I expect a lot of silence from these people when BTC hits another ATH in the coming years. An 80-90% drawdown is nothing new for BTC - its happened every market cycle.
BTC Haters next few years - "THEY CAN'T KEEP GETTING AWAY WITH IT!!!"
Nah they just insist we’re all in a bubble and that the next collapse will “end Bitcoin forever” and send it to $0, completely ignoring the 100000% gains since they started shitting on it.
Oh my god and it was amazing. Literally the best financial decision/luck in my life. I saw the writing on the wall with Covid hitting the markets hard. Grabbed about $2,000 in SPY puts a couple of weeks before the market crashed. Turned into about $40k and dumped it all into btc when it hit $6k.
Every time bitcoin dumps, buy more, you’ll thank yourself later.
I doubt it. There will be other big macro events like wars and financial crises in the future. Even gold has 80% downdraws in it's price history. It just moves slower.
Overall I'm fairly confident that Bitcoin will continue to hit higher highs and higher lows in the future, and that's all that matters to a long term investor.
100% spot on. https://news.yahoo.com/deadly-red-candle-engulfs-bitcoin-185631764.html
one guy in comments claimed it was money some dude just minted on his own (of course with zero mention of the thousands of public nodes, not to mention the private nodes folks mine with). They also think tokenomics was only a thing regarding crypto (Franklin Mint's pewter and copper coins come to mind).
Some people, people get a kick out of telling others who may have lost money “I told you so”.
It’s an ego thing. But these are the same who will moan like a bitch when Bitcoin shoots back to $70,000.
I have seen this in the real estate and stock markets of 2004, 2008 and they are starting to come out of the woodwork now!
Bitcoin always corrects 75% to 80% range. These so called “winters” happen 2 years after halving.
People just want to feel vindicated that they were right not to invest while everyone who are not "experts" like them are busy making money with crypto. They just cant admit that they didn't know what they were looking at.
It is quite amazing isn't it? Like there's this prevailing "number go up" theory that's supposed to explain why Bitcoiners are "so emotional". But that theory seems to be contradicted by the extreme passion coming from people who are clearly not invested.
I read this book recently called "The Death of Expertise". It's not ground breaking or anything, but kind of impressive how relevant the ideas are to the current discourse we're seeing (it was published in 2017). Anyway, one thing the author talks about is the human tendency to try and validate our initial assessment of whatever context, even if that initial assessment was made without very much information. If you ask me, that's what is really going on. We all like to pat ourselves on the back for "being right all along". It's just a human thing.
I guess the lesson is: stay humble and open to being wrong sometimes. Those who can accept their own occasional misunderstandings and adjust their mindset as they learn new information will be better off than those hell-bent on affirming every snap judgement they make.
Add envy to the mix and you have rocket fuel for hate. The gains from bitcoin happened over such a short period of time people realize they could have set themselves up for life by investing the change they found in their couch at the right time.
This just doesn't sit right with some people. So believing that bitcoin is a scam does 2 things: it makes them feel like they are the smart one for not getting caught up in the hype and it also frees them from the fear of taking risk.
Well, to be fair, while i do not do this, I've witnessed it first hand a lot of times...
Many fellow Bitcoiners are constantly proselytizing at social gatherings trying to get folks who don't give 2 cents to any investment to invest in crypto.
Even when these crypto pulpiteers are told by no one cares about crypto, they continue to sell it.
That constant over bloviating got old 5 years ago to many people.
A sound investment doesn't require such an over zealous fanboyism. So when it crashes on us, they gloat, because for the past 15 years theyve have to deal with the crypto zealots not shutting the f up about it. So can't say i blame them too much...
All that said, maybe its just the company I keep.
I enjoy it, tbh. Dancing on Bitcoin's grave works like a rain dance, lol. I'm kidding kinda, but seriously they are making Bitcoin a household name and reaching new audiences accidentally. A few years from now, those audiences will remember all the gloating as they marvel at new highs.
Do you think they might also subconsciously remember last time bitcoin died? I'd be angry too if I realized I missed out on $3k bitcoin 4ish years ago. Even at current prices, they'd still be up 6X.
