posted by justincredibleFIFYIt won't be quiet, bitcoin is being attacked like crazy in the media as we speak. The amount of nonsense in the news, Elon Musk, etc. These are, imo, coordinated attacks by governments to keep the price down and scare people away for the short term. That said, I believe that governments are already quietly accumulating and we'll see a smaller government announce it as their reserve currency within a couple years. The US itself is sitting on at least 70k bitcoin they've had for years.
But at no point in human history has humanity had a tool like bitcoin, which doesn't need anyone's permission to operate. It's fully opt-in and there isn't really much any single government can do to stop it, aside from shutting down the internet itself. Even then, there are ways to interact with the network by satellite.
Given your hesitance I would recommend not buying any, or at the very least not buying very much. There is an absolutely massive rabbit hole to jump down to learn about bitcoin and the implications it has for the future. It took me a good year of research (books, youtube, etc) before it all started to click for me.
Like I've said numerous times, I'm making a big bet on humanity. I think pizza is the most important invention the world has ever seen and I'd like to think we will take advantage of it to free ourselves from the inevitable shackles of digital totalitarianism that is coming our way if we don't.
Fix the money, fix the world.
posted by Ironman92
FIFY
Took me a second to find it.
Trump calls Bitcoin a "scam" with his usual in-depth analysis. I guess you can count Quaker out.
posted by Dr Winston O'BoogieTrump calls Bitcoin a "scam" with his usual in-depth analysis. I guess you can count Quaker out.
Interesting how he hasn't been on a network in forever (as far as I know, I could be wrong) but is brought on to talk shit about bitcoin right after the El Salvador news.
Orange coin > Orange man
Also love how he calls it a currency competing with the dollar.
Are we at all scared about the US seizing some (i haven't heard how much) of the bitcoin used to pay the russian hackers? Does that take away some of the aura of it's untraceable, unable to be confiscated, etc. benefits?
not to mention the fact that El Salvador and Panama (2 failed states with crime being 20%+ of their GDP) have adopted or at least talked about adopting Bitcoin as their currency. That is not a plus for me.
posted by j_crazyAre we at all scared about the US seizing some (i haven't heard how much) of the bitcoin used to pay the russian hackers? Does that take away some of the aura of it's untraceable, unable to be confiscated, etc. benefits?
Not even in the slightest. One, the claim of Russian hackers is dubious as fuck. Two, there is a zero percent chance that our intelligence agencies were able to recover anything UNLESS the hackers had the bitcoin stored on a custodial service. Three, any claims that bitcoin is untraceable on the main chain is wrong. If I give you an address to send bitcoin to, you now know where it is. And can see it being moved around in the future. Bitcoin is absolutely terrible for criminal activity but when all of the FUD talks about how it's only good for criminal activity people that don't know any better are scared away. The blockchain is a public ledger. Always has been, always will be.
posted by j_crazynot to mention the fact that El Salvador and Panama (2 failed states with crime being 20%+ of their GDP) have adopted or at least talked about adopting Bitcoin as their currency. That is not a plus for me.
It sure seems like a plus for the 70% of El Salvadorans that do not have banking accounts.
It was also always going to be a state like El Salvador to make the first move. Completely dollarized, so no loss of seignorage.
If FUD wasn't effective they wouldn't push it.
my 74 year old Dad just called to say 'See they were able to take those guys bitcoin. doesnt sound too secure now'. This is the message they want out there. more people who should have it are frightened off. more FUD. #bitcoin
— Colm (@colmtwhelan) June 8, 2021
Low as I have seen it since I’ve been watching
It hit $30k not that long ago. It's probably going to go lower.
I'm running out of things to sell so I can keep stacking this dip.
My initial buy in was at 18k. Wonder if it will go that low?
posted by AutomatikMy initial buy in was at 18k. Wonder if it will go that low?
I doubt we see sub-$20k, but it's certainly possible. An 80% drop from the current ATH would be ~$13k, which is how big of a drop we had from the previous ATH.
gut watching the current negative news cycle around bitcoin.
Correct me if I'm wrong, but didn't the almost exact same thing happen during the 2017 "crash"?
posted by AutomatikCorrect me if I'm wrong, but didn't the almost exact same thing happen during the 2017 "crash"?
Which exact thing are you referring to?
Doomsday response. Anti crypto nerds celebrating.
posted by AutomatikDoomsday response. Anti crypto nerds celebrating.
Got it. Yeah, I think so.
I was only a passive observer back then so I don't remember the anti-bitcoin FUD being spread at the time. I can't imagine it was worse than what they're throwing out now.
That time seems like a turning point for gaining popularity. I had a lot of friends get into it then, and several lost their ass. Others gained a ton.
One guy I know took a 250k profit and ran with it. Quit job and traveled indefinitely. I haven't seen him since.
I was always interested in it, just thought it wasn't worth investing.