The Rise and Fall in Bitcoin Value

Communications Center Out Of Pod Experience
661
  • That it promises to be [insert utopian future here].

Not the inflation protection they were promised to be. Whether someone belives it or not, a lot of lower middleclass have invested in it and see their BTC be worth less EUR/USD month after month. Let’s not call the people who bought BTC with their savings in the hope Magick-e-Coin would protect them.
https://fortune.com/2022/05/06/bitcoin-isnt-inflation-hedge-gold-bank-of-america/

  • That it will protect us against the “sharing” society where you will own nothing and be happy.

Here the BTC operative confesses he lives minimalist. Awesome as the photo is taken in Portugal where he can live very cheap compared to the Netherlands. He also dreams of a “sharing world”… he literally confesses working towards Claus Schwab’s goals. :smiley: On the other hand he believes BTC will go to 100 000 this year. It might be an older quote as he keeps repeating this and BTC keeps tanking. What he does forget to say is that he is making money by advertising for crypto and making paid appearances on crypto gatherings. It’s nice to see how he deceivingly makes it look he is independent, impartial and not tied to any special interests.

He does clearly states that BTC isn’t useful as a currency. :smiley: <3 I love the BTC community it promises to be [insert utopian future here]. Yet realizes slowly it isn’t. But he can’t go back as his job is crypto advertising. Ah, the freedom…

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662

It depends on who is actually in charge. Politicians are just the lackeys for the people with money. Because Bitcoin is currently an incredible investment, a lot of really wealthy people are already on board. And it created a lot of new wealthy people who now spin up lobbies etc. This alone will cause a lot of pressure to not ban or overtax Bitcoin, or those people just say bye bye and move (with all their wealth) to a country with relaxed crypto taxation.

Additionally they would lose all the innovators who build on this technology. I think this effect is completely underappreciated. The fact that you can just spin up a node, create a key-pair and not you are ready to interact with a global monetary network is insanely friction-less compared to what you would have to do to gain similar access to the legacy monetary networks. Imagine how easier it is to build and innovate on that. And we are already seeing a lot of stuff happening. In the next decade this will be the new technological frontier. States who block the technology will not be part of this developments, and the Google and Facebooks of the magic internet money will be in another country.

They already know this, and they don’t want this to happen. Basically they are between a rock and a hard place. They don’t want to give up power, but they also don’t want to cripple their chances to be a part of this.

Everyone can make a hard fork. What they can’t do is force everyone that runs a node with the current rules to update and become a part of the fork.

Wat? From what I saw it was a complete chaos. They closed borders and even tried to steal supplies from each other with some newly invented laws. It was completely absurd. Everyone had the same problem but they all reacted very differently.

663

Because you look at it on the wrong time scale.

I invested in Bitcoin only two years ago when the fiat banksters started their money printers. I bought at 8-10k, it was even down at 3.8k (covid market crash) at one time, but I missed that.

Works pretty well for me as an inflation hedge it seems.

Since then we had an insane bull run who completely overshot and is now correcting. And yes, if you bought at the top you are probably under water right now.

But there is no cause to worry. They can’t stop the money printer, because the whole fiat system is based on a debt bubble that is ever increasing, and if they raise interest rates too much they will cause it to burst and unwind, which would collapse the financial system. The only other way is to print a lot more and basically hyper-inflate the issue away.

We haven’t seen anything yet, and I’m buying more Bitcoin at this levels. Just nice small monthly DCA with what I can afford to not touch forever. That way the volatility is absolutely zero concern to me. At least this is value I will still have if the whole fiat system goes to ■■■■.

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664

i’m confused. You describe the reasons why plex is worse money than bitcoin, that state it has more value?

665

It’s nice to see it worked out for you, as a specialist in financial things. However, not everyone is a specialist so do you see why it very probably won’t take over from governments?

That could happen if around a hundred governments in the world dissolve. Chances on that are slim though.

Esperanto, despite its intellectual appeal, was simply not practical. It was no one’s mother tongue; finding other speakers outside conventions was nearly impossible; and it wasn’t even a true standard, as unofficial words appeared and spread.

See, it happened before, if Esperanto speakers got a penny for each time someone got interested (and left the language behind afterwards) they would be a crypto gorillionaire.

I think this is a good advise, although I don’t do Bitcoin anymore, people could try and save some money they would throw at something they would consume like Netflix or an extra beer. And very slowly save up for a pension. If everyone did that, and for at least one generation, your prognosis of a much more stable BTC would become closer to reality.

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666

Well, PLEX works for me, I bought some, spent some and enjoyed it.
Maybe PLEX is not for everyone and I think that’s fine.

  • I guess CCP who own the universe is like Satoshi as CCP programmed the rules?
  • I guess not everyone dislikes to lose access to their money? Without doing bad things?
  • PLEX can be considered decentralized as it comes as a number and just like BTC you could store it in a cold wallet. lol. :stuck_out_tongue:

PLEX is holding better than any of the values you mentioned. Maybe lurk more?

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667

PLEX is the true hedge against inflation? :thinking:

Lets see, it takes 500 PLEX to play for 1 month, and if it will always be like that, then it still keeps the same value.