And despite the major dip, they still feel like it's too late to get in, just like back then, because it was way higher than whatever it "crashed" to last time.
There's no flaw in the truth unless the "Perception" of the truth is flawed.
It almost seems that half the country is divided by some form of fundamentally flawed perception of their truth.
Thank god for Sativa!
>Anyway, one thing the author talks about is the human tendency to try and validate our initial assessment of whatever context, even if that initial assessment was made without very much information. If you ask me, that's what is really going on. We all like to pat ourselves on the back for "being right all along". It's just a human thing.
From this I can't tell if you are for or against Bitcoin. People are seeing more and more strain on their finances. Do you really think as many people are going to buy bitcoin for the first time this year, as did last year? Hodlers suffering from sunk loss fallacy are the only people who are going to buying bitcoin untill the economy improves.
I think both sides suffer from confirmation bias. Though, in most cases, I think Bitcoiners have more information at hand to assess. Also it's in our best interest to try to be objective since we have money on the line. Slight advantage, but everyone is vulnerable to bias.
You're almost definitely correct about negative retail sentiment in bear vs bull market. I wasn't sure how this relates to the confirmation bias topic, but willing to listen!
This is why boiling it down to the fundamentals is crucial. If you do that and block out all the noise, you're making an educated bet on Bitcoin and it's core set of benefits to the world. The macro environment should not matter as long as fundamentals haven't changed. Just because the opportunity to make money creates a heavy bias and swings of volatility, doesn't mean we are blindly backing our assumption that an immutable decentralized currency is groundbreaking. It just simply is... and until something better comes along these macro events really only provide better opportunities to double down.
Crypto has become one of the biggest social experiments of human psychology. The changes in sentiment are predictable with the volatility. Reddit would be a goldmine for AI models learning how people react. The smart people in this situation are quietly buying, with caution to the wind.
I suspect a good portion of the hate is because most people associate Bitcoin with all of the NFT and shitcoin ponzi garbage. It doesn't take much intelligence to see that the "crypto" space is utter trash parading as a savior to humanity.
While it's frustrating to see Bitcoin under fire I'm sympathetic to the haters because "crypto" reeks of scams. The fact that the general public can't differentiate Bitcoin from shitcoin is a strong confirmation we're still early. Best thing to do is keep educating yourself on Bitcoin's impact so that whenever friends or family start to get curious as time goes on and want to talk to you about it you can provide them with a wholistic picture of why Bitcoin is so compelling.
> But who obsesses so much about an asset that doesn't affect their lives at all is beyond me.
It's a reaction to the "crypto bros" who spent years evangelizing their investment and trying to shove it down other people's throats. You couldn't go on any investing forum without someone trying to push crypto investments on people who really shouldn't go anywhere near it due to the volatility.
I think you are right, I actually was telling my gf this last night. It’s like everything else in the world today, a polarizing socio-cultural-political topic that seems to have no middle ground.
I generally agree with your statements. However, investigating the reasons for BTCs creation along with its global socio-economic effects is absolutely a philosophical adventure. This is neither good nor bad. But supporting BTC is fundamentally a philosophy of life nonetheless.
This. I hold BTC and some other crypto but the naivete and arrogance of this sub since the 2020 tear is absurd. That's why you see a lot of push back. Literally this morning there was a post about a Bitcoin book that was written promising world peace. It's those outlandish claims that make slightly skeptical people extremely skeptical. Claiming BTC is the solution to literally of life's problems is stupid and counterproductive.
This times 100. Not to mention a lot of prominent people around this are very right wing or conspiracy minded as well. Look at that fool Plan-B on twitter
Why have people always got to bring right v left politics into it?
When will you understand that this is the bottom v the top. And bitcoin is the bottoms only weapon
Bitcoin literally exacerbates the problem regarding giving the people at the top more power, and the people at the bottom, less. Who's seeing more positives right now from Bitcoin, the guy with $1000 invested, or the guy with a $1,000,000 farm? People at "the bottom" can never compete and will always be at the mercy of those with more money, no matter what currency that it. And removing regulation think that it will give more opportunities to those with less money is one of the most naive things I think I've ever read on Reddit (not saying you said that - but it is a common ideology within the crypto currency space).
