I like to compare the Bitcoin price chart to the stats on a roulette wheel. You can't really predict what causes it to go one way or the other, but you do know that it will eventually go back.
I mean, Bitcoin is the one thing that just won't die. Every time its price collapses, people declare it dead, but a few years later it somehow comes roaring back. If you think Bitcoin is worthless just because it has no utility and no person smarter than a chimpanzee would invest in it, by God you are overestimating the intelligence of finance and crypto bros.
No, btc is still often used for transactions between buyers and sellers before it gets converted into monero, and most exhanges don't sell monero so people usually buy btc and have it converted at a different site if they want to purchase with monero directly.
You actually can, because it behaves in 4 year cycles. Bitcoin ATH have been in August 2017, 2021 and 2025, and dips have been in December 2018, 2022 and 2026. This why people are selling right now, everyone knows this which makes it self-fulfilling
Yeah, it being built upon a decentralized multiple transaction-ledger means that no singular nation's treasury has control over its value. It's also actually great for law enforcement because removing a transaction from the history is incredibly difficult, places that offer "private" transactions just create thousands of fake transactions to hide the real one inside, but the evidence still exists.
One of the largest BTC owners on earth is the USA's FBI who have confiscated tons of the stuff used in illegal activity.
EDIT: Noteworthy is that BTC is far from the most efficient tool for this exact use case. Not all blockchains are equal in power consumption for example, Ethereum apparently uses far less per transaction.
Absolutely not the best. just the best adoption rate due to being first. Also because buying any other crypto usually involves step 1: buy bitcoin and step 2: trade for whatevercoin.
On Ethereum using less: this is due to a different consensus mechanism involved, one that is more eco-friendly, but less distributed and inherently (mathematically) less secure.
Generally, it should be fine on the scale of Ethereum, but Bitcoin has it safer, at the cost of plenty of power and e-waste.
Not sure what angle this is coming from, but about 10k validators are needed to secure Ethereum. In BTC all it takes is for Antpool and Foundry to team up and you are above the 51% threshold.
That same 51% attack can occur on Proof-of-Stake, except you could immediately rewrite anything and also rob legitimate nodes of their stake, for all I understand.
Momentary 51% of Proof-of-Work merely makes it possible to extremely slowly rewrite the neighboring blocks. As most Bitcoin transactions require many "confirmations" (blocks coming after the one with the transaction), the attack realistically needs a very big scale (ideally significantly more than 51%, it's just theoretical minimum), rely on serious level of luck and, through the open ledger, it will be extremely easy to detect.
I thought the gorilla was actually a dog-man without a head, and the gorilla arms were ears attached directly to the neck, and the gorilla legs are arms, and instead of being on the table, the headless dogman was taking a selfie from above the OR, and while wearing corded earphones.
Eh, both have their utility, just not whatever crypto bros made of it.
I use crypto to pay for things abroad, like a decent VPN, from a heavily sanctioned authoritarian shithole. And NFTs can be useful not as a speculative asset, but as a blockchain-verified decentralized token. In this capacity, both are still completely relevant.
Everyone seems to forget that the magic beans in Jack and the Beanstalk worked. They did exactly what they were supposed to do, and not really a bad purchase at all given the shit he went on to loot from that giant
65 Comments
NateNate60@lemmy.world · 63 pts · 107d
I like to compare the Bitcoin price chart to the stats on a roulette wheel. You can't really predict what causes it to go one way or the other, but you do know that it will eventually go back.
I mean, Bitcoin is the one thing that just won't die. Every time its price collapses, people declare it dead, but a few years later it somehow comes roaring back. If you think Bitcoin is worthless just because it has no utility and no person smarter than a chimpanzee would invest in it, by God you are overestimating the intelligence of finance and crypto bros.
Lemmyoutofhere@lemmy.ca · 33 pts · 107d
Because it is nothing more than gambling.
Homo_Erectus@lemmy.zip · 20 pts · 107d
And money laundry
NateNate60@lemmy.world · 16 pts · 107d
and sanctions evasion
NateNate60@lemmy.world · 5 pts · 107d
Thank you for repeating the same thing that I said
Lemmyoutofhere@lemmy.ca · 13 pts · 107d
Think of it as an executive summary.
boboliosisjones@feddit.nu · 12 pts · 107d
I think the reason has little to do with investors and more to do the bitcoin being the backbone of the online black market.
Knock_Knock_Lemmy_In@lemmy.world · 3 pts · 106d
The online black market shifted to monero ever since the "Dreaded Pirate Roberts" was identified and arrested via his bitcoin accounts.
