I mean, I don’t see how BTC is at 20k now and goes to and then stops at $10. If it’s going to $10, it’s death-spiraling to $0 IMO. I don’t know what the cutoff is at which point it hopelessly death spirals, but I’m confident that amount is well north of $10. (Caveat: It may never death spiral of course).
Edit: Isn’t there some price point where mining/verifying transactions becomes unprofitable? Or is it somehow dynamically scaled?
It can become unprofitable for some, causing them to stop mining, but then the mining difficulty will adjust (become easier) to pull block times back to roughly 10 minute. Difficulty adjusts roughly every 14 days.
I know you are but what am I?
People who were saying 100k EOY or 1m or whatever were silly. Equally, $0 people are silly. Beyond that, who knows.
Some of you are acting like we haven’t seen this movie before.
Sure, but the landscape is a bit different. Last time it crashed every third ad on TV wasn’t for crypto. We didn’t have major arenas sponsored by crypto. Nothing has really changed for most people, but its gigantic compared to where it was last crash.
It seems weird that people who made many thousands of dollars selling cartoon jpegs would be more upset than those that didn’t. Weird stuff happens all the time though 🤷
I did not make anywhere near as much as others here but topshot at its peak was a ton of fun! Kind of reminded me of online poker before it was a grind. I get wanting to keep that up rather than the mundane grind of your normal life.
Maybe this time will be different. But anyone who experienced a previous crash (whether crypto, stocks, RE, or whatever) and didn’t learn anything deserves whatever wreckage is coming their way.
Looks like a total party house
I definitely get the whole “bitcoin has crashed 80% before and it’s still x higher from x date” and that’s all true. Bitcoin has paid. It was an good investment.
The big issue is that the gains in the crypto market is mostly some combination of disposable income and massive market reach. The redic money that coinbase paid for marketing is their pathway. Now we are getting the "looks like we’re headed into another “covid winter” horseshit “but remember that that we’re here for you to invest again after your hybernation once you get the money back that we fleeced from you” and caused this disaster to happen. It’s a marketing mind fuck that’s turning this into a cult.
You seem like a miserable person.
Unironically citing NYT is miserable.
Another shitcoin down
https://twitter.com/zhusu/status/1536876343815983104?s=21&t=s67igG26SqkcWcxr-N2pYg
Hedge funds aren’t shitcoins. It’s kind of impressive how ignorant you are about something you spend so much time hating.