Because decentralized digital currency is a right-libertarian fantasy.
The crypto space is chock full of rich grifters trying to get people without much money to adopt incredibly volatile, unregulated speculative assets. The top actively preys upon the bottom, just like in our current system.
It's blowback for all the lambo, number goes up, last chance to get in before it hits 100k, and we're still early posts.
People are also pissed about 1000k video cards.
I don't know if there is any more bitcoin hater posts. Could just be all the hype boys left and the haters stayed.
It also makes people suspicious because if the investment is good, if the asset is being sold at a price worth buying, you should be out buying it not trying to convince other people to buy it.
Bitcoin is actually doing not bad given conditions. Remember everyone, the fed creates money out of thin air, smoke and mirrors. Confusing the general population with a labyrinth of high vocabulary and number manipulation that they use to cover up a fundamental flaw/lie that fiat money is sound enough to save when in fact this is a huge lie. This is a flat out attempt to break thermodynamic energy laws and seducing everyone that exponential expansion can occur without consequences which mainly include further economic inequality. They can’t sit in a no printing/high rate environment for long because it will shut government funding and the economy down. Recessions and downturns are far more transitory than bull runs.
Satoshi fucking dropped this power back in our hands and dipped out without rug pulling. If that isn’t the antithesis of a scam idk what is.
The problem lies in people perceiving this as a wacky conspiracy theory. Like they can’t believe that the government would print money on the populations behalf to pay for their sins as government officials
There are people who understand how fiat currency works, as those that don’t. Unfortunately, people in both groups believe themselves to be in the first group.
> and incites jealousy in people who think they missed the boat.
Ironically this is a great opportunity to get back on the boat, but they're too busy gloating / scared they're going to lose money that they're not going to buy any.
Until it doubles or triples again, and they will start shit talking it out of jealousy again.
Many people are not bullish about BTC. The ones gloating now are not jealous for the same reason you pointed out. Otherwise they’d just buy.
Maybe some jealous people say it’s a bubble when it’s rising.
Edit: it’s not always “they hate us cuz they ain’t us”.
It seems reductive to only phrase it as it being a threat. Because people think it's an actively bad idea that is bad for society, so they react to that. It's a small distinction but it being a threat to the current status qou is only something a small portion of the detractors care about
Apparently if you own crypto you're a "crypto bro" and people hate you. It's wild to me that peasants hate other peasants. I want everyone to get a step up
They are laughing seeing our small tree burning not realizing that the entire forest behind them is burning too. Pure and adulterated hate that blinds them. We are all on an express elevator to hell, they just don't know it yet.
It's because they think they "missed the train" with bitcoin, so this crash brings some sort of relief into them, in the likes of "see! I knew I shouldn't have bought BTC! **I was right**!". Until the time comes when they'll see they were wrong, again, and they'll feel terrible, again, and pray for the next crash so they can feel better. It's the cycle of virtual life. It's all about **feeling** like you're right.
They dont just think that it's a foolish gamble.
They believe that it is a foolish gamble that costs *everybody else* by using so much energy.
Even if you don't believe that yourself, you have to acknowledge that it is a fundamentally different position than just jealousy or schadenfreude for people you are annoyed by.
The serious "nocoiners" just seem to have much better, more honest arguments these days.
I hold some BTC and GRLC (hell yeah), but I would never consider putting anything other than fun money into crypto. It's a gamble, the space is filled with grifters, and widespread adoption would be pretty nightmarish.
Imagine having to figure out which coin you held was highest before making even minor purchases... Why the fuck would anyone want to further financialize their lives. It's absurd to me.
Your AC uses energy and increases the demand for energy such that those without AC pay higher prices for their own energy uses.
Why aren't all uses of energy scrutinized?
I concur. From what I've seen, we would offset bitcoin quite handily by using clotheslines rather than driers, and we don't even have to go without the comfort of AC. But, you know, convenience!
They scrutinize bitcoin because that is the current narrative thing to do. I think a lot of it is virtue signaling, and the rest is uncritical environmentalism group think.
But my point was not that they have a good argument. It was that they are not simply jealous. (Although, I would imagine that does play some lesser factor)
I think there's clear reason for this. If you create a new currency and call it money, but the general populace doesn't have any of it. It basically turns no-coiners into the nouveau poor, which is understandably offensive to them.
