That place can be converted into a tulip growing facility anytime. 
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Iām still holding all my Bitcoin and have no intention of selling them in the near future. Honestly I did not expect a ~50% correction, just shows that the run up was too fast and traders are seriously over-leveraged in this market this cycle. The dump may not be over yet, but I simply donāt care. Iām not in Bitcoin because I want to make a quick buck (although Iām still over 300% in profit on the Bitcoin position alone) but because I speculate on it being the foundation of a completely new financial system.
Time in the market always beats timing the market.
For now I just watch and enjoy how everyone is panicking yet again 
If you actually look at what happened on-chain, we saw a large amount of bitcoin getting deposited to an exchange prior to the dump and then a massive outflow after. I interpret this in the way, that the market makers used this coins to dump the price so low that a liquidation cascade of over-leveraged traders got triggered, which caused a massive sell off, which was then probably gobbled up by the same people that started the dump. This is simply market makers ā ā ā ā ā ā ā with retail traders, as always. Things like that are why I donāt trade, central exchanges are not an even playing field, be that crypto or any other asset.
But all in all, some big whales just accumulated some more Bitcoin and the spot liquidity on exchanges got drained even lower. This makes me still extremely bullish, even if we have a consolidation phase now or maybe even multiple months of downside, it will eventually go up to new all time heights. I donāt think this cycle is over.
Can you elaborate more on how that system would work?
Please make sure to include the āmedia says funny things, then some people dump coins on the market and price fluctuation goes 50%. Or Guy posts tweet and fluctuation goes 10%ā. Please also tell mo more on how exchanges are evil and I mean the bitcoin ones where the floor is open 24/7 and there are no holds barred and coins can go up or down without any systems in place to slow down and temper changes. But ehā¦ you are the only good bank around. Also, when everyone is a banker should we finally trust bankers?
Take your time with your answer. just as a sidenote ; I did bitcoin in 2010 when it was more like a nerd thing that replaced the SETIatHome screensaver. I think itās value was very low but forced the cpu and graphics card to heat up and I saved some on heating. But the electricity use and the savings from the heating didnāt make any profit. At that point no one would accept bitcoins legally. It was used generally for scams on the silk road. I made my first bitcoin when it started its first āpopularityā thing and it grew from āextremist antisocial IT nerdsā and organised crime only to more mainstream applications. At that point people were able to (gains)tax-free use it for paying pizza deliveries. I grabbed that moment to order a pizza and call it quits.
So yes, Iām interested if you can explain your systsem. I am certain if you take your time to elaborate even the most anti-e-coiner will call it āOur Lord and Saviour Satoshiā system. Jes, this looks funny but I hope you take the time to reply. Feel free to add a funny sentence once in a while it will keep readers intrested as economy is a thing where people go āTLDRā extremely fast, or just reply without reading.
Iām neutral, so probably everyone here will be ābooo Aedaxusā. But I think we all benefit from information sharing and can then do more research if we donāt understand something or see things in a wrong way.
A long time ago, most rational people took everything seriously - things like government fiscal and monetary policy, saving for retirement, wars, unemployment benefits, and things such as. Now everything is a joke. Nobody believes that the countries of the world are run by āleaders.ā Nobody cares how much money is printed. People will invest their life savings in whatever joke scam is funny that week.
It may be true that cryptocurrencies are part of a completely new financial system - but it wonāt be one based on noble virtues of yesteryear like peace, freedom, and personal responsibility. It will be part of some hashtag lose-it-all and get-rich-quick movement.
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That is not what Iām talking about at all when I say a new financial system.
Imagine a network stack like TCP/IP, but for money, and Bitcoin, Ethereum, etc is the base layer. Other layers build on top, from payment networks to complete financial products, with contracts, lending, etc. And you donāt need to ask anyone for access, itās all open source and a public network.
This is already starting to take form. And unlike in the fiat world where money isnāt worth anything anymore to the banks, because they can just multiply it, in this system itās a scarce resource. So if you have the choice of putting your money on the legacy bank for 0.01% or you even pay for it, or 2-5% interest in the new system, (or more, depending on the risk) without cost for an account, what would you do? What do you think will people do who have lots of money?
