Why Bitcoin is a Scam
 

I get the impression DVTimes doesn't like Bitcoin very much! :1orglaugh

whatever gave you that idea?

Bitcoin crashes AGAIN: Cryptocurrency plunges to below $20,200 in new sell-off as digital trading companies slash thousands of jobs

https://www.dailymail.co.uk/news/art...-sell-off.html

Cryptocurrencies including Bitcoin are crashing in value again in a new digital currency plunge as spooked traders frantically sell off assets before the US Federal Reserve is expected to raise interest rates today.

Bitcoin fell this morning to a new 18-month low, as the recent tumble in crypto markets showed no sign of letting up while US stocks also plunged.

The world's largest cryptocurrency fell as much as 7.8% to $20,289, its lowest since December 2020. It has lost around 28% since Friday and more than half of its value this year. Since its record high of $69,000 in November, it has slumped about 70%.

Bitcoin Drops Toward $20K Amid Contagion Risks in Crypto Markets

https://www.coindesk.com/markets/202...rypto-markets/

The bitcoin price neared $20,000 in European hours Wednesday as it extended a 12-week slide amid weak macroeconomic sentiment and contagion risk from within the crypto market, data show.

Crypto lender Celsius paused all withdrawals earlier this week citing "extreme market conditions," leading to questions about the firm’s liquidity. Prominent crypto fund Three Arrows faced at least $400 million in liquidations and scrambled to lower its collateral levels by selling key positions this morning, as reported.

Bitcoin fell to just above the $22,000 level in U.S. hours on Tuesday. The decline gathered pace on Wednesday morning, with the cryptocurrency sliding under $21,000, dropping for the eighth consecutive day and losing 30% over the past week.

Bitcoin price crashes further amid warnings it could still go ‘much further south’

https://www.independent.co.uk/tech/b...-b2101494.html

The price of bitcoin is just a few hundred dollars away from the peak it experienced in 2017, prompting fears of another major sell-off.

The cryptocurrency dropped by a further 10 per cent on Wednesday to below $20,200, taking its total losses to more than 70 per cent from its record price of close to $69,000 in November 2021.

Yes it's still worth of something $21.000 now

https://www.ft.com/content/60a8a0ad-...5-f32a1b3d2637

Bitcoin is going down and down.

Don't buy Bitcoin (if you're afraid of a crash)



:1orglaugh

lol @ who you follow

so this is where you get your "info" from :1orglaugh

@20k now

Damn I bet it will be under 20k tomorrow morning . It goes down all the time

When are you buying DVTimes? :1orglaugh

She wants it $0 :1orglaugh

I own a bitcoin, given to me eons ago by someone who thought I'd encourage more camgirls to use it

I didn't promo it as I really don't understand it myself, never bothered to do the research required for due diligence to rec to others

it just sits there, I don't care how the prices move as I paid nothing for it to begin with

serious, non-sarcastic, non-rhetorical question to you:

it's clear you know a lot about this topic. are you holding or buying or selling right now? assuming you're not selling

personally I prefer cold hard cash, but get the general vibe behind ardent BTC supporters. just not for me, I am very risk adverse when it comes to money. I like stuff I can hold in my hand

just curious how you're handling the massive drop? respect your opinion, hence why I'm asking. what's your strategy re current conditions?

Hey @JesseQuinn, that's a great question and I totally understand how some people won't value Bitcoin or digital assets, like Warren Buffet says "it doesn't produce anything".

I feel its a moral obligation for us, humanity as a whole to help the most fair money/asset every created become a success. Its monetary policy cannot be persuaded, controlled, lobbied, or changed. Imagine if gold had an absolute mathematical finite supply AND could be transferred digitally or used for payments, that would be a "golden" property, so the next best thing = Bitcoin

- btc finite supply vs fiat infinite vs gold semi-finite (until meteor mining)
- payments can be made instant, free (check "Lightning Network" or "Liquid by Blockstream")
- pure ownership, you hold your BTC cold storage and nobody can freeze, limit, deduct, hack, steal that from you, absolute true ownership. Even your money in bank is not actually yours, you have access to it, but it can be frozen/limited/seized etc (look at what Canada did to the truckers)

.... and i see a lot of haters always say "the only reason to buy btc is they want to become rich" that can't be more false. We consider Bitcoin a "savings technology", since we can't be stupid enough to save cash in bank which is 100% guaranteed to lose 100% value per 30-50 years.

And your question about what I'm doing during drops like this, tbh, I'm calloused nowadays, drops like this I see as opportunities, and exciting :) I watched it crash from $1000 to $100, $20k to $3k, $60k to $20k, etc etc, no way anyone can perfectly time the top to sell, or time the bottom to buy, so I think any big drops (like now) is great time to buy a lot, while always having auto-weekly-buys too. I live by this: "time in the market beats timing the market" we have to accept not making perfect moves, bcos if waiting for perfect, and end up doing nothing, you lose in the long run.

