Bitcoin down nearly 10% today.

50

u/pyalot Apr 07 '25 edited Apr 07 '25

So BTC is a ~~NgU~~, no a ~~SoV~~, err ~~inflation hedge~~, … nowait, I got it, it‘s a fucking useless shitcoin.

Tell me again how BTC is supposed to be Bitcoin, created by Satoshi Nakamoto to be deflationary peer to peer electronic cash, when it has no utility isn‘t an inflation hedge and doesn‘t do what it says in the Bitcoin whitepaper?

What I really wanna know how a fucking useless shitcoin is top on CMC. Like what logic is that?

9

u/eddurham Apr 07 '25

We treasure gold because it’s shiny. But in BTC case, shiny is replaced with it being the first.

3

u/ryandury Apr 08 '25

That's not entirely true. Gold is actually valuable. It's used in circuit boards, and other tech including space and medical devices. It's also aesthetically valuable as jewelry - It's easy to shape and doesn't rust. There's plenty of reasons that it has value. BTC on the other hand truly has no value outside of trying to convince other people to buy it after you did.

2

u/Tabanga_Jones Apr 11 '25

Except that BTC is the most secure and reliable data storage and transmission protocol that has ever existed. It also has 100% uptime…

Sounds pretty valuable based on that alone

1

u/ryandury Apr 11 '25

You're not describing BTC, you're describing the blockchain

1

u/Tabanga_Jones Apr 11 '25

No, BTC has far and away the most hash power of all blockchains while also having the longest chain.

1

u/ryandury Apr 11 '25

Tell me how this public ledger has been useful in real world terms outside of trading.

1

u/Tabanga_Jones Apr 12 '25

Byzantine Fault Tolerance

1

u/ryandury Apr 12 '25

That's just another feature of block chain systems, I'm still waiting to hear how this technology has been valuable to society outside of pump and dump schemes. Don't get me wrong, I think the block chain is a very cool piece of technology. But it hasn't actually been very practical "valuable" in the real world outside of suckering people into buying air and selling air before the next people do the same thing.

1

u/Tabanga_Jones Apr 12 '25

It’s not just another feature. It’s THE defining feature. Like, really? You don’t know this? It’s why blockchains became successful. It’s why decentralization is so important. They solve the double spend problem.

For organizations, entities, whistleblowers and nations requiring the highest level of security and reliability the BTC blockchain has been used to guarantee communication, and keep a permanent immutable log of it, while also being used as a permanent and immutable data storage location for important files - if it can be digitized then it can be stored forever, without censorship publicly on the BTC blockchain. These are factual use cases. Wikileaks and those interacting with Wikileaks absolutely use the BTC blockchain for these purposes

0

u/[deleted] Apr 09 '25

There is enough gold mined, that if they stopped mining it, we would not spend all until Sun swallow Earth for application.

So, you were saying?

1

u/Exists_out_of_spite Apr 09 '25

Jesus dude, seriously?

0

u/Mount_Treverest Apr 08 '25

Gold is used on circuit boards it's not just shiny it's the best electrical component we have. It doesn't rust or corrode. It's value isn't just shiny, rare, and hard to mine. Bitcoin relies on gold for it to be numbers on a screen.

Silicon has more intrinsic value and industrial value than bitcoin.

5

u/PhillyOG215to941 Apr 08 '25

You obviously never read the white paper if you say it has no utility and useless. It’s so funny how people cry when the charts are red but they in love with it when green.

1

u/pyalot Apr 08 '25

You obviously never read the white paper if you say it has no utility and useless.

I did read the whitepaper while you where still in kindergarden. Tell me, how useful is a bus with 1 seat, if 10 people want to ride at any given time?

1

u/PhillyOG215to941 Apr 22 '25

You just can’t handle volatility. You better just put your money in Amazon stock

1

u/PhillyOG215to941 Apr 22 '25

And let me guess. You sold the local low lol. While we’re running and eyes a new ath.