You donāt even have to bet on a token if you think they are too volatile. There are stable coins that follow the value of the dollar and they have some insane interest.
It doesnāt matter if the central exchanges are for crypto or stocks and āregulatedā or not. Those places are not an even playing field no matter what. Basically that legacy world (and yes, even the crypto exchanges like Coinbase and Binance are part of that legacy financial system) is split in two, the retail investors, like you and me, who just see some price data and can set our buy, sell and stop loss positions. And then there are the market makers, the people who run the market, and they see everything. They see your positions, they see where you buy, where your stop losses are, where you get liquidated if you are leveraged, they have all the info and they use it to literally wreck the retail traders.
That is actually what happened yesterday. They knew exactly how far down they have to push the price to start a liquidation cascade down and they know how far down it would go. So they dumped some Bitcoins at the top and bought at the bottom. Some people got very very rich yesterday.
In crypto you donāt need to use those exchanges. There are decentralized exchanges. They are just smart contracts, programs running on the blockchain and everyone has the same information. Sure, there is also some wild ā ā ā ā going on, like next level bot wars galore directly out of a scify novel, but at least the playing field isnāt screwed from the start.
That you are your own banker just means that you donāt need a bank or institution to access those markets in the first place. You can access them directly as they are secured by cryptography and not by a small group of companies we grant special privileges (which they then abuse at every occasion).
P.S. for those who always say ābut you canāt buy anything with itā. Yes you can, not everywhere, but we are still early. Here is a picture about another similar game changing invention that had the same problem:
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Joke on them, actual bottom starts at 0.
If you cant use it, its worth as much.
First of all, I like to say thank you for a very great answer. I respect everyoneās opinion. My posts are of a general nature and arenāt intended to point at one or more specific people. This is a difficult topic due to the nefarious activities surrounding bitcoin (and altcoins).
The issue is more political than the Internet. Those who support bitcoin (alt coins) have a anarcho-capitalist view on banking and economy. You claim you can avoid evil bankers but the evil bankers are the early adopters of bitcoin. There are few barriers for them. What is positive? There is now legislation around the bitcoin profit and there is no longer a necessity to launder bitcoin gains. But still no protection. I still struggle about the claim that itās open for anyone might be a bit early as gandma and grandpa never watched dank memes on an idle Sunday. But I do get your idea. Note that Apple took over the walkman market by storm and I never bought an ipod as I loved my walkman and a pencil. On the other hand the Internet existed long before to link universities so it would never disappear and that article is biased probably from someone who coudnāt gopher and had one of the free AOL connections on a modem while his mom kept picking up the phone to call her friends. So lets not compare apples to oranges but try and see what can evolve and what will never.
Iām going to make another reply later today on the āblockchainā technology as you went pretty fast for most giving the contract example, but i have a meeting first. o7
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Well, the criminals are usually the first to adopt new technology to have an edge. But it also turned out that because of the transparency of Bitcoin transaction it is probably the dream of every law enforcement agency. I donāt think this is a very good argument against Bitcoin. Because at some point they want to cash out and then they can trace the complete history of that money immediately.
I think using the technology, crypto and math to level the playing field when it comes to the money and system we use to store our wealth and transact is an improvement in comparison to leaving a small elite in charge of that who can (and constantly do) abuse this power. Not sure if that is an anarcho-capitalistic view, Iām not very interested in politics overall.
I highly doubt they are, maybe some because they see if they donāt they lose their business. Banks will not go away, but they will change, because what we will probably see is a so called infrastructure inversion (https://www.youtube.com/watch?v=5ca70mCCf2M).
Not sure what you mean with protection.
Well obviously, the internet was extremely clunky and pretty useless back then, kinda like crypto today still. But intelligent people saw the potential and what it would become. That it was a superior medium to exchange data. And I mean the law is still catching up there. In my country an email or document with a digital signature is still not considered an accepted way to verify itās from me, but if I send it as a FAX it isā¦
Iām just saying, the next Amazon and Google will be companies that build on Bitcoin and Ethereum. And hence this is why I think that buying Bitcoin and Ethereum is like buying a junk of the internet. This is one of the reasons why Iām invested in it. It seems a pretty low risk bet to me.
