Hermit Road
6:29 Fri Nov 18
Re: Bitcoin
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Because demand for it increases. Which is how it recovered all the previous times it happened.
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goose
5:57 Fri Nov 18
Re: Bitcoin
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Netflix is a company that provides a service, the share price bounced back because it started making more money through ads and put the subscription up.
If a currency loses 60% of its value in such a short space of time, how does it restore that value?
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Hermit Road
5:27 Fri Nov 18
Re: Bitcoin
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Dropping 60% is no big deal in the current market. Netflix got hammered more and came back.
I think Vexed is right. This has been a shake out and has seen bitcoin transfer from weak hands to strong hands. If you're interested in technicals then this could be a good thing with the structure developing to support a rise.
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Hermit Road
5:25 Fri Nov 18
Re: Bitcoin
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I watched a series of lectures on YouTube from MIT about the utility of crypto. There was a lot more than I can list here.
One thing it is good for is in transferring wealth across borders. It is instant and secure. It is also good for countries with less stable banking systems and governments. Everyone has access to a mobile phone and the internet but large percentages of people in developing countries like outside the banking system. Crypto gives them access to the services they are denied. Of course that is reliant on greater adoption and only time will tell.
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goose
5:15 Fri Nov 18
Re: Bitcoin
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I reckon the 60-odd % drop in value over the last 12 months might be a decent argument.
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Vexed
5:02 Fri Nov 18
Re: Bitcoin
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Every year without fail someone brings up these same tired arguments.... but only when they've seen it mentioned on the BBC website. Every year they're proven wrong.....
This is a surefire bottom signal is it not?
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SurfaceAgentX2Zero
4:57 Fri Nov 18
Re: Bitcoin
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COYS
Mediocre and leaden sarcasm,mate.
If you had the wit to read my post properly, you'd have got a few tips on how the whole irony thing should be done.
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Come On You Irons
4:13 Fri Nov 18
Re: Bitcoin
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The answer is cryptos have no intrinsic value and are a glorified Ponzi scheme. Hope that helps.
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SurfaceAgentX2Zero
3:56 Fri Nov 18
Re: Bitcoin
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Could someone please explain to mean the intrinsic value or crypto-currencies?
If, as I'm led to believe, they are a hedge against Armageddon, nuclear war, collapse of the west, etc, when all the world's currencies are worth nothing, how are you going to redeem your asset? Who will want it?
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madeeasy
2:58 Fri Nov 18
Re: Bitcoin
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mashed in maryland 2:43 Fri Nov 18
I have a sneaky suspicion that he won't be showing his face to this event....
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Hermit Road
2:57 Fri Nov 18
Re: Bitcoin
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Mashed, it is bizarre how the New York Times which styles itself as the Paper of Record and considers itself the most esteemed of publications is fawning over him.
CNBC have been scathing in their coverage of him and are outright calling him a crook.
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Come On You Irons
2:55 Fri Nov 18
Re: Bitcoin
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Let's face it. Crypto is an absolute mugs game. Any fool that bets their savings on an unregulated asset bubble deserves everything they get.
Crypto is nothing more than a 21st century asset bubble like tulips were back in the day.
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mashed in maryland
2:43 Fri Nov 18
Re: Bitcoin
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https://www.nytimes.com/events/dealbook-summit
Matey makes billions of dollars vanish, and instead of being under arrest, gets invited to speak at events like this, alongside:
The Mayor of NYC
Larry Fink (Blackrock)
Reed Hastings (Netflix founder)
Benjamin Netanyahu
Mike Pence
Janet Yellen
Zuck
ZELENSKY ffs.
Tickets cost $2000 in case you fancy going, btw.
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Vexed
10:05 Thu Nov 17
Re: Bitcoin
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I'm anti regulating crypto. But if it suddenly makes me a fortune overnight I'll suffer it.
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mashed in maryland
9:12 Thu Nov 17
Re: Bitcoin
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Regulation is what it was (in theory) invented to avoid
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Hermit Road
5:49 Thu Nov 17
Re: Bitcoin
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I use Etoro precisely because I want to use someone who is regulated.
Not sure why you would add to an already risky investment by letting a geezer keep it in his bank account in the Bahamas.
Regulation will also be good for the value of Bitcoin. That's when the big money will come in.
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mashed in maryland
4:10 Thu Nov 17
Re: Bitcoin
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"Bankman-Fried’s example will embolden regulators to make harsher demands of crypto firms. In that sense, he’s done the financial system a favour."
https://www.reuters.com/breakingviews/sam-bankman-fried-did-financial-system-favour-2022-11-15/
Blooded-in nerd "loses" billions, gives millions to his parents' favourite politicians and does an oopsy that coincidentally does the financial establishment a massive favour.
Wonder how many out there moved everything off Binance to FTX cos they were worried about Binance's Chinese connections?
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Vexed
2:40 Thu Nov 17
Re: Bitcoin
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Ah the bi-annual 'bitcoin is dead' posts are here again. Must be close to the bottom.
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Auntie Thermite
12:19 Thu Nov 17
Re: Bitcoin
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I'm interested to hear what Kanye, Kyrie and Chappelle have to say about this...
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Northern Sold
11:44 Thu Nov 17
Re: Bitcoin
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Ouch... fucking BIG OUCH
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goose
11:32 Thu Nov 17
Re: Bitcoin
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i'm surprised COYI hasn't been on here to wind up Vexed.
Bubble, Pyramid scheme, tulips etc etc
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