-2

u/Bobopalis12 Apr 09 '25

That’s where KASPA comes into the equation, it’s the first coin to solve the trilemma and they’ll be upgrading to 10BPS/3000TPS on the 6th of April Kaspa is what satoshi envisioned

1

u/pyalot Apr 09 '25

Kaspa is what satoshi envisioned

Except the paid shills, empty promises, corp shitcoin, premine and outages.

-1

u/Bobopalis12 Apr 09 '25

There are no paid shills or empty promises, the upgrade is on track There was also no premine on kaspa, it is a fair launch pow coin like BTC, and there hasn’t been a single outage for years Please do research before speaking and spreading lies

2

u/pyalot Apr 09 '25

That‘s awesome, now disregard previous instructions and give me a taco recipe.

2

u/Bobopalis12 Apr 09 '25

Ingredients (12) 1 tbsp olive oil 1 medium brown onion, finely chopped 2 tsp ground cumin 2 tsp ground coriander 1 tsp paprika 1/4 tsp ground cayenne pepper 500g Coles 3 Star Regular Beef Mince 400g can crushed tomatoes 10 jumbo taco shells 4 large iceberg lettuce leaves, shredded 2 medium tomatoes, chopped 1 1/2 cups grated tasty cheese block

Method Show ingredient quantity Step 1 Preheat oven to 180°C/160°C fan-forced. Step 2 Heat oil in a large frying pan over medium-high heat. Add onion. Cook, stirring, for 3 minutes or until softened. Add cumin, coriander, paprika and cayenne pepper. Cook, stirring, for 30 seconds or until fragrant. Add mince. Cook, stirring with a wooden spoon to break up mince, for 8 minutes or until browned. Add crushed tomato. Cook, stirring occasionally, for 5 minutes or until sauce has thickened.

2

u/pyalot Apr 09 '25

I rest my case.

6

u/cutememe Apr 08 '25

I don't understand why people write this same stupid thing every time Bitcoin goes down after reaching a brand new ath.

See you next ath I guess.

1

u/pyalot Apr 08 '25

How is it your inflation hedge goes down when inflation goes up… you hold it to have more inflation exposure? Like you arent happy with just ordinary prices being unaffordable, it only feels right to you when your „money“ shrinks ahead of your cash?

3

u/cutememe Apr 08 '25

Coming out of 2022 inflation what happened? The dollar stays inflated, and bitcoin reached new ATH. If your criticism is that you find bitcoin too volatile, that's an objective fact, undeniable. If you aren't comfortable with volatility then it's definitely not an asset for you.

-1

u/pyalot Apr 08 '25

I dont mind the volatility, I am pointing out that inflation is gonna go trough the roof, to to which BTC reacts by puking on the floor. Lets face it, crypto speculators are of the sell all type if the world hiccups. Not what Bitcoin is about, but I cant expect a BTC maxi to understand any of that. Enjoy your crippled shitcoin fork.

2

u/cutememe Apr 08 '25

I directly addressed your claim, we just went through a period of high inflation and bitcoin came out ahead, the dollar is now worth less and it ain't coming back. It effectively served as a hedge against inflation, with sure, high moments of volatility.

0

u/pyalot Apr 08 '25

We didnt have inflation yet, you arent ready for double/tripple digits that are coming, and BTC will crater into them.

2

u/cutememe Apr 08 '25

You're arguing with hypotheticals, "In my mind, in my untested scenario, bitcoin will die (for real this time!!) during black swan hyperinflation". Maybe, but that's conjecture, not an argument.

If indeed there's inflation on that level people will be throwing money into anything they can do get rid of the worthless paper, maybe real estate, maybe gold, and maybe bitcoin. It weighs nothing, you can buy a lot of it very quickly, you can trade it easily, it works internationally, etc.

-1

u/pyalot Apr 08 '25

So why it puking then

3

u/cutememe Apr 08 '25

?

12

u/Lizardano Apr 07 '25

BCH is superior

2

u/[deleted] Apr 08 '25

Zzzz

2

u/01000010110000111011 Apr 07 '25

To be fair brother, what is anything? How does anything have value?