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I dont get how cryptocurrency is āworking to earnā but looking for a job as hard as you can is āleeching off my hard workā
I will read that later.
I had some other points, if you have the time;
I now have updated statistics about the generation of blackchains ; 75% is done in China. As I hoped/assumed all of it was done near dams it appears that would have been a few dollarcents too expensive so around 40% is done in areas that are powered by coal. Do you expect higher cost due to a probable eco-tax?
Youāll have to click, somehow the link is some generated thing that canāt be previewed. 
There are some requirments as no one can be a bank
- Report transactions over $10000. I think this will soon be passed under the Biden Administration
For some people, life is bad and they hope for some magical chance to get rich. I have found zero people who became rich with bitcoin. Feel free to link me to any that want to be known. Because sometimes poor people who become rich have to escape the bankers. Did you know in Belgium bankers went out in the street and talked to every streetcleaner as it was found out one has won the lottery? Sad. I donāt claim no poor person became rich with bitcoin but a lot of ārich persons that ride the bitcoin wave to get richerā are very open about it. What I think is sad is that they are living of the suffering of the hopes of the poor. Like the Venezuelans and a lot of non-economists hype kids who are being drawn into something that comes close to tulip-craze.
The financial structure behind bitcoin is āThereās a sucker born every minuteā. And that game should not be played with poor people.
Taihuttu, ( https://yolofamilytravel.com/ )former cameraman and actor. He sold āeverythingā (house, cars,ā¦) to buy bitcoin. When the price of bitcoin collapsed in 2018, Taihuttu added more to his investment portfolio. He says he was always a firm believer that the cryptocurrency was poised for a major rebound. āI think in this bull cycle, we are going to see a minimal peak of $100,000. I wonāt be surprised if it hits $200,000 by 2022.ā. What I like is that he found a nice way to live. What i see is that he also likes to evade taxes and works brilliantly using a company instead of household. Heās actually poor in the books but still lives like a millionaire. Bitcoin made him from someone who contributed to society to a greedy person not wanting to share with the less lucky in his country.
Muskās electric car company, Tesla, recently announced that it has suspended accepting bitcoin for payments due to āenvironmental concernsā. However, Musk has confirmed that Tesla has not sold its bitcoins. Furthermore, when the price of bitcoin plummeted this week, Musk tweeted diamond hands emojis suggesting that Tesla will not sell its bitcoins.
I donāt know Musk but if he tweets to get a price drop only to sell, then buy back when people who put all their money into itā¦ damn man. And yes, I think putting all money in an investment is something no sane person should do, but still I feel bad. Even if it turned out differently, those people would not like to share their wealth as they are now relying on the government (the other people) to get fed and housed.
Muskās electric car company, Tesla, recently announced that it has suspended accepting bitcoin for payments due to environmental concerns.
Iāll go into detail on Musk later, but this is all for today. Take your time to read and reply.
There is a project https://netpositive.money/ that goes in depth about the issue with Bitcoins impact on the climate and actually tries to come up with ideas how to change that.
The funny thing is that they actually tried to calculate the CO2 impact of a transaction, so you could theoretically pay a carbon offset for that, but it turned out to be quite impossible to get accurate numbers because we actually donāt know who is mining where. The only people who are really certain and have the absolute numbers seem to be the critics 
A Bitcoin Pool is just a way for multiple miners to āpoolā their hash rate and get a steadier return as the rewards from the blocks found by either participant of the pool will be distributed to the participants according to the hash power they add. Since those are not individual miners, I donāt see how they can be attributed to a country.
Well look, that may make sense in the current system where you actually require a Bank to make such transactions. But I can send a $10ā000 Bitcoin transaction to you without having to ask the Biden Administration. Itās just a fact that things change and the politics will have to adapt and find other ways that make sense in the new system. 
