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I like to compare the Bitcoin price chart to the stats on a roulette wheel. You can’t really predict what causes it to go one way or the other, but you do know that it will eventually go back.

I mean, Bitcoin is the one thing that just won’t die. Every time its price collapses, people declare it dead, but a few years later it somehow comes roaring back. If you think Bitcoin is worthless just because it has no utility and no person smarter than a chimpanzee would invest in it, by God you are overestimating the intelligence of finance and crypto bros.

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Lemmyoutofhere@lemmy.ca ⁨2⁩ ⁨days⁩ ago
Because it is nothing more than gambling.

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- Homo_Erectus@lemmy.zip ⁨2⁩ ⁨days⁩ ago
  And money laundry
  
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  - NateNate60@lemmy.world ⁨2⁩ ⁨days⁩ ago
    and sactions evasion
    
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- NateNate60@lemmy.world ⁨2⁩ ⁨days⁩ ago
  Thank you for repeating the same thing that I said
  
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  - Lemmyoutofhere@lemmy.ca ⁨2⁩ ⁨days⁩ ago
    You’re welcome.
    
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boboliosisjones@feddit.nu ⁨2⁩ ⁨days⁩ ago
I think the reason has little to do with investors and more to do the bitcoin being the backbone of the online black market.

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- Knock_Knock_Lemmy_In@lemmy.world ⁨2⁩ ⁨days⁩ ago
  The online black market shifted to monero ever since the “Dreaded Pirate Roberts” was identified and arrested via his bitcoin accounts.
  
  Dodgy people may hold bitcoin, but the don’t use it for illicit transactions.
  
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  - welfare_wizard@lemmy.zip ⁨2⁩ ⁨days⁩ ago
    No, btc is still often used for transactions between buyers and sellers before they convert it to monero, and most exhanges don’t sell monero so people usually buy btc and have it converted at a different site.
    
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  - boboliosisjones@feddit.nu ⁨1⁩ ⁨day⁩ ago
    That may be true for a few markeplaces, but zero of the ones I have seen. All BTC.
    
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Mubelotix@jlai.lu ⁨2⁩ ⁨days⁩ ago
You actually can, because it behaves in 4 year cycles. Bitcoin ATH have been in August 2017, 2021 and 2025, and dips have been in December 2018, 2022 and 2026. This why people are selling right now, everyone knows this which makes it self-fulfilling

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- PeriodicallyPedantic@lemmy.ca ⁨2⁩ ⁨days⁩ ago
  You’re acting like you could predict this year based on 2 data points.
  
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  - Mubelotix@jlai.lu ⁨2⁩ ⁨days⁩ ago
    This is a text message. Look at charts if you want data. I agree it’s not a guarantee though
    
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- boonhet@sopuli.xyz ⁨2⁩ ⁨days⁩ ago
  Why 4 though? How do we know it’ll repeat?
  
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  - Knock_Knock_Lemmy_In@lemmy.world ⁨2⁩ ⁨days⁩ ago
    That’s how often the block rewards halve, reducing the supply of new coins creating a predictable price increase.
    
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PacMan@sh.itjust.works ⁨2⁩ ⁨days⁩ ago
Sell off right now for the Space-X IPO will bounce back in a few months

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- NateNate60@lemmy.world ⁨2⁩ ⁨days⁩ ago
  Old investing adage: The market can stay irrational longer than you can stay solvent.
  
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