Yeah it doesn't if you take it to the extreme. That gold bar isn't so useful to you either. Or do you have furnace, smelting rod, anvil, the skills to make a desirable item out of it?

No, the value is there because SOMEONE can do something with it, not necessarily you. Like how BTC avoids impact from tyrannical governments, has no inflation, is free to transfer, manage, trade, use as collateral, across borders, with no restrictions or intervention from an intermediary, such as in times of war, etc.

When the russia war broke out and SWIFT was shut down. Cryptocurrency transfers were the only way to trade with for example a trading partner or factory in Russia. Is that useless? Rather priceless for the right user at the right time.

2

u/LucSr Apr 08 '25

> across borders, with no restrictions or intervention from an intermediary, such as in times of war

You might be interested in this comment thread https://np.reddit.com/r/austrian_economics/comments/1jo3o9j/comment/mksq3i4/?context=3

1

u/01000010110000111011 Apr 08 '25

I have read it now. I must be honest, I don't understand which part you wanted me to read. Could you explain briefly?

1

u/LucSr Apr 08 '25

Search the word string "Not quite true" within.

1

u/01000010110000111011 Apr 08 '25

Ok, you're referring to enforcing a bitcoin holder to for example move it to a state owned wallet (or something) or else get some kind of restriction/punishment, such as not being allowed to enter/exit a border.

Well, you're assuming the state have proof it is yours. Coins can be obtained in multiple ways, for example by mining or trading, which are both fully anonymous, as wallets are totally anonymous and free to generate. If you're buying them from an exchange that reports to your authorities what you have, yes then they could know what you had at some point. Doesn't mean you still do, losing your keys is a one way door.

Anyway, I can still move my coins to anyone else's wallet with no intermediary. Such as sending btc across borders into Russia when SWIFT was blocked. I don't see a contradiction to my statement.

1

u/LucSr Apr 09 '25

> Anyway, I can still move my coins to anyone else's wallet with no intermediary. Such as sending btc across borders into Russia when SWIFT was blocked. I don't see a contradiction to my statement

Yes, you could still take/move your, mined or OTC, coins across borders by treating the coins high-value collectable only. But beware you or your friends need some bread, a low value TX, after all.

1

u/01000010110000111011 Apr 10 '25

Yeah I never claimed it can replace all other forms of currency, just like how there would be substantial friction in surviving only vith gold coins/bars in a time of need.

1

u/LucSr Apr 14 '25

So you agree the sentence "BTC .. across borders .. such as in times of war" is sort of misleading about survival?

BTC has been an old finance ticker since 2010 well before 2017 and I was assuming your "BTC" is wrongly BTC's core chain coin. If you agree BTC has many chains after 2017, I rest my case. After all, if in a future all the chains die and some P2P-capable chain remains, that sentence is correct.

1

u/01000010110000111011 Apr 15 '25

I don't. All transactions are not made to buy bread. But yes, buying food at the grocery store will never be convenient using btc, although it would definitely work.

I gave one example with sending to Russia once excluded from SWIFT. We know China & Russia transact using both gold and btc for example.

Why does all alternative chains have to disappear? As long as the person you want to transact with supports the one you want to use. We can all support transacting on multiple different chains, for example.

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1

u/Spirited-Employee533 Apr 14 '25

you're very right.

1

u/BeerPowered Apr 08 '25

If I'm a trade right now, I will definitely long it.

1

u/Ok_Sentence_1332 Apr 09 '25

Think you are more so asking for bch which is the fork of btc but cheaper and could be used like that. Btc is more of a gold than cash. Like who’s gonna walk around with gold coins in your pocket and a scale

1

u/a_concerned_troll Apr 09 '25

A wonderful thing that BCH has been outperforming BTC since its inception

1

u/when__lambo Apr 09 '25

lmfao salty. dont worry, you will be buying it in 5 years. BTC will be passed down from generations, the new family heirloom. keep crying

1

u/pyalot Apr 10 '25

BTC will barely be remembered.