There is no magical way to get rich. Even with Bitcoin and crypto you need a reasonable time horizon to see any gains. People who come into the space and chase the pump are usually the ones that get rekt and lose money. But this isnāt a crypto phenomenon, just look at the recent GME thing. I found that very funny, but I stay away from such thing as far as I can.
I bought my Bitcoin, Ether and some other small positions in the bear market when no one was interested, because I think I understand what the value of it is. This isnāt unlike investing into a stock you think is undervalued. Although I think Bitcoin is a lot less risky than a stock for various reasons.
You have to elaborate some more on why you think that is the case. It just sounds like something you throw out there at something you donāt like.
Obviously there are people that get burned by investing into Bitcoin with too much they canāt afford to lose and then panic sell when it corrects and so they lose money. But that is gambling and not how investing works.
Look at the bitcoin chart. If you bought anywhere before the last 102 days you are still in profit, and that is after one of the worst crashes. And those people will be profitable again in the next couple of months, if not and we actually enter a bear market, then in the next couple of years. So how can you come here and say this is āplaying games with poor peopleā? I think everyone everywhere will tell you to not FOMO into the pump like an idiot.
And even if it crashes down to $200 or what not. Not everything in this world has to be wrapped into foam so even the dumbest person canāt hurt itself. Investing is risky and everyone knows that. There are no free lunches.
No matter if it is Bitcoin, Stocks, trading cards, whatever, gamblers will always find something to gamble with. And as long as the underlying thing isnāt just for gambling it has nothing to do with this gamblers and isnāt to blame.
Bitcoin is a monetary network that has in my opinion the value it is traded at, it is not just speculation, others may disagree, I think they are wrong. But it is my money and I take the risk and potentially the rewards that come with my assessment of how this will turn out. And I certainly donāt need anyone to tell me what I can and can not do with the money I myself earned.
Well I can imagine that this wasnāt an easy time if he actually bought in on the top of the bull market in 2018. But even if he did, he was right and even if he bought at the worst possible time back then he is over 100% in profit.
That feature is new to me, must be a recent addition. Isnāt it a bit silly to blame that on Bitcoin? This person is responsible for his own actions.
I think Musk has enough money and other things to do to play such games. He is just a really good troll.
But there are certainly people that manipulate the markets that way, as I described before. Not just Bitcoin but all other markets as well, which is mostly possible because of the centralized nature and a certain group of people who have more information about active buy and sell orders than the rest of us.
One would think he would have know that to be an issue before they made the announcement to accept Bitcoin for cars like a couple months earlier. But that certainly makes for a good show if you plan to apply for more subsidy from the government for your environment friendly car company. Just a thought. But well played.
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Not all An-Caps support Bitcoin et al.
The whole idea of bitcoin is elitist, it assumes people have computers. What is worse, it assumes they will take them everywhere they go.
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More people have a smart phone capable of using Bitcoin than have a bank account or the legal documents to open one.
According to UNESCO, about 55 per cent of the worldās households have access to the internet. This share reaches 87 per cent in developed countries, 47 per cent in developing countries, and only 19 per cent in the least developed countries. Across the world, 3.7 billion people are still offline. Digital exclusion affects women to a greater extent ā globally women are 23 per cent less likely than men to use mobile phones on average.
3.7 billion people are still offline.
What about children in Africa, where fertility rates are sky high and the people are poor?
In scale of the world, Internet money will never become currency.
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Again troll, more people have a smartphone with internet access capable of using Bitcoin than a bank account or the legal documents to open one.
Crypto and Bitcoin reaches more people than the legacy banking system.
Sorry it doesnāt end world hunger too. Working on it
If you speak about future of financial system based on digital currencies, you didnt considered most basic obstacles standing on the road to it. Money in the wallet stay there wherewer you go, cost you nothing. You get it a lot worse in case of digital currency.
I would like to see how the system would look, how you see it?
I donāt think you actually know what you are talking about. But feel free to elaborate what you actually mean by that
I honestly donāt know what you are asking
Digital currency relies on electric power and technology to acces it. Metal coins you can dig up from the ground thousands of years after they were deposited.
How you will make Digital currency as universal, as failsafe, and resource free as currency not using electricity to operate?