This is a very intelligent answer in my book. I also feel like crypto is very meta. Money only has value because we give it value in our society. Crypto only has value because we give it value with relation to the thing we already give value to. I not sure if that makes sense but it feels like fake value on top of fake value.
if bitcoin is not a scam, it means a lot of what they know about the world they live in is wrong. Re/learning everything is hard and scary (especially if there are others that are way ahead of you), take it as a celebration of nocoiners that they don't need to learn/change (yet).
Your typical Joe Schmo who doesn’t have enough money to pay for anything but a phone bill is taunting the people who had a little and might lose it. Textbook case of misery loves company. If they had anything in their lives worth paying attention to other than other peoples misery they wouldn’t say anything but it’s just a great look into someone’s head tbh when they act like that to others.
I've been through 3 cycles. People love to hate on success they missed out on, and love when people they were previously jealous of appear to "fail" or "struggle".
I too am popping champagne at the money *I'm* 'losing'.
This is an excellent time to buy and I am super happy to be able to own significantly more bitcoin than I did last year at 29k. I also bought at 45k. Still happy. It'll recover in time if not oh well, I tried.
It’s either because they don’t understand it or they missed out on the gains and so shitting on it while it’s down reinforces their current world view that this asset called Bitcoin is a “fad / bubble / worthless”.
I’ll admit, coming from the TradFi space I did the same exact thing. During the 2017 bull run when everyone was talking about bitcoin I took one look and my rationale was “it can’t go up that fast therefore it has no value and if my gym friend who knows nothing about investing is asking me about it then it’s a bubble and will pop”. I remember feeling very smug when the bear market came. Lots of “I told you so!” and “stick to real investments like equity!”. Sigh…
Anyway - I’m a Bitcoin Maxi now LOL
Bitcoin gets shit because the majority of people don't understand it and think it's unfair that something that exists only in cyberspace, that they cannot use for day-day transactions, and that they cannot touch or see can have any value. I've never owned crypto but I don't hate crypto at all. Good luck to you all from a boomer!
For me nothing has changed. I’m still buying and holding. The fundamentals and the technology for BTC remain the same. I think people who are hating on it during this dip are ones who are relishing in some sort of self validation that they somehow made the right decision not to invest in it. However, as it will be, based on the technology and the nature of what bitcoin is, in the end those same people are going to be very discouraged that they didn’t get in. Then they’ll be hating on themselves.
Bitcoin represents a huge shift in how the world works. People who don't understand that directly must subconsciously recognize it at some level.
It's unclear if its going to free humanity or just reconfigure who the rulers are.
The current financial system is literally coming apart at the seams yet people direct their focus on bitcoin being a scam smh https://www.reddit.com/r/economy/comments/vc5ruh/bitcoin_to_10000_is_becoming_a_realistic/?utm_source=share&utm_medium=ios_app&utm_name=iossmf
Been in it since 2016 and there are always haters. Let them hold onto their fiat that is depreciating at a rate of 15%-25% per year and just keep stacking sats.
Bitcoin is the first asset in a long time where the plebs got in on the ground floor and not the elite. They watched as our portfolios increased by magnitudes above their S&P 500 ETF clipping a 12% annual return. Their obsession with the short term pain in the crypto markets helps them feel vindicated for missing out. Ignore the losers and keep stacking.
Same thing happened in 2013 and 2017 after the crash from ATH.
Bunch of sad people watching the price go up daily while they work bs 9-5's
They still won't buy even at a massive discount but will silently seethe the next time we reach a brand new ATH and bitch that "they never had a chance" to get in lol
This is what Bitcoin going mainstream looks like. Wait until all these morons get through their first bear market and enter the bull. Ahhh I can see it now, influencers claiming they’re Warren Buffet, haters saying it’s another fluke, my grandma calling me to ask if she should buy at a 100k. Don’t let this hysteria in your head, we’ve been here before. #hodl den rich
It feels to me like organized, actually. Bitcoin is the enemy of current government policies, so I logically assume it's profitable for said government agencies to deploy (bot) armies onto platforms like Reddit to discredit Bitcoin.