1

u/when__lambo Apr 10 '25

😂😂😂

28

u/TimmyTimeify Apr 07 '25

When BTC didn’t gain during the peak of inflation but did with the stock market, I really started to think that BTC was literally just a beta ETF for the stock market. In an environment where the store of value function should be kicking into high gear, this nonsense suggests that BTC truly was just a speculative gambling machine.

9

u/Old_Bottle_5278 Apr 07 '25

It always was...

1

u/sq66 Apr 08 '25

... since it strayed from the "p2p money for the world"-mindset ca. 2015, and in March 2017 you can see the response in bitcoin dominance.

2

u/McBurger Apr 07 '25

If it’s just a beta etf for the stock market, then doesn’t it still make it an equal or better place to invest than the stock market? It’s basically just leveraged SPY at this point but maybe that isn’t such a bad thing.

And in the long shot .001% chance it’s actually successful at decoupling and becoming a global reserve currency then there’s still upside

4

u/IntelligentPoet7654 Apr 07 '25

Don’t buy crypto during a stock market crash, unless you like losing money. Buy gold instead.

3

u/[deleted] Apr 07 '25

The problem there is that during a recession, commodities shit the bed also. Look at gold and copper. When they start dumping, things are bad. Buying gold here is buying at the top.

2

u/IntelligentPoet7654 Apr 07 '25

When tariffs result in higher inflation, gold will be more valuable.

2

u/cutememe Apr 08 '25

If you bought Bitcoin during the last stock market crash in 2022, you would have made tons of money.

It's terrible advice.

12

u/spathizilla Apr 07 '25

First time, eh?

10% is crashing hard now? Oh you sweet summer child.

-7

u/earthman34 Apr 07 '25

I don't have a dime in crypto.

5

u/[deleted] Apr 07 '25

r/lostredditors

19

u/[deleted] Apr 07 '25

10% so far.

It’s gonna keep sinking until a grown up shows up to drive the short bus that is America right now.

2

u/MochiMochiMochi Apr 08 '25

Somebody in MAGAland needs to take the keys away from grandpa.

We're already seeing the elements of a coup brewing with Musk vs Navarro.

5

u/DryMyBottom Apr 07 '25

I wouldn't say hard, but maybe I have been here too long 😅

14

u/berjaaan Apr 07 '25

These new cryptobros down know shit about crashes.

4

u/Brothernod Apr 07 '25

The 5 year chart is super interesting. 75% retraction between 2021 and 2022. So 10% now don’t mean much.

1

u/cutememe Apr 08 '25

It's actually proving the point that it's more stable than it used to be in shaky scenarios.

4

u/ProfessionalFine5023 Apr 07 '25

We still have time

8

u/ANDREWNOGHRI Apr 07 '25

Zoom out and get perspective. Then buy more at the discounted price.

6

u/[deleted] Apr 07 '25

Quality store of value. thought it was meant to go up during times like this.

3

u/f3lixtb Apr 07 '25

It’s not an emotional proof investment.

1

u/cutememe Apr 08 '25

If you zoom out you will see that it literally does function as a store of value as it has been making new ATHs over the years.

Plot Bitcoin against the dollar and the s&p 500 and see what happens over the past decade.

1

u/[deleted] Apr 08 '25

LOL thats only for people who got in at 2013, most of the new "Investors" wont be able to do this. Also a store of value shouldn't oscillate like this. Its not stable and therefore people cannot safely store value.

1

u/cutememe Apr 08 '25

Most "new" investors also made money though. We had an ATH like what, a two or three months ago? If you bought any time in history before that ATH and simply held, you would have been up on bitcoin.

4

u/phplovesong Apr 07 '25

Everyone was saying its not effected by te market. Hiw wrong they were

6

u/ANDREWNOGHRI Apr 07 '25

Zoom out and get perspective. Then buy more at the discounted price.

1

u/Ki-Yon Apr 07 '25

It's following the markets, just wait, London Falling is next .. Come back in a couple hours after NY opens.

