Bitcoin hits new record of $50,000

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I dont get how it hasn't crashed already, this price is unsustainable

You cant even use it as a medium of exchange anymore, its pure speculation

knobslobbin dijo:
My prediction: Sept 2021 btc moons but as ppl rush to cash in driven by rampant speculation and FOMO another fee crisis hits and the mempool explodes tanking the price and crashing the price for years. Meanwhile eth and bch are the big winners on the fall of bitcoin.

To add insult to injury President Kamala issues an EO taxing crypto losses.
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When it crashes its going to take all the other cryptos down with it, except stablecoins like DAI

And how you tax losses?
 
wendys dog dijo:
I dont get how it hasn't crashed already, this price is unsustainable

You cant even use it as a medium of exchange anymore, its pure speculation


When it crashes its going to take all the other cryptos down with it, except stablecoins like DAI

And how you tax losses?
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It's an asset, I don't think you tax losses in the US.
 
Lady Adjani dijo:
Couldn't you say the same about paper money? Yeah it's backed by gold, but it only has value because we've agreed to use it as a means of exchange.
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Bitcoin has more in common with dutch tulips than paper money. There is no reason it should be more valuable now than a year ago, other than demand.
The problem with that is, eventually, you'll run out of "greater fools" to drive up the price.

There's great potential in the concept, but the morons thinking of Bitcoin as a way to get rich quick by doing nothing keep rendering it less useful as a currency.
They certainly made the creators of Bitcoin very wealthy, though. Working as intended.
 
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MelloYello dijo:
rendering it less useful as a currency.
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Bitcoin is less useful as a currency because its obsolete, there are a number of other cryptos that do this job much faster and are actually untraceable, governments have been able to track btc transactions for a while which is why all silkmarket types and hackers have moved to monero

If you have a company and want to accept crypto you're much better off with a stablecoin since btc, eth or any non-stable coin could wreck your finances with one of its price swings. Say you take payments in btc, right now you would be losing customers because they dont want to spend their coins during a bubble. And every hacker group out there is going to be trying to hack your wallets because you're a visible target

And if you get a bust like the one after the ATH from a couple years ago then you're fucked, you lost like 5/6ths of the revenue you made before the crash if you're still holding the coins instead of fiat. Thats like retroactive bankruptcy, the kind of shit that happens in countries like mine but even here the currency dont go from 1 to 1/6 of it overnight

So why nobody is using stablecoins then? because you cant get rich quick with those, which shows the entire crypto scene is just a tulip mania, coins like btc and eth are only being used to speculate on the price and offload it to a bigger fool before the price crashes again

Frankly I wish some government uses a quantum computer and cracks the key already so this bullshit can end, but now that tesla and wall st. joined the party thats not gonna happen. Its known the chicom elite is behind the chinese miner operation
 
wendys dog dijo:
If you have a company and want to accept crypto you're much better off with a stablecoin since btc, eth or any non-stable coin could wreck your finances with one of its price swings. Say you take payments in btc, right now you would be losing customers because they dont want to spend their coins during a bubble. And every hacker group out there is going to be trying to hack your wallets because you're a visible target

And if you get a bust like the one after the ATH from a couple years ago then you're fucked, you lost like 5/6ths of the revenue you made before the crash if you're still holding the coins instead of fiat. Thats like retroactive bankruptcy, the kind of shit that happens in countries like mine but even here the currency dont go from 1 to 1/6 of it overnight

So why nobody is using stablecoins then? because you cant get rich quick with those, which shows the entire crypto scene is just a tulip mania, coins like btc and eth are only being used to speculate on the price and offload it to a bigger fool before the price crashes again
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Well, that's the conundrum, isn't it? The coins which are popular aren't stable, and those which are stable aren't popular, thus largely unused.
 
MelloYello dijo:
Well, that's the conundrum, isn't it? The coins which are popular aren't stable, and those which are stable aren't popular, thus largely unused.
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Is not just that but btc itself its obsolete, its the CP/M of coins

The only reason its still being used is because of the speculation around its price, FOMO and get rich quick idiots

If it depended entirely on its usability as a currency then it would be in a museum instead
 
I don't really get why people are panicking over Bitcoin crashing -- it has crashed before and will crash again; Yeah if someone FOMOs right now there is a good chance they will get raped, but if it massively crashes again chances are you can probably buy the dip since people circlejerk so hard about BTC and how it the biggest cryptocurrency and the oldest that eventually it will just go up again.
 
knobslobbin dijo:
My prediction: Sept 2021 btc moons but as ppl rush to cash in driven by rampant speculation and FOMO another fee crisis hits and the mempool explodes tanking the price and crashing the price for years. Meanwhile eth and bch are the big winners on the fall of bitcoin.

To add insult to injury President Kamala issues an EO taxing crypto losses.
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Damn right lol
bitcoin is slowly becoming boomer tech with everything going to smart contracts now
theres still time kiwis join a liquidity pool and profit with me. I promise their will be gains along the way
 
Omfg my Bitcoin ETF is outperforming my shitty blue chip stocks
 
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