Why bitcoin is crashing (buying, fees, housing, economic)
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bitcoin is falling because there is no demand for it. it's too volatile to use in real life. established currency changes very little and slowly. bitcoin can be worth $20k one day and $6k a week later. how do you price anything with something so volatile. most of the people who got really into bitcoin were those who don't know anything about investments and simply wanted to get rich fast (or at least had that mindset).
bitcoin is falling because there is no demand for it. it's too volatile to use in real life. established currency changes very little and slowly. bitcoin can be worth $20k one day and $6k a week later. how do you price anything with something so volatile. most of the people who got really into bitcoin were those who don't know anything about investments and simply wanted to get rich fast (or at least had that mindset).
Thank you, this is the best post I've read so far.
Value based pricing systems that are inflated by investment cannot operate via a currency that follows the same rules.
What killed crypto is the exchanges that were constantly getting hacked into and losing millions of dollars worth of customers funds as a result. Many other exchanges were simply ripping people off outright. That is probably what killed bitcoin more than anything. Most were shady and could not be trusted.
The relentless, non-stop media attacks on bitcoin didn't help either.
When 99% of mainstream reporting on bitcoin was negative, naturally
people will be scared to put money into it (I certainly was).
A couple of jokers here in Dallas were convicted last week scamming millions via bitcoin fraud.
"Bitcoin is a fraud that will ultimately blow up, according to JP Morgan boss Jamie Dimon, who said the digital currency was only fit for use by drug dealers, murderers and people living in places such as North Korea."
I think it took off initially because a lot of people were talking good about it; and, if it is indeed dead, that is because the court of public opinion has been influenced in the other direction.
TBH, I never trusted it to begin with, and in a world where enough crime is committed using recognized and tangible currency it is hard to have faith in virtual currency.
Bitcoin is a form of money. Each country maintains the right to issue money. A couple of major countries need to ban Bitcoin. That will end the nonsense quickly.
Bitcoin is a form of money. Each country maintains the right to issue money. A couple of major countries need to ban Bitcoin. That will end the nonsense quickly.
Crypto currency in general will never be a replacement for state money.
It does not have to be a complete replacement. As long as it serves to function for some of the uses of money, countries might want to ban it. Once that starts in a meaningful way, it will be like a snowball rolling downhill. That will be the end of crypto currencies.
Any accepted currency will have to require centralized regulation for wide acceptance to happen. This was doomed from the start; although in theory the idea is idealistic.
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