The crypto winter gets colder: more job losses, warnings of Bitcoin falling to $5,000...

umbala

Posts: 797   +1,598
Yeah BTC has done this before... We have heard it before. I'd buy at $5k let it go up and cash out. Win win. We all know its going to bounce back up once the economy goes up.
This right here is exactly why all crypto is going down the toilet. Everyone just sees it as a get rich quick scheme and that's all it will ever be. The problem is that for YOU to cash out and make a bunch of money someone else has to lose a bunch of money. Crypto is a zero sum game. You cannot make money from it without causing someone else to lose money. At some point we'll reach the sucker saturation point where there are no more suckers willing to pump money into crypto so that YOU can cash out make a quick buck.
 

kiwigraeme

Posts: 1,389   +1,036
Yeah BTC has done this before... We have heard it before. I'd buy at $5k let it go up and cash out. Win win. We all know its going to bounce back up once the economy goes up.

If I was you - I would ride the little waves 5000 - sell at 6000 etc - I think the big waves are over - not enough suckers - too much negative publicity - play it like a game of risk/dare. remember most of these "investors" are stupid sheep to be fleeced- they are all optimistically hopeful and greedy- easy pickings

ie minimize your risk to low - accept nice short 10-20% gains .
I highly doubt it will ever hit 50 000 again - even if it did you would make much more playing smaller roller coaster ie 1.2*1.10*1.05*1.20 etc s more impactful over long haul the 10 times - plus waiting for run to sell will not get 50000 but 25000 as slow transactions and no one buying
 

letsgoiowa

Posts: 114   +218
Really weird that you're trying to gaslight him that nobody said it's dead when he linked the page that proves they did. Scurry off.
NO ONE has declared Bitcoin dead, but everything else you said is 100% true. It *IS* unusable, unstable, and dying. It's not dead and it probably won't be for a long time, because too big fish have money tied up in it they will keep trying to artificially inflate its value, but it's not working as well as it used to now that lots of rats are leaving the sinking ship.
 

captaincranky

Posts: 19,284   +8,430
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The main claim about (at least bitcoin) it is that it's resistant to inflation because there are a finite number of coins. You can't inflate it by creating more, unlike fiat currency
Let me see if I can explain to you how bitcoin, "inflates".

You went to buy a car last year for $65,000. It would have cost you 1 (one) bitcoin......But, alas and a lack, you put it off until today. That same car will cost you 13 bitcoins. (13 is supposedly an unlucky number). That's even assuming the car dealer would even take bitcoin for the car.

So, bitcoin inflates "backward" so to speak. You still have the same number of coins in the pot, but they're not "worth" anywhere what they were, (allegedly) "worth" last year.
 

m4a4

Posts: 3,168   +4,247
TechSpot Elite
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Let me see if I can explain to you how bitcoin, "inflates".

You went to buy a car last year for $65,000. It would have cost you 1 (one) bitcoin......But, alas and a lack, you put it off until today. That same car will cost you 13 bitcoins. (13 is supposedly an unlucky number). That's even assuming the car dealer would even take bitcoin for the car.

So, bitcoin inflates "backward" so to speak. You still have the same number of coins in the pot, but they're not "worth" anywhere what they were, (allegedly) "worth" last year.
That's not inflation.
 

Vanderlinde

Posts: 210   +130
Years ago, I had a friend who believed in BTC and bought them at the 10$ stock value. Years later, he drove a phat R8 and had a tank of a house all gathered together. He was one of the few lucky ones that believed in the thing. Later I spend time in mining, gathered around 4ETH that I doubled up to 24ETH in a casino, dumped the whole mining thing and moved on.

Last year at 60K I had a friend who was in for quite some money. The guy barely makes a 800 euro salary a month and I told him back then get your profit out. He did'nt. And by the sound of it things dont really get better. There's just too much scams going on in regards of the next "hype". There's no such thing as easy doubling your money just like that.

Bots on trading platforms are ruining it. When the course drops a tad and before you can even click buy it's already altered by the mass amount of bots active on it.
 

PEnnn

Posts: 1,008   +1,358
Not sure which is more hilarious: The bad news about KrapCoin or the miserable souls here, bending over backwards trying to convince us that KrapCoin is / was a good thing AND is still alive and slithering!

That nasty smell in the air? That's CrapCoin decomposing!!
 

wiyosaya

Posts: 8,407   +7,840
Yeah BTC has done this before... We have heard it before. I'd buy at $5k let it go up and cash out. Win win. We all know its going to bounce back up once the economy goes up.
Like they say in the stock/bond world - Past performance is not an indicator, or guarantee, of future performance. In other words, literally anything can happen.
 

