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Poor starving babies...

Of moms with silicon tatas.

Where I have a tough time understanding Bitcoin is not necessarily the tangibility aspect of the coins but in the blockchain and it’s operational functionality. Who runs it? How do they get paid? Who wrote the code? Who do you go to when there is a problem?

I think the only reason for the price going so high was FOMO. Simple as that.

These seem like genuine questions rather than the usual virtue signaling thinly veiled as questions, so here goes.


People who run nodes on the Bitcoin blockchain.



Via rewards for successfully mining blocks. If your node does the cryptographic work to prove transactions, you are rewarded with BTC.


Someone going by the name Satoshi Nakamoto wrote the original code, but it was Open Source and has been modified over the years.


That depends on the problem. If you forget the keys to your Coinbase account you go to Coinbase. If you lose the private key and seed words to your paper wallet, you are SOL.

Don’t see it either. We’re in unchartered territory, but we were in 2008 too. Society isn’t going to collapse into madmax. “The people” will just relinquish more of their freedom to “the govt” in exchange for more perceived safety. The more govt controls , the more valuable a decentralized currency becomes.

If coinbase goes TU, they take your crypto...

Coinbase

Crypto ETF’s might be a option to consider.

$27,000...

Coinbase has $7 billion in cash. Doubt it goes bankrupt any time soon.

Same thing that backs the dollar… Collaborative Faith

Well we Bitcoin singers... We got Greedy fingers... And were mocked everywhere we go... We sing about winn'in and los'in... At 3 million dollars a throw... We take all kinds of spills that give us all kinds of thrills... But the thrill that we've never known... Is the the thrill that'll getcha when ya get your picture... On the cover of the Bitcoin Stone... Wanna see my picture on the cover... (stone) gonna buy 5 Bitcoins for my mother... (stone) wanna see my smilin face... On the cover of the Bitcoin Stone... I got a Creepy ol lady name a Crypto Caty... She's lazy and she's Mean... I got my poor ol grey haired daddy... Min'in my Hard Drive Scheme... Now it's all designed to blow your minds... But it's our money that's be'in Blown... Like the blow that'll getcha when ya get your picture on the cover of the Bitcoin Stone... Rock n Roll... "Ah man, That's Beautiful"...

I put up this post NOT as a pro/con to Bitcoin... but moreover as a WTF.

I THOUGHT (incorrectly it appears)... Bitcoin was supposed to move opposite of the dollar.

If it had done so... and lots of you holders had made Bank... I would genuinely be happy for you.

Nothing more... nothing less.

My question remains... why is Bitcoin not booming?

I honestly cannot figure that one out.

I guess...

But what is shaking the "Collaborative Faith" in Bitcoin?

I should have bought more pre safety marlins when Donald Duck was President.

Contagion from the Terra ecosystem breaking down.

Bitcoin and other crypto were also supposed to be alternatives for people who didn't trust traditional financial products. Either in practice or how they worked. Now that Crypto is going Amber Heard (chit the bed) - what do those people believe/do?


I'm not a cryptoboi but reading twitfin - seems like a lot of "stablecoins" were actually backed by bitcoin and as BTC eroded, stable did too which made BTC erode even more. It's eating itself.

Good fair answer...

I respect that.

So... where does a man harbor money?

That is the big question... I really really have no idea.

HARD COMMODITIES... PHYSICALLY HELD.

But after the barn is stocked up slam full on every conceivable hard commodity... then what?

We are picking up a couple new hybrid 50 mpg Toyotas this week (been on order for 3-4 months) because of the huge Yen advantage.

We don't really need them, but with an ever collapsing auto industry... about all I can honestly think of.

i.e. If diesel gets to $10... WTT 2022 Prius for 2012 6.7 Cummins kinda thing.

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Not that we are rich... we are just dumping some urban real estate (I spent decades putting lipstick on pigs and selling to urbanite fools)... i.e. cashing out now.

I really really have no idea where to park money anymore.

Chit is falling down everywhere.

Blockchain (which is the underpinning of Bitcoin and other cryptocurrencies) was not designed to be a hedge against an unstable dollar or equities market. It is its own beast with its own applications. The current trend has more to do with the future economic forecast than specifically the pull back in the equities market or its failure as a hedge against the market.

Both are pulling back because investors and those who use blockchain see the same event horizon. Inflation will curb economic growth thus will soften corporate profits and the need to utilize blockchain. For the brave, this opens the door to a lot of new investment opportunities (equities) as well as buying opportunities for crypto. The biggest challenge now is to guess when the markets and crypto will bottom out.

Trump's $2 trillion pandemic bailout and Biden's feckless economic policies have lead us to this point. It will take some time to sort out.

JMO, I think in the next few days to few weeks at most that Bitcoin will dip to below 10K, maybe substantially less. Only those that treat Bitcoin as a religion will even keep it that high.

Could be going down because people are having to sell what they have in liquid assets to meet stock margin calls.