If I erased the red line and not told you what the chart shows you might actually think it looks pretty good. There is a lot of air, but that's not what will cause it to drop. Both the S+P and BTC are going to require some significant black or grey swan event to catapult them to the low levels tossed around by some here. Earnings reports are going to way heavily on the S+P, but I don't think that's enough to cause a 50% correction. BTC has already weathered a number of severe storms which have tested its fundamentals, it's holding though, and the S+P has weathered one or two as well. What I'd like to know from those predicting sub-10K BTC price is what event (s) will occur that makes them so certain in their conviction that they're making $5K calls instead of $35K? I'm not saying that it's not going to happen, but at the moment what can people see on the horizon that maybe I can't?
Btc is below the 200 weekly for the first time. Its ENTIRE HISTORY has taken place in the FAKEST most PUMPED UP bull market of ALL TIME and theres no substance to it. Its NEVER weathered a single bear market or any meaningful downturn and never has been tested but we are seeing how it performs without the easy injections now. I can even see it on my crappy cell phone screen haha. Another part of this reason is that no one uses it for peer to peer or payments or any of that like is claimed it is designed for and no one cares about that. It was only ever a thing because everyone thought it was going to a million so everyone jumped in, thats all. The fundamentals are completely worthless.
People in Nigeria and Turkey might be buying some btc since its losing value slower than the currency but thats just the ignorant reaction of the masses that have missed the gold boat for lack of education. The few knowledgeable arent chasing bitcoin because they already own gold or are prepared and secure in other ways. I wasnt trying to put anyone down by saying that, just stating the fact. We all know that the masses have blinders on.
Its all just my argument of why it will go lower and my opinions of course. Im not Mark Cuban and i sure cant afford to throw in tens of thousands into something and "hope to learn along the way" as he can haha.
Like I said before, if you don't spend any time in the cryptosphere, you wouldn't have a clue what it's used for.
Data showing BTC P2P transactions on the Lightning Network: Companies accepting P2P transfers on the Lightning Network: To channel some "@JohnnyBravo300 Sarcasm", yep, absolutely no-one is using it for payments. https://messari.vercel.app/article/what-s-happening-on-the-lightning-network
I suspect in poorer nations, if you had precious metals it would be difficult to store or hide. I mean I don't find that hypothesis unlikely. You save in what you can, not what is ideal. I mean I'm sure they also try and save in USD banknotes. I think it's a balance of what's available and what you can actually custody safely.
Im not being sarcastic at all. Look no further than how p2p is counted. I can transfer btc out of my wallet and back in. Thats a p2p transaction. I can switch it to my other wallet and back in the original, some to my hot wallet and send some to another exchange. Thats another 3 p2p's. An exchange can transfer tens of millions to another wallet in 10000 different transactions. Thats 10000 p2p transactions right there and that happens daily. The biggest btc p2p transactions in history were nothing more than this. No one is paying their daily expenses with bitcoin is all im saying.
Gold fell out of favour as a payment method for larger transactions in the US early in the 1800's for similar reasons. There was an inherent security risk in shipping it as well as the premium charged for transportation which was around 4% of the total value being shipped. That's why they moved to things like deposit notes and State currencies.
Again, if you spent any time in the cryptosphere you would understand that there is demand for using cryptos to pay for daily expenses - just not the sort of stuff you may buy eg podcasts, gaming, rewards etc. It's a nascent market but it exists.
Id give you that but its an infinitesimal amount of people. A number approaching zero is basically no one.
When compared to trad-fi yes, but is it that hard to accept that your original position that no-one uses crypto for payment was wrong? About $140 million in transactions just on the lightning network in 2021. As I said it's a nascent market but BTC is being used for what it was originally designed.
If you want to believe that its fine. Doesnt make a difference to me. I think you are romanticizing it too much.
The facts are there in black and white. I know facts don't sit too well in some sectors of the community.
'Again, if you spent any time in the cryptosphere you would understand that there is demand for using cryptos to pay for daily expenses - just not the sort of stuff you may buy eg podcasts, gaming, rewards etc. It's a nascent market but it exists.' https://bitcoinmagazine.com/culture/live-in-swiss-city-solely-on-bitcoin
'Don't forget BTC's (original growth) backbone of drugs, slaves and illegal porn.' This statement is not just wrong, it's ridiculously wrong. But it's not the elephant in the room. The Elephant in The Room is that over the last decade, bullion enthusiasts have repeated ad nauseum every iota of mainstream media twaddle about cryptos. Even worse is that many bullion enthusiasts have a fine understanding of the unsoundness of the global economic system. To view all this from my perspective, from 'the outside,' is to see a site that is doing itself no favours development-wise. I am not an advocate of censorship; but the members of Silver Stackers themselves could make this site much more attractive by telling twaddle-isers like heartastack and Treasurehunter to pull their heads in -- Treasurehunter sounds like a half-crazed anti-crypto parrot: 'Ark ark. Craptos will collapse!'
@heartastack's comment was probably tongue-in-cheek, your point about some bullion enthusiasts not connecting the dots is valid IMO though.
Do you think it needs to be more of a BTC ‘commune’? I think there is already ample enough here - those who are right and those who are wrong. Those who check both get their DD in one spot, none of that advertising or selling out (no tire-kicking) BS