Crypto coins have zero value and are reduced even more in the fact we cn all set up a new coin each day.

They became a pyramid scheme, on the basis you are told, by them and people will trade. But most people do not trade as they hold them hoping others will trade (buy things) while they hope they raise in price.

Pyramid schemes work in the same way. They have often a bogus product that makes them look legit. Then you blag people into getting rich quick.

If you get in early, and sell when things are high, you may make money.

But for the bulk of people, they will buy high and hold on, then the coins crash and never go back.

It is not that cripto has no use, but the problem is people connect it to real money.

The con comes as people tell you rubbish about how you should ignore people saying bad things about it, as its a coin outside world government's and gives you control and so on. Guess what, you hear the same arguments with pyramid schemes (almost word for word).

In practical terms, these coins are not used by many to buy and sell. And why would you? Who would sell a house in such coins when tomorrow your coins may be worth 0 or a zillion.

The reason the dollar is used by not just the USA but a few other countries, is because its stable.

Now crypto coins can have a place as long as you do not see it as a value connected to real money. For instance in a VR world, trading in a crypto coin may work. But the moment you connect it to real money, it becomes something people want to try to make a fast buck with, and as such everyone buys, and just holds on to it.

With bitcoin and others, the chances are it will die. It is possible it becomes worth less than $0.

The bitcoin is close to a point where investors will sell hoping to get any profit or at least not loose too much.

As it goes down, people will not even try to sell, as it will be worth so little, that they know they may at most get a few bucks.

However, who would give you money for bitcoins anyway? Unless your stupid, no one is going to pay out money for worthless bitcoins. So many firms will probably stop trading.

Of curse people will also hope bitcoin and others recover. This will be unlikely (though possible), as people will not risk investing huge money into such coins. You may have a few who invest $5 for fun, and even then, would sell if the coins rose in value.

However, the chance of a recovery are low.

One suspects the bitcoin will bounce around the $20,000 mark for a bit, and then crash as people do not see a recovery. And then people will panic sell.

Its once bitcoin goes to the $19,000 mark is presumably the end, when people fear and everything goes freefall.

The thing I would say to anyone, is read the bull those who invest in pyramid schemes come out with.

Its almost word by word what those who invest in crypto say.

As the boat sinks, they will try to convince you its not sinking, if anything the boat is doing something positive and its everyone else who is too stupid to not see it. Only the clever people can see the boat is not sinking they will say.

Meanwhile the boat sinks.

^^ this is proof that we lack education. It'll be a long & tough road ahead but it will come, slowly but surely. Many can't even understand what a ponzi or pyramid is, you need a central control, and we all know Bitcoin doesn't have that, as it's a decentralized network.

But thankfully it's easy to tell who's the dumb ones and who's not, for instance those who scream "Ponzi", "tulips", or "Pyramid" they're catchy phrases that surely turn people away, but a few minutes research will show they're liars or uneducated.

If history taught us anything, it is the fact that every crypto "crash" only lead to new crypto highs.

:1orglaugh:1orglaugh I hope you pasted this from somewhere. Its fucking sad if you actually took some time to write this crap

True that. And when the highs come, you'll notice these lying weasels disappear (again) until the next crash.

He is a master copy/paster :1orglaugh

:thumbsup:thumbsup

@Jscott thanks for answering!

I get where you're coming from, and admire your stance. it's just that I can't buy bananas at the market with BTC. hell...some of my friends can't even afford internet. I set up a patio table at the foot of my stairs so my friends can use mine w/o even being inside my place but many are not exactly internet-savvy

my town got hit so hard by all the covid fuckery (tourist town, they're only starting to come back). poor people got way, way poorer

so for a lot of peeps it's not really practical. maybe that will change, who knows? I'm not anti-BTC, just see it as not an option for so many at this point in time

right now it seems like more of a wealthy peeps thing


even if I wanted to spend my coin I honestly don't know what I would buy. my landlady is in her 80's, can't fathom her setting up for me to pay my rent that way. same with the internet and electric/utilities co's. maybe I could buy cat food online but shipping costs would be pretty high


gracias again for answering thoughtfully, appreciate it :thumbsup

I vote him the dumbest person here, and he's got some stiff competition :upsidedow

BTC at $19k now. It fought hard to stay above $20k but this is going crazy.

Could get to 12k.
BTC/ Crypto has never been through a recession or anything like this before. Its also just broken below its previous high from the last cycle and thats never happened either.