Bitcoin dropped below $17,800 as sell-off accelerates

[Soaring Eagle 74]

Down from $68,789 in November 2021. Down 74%. Like a banana republic currency.

 

[DvlDog4WVU]

Down from $68,789 in November 2021. Down 74%. Like a banana republic currency.

Isn’t this the opposite of what was supposed to happen with inflation?

 

[MountaineerWV]

But Cam_Blev says it's the future!

 

[roadtrasheer]

Glad I'm stocked up on things I can use .
Glad I have gold & silver.

 

[Soaring Eagle 74]

Glad I'm stocked up on things I can use .
Glad I have gold & silver.

Precious metals have inherent value. So does your house. Government currencies have the power of taxation behind them. Even Beanie babies have some inherent value. Crypto currencies have nothing underpinning them.

 

[Soaring Eagle 74]

Isn’t this the opposite of what was supposed to happen with inflation?

Maybe not. With inflation, your money buys a smaller and smaller bag of goods over time. One Bitcoin buys a much smaller bag of goods than it did last November. It has effectively suffered from hyper-inflation.

 

[cam_blev]

I bought more

 

[cam_blev]

 

[DvlDog4WVU]

I bought more

But you literally told us repeatedly that the exact scenario we’re in right now, high inflation, depressing market, etc. is when BTC was supposed to be the stop gap. It was the hedge, the safe harbor, etc.

Turns out, it’s basically no different than any other traded stock or commodity.

 

[cam_blev]

But you literally told us repeatedly that the exact scenario we’re in right now, high inflation, depressing market, etc. is when BTC was supposed to be the stop gap. It was the hedge, the safe harbor, etc.

Turns out, it’s basically no different than any other traded stock or commodity.

It is a hedge against inflation over time, and will continue to be so. It is VERY different than any other stock or commodity. When a selloff like that happens in the traditional markets they throw breakers and stop trading, all of this price action happened over the weekend, when traditional markets were closed because its not business hours. Real free markets markets don't have business hours and don't have a button to stop trading. Many "Crypto banks" are failing right now, no central bank bailing them out, this is what is supposed to happen and it will reset and recover much much quicker than the traditional market because they will draw this out and slow the bleeding. Until they decide they need another stimulus to restart the economy.

Do you believe in free markets or manipulated ones? I guess we will see what plays out over the long term buckle up, the inflation is just getting started

 

[DvlDog4WVU]

It is a hedge against inflation over time, and will continue to be so. It is VERY different than any other stock or commodity. When a selloff like that happens in the traditional markets they throw breakers and stop trading, all of this price action happened over the weekend, when traditional markets were closed because its not business hours. Real free markets markets don't have business hours and don't have a button to stop trading. Many "Crypto banks" are failing right now, no central bank bailing them out, this is what is supposed to happen and it will reset and recover much much quicker than the traditional market because they will draw this out and slow the bleeding. Until they decide they need another stimulus to restart the economy.

Do you believe in free markets or manipulated ones? I guess we will see what plays out over the long term buckle up, the inflation is just getting started

Yea, I prefer to keep my money where it’s a little safer than something only backed by software code and demand.

 

[Shirley Knott]

Welp, there goes that new electric vehicle...