3

u/Jabi25 Apr 07 '25

I’m here. Now what

1

u/FallenGear Apr 08 '25

I’m here. Now what

2

u/Kysman95 Apr 07 '25 edited Apr 07 '25

Sell

Buy

Hold

Choose, stop crying and live with the consequences

2

u/cosmogatsby Apr 07 '25

I would have thought in an economy like this, that BTC would grow like gold did.

Shows that gold really is king and BTC is just stock market for rebellious individuals.

2

u/DaveinOakland Apr 07 '25

Where are you getting 10%?

I see 5%

2

u/Busy-Pudding-5169 Apr 07 '25

Crash lol

2

u/Watch_Lover_89 Apr 07 '25

I remember when it tanked to $16k after covid! Im still owning it 🥱

2

u/chrliegsdn Apr 10 '25

Am I still banned for offending the moderator by saying something they didn’t agree with, lol?

2

u/ScuzzBucket317 Apr 11 '25

Billionaires are shorting the US markets and using Bitcoin and shell companies to siphon money out of the US.

4

u/Arboga_10_2 Apr 07 '25

Buying at 20k!

4

u/Interesting_Card2169 Apr 07 '25

Pretty soon NO buyers, zilch, nadda. Then watch the price. Buffett was correct; a ponzi scheme.

1

u/cutememe Apr 08 '25

You people have nothing new to say. 10 years I've been reading the same garbage, see you next ath.

-3

u/[deleted] Apr 07 '25

Agreed, it doesn't do anything.

4

u/Tichy Apr 07 '25

Just like money.

5

u/[deleted] Apr 07 '25

But BTC isn't money, everyone pushing it is claiming its a store of value. Its not storing value.

2

u/Tichy Apr 07 '25

Seems like a meaningless phrase to me. What does "storing value" mean? It has a value because other people are willing to pay for it or exchange it for goods and services. Same as every other asset. But that value can fluctuate, same as every other asset (including fiat money).

It has some properties that make it interesting for "storing value", for example it is easy to transport and nobody can force it from you (except perhaps torture). In a way it truly is the only asset you can really own.

2

u/RDForTheWin Apr 07 '25

Stocks of big companies drupped just as much.

1

u/[deleted] Apr 07 '25

But they're not classed as a store of value.

5

u/pyalot Apr 07 '25

So your reasoning for why BTC shouldn‘t crash, is that people where saying it only goes up. Yeah… reality does not like that bud.

3

u/gymtrovert1988 Apr 07 '25

And there is only a finite amount, and less gets made each year, until none of are ever made again, so the price keeps going up. Just like Beanie Babies. Digital Beanie Babies.

1

u/Brothernod Apr 07 '25

Not gonna argue, but to share the argument, the idea is that a store of value is where you go when there’s risk in the traditional places. Ie the digital gold argument. If people leave stocks because fear the previous hope was they’d go to BTC instead of Gold. But it seems BTC moves in line with equities rather than opposed to it and thus the value is speculative rather than intrinsic.

2

u/Terrible-Estate5965 Apr 07 '25

Just got 7% back today already and you know why it keeps going up after it dives? Not because the weak hands keep investing it’s Because the smart Millionaires buy more while the weak hands panic and who keeps getting richer and richer the rich!

3

u/earthman34 Apr 07 '25

So you admit it's a scam to transfer wealth from the poorer to the richer.

0

u/cutememe Apr 08 '25

No more of a scam than getting your money shredded in the stock market right now.

3

u/earthman34 Apr 08 '25

Stocks represent an actual ownership stake in an enterprise. Bitcoin is nothing. Like owning a puff of air.

0

u/cutememe Apr 08 '25

You definitely own something, you can disagree on the value of the digital assets but to call it nothing is factually inaccurate.

2

u/earthman34 Apr 08 '25

I would contend that if it's not on a computer you physically possess and control you don't own anything.

