Canuck
3505
Guys Bitcoin’s not dead, it’s barely even dipped!
Timex
3506
That Y axis is doing some work.
Aceris
3507
This is actually the correct way of representing this data.
The current bitcoin crash is in relative terms much smaller than previous bitcoin crashes.
The most interesting thing about bitcoin is that none of the crashes has lead to a total sell-everything run, which would be the normal behaviour with “greater fool” valueless investments (which is what BTC is in the final analysis). I do wonder what property of the bitcoin market/ecosystem gives it this resilience.
the y axis is using the exponential.
First, ownership of Bitcoin is concentrated into a few hands, and these people are (for the moment) enormously wealthy. They can use that wealth to prop up the price.
Second and more specifically, a big chunk of what’s propping up Bitcoin now is Tether/Bitfinex. Unlike a Thiel or a Musk (for whom crypto is basically a little diversion they amuse themselves with), those guys need crypto to succeed. What you’re seeing right now is (I conjecture) Tether/Bitfinex defending the price of Bitcoin in an effort to keep a panic from happening.
At some point they will run out of dollars, Tether will break, and we will get
IIRC Tether breaks at something like a Bitcoin price of $18k, though I can’t remember where I saw that (and, if that info is from the last time I looked into Tether, it’s probably a year old and out of date.)
Crypto bro: “Dude, I totally haven’t lost any money on Bitcoin … because I haven’t sold the coins!” (taps finger on forehead.)
Which might be funny, except the guy saying it is El Salvador’s finance minister:
Scuzz
3511
Bitcoin has somehow grabbed people emotionally, you shouldn’t do that with an investment.
Bitcoin’s value is also propped up.by it’s only actual use case: crime. As long as ransomware groups demand Bitcoin, there will always be some people forced to be on the buy side.
Scuzz
3513
I feel so sorry for those groups. There ransom income has really been devalued. Always take cash, or gold.
JoshL
3514
You forgot money laundering and avoiding sanctions.
This could go so many places, but since it’s cryptobros
Big thread
The manifesto
Yep, that title is very accurate. The only profits you can get comes from the money that new people comes after you. So it only can work as long as there are more fools arriving after you.
JoshL
3517
So, total free speech and diversity of thought. You can say all the racial slurs you want! If you’re not offending anyone, you’re not speeching free enough! But you can’t say someone who uses racial slurs is racist, because… uh… you might offend them? I guess?
A large group of white men can be extremely diverse if you just redefine diversity!
Timex
3519
I feel like I could probably get a job with those guys, just never do anything and not quit my current job.
But they say they are here for the billions of people suffering from financial exclusion! Sound like some nice people there who I am sure are not trying to con anyone and only care about our future.
Most interesting tweet in that chain about the Kraken guy.
Seems like the manifesto about The Mission is being retconned into Kraken’s culture as part of an effort by the main Kraken guy to get ahead of some kind of damning news story that’s about to break. “No really, we’re not awful people doing awful things. We’re deeply principled people very committed to The Mission, but you normies just don’t understand. Come work for us!”
C’mon, people – don’t give in to FUD! Diamond hands!
The NYT, no less
VICE has the non-paywall summary
