Because a proper decentralized Blockchain needs a lot of computing power and/or users.
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RivermanDAO NFT ldo.
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Another potentially panic-inducing aspect of crypto investing. You canât relax on the weekend and sleep on it for a few nights.
This. Ten-thousand times this.
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There was an article written several years ago that basically said the blockchain does everything worse than what we currently do, but I canât find it.
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This is actually the main reason I sold all NFTs. I felt like you basically had to be consumed by keeping track of pricing of them. I think this effect, while still there, is less with the core cryptocurrencies most of the time.
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Closest thing to a blockchain that people use is git. For every other hypothetical use case so far yeah itâs worse.
Previous drops have been in the 80-85% range so something like 10k corn if that trend holds here.
The original vision was basically, if you could recreate money from scratch, how would you make it work? Bitcoin started as one personâs vision and is now controlled by consensus. Other cryptocurrencies start as different peopleâs takes on this idea, or their take on just the blockchain aspect of it. Others are just complete scams.
Value comes either from usefulness, network effect, or just faith.
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This is true, but at the same time @6ix can explain better than I can why this time is different. So there is an argument that this is the time it wonât truly rebound like every other time.
Ya I am not saying that will happen either tbh. We are heading into a mega bear market across asset classes which is different from say early 2018 or 2014. BTC could definitely go much lower than 10k.
The one thing I think gets consistently missed by the BUT WHERE WILL THE NEW MONEY COME FROM level 0 takes is that:
There is a lot of money on the sidelines right now. Lots of people cashed out to fiat at some point over the last 6 months. Maybe all or most of that doesnât flow back into crypto, I have no idea but some of it does. This whole idea that ONE TRILLION DOLLARS WAS DESTROYED isnât exactly true. It was just mostly transferred out of the crypto markets elsewhere. I realize that isnât a 1:1 ratio.
Also this thing has done this a bunch of times now. We donât really have to guess where the new money will come from. People have the memories of goldfish and the next time BTC starts to move up (whether that is from here or from much lower which is my guess) people will FOMO back in. If anything the fact this thing has crashed multiple times and has come back bigger every time is going to make people want to get in on the next round of the madness.
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ânobody will ever be this stupid againâ is a proposition iâm betting hard against, yes. yes i am.
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That makes sense because the upside is so much higher like you say. My basic strategy is not to try and time tops and bottoms with this stuff. I was selling ETH from the high 4xxx range all the way into the mid 1xxx range a bit at a time. Would I have made a lot more had i just sold it all at the top? Sure. But without perfect hindsight I think trying to actually time crypto is pretty tough. Now I have started buying BTC a tiny bit at a time. I bought some at 23k, some at 20k, will buy more at 17k and so on.
Once itâs obvious the top or bottom is in you have missed such a huge part of the move that layering in/out makes a lot more sense me.
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There are stonks out there that are plummeting that are profitable and have low betas/their earnings are fairly recession proof.
Iâll have those.
Itâs not this stupid itâs this stupid about a very specific thing.
Money can never be net âtransferred out of crypto elsewhereâ. When X dollars of crypto gets converted to dollars then X dollars get converted to crypto.
Crypto went down because people were exchanging it for dollars more than dollars were being exchanged for crypto. That isnât really debatable. You left out the part where i said it wasnât a 1:1 ratio conveniently for your dunk attempt.
No. This is mathematically impossible.
It isnât because the price of crypto changes over time. If your point is that there is a buyer/seller in every trade then ya thatâs true. But capital inflows/outflows to crypto is what drives the price. You donât think there has been an outflow of capital from crypto? Those outflows are sitting out there on the sidelines. Thatâs my point and I donât think itâs that controversial.
Crypto is a fucking scam. I was wrong about it. Small bounce at 2013 levels and then zero. Itâs over. Mods lock and delete this thread. Thank you.
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