Knoyleo wrote:pjbetman wrote:Rocsteady wrote:pjbetman wrote:Samuel_1 wrote:pjbetman wrote:Fuzzy Dunlop wrote:It's just a correction, it's normal.
I wasn't in the last bull run but they had several pullbacks like this, I'm pretty sure this is the first of this bull run, maybe the second.
Technically unless your selling you haven't lost any money so keep calm and hodl.
Exactly right.
I'm 'down' 10k this week, but im pretty confident itll recover. This is normal in crypto. We're still in a very good bull run, and it's normal for people to take profits now....but the big guys will be buying the dips.
Not sure why you're confident it will recover, especially when it had seen around 1000% growth in a year or so. Such gains are utterly ridiculous, the entire market is due a considerable correction and I don't thimk these losses are anywhere near sufficient. But hey, its crypto, could be worth much more in a couple of months.
Bitcoin is a proof of work asset, the same as gold. But uses only 1% of the energy that mining gold does. That's why bitcoin will continue to dominate - it's killer app is it's efficiency over the reserve currency. Couple this with some technical improvements to the program and it'll be inevitable it'll take over from FIAT. It's already happening in some countries. We're in the middle of a financial revolution.
The fundamentals havnt changed, despite what the price is doing. Since its inception, BTC has risen from $1 to $50,000 in just over ten years. Makes 1000% seem like strawberry float all.
There is absolutely no way Bitcoin will take over fiat. How and why would it do so? I think even most of it's greatest proponents don't expect BTC to replace USD - it's insanely volatile, with no central government backing if it starts to crash. And very little real life purchasing power. This will clearly never happen.
Gold is extremely volatile....doubled and halved over the past 5 years. That's that argument out the window.
When people start getting onto the DeFi interest rates (4-12%pa) for crypto (and stable coins such USDt/g/c etc), then it will spark mass withdrawal from banks. Might not be as far away or improbable as you think. I mean it'd be idiotic to keep your money in your bank earning nothing, wouldn't it?
Why are you always going on about gold? It hasn't backed USD or GBP for ages, so when people are talking about crypto compared to fiat, it's not even relevant to the comparison.
Also, gold is energy intensive to mine because it's a finite mineral, that's been mined for thousands of years, exhausting any easily accessible deposits. Proof of work crypto, and to an extent proof of space, is energy intensive to mine purely because someone set up the system that way.
Gold is the hedge against the dollar and other currencies....that's why i go on about it (apparently *shrugs*). But it's as volatile as pretty much any asset, or rather, it's no safe haven exactly. My point is that volatility isnt restricted to crypto - major asset classes are prone to it too, without the major upside that crypto often displays. (When i say 'crypto', I mean the major ones..BTC, ETH, XRP, LTC, etc).
I'd argue that gold was never 'easy' to mine and has always been exhaustive and inaccessible.
Anyway, it's an interesting subject, and it's good to,listen to other opinions on it. I just think we're heading towards a financial revolution of some sorts, and it'd be silly to not get involved in that or you get left behind.