Karlos95

Posts: 303   +204
That's not inflation.
So many opinions on a topic they don't understand. And quite obvious they don't understand their own $. FX Swaps anyone? Your money is based on debt. Bitcoin is based on maths. How mathematically illiterate do you have to be to see where this is going.
 

captaincranky

Posts: 19,284   +8,430
So many opinions on a topic they don't understand. And quite obvious they don't understand their own $. FX Swaps anyone? Your money is based on debt. Bitcoin is based on maths. How mathematically illiterate do you have to be to see where this is going.
Well, the YoY inflation is stated at about 8%. (Yeah that 's optimistic in many sectors).
The NYSE is down about 20%.

Bitcoin is down 75%, and you're asking us if we understand "maths"?
 

Karlos95

Posts: 303   +204
Well, the YoY inflation is stated at about 8%. (Yeah that 's optimistic in many sectors).
The NYSE is down about 20%.

Bitcoin is down 75%, and you're asking us if we understand "maths"?
Lol 8% is their manipulated numbers. Much higher. And most likely due to corporate gouging and stupid amount of profits.

How long did it take for NASDAQ to recover from 2008? S&P500? Dow Jones?
I'll tell you exactly. NASDAQ took 2 years from previous highs, S&P500 took 6 years, Dow Jones took 6 years also. We aren't even half way yet.

Bitcoin will probably lose another 50% and so will the rest of the market.

But I am willing to bet that bitcoin comes back quicker than any of those markets. Because you know, maths.
Also, 2008 wasn't corrected. Much more debt now. It will be much more painful for old markets this time around. $80T (yes TRILLION) in FX swaps, and you call crypto a scam.
Good luck with retirement.
 

captaincranky

Posts: 19,284   +8,430
But I am willing to bet that bitcoin comes back quicker than any of those markets. Because you know, maths.
Let me get this straight, "maths", is a "magic word" that makes everything you say right, and everybody else wrong?

From here it looks like inflation has devalued the dollar, so you have to (effectively) spend more dollars to buy the already 75% down bitcoins.

So, if the dollar is worth less than claimed, then bitcoin has to be devalued collaterally, since, in most cases, you have to exchange it back to dollars to spend it.
 

wiyosaya

Posts: 8,407   +7,840
Lol 8% is their manipulated numbers. Much higher. And most likely due to corporate gouging and stupid amount of profits.

How long did it take for NASDAQ to recover from 2008? S&P500? Dow Jones?
I'll tell you exactly. NASDAQ took 2 years from previous highs, S&P500 took 6 years, Dow Jones took 6 years also. We aren't even half way yet.

Bitcoin will probably lose another 50% and so will the rest of the market.

But I am willing to bet that bitcoin comes back quicker than any of those markets. Because you know, maths.
Also, 2008 wasn't corrected. Much more debt now. It will be much more painful for old markets this time around. $80T (yes TRILLION) in FX swaps, and you call crypto a scam.
Good luck with retirement.
Ever get tired of inventing excuses to justify loosing your A$$ with your crapto "investment"? Good luck with crapto especially since it is on a downward spiral.
 

Karlos95

Posts: 303   +204
Let me get this straight, "maths", is a "magic word" that makes everything you say right, and everybody else wrong?

From here it looks like inflation has devalued the dollar, so you have to (effectively) spend more dollars to buy the already 75% down bitcoins.

So, if the dollar is worth less than claimed, then bitcoin has to be devalued collaterally, since, in most cases, you have to exchange it back to dollars to spend it.
Why are you putting maths in quotation marks? Are you American who believes maths has no S on the end?
And yet 1 bitcoin is still worth more than $1.

I'll stick to bitcoins over $ since you can't print more bitcoins. And you have already printed trillions of $ that keep becoming more and more worthless.
 

Karlos95

Posts: 303   +204
Ever get tired of inventing excuses to justify loosing your A$$ with your crapto "investment"? Good luck with crapto especially since it is on a downward spiral.
Losing? I moved my crypto out into stocks. I am now shorting the **** out of your your so called "safe" investment.

Why do you oldies forget 2008? It's like you are in denial because your gov let you down and your retirement savings got set back 10 years.
 

Rq3EWAq

Posts: 168   +165
No, but you can still buy gold with it.
You can buy gold with almost anything, with a little bit of work, you know that? Even with Bitcoin.
Fact that dollar can buy you a coffee or gold coin today does not legitimize it, it's empty shell currency backed by absolutely NOTHING.
 

captaincranky

Posts: 19,284   +8,430
Why are you putting maths in quotation marks? Are you American who believes maths has no S on the end?
There is no "s" on the end of "math" here in America. That's the way it is here in the US. It has nothing to do with "my belief system". If you're going to abbreviate something, it isn't always necessary to form a contraction.
"mathematics", or math's. (Whoops, that's a possessive) Which meanso "math" works just as well.

Plus, we only need about half the consonants as the Welsh do to get our point across.

In fact, we spell we even spell, "Leicester", "Lester", to cut through all the bullsh!t.

