[HN Gopher] Bitcoin falls under $16,000
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Bitcoin falls under $16,000
Author : mfiguiere
Score : 63 points
Date : 2022-11-09 22:20 UTC (40 minutes ago)
(HTM) web link (www.cnbc.com)
(TXT) w3m dump (www.cnbc.com)
| bpodgursky wrote:
| Having bought Eth at I dunno, $150, it's funny watching people
| panic or gloat about price swings from $1k, or $2k, or $7k.
|
| Whatever, maybe I'll be wiped out tomorrow. Or maybe it'll be
| $10k in a year or two. Let's ride it and see.
| telesilla wrote:
| I joke that I'll sell my ETH when it's worth half a million
| USD. It was an insignificant investment at the time and it's
| fun just going for the ride.
| [deleted]
| spamizbad wrote:
| Tons of people got into Bitcoin when it was over 20K. That's
| part of what pushed it so high last year.
| pessimizer wrote:
| Bitcoin down 77% in a year.
| gordon_freeman wrote:
| performing neck-and-neck in going downhill as Meta stock. ;)
| lostlogin wrote:
| Can bitcoin sack staff?
| paxys wrote:
| With every bubble pop, exchange insolvency, token scam, crypto
| startup bankruptcy, we are getting closer and closer to the
| "real" value of bitcoin. Still ways to go I predict. However, I
| also do think that value is comfortably > 0.
| Gigachad wrote:
| For actual use of Bitcoin I don't think the value even matters.
| You buy it, transact it, and the seller sells it immediately.
| It doesn't matter what the value was as long as it doesn't
| change in between this process.
|
| In my perspective the only real use of bitcoin is transferring
| money where you can't use traditional payment providers.
| WoahNoun wrote:
| :tada: emoji
| bogota wrote:
| Im sure this will lead to great discussion
| TechBro8615 wrote:
| On the rare occasion when I meet a girl and she says "you must
| have been really early into Bitcoin," it's the look of
| disappointment on her face that motivates me to post derisively
| about cryptocurrency every chance I get!
| bogota wrote:
| Well at least we are being honest now haha
| rouxz wrote:
| How long until ASIC mining to become unprofitable?
| paxys wrote:
| Mining will never really be unprofitable, because the size of
| the pool will just regulate itself as needed.
| Gigachad wrote:
| Meaning the drop in value is a massive benefit to the planet
| as miners shut their setups down.
| poulpy123 wrote:
| Ah yes the magic invisible hand of the market
| bogota wrote:
| Pretty hard to say since it depends on the price you pay for
| electricity. But you can just watch the difficulty adjusting to
| see when people have started to turn off miners
| SevenNation wrote:
| For those who may be new to this, what's happening now is the
| final act of the Bitcoin Cycle.
|
| The Cycle starts with nobody giving Bitcoin a second thought.
| It's deader than a doornail. Yesterday's news. That is, if
| anybody even remembers it. Winter.
|
| Spring comes in the form of inexplicably rising exchange rate.
| Few are paying attention because... Bitcoin is dead. There have
| been rallies in the past, all failed. Too many failed rallies to
| even count. So many hopes dashed. So many families broken. So
| many lives warped beyond recognition.
|
| Summer arrives with an out-of-the blue shot at making a new all
| time high against the dollar. Will it or won't it? The excitement
| drives the materialization of a new generation of promoters.
| Those who have "done the math" and now believe in Bitcoin. People
| who will tell you to mortgage your house, sell your car, and
| borrow against your retirement because it's "going up forever."
|
| The popular press starts to smell the sweet scent of clicks and
| gets busy.
|
| In late summer, problems with "custodians" begin. First with a
| trickle of instability at an obvious scam. Maybe an exchange.
| Maybe a yield farm. Maybe an admitted Ponzi.
|
| Before long two, three, four of these custodians are tits up in a
| pool of blood. "Victims" can't believe their misfortune! They
| were lied to!
|
| Influencer after influencer comes out of the woodwork to assure
| followers that capitulation has happened. The exchange rate has
| stabilized around a nice round number $10. $1000. $10000. $20000.
| Further declines are not in the cards. Fortune favors the bold!
|
| This goes on for some time, each episode tearing the exchange
| rate to a lower level. It's Fall.
|
| Eventually, the influencers move on to other audiences. Nobody
| ever admits what a complete fool they have been. They just...
| disappear.
|
| Winter comes and the only ones left are the ones who warned the
| Johnny-come-latelies that this is blood sport, that they are ill-
| suited for the risks their taking on, and for the love of God,
| get your damned money off of exchanges.
| kjoedion wrote:
| loandbehold wrote:
| I thought it was a good asset to own in case of recession?
| jancsika wrote:
| Then what better time to buy a recession-proof asset?
|
| (Did I gambler's fallacy correctly?)
| agumonkey wrote:
| Are we in a recession ?
| piva00 wrote:
| We are, a recession is usually called in retrospect after
| some quarters, we are definitely in the beginning of a
| recession.
| ceejayoz wrote:
| GDP was up last quarter. Probably this upcoming one, too.
| If there's a recession coming, we aren't in it yet.
| ceejayoz wrote:
| It turns out that chanting "this is good for Bitcoin" doesn't
| actually make that true.
| andreygrehov wrote:
| These are expected historical falls - https://ibb.co/TWyTDh5
| 988747 wrote:
| This graph only looks good because of logarithmic scale use.
| This is how it looks like to normal people:
|
| https://www.coindesk.com/embedded-chart/QMQGWJngBbWTR
| MarkPNeyer wrote:
| Why would you use anything but a logarithmic scale to
| understand an asset over long periods of time?
| ceejayoz wrote:
| Because "lost nearly 80% YOY" shows up better this way.
| yrgulation wrote:
| A store of value i was told. Because see, unlike money, bitcoin
| has value i was told.
| bloodyplonker22 wrote:
| This is the sales pitch for Bitcoin, and it does have some
| merits if you consider the "digital gold" argument. However, as
| it turns out, too many people got on the boat and started
| thinking that bitcoin would make them "rich". They flooded the
| market and Bitcoin transformed into a completely speculative
| asset instead.
| elorant wrote:
| Good effing riddance.
| kleer001 wrote:
| Weeble wobbles but they don't fall down.
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