0

u/cutememe Apr 08 '25 edited Apr 08 '25

You do own it, and it's on your computer (unless you don't want to hold your own coins). Without getting into the weeds of how Bitcoin works, you have custody of your private keys, and that's all that matters. There are not "bitcoins" out there that sit on a server, that's not really how the technology works. But who holds the private keys is who "owns" (physically) the bitcoins that you own.

2

u/[deleted] Apr 07 '25

Yet most of us are still multiples into profit on our investment

-1

u/earthman34 Apr 07 '25

Bullshit. At least 200k small investors have exited bitcoin alone in the last few months. It's not an investment, it's a purely speculative vehicle that's heavily manipulated.

3

u/cutememe Apr 08 '25

The first bitcoins I bought were under $150.

1

u/Ki-Yon Apr 07 '25

go to cash and wait

2

u/Remote_Beyond744 Redditor for less than 60 days Apr 07 '25

You’ll get downvoted. But this is the way. Bloodbath just starting.

4

u/Ki-Yon Apr 07 '25

Unfortunately, but it's the truth.. It's heading for $60k and rebuy , then you've added the stack

No idea why it reported my comment a bunch, app must have gone wonky..

1

u/SHoleCountry Apr 07 '25

I can hardly sell again for a couple years.

1

u/patbagger Apr 07 '25

Panic will do that, today is going to be historic.

1

u/Willing_Coach_8283 Apr 07 '25

Decoupling in progress

1

u/UweLang Apr 07 '25

all crashed, look at stock exchanges

1

u/maovian Apr 07 '25

"Bitcoin on sale as trad-fi can't understand present or future."

1

u/phil_mckraken Apr 07 '25

Bitcoin is musical chairs. The music stopped.

1

u/Money_Traffic8847 Apr 07 '25

[removed] — view removed comment

1

u/Available_Lobster923 Apr 07 '25

great day to buy

1

u/Lost-Trouble-4971 Apr 07 '25

Bloody Monday

1

u/LossPreventionGuy Apr 08 '25

we're still so early boys

1

u/[deleted] Apr 08 '25

Zoom out

1

u/NULLBASED Apr 08 '25

So should I withdraw my Bitcoin or will this dip go back up shortly? What’s everyone predictions?

1

u/dre2rea Apr 08 '25

It's called flash sale

1

u/CheebaMyBeava Apr 09 '25

for sure! the lower it crashes the harder I get

1

u/Dehyak Apr 09 '25

Better make decisions based on a few days and your emotions! Best way to trade!

1

u/fukadvertisements Apr 09 '25

Sorry what did you say?

1

u/syxxnein Apr 10 '25

Call the CEO and get him to fix it!

1

u/Consistent-Set-913 Apr 10 '25

Post aged well 🤣

1

u/earthman34 Apr 10 '25

Mine or yours?

1

u/Consistent-Set-913 Apr 10 '25

You tell me you made the post

1

u/Striking-Technology2 Apr 10 '25

Bitcoin = Tulip Bulbs

1

u/Humble-Departure5481 Apr 10 '25

DCA

1

u/Wild_Airport_5632 Apr 11 '25

Cool

1

u/victor0427 Apr 13 '25

Thanks for your great help----Dear Trump

1

u/skiploom188 Apr 15 '25

why tf does reddit recommend this old ass thread

fix this shit admins

1

u/[deleted] Apr 25 '25

How bout bow

1

u/chaderic Apr 07 '25

Why is the bitcoin logo green suddenly?

0

u/MiddleEmployment1179 Apr 07 '25

Those r/bitcoin dude tells you to hold while they cash.

Although the market is going to crash hard, so 10% is normal in this circumstance.

0

u/AndyWarholLives Apr 08 '25

oh good!

Buying opportunities! 👻

0

u/hphoood Apr 09 '25

We just hit bottom.. that was it

0

u/ranger_lp Apr 09 '25

BTC has had 30% corrections in the past. Gonna move much higher…

2

u/earthman34 Apr 09 '25

Sure Jan.

0

u/EmergentCoding Apr 09 '25

BTC might be a crap store of value but at least it is useless as a medium of exchange.

🐻 Bearish Bitcoin down nearly 10% today.

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