Have you always been this contemptuous of we "Yanks"?
And yet 1 bitcoin is still worth more than $1.
And yet $1.00 is still worth more than one Ruble, so there. (Since we're comparing apples to oranges, rather conveniently on your part, I'd say). BTW, I hear the British Pound Sterling has almost fallen to one US dollar.

Signed this 7th day of December, the year of "our lord", 2022 AD Cranky R

When conversations turn too hot and heavy, I like to post some nice, calming music to lighten the mood.

 

Rq3EWAq

Posts: 168   +165
The value behind the dollar is the American economy (around $25 trillion), you know, goods, services, etc.

What's the value behind Bitcoin again? ABSOLUTELY NOTHING. The only way you can make money from Bitcoin is to find an even bigger sucker than yourself who's willing to pay more than you did. Once you run out of suckers the value collapses, which is what's happening now.
How directly is dollar value tied to American economy? Show the proof please. Can American economy exist without dollar? Of course, dollar is just useless currency printed by private corporation (Fed) used CURRENTLY to pay for things.
Do you know an average lifespan of a government currency?
 

Rq3EWAq

Posts: 168   +165
NO ONE has declared Bitcoin dead, but everything else you said is 100% true. It *IS* unusable, unstable, and dying. It's not dead and it probably won't be for a long time, because too big fish have money tied up in it they will keep trying to artificially inflate its value, but it's not working as well as it used to now that lots of rats are leaving the sinking ship.
Look at some obituaries on that website, especially older ones, you will literally see journalist clowns declaring Bitcoin "dead". ;) Newspapers will write whatever brings them clicks and attention.
 

Karlos95

Posts: 303   +204
There is no "s" on the end of "math" here in America. That's the way it is here in the US. It has nothing to do with "my belief system". If you're going to abbreviate something, it isn't always necessary to form a contraction.
"mathematics", or math's. (Whoops, that's a possessive) Which meanso "math" works just as well.

Plus, we only need about half the consonants as the Welsh do to get our point across.

In fact, we spell we even spell, "Leicester", "Lester", to cut through all the bullsh!t.

Have you always been this contemptuous of we "Yanks"?

And yet $1.00 is still worth more than one Ruble, so there. (Since we're comparing apples to oranges, rather conveniently on your part, I'd say). BTW, I hear the British Pound Sterling has almost fallen to one US dollar.

Signed this 7th day of December, the year of "our lord", 2022 AD Cranky R

When conversations turn too hot and heavy, I like to post some nice, calming music to lighten the mood.

Math is singular. So doesn't really make sense. Maths as in mathematics makes more sense. Americans have always had stupid spelling in my opinion. Guess that's why majority of english speaking countries rather the english from UK than USA.
Hence why my country uses it. Don't get me wrong, some words I prefer USA spelling. But not when it comes to maths. Or colour. Or I guess most words with "or" instead of "our" because of the sounding out of it.

Apples to oranges? it's about store of value. Holding something for years just for it to fall continuously (basically what inflation is, more so this year) Bitcoin as a currency over multiple years has been a better store of value. Fact.

I just hope we can all agree governments do not really have the people's best interest when it comes to money.
 

captaincranky

Posts: 19,284   +8,430
Math is singular. So doesn't really make sense. Maths as in mathematics makes more sense. Americans have always had stupid spelling in my opinion. Guess that's why majority of english speaking countries rather the english from UK than USA.
Just for the sake of "argument", suppose you did a simple, one operation calculation. IE: 2 + 2 = 4. So, a single operation is a "math problem", using only one function of the greater whole, "mathematics.

If you can't buy into that, how about if we agree that "mathematics", is the overarching, inclusive, descriptor, or noun, encompassing the whole field.

Still, to form an abbreviation, you don't have to tack on the the "s" at en end to imply it.

The reason US English is less pretentious than traditional English is, it was designed to be so. I find modern slang spellings to be obnoxious as well. "Ur" for "your", and so forth. In truth, texting, graffiti, and rap music, has even degraded the US English you find offensive, to the point where it offends me.

As for "color" vs. "colour", I often use those, "our" spellings when I'm conversing with "friendsfrom the empire", as a matter of friendship and respect.

Still, the Brits haven't quite caught on to our "Z", in any appreciable way. It's "fantasize", not "fantasise".

Both 'fantasise' and 'fantasize' are equally correct in Standard British English. However, only 'fantasize' is permitted in standard American usage.

Moving back to "colour" vs "color", the Brits drop the "u" when modifying the base word. So, "humour", becomes, "humoring", no matter which side of "the pond", you're on.

To keep this on topic. bitcoin is still, and always be, a "pump and dump", or, " "find a bigger fool," or a "Ponze scheme". Which is not to say that many people haven't made a lot of money from it. It's just the massive toll it's taking on newcomers to the "sport".

I just hope we can all agree governments do not really have the people's best interest when it comes to money.
The best reply I can give you to this is, "yup. we're all still peasants on this bus". (But at least we have a bus). :rolleyes: No more will only the fortunate few have donkeys to ride. (y) (Y)