on algorithms that ordinary humans don't comprehend. The same machine that sells one day, will turn around and flip into buy mode the next...

a reply to: odd1out

I usually inverse mass sentiment.

I got put options (shorts) on some ETFs and the airlines before COVID. Everyone told me COVID was either a China problem or didn't even know about it.

I made threads saying the stimulus and covid reactions were going to tank the economy in 2020 when everyone was ultra bullish after the V shape recovery.

And when everyone finally says everything will never rebound, I'll buy.

My timing isn't always perfect, but I usually make money in my plays. If all else fails, I'm still young and can hold for a while.

originally posted by: JAGStorm
a reply to: putnam6

Glad I ditched bitcoin and bought Pfizer instead… Guess which one went up!

I know why, cause you really are always watching.

I mentioned elsewhere about knowing a couple that Bitcoin had grown from $6000 to $40,000 at that time, they didn't want to sell because of taxes, etc. If they didn't sell, they got to be beside themselves, and what's the chances they both agree to continue to hold it or sell it.

originally posted by: CriticalStinker
a reply to: putnam6

On the way up a lot of people leveraged themselves in Bitcoin. They used the bitcoin they had as collateral on more bitcoin they were going to buy. If it drops below a certain price depending on the arrangement, they get liquidated to cover the loan. This is happening across the board.

The most notable is Michael Saylor/MicroStrategy, a multi billion dollar company holding around 130,000 bitcoin. Should they get margin called, we're likely to see another huge slide.

His margin call level is at around $3k I believe, so it has a long way to go before he gets hit.

That said, anyone who leverages had better be prepared to pay the piper, no matter what it is they're leveraging. The same can happen for someone leveraging gold, or stocks. or anything else.

Anyone who is worried about this dip doesn't understand BTC. It is brand new (relatively) massively disruptive technology with respect to money, something that has never happened. It has the potential to totally free mankind from the enslavement of the elites for the first time in history.

I'm watching and waiting and will be adding BTC when and where I feel good about it.

And yes Auggie, I'll be holding it until whenever...

originally posted by: eManym
When the price starts getting below $20K it becomes unprofitable to mine.

Sorry, not true, in any way shape or form. Go back to school...

The dedicated nodes will make transaction costs astronomical. The only direction the price of BTC can go is down.

Ignorance is bliss.

originally posted by: Thrumbo
a reply to: putnam6

And every company that accepts bitcoin, ethereum as payment for goods and services just got wrecked.

Wtf are you even talking about? You obviously don't know jack...

Companies that take BTC no aren't paid in BTC, the customer pays in BTC that is immediately converted to USD (or whatever currency for where they reside).

Unless, of course, a company chooses to be paid directly in BTC, in which case I'm quite sure they are fully aware of how these dips work, and know it will be rebounding soon enough...

I missed the boat early so passed on getting in when it was high, usually I dont care if someone pisses away their money but I do kinda feel for the people that overleveraged themselves because everyone and their brother was predicting 250k top end for bitcoin.

Bitcoin without the I has arrived

Bitcon

originally posted by: peaceinoutz
Bitcoin without the I has arrived

Bitcon

I think there's an argument that the price and speculation has been nothing but wild for the last few years. It being as new as it is makes it understandable that people would be sceptical of its value, if any.

But how do we arrive to the conclusion it's a con? What is even promised by if?

Is it anti-inflationary? Yes, capped at 21m coins.

Is it transparent? Yes, you can go validate every transaction ever made and fully audit the supply.

Can you with relative ease get a wallet and transact with anyone on the globe? Yes.

Are there critisims? Sure. It's not as decentralized as people would like you to think, though there is still utility to its autonomy from traditional fiat that is completely state controlled, which carries a different agenda. The fees can be outrageous. And it's energy inefficient.

But even if it doesn't succeed, it was an original and (possibly) revolutionary idea.

Yup, some people hit the speculative Crack pipe too hard and lost the house on crypto. Happens in the stock market too. There's predatory cryptos out there that are ponzis, existed in the stock market too. But fiat has only been main stream for half a century, and it's not without criticism either. Look at the past few years. Most people will blame every convenient entity except some of those who actually have actually projected the most influence on fiscal policy.

a reply to: CriticalStinker

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.

Is not a store of value. It’s only valuable if people find it desirable. Same with Beanie Babies.

Follow the historical data, plenty of opinions to throw around.

a reply to: Macenroe82

originally posted by: neutronflux
a reply to: CriticalStinker

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.

Is not a store of value. It’s only valuable if people find it desirable. Same with Beanie Babies.

Can you send beanie babies anywhere in the world very fast with a computer or smartphone?

I see your point, but I disagree. We could argue the price being outrageous, but saying there is no value is either ignorance of the product or disingenuous.

originally posted by: CriticalStinker
Can you send beanie babies anywhere in the world very fast with a computer or smartphone?

As a currency it is ineffective, antiquated and has no road map to large scale adoption.

originally posted by: AugustusMasonicus

originally posted by: CriticalStinker
Can you send beanie babies anywhere in the world very fast with a computer or smartphone?

As a currency it is ineffective, antiquated and has no road map to large scale adoption.

I in no uncertain terms think it is a viable currency to replace traditional ones for micro transactions. But my point was arguing whether or not it holds any value or utility.

originally posted by: CriticalStinker
But my point was arguing whether or not it holds any value or utility.

Any value or utility is legacy. There are other platforms available for everything that Bitcoin does and they do it better.