Dodgy people may hold bitcoin, but the don't use it for illicit transactions.
welfare_wizard@lemmy.zip · 5 pts · 106d
No, btc is still often used for transactions between buyers and sellers before it gets converted into monero, and most exhanges don't sell monero so people usually buy btc and have it converted at a different site if they want to purchase with monero directly.
boboliosisjones@feddit.nu · 2 pts · 106d
That may be true for a few markeplaces, but zero of the ones I have seen. All BTC.
Mubelotix@jlai.lu · 7 pts · 107d
You actually can, because it behaves in 4 year cycles. Bitcoin ATH have been in August 2017, 2021 and 2025, and dips have been in December 2018, 2022 and 2026. This why people are selling right now, everyone knows this which makes it self-fulfilling
PeriodicallyPedantic@lemmy.ca · 5 pts · 106d
You're acting like you could predict this year based on 2 data points.
Mubelotix@jlai.lu · 1 pts · 106d
This is a text message. Look at charts if you want data. I agree it's not a guarantee though
boonhet@sopuli.xyz · 2 pts · 106d
Why 4 though? How do we know it'll repeat?
Knock_Knock_Lemmy_In@lemmy.world · 3 pts · 106d
That's how often the block rewards halve, reducing the supply of new coins creating a predictable price increase.
PacMan@sh.itjust.works · 1 pts · 107d
Sell off right now for the Space-X IPO will bounce back in a few months
NateNate60@lemmy.world · 5 pts · 107d
Old investing adage: The market can stay irrational longer than you can stay solvent.
OriginEnergySux@lemmy.world · 34 pts · 107d
Me watching my lithium stocks get fucking smashed at the moment
Allero@lemmy.today · 10 pts · 106d
Yay cheaper lithium
janewaydidnothingwrong@lemmy.world · 14 pts · 107d
Why are the electrodes attached to his nipples 🤔
Homo_Erectus@lemmy.zip · 26 pts · 107d
To measure his nippleness
SolacefromSilence@fedia.io · 8 pts · 107d
Are you a Stanford scientist?
Homo_Erectus@lemmy.zip · 4 pts · 107d
No. I stand-for sciencist
Imgonnatrythis@sh.itjust.works · 6 pts · 107d
Where would you put them monkey genius?
janewaydidnothingwrong@lemmy.world · 6 pts · 107d
my ignorance is exposed 😖
MeatPilot@sh.itjust.works · 4 pts · 107d
Because he's in to that shit.
imperious_melange@lemmy.zip · 11 pts · 107d
FiniteBanjo@feddit.online · 6 pts · 107d
Yeah, it being built upon a decentralized multiple transaction-ledger means that no singular nation's treasury has control over its value. It's also actually great for law enforcement because removing a transaction from the history is incredibly difficult, places that offer "private" transactions just create thousands of fake transactions to hide the real one inside, but the evidence still exists.
One of the largest BTC owners on earth is the USA's FBI who have confiscated tons of the stuff used in illegal activity.
EDIT: Noteworthy is that BTC is far from the most efficient tool for this exact use case. Not all blockchains are equal in power consumption for example, Ethereum apparently uses far less per transaction.
boboliosisjones@feddit.nu · 2 pts · 107d
Absolutely not the best. just the best adoption rate due to being first. Also because buying any other crypto usually involves step 1: buy bitcoin and step 2: trade for whatevercoin.
Allero@lemmy.today · 2 pts · 106d
On Ethereum using less: this is due to a different consensus mechanism involved, one that is more eco-friendly, but less distributed and inherently (mathematically) less secure.
Generally, it should be fine on the scale of Ethereum, but Bitcoin has it safer, at the cost of plenty of power and e-waste.
Knock_Knock_Lemmy_In@lemmy.world · 1 pts · 106d
True
False. 888k Ethereum validators. 80k Bitcoin Nodes
Not sure what angle this is coming from, but about 10k validators are needed to secure Ethereum. In BTC all it takes is for Antpool and Foundry to team up and you are above the 51% threshold.
Allero@lemmy.today · 2 pts · 106d
That same 51% attack can occur on Proof-of-Stake, except you could immediately rewrite anything and also rob legitimate nodes of their stake, for all I understand.
Momentary 51% of Proof-of-Work merely makes it possible to extremely slowly rewrite the neighboring blocks. As most Bitcoin transactions require many "confirmations" (blocks coming after the one with the transaction), the attack realistically needs a very big scale (ideally significantly more than 51%, it's just theoretical minimum), rely on serious level of luck and, through the open ledger, it will be extremely easy to detect.