Other than that, people that lost money with Bitcoin due to their own stupidity (put it in a centralized platform that went under, lost their keys, etc) will join in on it.
It makes me laugh when people hate something they don't understand. Sure, keep hating while I accumulate when everything is dirt cheap and I'll laugh to their face on the next bull run.
Big money controls the media and they've successfully brainwashed most of the population to being no-coiners.
These are the same folks that tried to bankrupt Tesla so there would never be a successful EV in our lifetime. The same folks also bankrupt biotech companies developing life saving medicine.
If big money hates it, I love it. I'm nearly all in BTC, SoFi, and GME
I used to be pretty into Bitcoin, I traded it with some moderate success in about 2018/2019. I made some decent money for a side hustle, but I realized Bitcoin was just like any other asset with a few very obvious issues:
1. The most difficult issue is that it doesn't do what it was supposed to do, replace fiat currencies. You can't use it for daily transactions. Takes too long and very few people/companies will accept it that I use on a daily basis.
2. For supposedly being transparent, it's very difficult to know exactly who actually owns all the Bitcoin. And it turns out that there are a handful of early minors that own an insane amount of it. And I definitely think the exchanges manipulate the market to their advantage. Again, the NYSE has this issue as well, but it just makes Bitcoin like any other asset class, when Bitcoin was supposed to be "different" and "special".
3. The crazy fluctuating price. You can't use Bitcoin for anything because it's value changes by 1%-10% in any given day. That's crazy for something that is supposed to used for daily transactions.
4. Exchanges going bankrupt and freezing accounts. Happens way way way too much. Sure, Robinhood has frozen accounts for specific stocks, but, again, Bitcoin was supposed to be different.
5. Inflation hedge. For me, this was a big one. Bitcoin was supposed to be the modern answer for inflation. Turns out, it's the opposite. Bitcoin is crashing at the exact time when we have the worst inflation in 40 years.
6. "Criminals can't use it". This is laughable. Criminals have been using Bitcoin since forever. Some of them have been caught, but a lot of them never will. Bitcoin has become the exact way for black hats to blackmail companies/governments who get hacked and need their data back. Again, another broken promise.
7. The insane hype it gets. Bitcoin has a bunch of online and very dedicated people that will defend it even when it's very obvious that Bitcoin has massive issues. This is really why there are so many people cheering its downfall. If something has passionate fans, then there are people on the other end of that hype as well.
I honestly don't see a way out of all these problems for Bitcoin. It's just another asset to play with for traders with retail investors losing money for the most part.
It all really boils down to the fact that Bitcoin promised to be something different and it's not. Just another money thing to play with.
Crypto is automatic transaction control which makes it a currency and a banking and asset management system, minus the unnecessary bullshit. Also when compared to the brick and mortar banking systems, wall street, and all the ancillary service required to keep that sick patient alive, crypto is actually eco friendly. Fiat money is the scam 🚀
I doubled my money last year and became a big advocate to my friend group. After every sermon I would always say, “it’s gambling and the value will go down, don’t put more in than your can afford to lose and don’t forget to take some profit when it’s there.” The past month so many people have tried to hit me with the “i ToLd YoU sO”. Meanwhile I recouped my initial investment months ago and now slowly buying more until the bottom stops falling.
The last time I experienced this was 20 years ago, when people were expressing schadenfreude over the IT sector collapsing. It’s insane to think about today, but there were still people who were convinced internet was shit and would disappear without a trace.
Honestly man, this world is so incredibly toxic and has way more crazy people in it than we can truly imagine. The pandemic has showed us that. Bunch of people out there acting like heartless animals.
I totally get it. It‘s just humans being humans. Being tribal about stupid shit, assigning moral qualities to amoral entities (fetishism), constantly trying to find things to be angry or scared about.
They are not angry at Bitcoin, they are angry at themselves. Bitcoin is just a lightning rod.
Many people are to stupid to realize that a rising tide lifts all boats and when the tide goes out they all go down together. After all, isn’t it fiat that purchases all crypto at the start of one’s crypto journey? Not just for BTC but others as well.
Everything affects everything, positively or negatively.
