Bitcoin zero is still a pretty compelling hypothesis. To be viable, Bitcoin needs to provide enough value as a transactional medium to justify the ongoing mining cost needed to defend the network. There’s no evidence at all that this is happening or can happen.
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I’m becoming convinced it can’t be.
This is why:
and this:
Does it matter that these criticisms are all wrong? Or does it only matter that they are popular enough? Are they popular enough?
Libertarians hating fiat currency has been a thing all my life and they’re still using the same arguments they’ve always used. If crypto fizzles out they’ll find some other half-baked inflation-free money to champion. Maybe it will be silver again.
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No it’s a lot better to buy when the price is very high and everyone is euphoric. This is where you wanna sell so you can buy back later when price is high again.
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Every sentence here is correct. But the catalyst that shot it up in 2017 and again after covid and as well as the entire market to a large degree isn’t coming back for a long time. Everything has a leash on it now and it was publicly shared in Nov that it would.
I’m shoving a big chunk of cash in both of those scenarios.
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ultimately the biggest problem with crypto atm is that it currently doesn’t solve a single one of fiat’s problems (outside of illegal/gray area transactions) and makes some of them much worse. Until that improves, it’s not gonna get the run up it previously has for quite awhile.
The other problem is that even if crypto recovers, who the hell knows which coin is going to win at this point, very tbd and quite possibly one not yet created wins. This is what it’s like watching the dotcom bubble burst, and even if you bought then you still had to hit the right ones or rip your money then too.
also how the heck is solana one of the least bad in this downturn, it’s been a pile of trash this entire time why just let it go and start over with something that won’t have those issues sheesh.
The biggest problem with crypto is thinking of it as a fiat replacement. Start with the assumption that it is not and never will be and that opens the door to thinking about other potential uses.
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I’ll go broke with a smile on my face buying 1k Bitcoin
A lot of people probably said they were buying BTC if it ever got back to $20k as well. But now it’s busted through that support and they won’t be loving life if it keeps dropping to $1000.
It still comes down to why should BTC be worth some floor amount that will get the contrarian value investors to buy and hold? Can anyone answer that question?
Also do you even want contrarian value investors? Or do you want it to become un-enticing to anyone who might speculate on the price, and actually try to function as a currency? Does that even work with the way mining fees are set up?
I think it comes down to the psychological barrier of being able to own a full BTC or several. At $20k, if you just want to dabble, you’ll get a small fraction of a BTC. At $900, you can maybe buy a couple, then have visions of a $100k price.
I’m not a cryptobro, but if it gets back to triple figures, I’d probably buy a couple BTC just for the hell of it. Let’s hope the 4 people who voted for a price under $1k but also returning to $50k+ are right!
I’d buy a few at 3 figures, except I don’t want to go through all that cold wallet crap just for that, and I sure as hell don’t want to sign up on a site like coinbase.
I nuked my coinbase account a few years ago. They’ll probably still get hacked and give up my info somehow.
The big run could have maybe gone on a lot longer if crypto came up with some trustworthy simple options for normies. I guess that’s what Matt Damon was trying to do. But all the bad press about big thefts may have scared a chunk of people off.
There isn’t a hypothetical price, it has no underlying value proposition. With all the other coins now it’s probably not even the best for crimes anymore. look for interest rates to start dropping again to get back in imo if it’s still a thing. Crypto bloodbath aught to be over by then.
When the market booms again, crypto will bloom again and run up again.
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Since this has crashed identically like 7+ times and bounced there has to be some sort of idea of what the floor here is right? Eth $990 today yikes.
But does it have another big run over its previous high left in it? People will be a lot quicker to pull the trigger on a downswing next time. The people who got burnt buying at $50k will be very gun shy. You need a new source of virgin HODLers.
What’s the best coin for crimes? Asking for a friend.
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No one knows for sure. Just like the past however many times.
Well the flip side of that argument is that is you’re basically saying there’s no limit to how high BTC can go if given enough boom/bust cycles.
If the next boom goes to $180k, that’s (not shitting heh) about $3.5 trillion market cap. The boom after that would get to $10T market cap, etc. Someone smarter than me can tell us the point where that makes no sense. The global GDP is $84T.