Bitcoin....who's gotten into it?

[neckdeep]

In the long run, this drama will only show the strength of BTC and its POW.

FTX's FTT was similar to USD, printed out of thin air and backed by nothing. Nobody can do that with BTC.

^^^takes another hit off the crypto crackpipe and resolutely ignores the whale cash out currently underway.

BTC is backed by what? Money wasted on electricity and the dubious premise of an infinite supply of greater fools.

[neufox47]

In the long run, this drama will only show the strength of BTC and its POW.

FTX's FTT was similar to USD, printed out of thin air and backed by nothing. Nobody can do that with BTC.

USD are backed by the United States…. Bitcoin is backed by…???

Sure the supply of BTC is much more regulated but you’re kidding yourself by thinking BTC is backed by anything other than the confidence of investors.

[neckdeep]

BTC has less backing than the Argentina peso.

[4matic]

Makes Jamie Dimon look pretty good

https://ftx.us/our-partners

[J. Barron DeJong]

Good time to buy, or?….

[skaredshtles]

Good time to buy

Oh, you KNOW IT!!

[hatchgreenchile]

Binance is OUT - FTX is officially fucked now! Poor Tom Brady
Crypto.com froze Tether, USDC and Solana withdrawals. Probably nothing.

[garyfromterrace]

printed out of thin air and backed by nothing.

Is Bitcoin.
I will add - fucking energy suck.

[neckdeep]

But, hey...if you bought BTC five years ago and hodled your ass off...you doubled your money!

[J. Barron DeJong]

But, hey...if you bought BTC five years ago and hodled your ass off...you doubled your money!

If you bought in early December 2017, you’re now right back where you started

[byates1]

Buy low sell high. Apparently you clowns haven't figured out that super complex investing strategy.

[garyfromterrace]

If you bought in early December 2017, you’re now right back where you started

Well you guys are right. I will also add that if you fell for the ponzi scheme and bought 1 BTC at the beginning of Jan you'd be out about $39,000 cdn (about $37 usd). Math and charts are so cool. As is creating dollars out of ether. Or Gigawatts.

[byates1]

^ why would you buy 1 BTC in Jan and be crying about it being a loss now unless you were a complete fuckwit mouth breather w no long term investment outlooks?

Anyone who did that and sold deserve all the spoils of their strategy.

[bennymac]

Buy low sell high. Apparently you clowns haven't figured out that super complex investing strategy.

Kinda like how rabid BTC cult members can't figure out the "past performance is no guarantee of future results" statement.

If someone says BTC is guaranteed to increase in value then they are saying it's longterm outlook is 100% risk free. Just put money in and wait - you can't lose.

Now why would anyone be suspicious of statements like that?

[4matic]

A shame equity assets are affected by this:

EVERCORE: #Bitcoin below the 2019 high at $13,850 will elevate stress, ending the current equity Bear Market Rally .. A trade below $8,300 (50% below current) could precipitate the type of Financial Shock which Ed Hyman notes has accompanied every Fed tightening cycle.

[J. Barron DeJong]

Buy low sell high. Apparently you clowns haven't figured out that super complex investing strategy.

I’m HODLing my S&P 500 index funds. Pretty confident that’s going to be the better long term investment here, based on the fundamentals of the asset classes…

[skaredshtles]

Buy low sell high. Apparently you clowns haven't figured out that super complex investing strategy.

Also:

[4matic]

It should be noted that the current decline in Bitcoin as of today's low is only the fifth worst bear market in history. An 80% decline would be 13,800 and an 85% decline would be 10,350.

[neckdeep]

Buy low sell high. Apparently you clowns haven't figured out that super complex investing strategy.

Yeah, good luck with that, bag holder. It appears a lot of whales have decided that they can be happy with just a few lambos.

[byates1]

^ this dangling nutsack has no clue what hes talking about

[Dexter Rutecki]

0 is a bold call there Bud. Actually impossible. It has a greater mathematical chance of going to 500M than 0.

I, and millions of.ppl will never sell BTC. It will be passed on generationally. Like a fucking Monet.

If you don't have btc to leave to your kids you're doing it wrong.

Lots of pretend assets have arrived at zero after riding high for awhile. But never sell because that kind of thinking always works out well for speculators. Wonder what your kids will think of your zero value virtual coins. Probably virtually throw them back at you.

[Dexter Rutecki]

I’m HODLing my S&P 500 index funds. Pretty confident that’s going to be the better long term investment here, based on the fundamentals of the asset classes…

Unfair comparison--your indexes have fundamentals.

[J. Barron DeJong]

Since the value of BTC is based purely on vibes, I’m going to guess it settles in around 10k near term, and then blow thru that floor on it’s way to ~0



(tried to settle at 60, then at 50, managed to settle at 40, 30, 20…)

[byates1]

Lots of pretend assets have arrived at zero after riding high for awhile. But never sell because that kind of thinking always works out well for speculators. Wonder what your kids will think of your zero value virtual coins. Probably virtually throw them back at you.

Ok. Sure.

[byates1]