And it was $92k just less than 24 hours ago. That’s why it’s bad for currencies because people can’t make meaningful plans more than a few hours out, and it’s terrible for the economy if you incentivize everyone to reduce spending in the hopes that speculators will make you rich later.
Real currencies circulate so the same dollar is spent by many people, benefiting each of them while you’re still holding onto your Bitcoin hoping it’ll reach $110k next. You do not want to live in a country where people are staying out of the local economy.
I sleep better at night knowing my savings aren't part of a massive Ponzi scheme that's going to one day leave lots of working class people holding the bag as the savings they invested in bitcoin are transferred to the wealthy insiders.
If you own a house you are part of a Ponzi scheme in most developed nations.
Japan already has houses worth $0 because Japan has run out of population growth to keep the demand for houses growing.
The same issue will occur in other countries that have low population growth. In New Zealand we have been importing people so house prices have been appreciating. However my impression is that other countries are competing for immigrants (NZ seems to be slowly relaxing our filters).
Also if you ever had a mortgage then you had a leveraged investment (often dangerously leveraged).
What does that mean? USD value decreased that much and bitcoin proved itself as an asset with tangible value (like gold?), or did value of bitcoin itself rise? I’m not a currency guy, so I don’t pretend to know crap, it’s a real question, not rhetorical.
It means that if you bought under $100k, you are no longer the biggest fool. Bitcoin is completely unworkable as an everyday currency and this this is due to multiple factors. Any attempt to address these shortcomings ends up slowly[0] re-inventing the modern financial system and its various systems of trust. People who try to convince you otherwise are simply in search of a bigger fool, since they bring up the USD value of bitcoin.
[0]: but also too quickly, hence all the breaches and 8-figure heists
If you snooze through the day-by-day, season-by-season noise, the volatility of Bitcoin is a fun and relaxing rocket to ride. You just have to ignore all discussion focused on time frames of less than four years.
acdha|1 year ago
Real currencies circulate so the same dollar is spent by many people, benefiting each of them while you’re still holding onto your Bitcoin hoping it’ll reach $110k next. You do not want to live in a country where people are staying out of the local economy.
the_sleaze_|1 year ago
tapoxi|1 year ago
redundantly|1 year ago
armada651|1 year ago
robocat|1 year ago
Japan already has houses worth $0 because Japan has run out of population growth to keep the demand for houses growing.
The same issue will occur in other countries that have low population growth. In New Zealand we have been importing people so house prices have been appreciating. However my impression is that other countries are competing for immigrants (NZ seems to be slowly relaxing our filters).
Also if you ever had a mortgage then you had a leveraged investment (often dangerously leveraged).
genem9|1 year ago
aksss|1 year ago
skulk|1 year ago
[0]: but also too quickly, hence all the breaches and 8-figure heists
mindcandy|1 year ago
The dollar down vs itself by 20ish percent.
The median home price is up 30ish percent.
Oil is up 45ish percent.
Gold and the SP500 are each up 80ish percent.
Bitcoin is up 1000ish percent.
If you snooze through the day-by-day, season-by-season noise, the volatility of Bitcoin is a fun and relaxing rocket to ride. You just have to ignore all discussion focused on time frames of less than four years.
wnc3141|1 year ago
lr4444lr|1 year ago
It was a terribly dangerous move for a sovereign country, worse than surrender to the Euro.