Why Is Bitcoin Crashing?

deme on 06/12/2021 - 15:43

According to https://search.brave.com/search?q=bitcoin+price&source=web

In the past month Bitcoin has lost 20% of it's value are we about to experience a cryptocurrency crash?

Poll Options

  • 176
    Yes
  • 102
    No
  • 415
    I dunno
Financial Cryptocurrency

Comments

    • iatnuy on 09/12/2021 - 08:05

      SBF goated

  • rektrading on 09/12/2021 - 08:07

    People that are saying this will pop and go to zero are betting against people like CZ, VB and SBF.

    https://twitter.com/YahooFinance/status/1468605332872044544?…

    • deme on 09/12/2021 - 09:51
      +1

      against people like CZ, VB and SBF.

      Who?

  • poochi on 09/12/2021 - 11:16
    +1

    Since BTC's value is not backed by anything, I imagine its price is simply entirely dependent on market sentiment, so you have higher highs and lower lows than other asset-backed investments.

  • centrelink on 09/12/2021 - 11:48

    It’s good that it crashes for a bit. My bot can pick some up on the way back up.

    • deme on 09/12/2021 - 12:52

      🙄

    • Butt Scratcher on 09/12/2021 - 23:06

      Are you starting up the next bitconnect?

  • fimmwolf on 09/12/2021 - 18:35
    +2

    We will adopt digital currency. Just not the random bitcoin exchange variety. I don't think the govt will approve MtGox v2 run by Boris and Katerina from somewhere in the baltic. They, our govt, will allow the reserve bank to control a govt backed digital exchange and all the other 'coins' will start to lose value ….rapidly.

    • rektrading on 09/12/2021 - 18:54

      The feds won't back a CEX. All of them are privately owned just like the ASX is privately owned.

      Most exchanges in free markets are privately owned.

      I don't think the govt will approve MtGox v2 run by Boris and Katerina from somewhere in the baltic.

      The feds have no say in this. CEX and DEX operating outside of Australian soil aren't subject to Australian securities laws.

      They can choose to work with the industry and collect revenue or try and ban it like China and get zero revenue. The industry and the brainpower will move to friendlier countries.

  • zjz93 on 09/12/2021 - 23:12
    +1

    Wow, the price dropped back to what it was 2 months ago. Big (profanity) deal lol.

  • helloworld2021 on 10/12/2021 - 10:59

    I think that BlockChain is fantastic and will change the world for the better. And Cryptocurrencies will fix the fundamental flaws that traditional currencies face in the digital world. But BitCoin is a ponzi scheme. I am in it at the moment, the question is when to get out.

    • Cave Fire on 10/12/2021 - 15:05

      guessing there could be a spike in btc soon… or at least jan 2022

  • Dack Smith on 10/12/2021 - 13:18

    Bitcoin has never crashed

    It’s only a correction

    Once everyone goes back and puts money in it’ll be good again.

    Many have become multimillionaires very quickly from small deposits

    • boozler on 10/12/2021 - 15:25

      Rinse Repeat…..

  • quog on 10/12/2021 - 13:38

    IMF pushing for governments to control all cyrpto.

  • Hearthstone on 11/12/2021 - 17:16
    +1

    Smart contract, Blockchain and distributed ledger are all good development but crypto coins are virtual worthless stuff
    it has value whatever people willing to pay for them but anyone can come up with crypto currency

    and you don't need any crypto coins to advance blockchain and distributed ledger technology, ASX and all that can have their private distributed ledger
    and settle contracts in real time and they can open up to let other private distributed ledger in and build a chain etc…

  • SirFlibbled on 17/12/2021 - 15:37
    +1

    A crash is inevitable. The value of cryptos has always been the value people put into them, and without any regulation it's just become a wild west money market fuelled on speculation and crypto bros.

    I think part of the reason it hasn't crashed hard yet is, ironically, institutional investors who know how to manipulate markets to minimise a crash from happening. But as more and more people get burnt on shit like 'Save the Children' and other shit coins where they pump and dump, the less people will be willing to gamble with their money (and it is gambling).

    This ultimately makes crytpo terrible as a form of currency (as well as high fees) and why businesses mostly do it as a stunt not as a serious way to do business because the fluctuating market can't be trusted. Why sell a product worth $X today when it could be worth half that tomorrow? If you did accept crypto, you'd cash it out almost immediately to mitigate the use.

    That being said, I like blockchain tech and I think there can be some great implementation in the future if it's properly regulated and designed for purpose.

  • rektrading on 15/01/2022 - 10:28

    The short term price action is just noise.

    Zoom out and focus on the large picture.

    Block Inc. to Become First Crypto-Related Listing on Australia’s ASX
    By:Bob Mason Updated: Jan 14, 2022, 14:52 GMT+11•2min read

    Block Inc. acquisition of Afterpay gets final greenlight, with the merged company now setting its sights on growth in the U.S market
    https://www.fxempire.com/news/article/block-inc-to-become-fi…

    "Gradually, then suddenly". E.H

  • rektrading on 10/03/2022 - 10:23

    Gn fam,

    Breaking News

    Yoon Suk-Yeol, a #bitcoin and crypto-friendly candidate, has won South Korea’s presidential election. 🇰🇷

    At a crypto conference in January, Yoon called for South Korea to “realize the unlimited potential of the virtual asset market”

    https://t.co/EWlxToGOoP

    "Gradually, then suddenly." E.H

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