Here comes another round of the naysayers saying "Bitcoin is dead" for the 800th time." Stock market loses 27% and nobody says "The stock market is dead."
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Yeah. Right now all tech is undergoing a drop due to the overall economic uncertainty. Until Ukraine situation plays out and the US economy stabilizes and the Nov election settles, Web 3 and crypto will stay down. But if you have the money, buying at current low prices and holding for years will pay off eventually just as buying BTC at $100 did.
Tech factors affecting crypto:
General tech is in the start of what is at minimum a two year slump. VCs are pulling back. Parts manufacturers are being profitable in this even with shortages of product to sell. Parts unavailability depends on relations with China, and that affects the auto industry. However cloud continues to grow as industries adopt it. But cloud is limited by parts availability for servers and memory devices, and that will take two years to level back out and up. Micron manufactures in the US and thus has good prospects. Western Digital has missteps and may spin off its flash production. Samsung and Hynix are asian and doing okay.
Economy factors affecting crypto:
Food production will be a problem and it will make food prices rise. That in combination with gas prices and job losses will cut into people's ability to buy crypto. Inflation of the dollar should make crypto prices go up but these other factors all weigh it down.
Even gold and silver are way down. Silver at 22 and gold is at about 1,800.
Gold is DEAD, I'm telling you dead. Gold was always a ponzi scheme. All that silver stuff was too. Note, I'm joking here. Commodities and crypto goes up and down with the stock market. Always has. The market is way, way down now, so everything is way down.
Anyway, I generally agree. I think the losses will soak up people's excess income, or make people feel poorer because their inflation hedges took a beating; the 401k, the crypto, those silver coins you have stashed in your dresser. People will stop spending, and the economy slumps and we get a full blown recession.
With food prices up 25% you would expect hedges like gold would rise. But gold is totally manipulated on the paper side.
I forgot one more important factor. The Fed. By their raising interest rates, it pulls investment out of alternatives hence precious metals take a beating.
We are heading into a recession for sure; expect no recovery for a year at least. Hopefully this will at least shovel out the Democrat stables somewhat as the proles realize how much they have been screwed.
An interesting idea, increase everything while decreasing silver. I fucking hate the global bankers.
I know some people in another country. Silver has been very heavily marketed over there and they bought a whole bunch of it. The people doing it knew this was going to happen.
No, it won't. All it does is lose money. It promises highs but drops. No fix rate, nothing but liquidity. And it's another tranny fetish or Xgen trend. Buy stonk, it's going to the moon. No it isn't. It's GME. The only people making money are pumping and dumping as regulation tightens and the market plunges. It really doesn't make much money, because it loses it even quicker. But at least you're holding the bag like an ape, for all those others dumping it, as they buy back the dips, and dump. Find yourself a real investment. Assets not ponzis. Unless you're really into tranny fetishes. Continue holding that bag, it's gonna dip.
I buy PAXG only because I can buy fractional gold. I can buy silver coins for about $25, but I'm not dropping about $2k for coins to collect dust in my basement.
No. Ignore the comment I am replying to.
Bitcoin is in no way whatsoever fixed. It is not tied to or pegged at any other currency or asset--not even U.S. dollars.
He's saying you typically buy or sell bitcoins for fiat. So when there's a nice dip in an asset that you'll think will rise, it's definitely good to consider to purchase.
That wasn't my interpretation, but thanks.
I'm not going to disagree with your data, I am not going to check upon its veracity. But the thing that you're missing, is that it's not just crypto that's "rigged" (using your term), it's most commodities. Even aside from say, fake paper gold making it seem less scarce than it is, the buy/sell swing points for them go back and forth by algorithm.
Gonna put in $0.02 to mention Monero. It is superior tech to BTC in many ways and obfuscates amounts, wallets, and IP addresses, preventing surveillance. It's also been seeming to decouple from BTC and the stock market since the Russia-Ukraine stuff kicked off
The criminal cartels use Monero, so I will use Monero.
The price is being manipulated, yeah, obviously. It's also being delisted from exchanges because it threatens TPTB.
The monero community also created atomic swaps with BTC-XMR and also now ETH-XMR are in development. This is to take control away from centralized exchanges, where price manipulation undoubtedly happens.
I'm not here to tell you about how you might ride a pump-n-dump wave to secure your financial future. I'm telling everyone reading, that there is a technology that is superior to BTC, something that is actually working towards Satoshi's vision when he created Bitcoin.
Just to point out, land is spectacularly inflated at the moment, and the reliance of local governments on property taxes make it less valuable than one might think. And while the other things you mention are good, they are not, like everything else, safe from manipulation or the ravages of time.
May is historically bad for Bitcoin (except in 2016) -- usually it rallies right afterwards to new highs by either mid summer or fall depending on how the recovery looks
I lot of people cash out to pay taxes, due in April. I have in the past.
I honestly don't know what to make of the market. I buy a bit here and there, along with silver, gold, and my 401k, etc. etc.
But my main goal in this thread is just to point out, that since the big banks have co-opted, or at the very least "bought in" to crypto (particularly Bitcoin), it's not going to zero like the South Sea bubble or Tulip Mania, the anti-crypto comments and posts aside. They are vicious over at Zerohedge, worse than here.