Knock_Knock_Lemmy_In@lemmy.world · 1 pts · 106d
You can't really rewrite old blocks with PoS, and your attack gets weaker over time as your invalid blocks are proven to be false.
https://vitalik.eth.limo/general/2020/11/06/pos2020.html
Allero@lemmy.today · 2 pts · 106d
Curious. Will take a closer look, thanks.
SolacefromSilence@fedia.io · 1 pts · 107d
Lol, yeah sure. Just buy the dip and no one gets hurt*
imperious_melange@lemmy.zip · 4 pts · 107d
Town@lemmy.zip · 10 pts · 107d
It's only down 50% in the past year
NochMehrG@feddit.org · 6 pts · 107d
It will rise, buddy!
PeriodicallyPedantic@lemmy.ca · 10 pts · 106d
I completely misunderstood this image.
I thought the gorilla was actually a dog-man without a head, and the gorilla arms were ears attached directly to the neck, and the gorilla legs are arms, and instead of being on the table, the headless dogman was taking a selfie from above the OR, and while wearing corded earphones.
I can't explain how I got there.
PeriodicallyPedantic@lemmy.ca · 3 pts · 106d
Like this
Homo_Erectus@lemmy.zip · 3 pts · 106d
That's a preatty unique concept if you ask me
null@piefed.nullspace.lol · 6 pts · 107d
If you bought bitcoin and held it for a minimum of 5 years, it's worth more than you paid for it.
Allero@lemmy.today · 6 pts · 106d
And unless you bought during all-time-highs, it's worth WAY more.
Speculater@lemmy.world · 6 pts · 107d
I can't wait for BTC to go the way of NFC.
MagicPterodactyl@lemmy.ml · 27 pts · 107d
I hope you mean NFT because NFC is pretty useful
Speculater@lemmy.world · 9 pts · 107d
I 100% meant NFT, lol.
ivanafterall@lemmy.world · 2 pts · 106d
Go Falcons!
Speculater@lemmy.world · -1 pts · 107d
Also, happy Cake Day!
Not_mikey@lemmy.dbzer0.com · 11 pts · 107d
Accepted as a method of payment nearly everywhere these days?
big_slap@lemmy.world · 5 pts · 107d
?? I use nfc every day, wym
prole@sh.itjust.works · 4 pts · 106d
It's like the worst of all the cryptos. It's only the most popular because it was the first
Allero@lemmy.today · 3 pts · 107d
Eh, both have their utility, just not whatever crypto bros made of it.
I use crypto to pay for things abroad, like a decent VPN, from a heavily sanctioned authoritarian shithole. And NFTs can be useful not as a speculative asset, but as a blockchain-verified decentralized token. In this capacity, both are still completely relevant.
Knock_Knock_Lemmy_In@lemmy.world · 3 pts · 106d
You use crypto to pay for things, not BTC.
The vested interests controlling bitcoin (the miners and asic manufacturers) refuse to update the technology for modern usage.
Allero@lemmy.today · 1 pts · 106d
Fair enough.
W98BSoD@lemmy.dbzer0.com · 3 pts · 107d
People using HomeAssistant would like a word….
Mubelotix@jlai.lu · 4 pts · 107d
It's just 50% down from ath though
whoisearth@lemmy.ca · 4 pts · 106d
I love that there's a large section of nerds who think that magic beans are worth buying.
Here I am working slow and steady accumulating tangible wealth.
prole@sh.itjust.works · 11 pts · 106d
Everyone seems to forget that the magic beans in Jack and the Beanstalk worked. They did exactly what they were supposed to do, and not really a bad purchase at all given the shit he went on to loot from that giant
Knock_Knock_Lemmy_In@lemmy.world · 4 pts · 106d
Magic beans get you golden egg laying geese.
anon_8675309@lemmy.world · 3 pts · 106d
Compound interest and time.
whoisearth@lemmy.ca · 1 pts · 106d
If it looks and sounds too good to be true it probably is.
anon_8675309@lemmy.world · 1 pts · 106d
Maffs is hard
QuinnyCoded@sh.itjust.works · 1 pts · 106d
Lemmy is posting magical beans now?
BlackLaZoR@lemmy.world · 3 pts · 106d
Always did
BeUnique@lemmy.zip · 1 pts · 107d
Bitcoin is still to damn expensive for me...
FiniteBanjo@feddit.online · 7 pts · 107d
A bitcoin is divisible down to 0.00000001 (one Satoshi). 1 US Penny or $0.01 is worth 16 Satoshi.
Neural_drift@lemmy.zip · 1 pts · 106d
Should I not sell then?