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668

You too are drawing chartist plans on a comet that is already completely consumed…

Because the cyclical fall in the values of the IRL markets, and in particular that of cryptocurrencies, this fall linked to the only real unnamed global systemic crisis that we are going through (climate change, war in Europe and pandemic), is in no way comparable to the structural increase in the value of PLEX entirely orchestrated by CCP (inflation of +33%) and whose consequences will very quickly prove irreversible for EvE Online; when a structural increase in a service becomes literally abusive, it is then the customer himself who simply decides to accelerate his fall:

https://eve-offline.net/?server=tranquility

So, don’t be so hasty, wait and see, because you’ll be crying soon enough when you won’t find a single pigeon to buy your hardware store…

Ully Loom

669

Lol, I’m not a specialist in financial things at all. I’m a Linux systems engineer, I found Bitcoin while looking for an open source payment system because I want control over all of my computing, and money was one of the last things where I still had to use tons of proprietary crap.

I ran a node before I even owned some. Then I got like $300 BTC on the Lightning node as an experiment to use it basiacally as an open source debit card I can self host.

And only after a while I actually started to deep digger into the money topic. And it gets deeper and deeper and a lot of things that made absolutely no sense about our current financial system, suddenly became clear. Then I bought what I could afford to lose. But that is not where the learning ended, it seems to be a bottomless pit of what this simple system can do.

It’s not about the governments, they will remain, but they will have to adopt a Bitcoin standard and give up their endless fiat money printer.

But this isn’t about a language. If you go to another country you can’t speak their language automatically, but you can still use their money right away. There isn’t any learning to do here just for the user, and because it’s digital you can transform the displayed unit to whatever you want.

Also I’m not speaking about the adoption by people, but by banks and countries, and especially for international trade, and that is about the first thing that will happen.

I have no idea how end user adoption will happen, that is something that is not just around the corner. It’s something enthusiast like me are doing because we like to play with the technology, but not for regular people.

Yes, that is exactly what I’m doing. I still have all the regular pension crap, but I just don’t think that will be worth much when I’m actually at that age. So this is in some way a plan B. Although that is just a really small side effect, I’m much more enthusiastic about the possibilities an open source monetary network will bring to society and the internet. It’s hard to predict what kind of inventions this will spawn. And just to be clear, I’m not talking about the blockchain crap, I’m talking about building on the Lightning network.

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670

Yet he is using it for that very same exact purpose. Sometimes I wonder if people are actually ok.

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671

They are not ok if you mean they are rational all the time, or that they have some kind of inner wisdom that manifests itself everyday in financial decisions.

People are by default dumb. But they can try to push themselves out of that state. Some try basically whole life, despite brain telling them to focus on more pleasurabe things like dopamine and adrenaline.

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672

The increase in PLEX price is something that won’t last forever, and I don’t mind. Any PLEX I bought is just for fun. And I even got more entertainment from it than what I ‘invested’ into it. We’ll see how it goes, last time a distraction by the “1 old PLEX/timecode is split up into 500 PLEX units” .

Don’t worry, I’ll be fine. I’ll scoop up a few competing stores at low prices. Unlike them, I have reserves.

673

Yes and no, as far as I assume, in the first years he was getting most of his “real money” that he used to rent a house in Portugal from Bitcoin/crypto. He’s in quite a pickle if Bitcoin keeps going down.

But like I said, he’s the worst example, giving up everything to go into Bitcoin (or anything else for that matter). I do hope he makes it so he can provide a good future for his children as they didn’t really make the choice.

And yes, a lot of people are prone to make very bad decisions. It’s of utmost important people are well informed about the risks. I recently installed linux on an Acer Aspire Switch 10 just to have a “Linux tablet”, is that a good solution for mainstream people? NO! But it’s something I did because I wanted to have a certain specific thing. And that’s not so bad. Same goes for many people on this tread, I do differ from idea about the crypto but I do respect your choices and I really like most motivations and your thorough explications behind your choices.

674

Let’s talk straight, wherever he went in the world he would have exchanged a little BTC for some of that currency, oddly enough this is exactly what one would have done with any fiat currency. Again, wherever he went in the world he would have been supported by a crypto exchange, He obviously had access to his Hot/Cold BTC cache’s anywhere in the world that had laptops and internet. He was able to do all of this because BTC is in fact a great currency and brilliant money transfer network.

Evidently they are, BTC is classed as a risky asset so it makes sense that the value is what it is currently due to most people selling suddenly.

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675

Seriously, I don’t get it. He bought Bitcoin when it was $900 and now, only 6 years later, it’s worth $29k. And you think he made a bad choice? You think he cares it went from $900 to 69k and now back to 29k? That guy understood Bitcoin very early, and he has probably a very good time now :slight_smile: .

676

Terra/Luna 2.0 Crashes 60% on first day

677

I have seen it yesterday already, waiting for Luna 3.0. Third time is the charm.

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678

Bet it all on 3.0.

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679

Well, it’s been over 60k and it’s at 30k now which is different from it went from 0.9k to 30k. If it goes down further, he better has some real assets he can support his family with. It is still good, at the moment and I think it’s not dumb if he diversified his portefolio (which he probably already did but doesn’t go well with the people he now completely depends on).

680

Double or nothing on 4.0!