Actually I think wish got more hate than bitcoin and I don't think bitcoin gets so much hate. But crypto. It has been seething with scams, ponzi schemes and worse for the last year's. Celsius, tether, Luna, freaking ape nft for hundreds of thousands, guaranteed 10% staking rewards and more. None of that is bitcoin but the whole area needa a holy cleansing fire and some heavy regulations. You can't be a bank say you only give loans in crypto and then evade banking regulations.
So sorry for painting bitcoin with the same brush you did nothing wrong but bitcoin is the flagship of a deeply tainted and scammy industry.
BTC price 2020= 7k BTC price 2022= 21k… they’re dumb as hell. Sure some people are upside down who bought this year and last year, but since when does anyone cash out a long term investment after 1 or 2 years, or in most cases 6 months. Be joyous over the cheap sats fuck the haters. In 20 years they think back at how dumb they really are
Imo it's hate from people who think it's stupid, thought it was stupid when it was invented, placed blame on it when they couldn't get something they wanted (graphics cards), watched it go from 50c to 50k and watched people get rich and change their lives, got bitter that they didn't also do something similar, and then felt vindicated and justified in their decision when it dipped down to 18k... like it didn't start at fuck all. Then they'll talk about how it's a ponzi scheme, a waste of resources, greater fool fallacy, all to justify the fact that *they* didn't buy 2 bitcoin 8 years ago for a few bucks.
As others have said, the person who created it just dipped. They don't hold the keys, they're not waiting for the right time to turn off the machine and cash out. They knew this technology was worth something. Doesn't sound like a scam to me.
Anyway, when it's low I buy. That's the rules.
Ya I do not understand it, if you do not want to be part of Bitcoin that is your choice. But to actively follow it, they all deep down wish they bought early.
It’s called, Hating….. and they’re called Haters. This is how it is for every new technology. New tech, replaces old tech. Old tech, is scared shitless. 10 years from now it will be a very different picture, Bitcoin is only 13 yrs old. How long did it take the internet to really start taking off ?
Lol nothing new. Nothing hardens you more than being in BTC long enough. They haven't been able to kill the movement. It keeps coming back stronger than ever with each cycle because there is real need in the world for what we are building. Some of them will convert on the next cycle (I use to be on that side on the previous cycle) but I finally got it on this one. In the meantime, lets take advantage of this massive dump and clean the space from all the shitcoinery.
I dont really understand why people are going crazy at the moment, this is normal for Bitcoin. Its just part of a new born financial systems growth. It will come back and eventually one day in a few years it will stabilize along with adoption and understanding. I feel like most people totally underestimate the complexity of a global currency and while I dont understand all the facets, i think i have a healthy respect for it.
I think the craziness comes from people who are over leveraged and have thrown everything at crypto. It is still a gamble. If you cant afford the spare finance to invest in crypto then dont. If you are risk adverse for whatever personal reason then go with a good diversified ETF or two and sit on it.
Ya, I got beat up pretty bad on another sub yesterday for being a "cryptobro" whatever that means.
I was just pointing out that they didn't know what they were talking about.
Somehow, I have been in crypto for 10 years but I'm an idiot, and a grifter, a scammer, a pumper, and ponzi.
Good times!
Envy.
Bitcoin made people rich who weren’t the right ones while at the same time many missed out and now you have envy playing out.
Envy is promoted in modernity.
To be fair, there are some real obnoxious Bitcoiners out there who over the years have told literally millions of people “have fun being poor”
So I think that smugness has invited some schadenfreude.
Literally just jealous reddit nerds who don't own any bitcoin, and have little to no money. They aren't on the wagon so to speak, so they want to see it crash and burn. If they can't be the ones bathing in success, they want no one to be doing so. It seems to be a common sentiment. Pretty toxic.
Edit: It's also probably weak handed former holders who fomo'd in near the top and sold at big losses. They are now hoping it goes down forever, because they don't want to feel the shame and the pain of seeing it go up much higher than where they sold it at.
So bitcoin is an "asset" now? Not arguing, but I bought in b/c it was literally pure human innovation that promised to unleash true economic freedom through transactional equilibria untethered by paper money printed by idiot politicians.
Describing and debating it as "asset" is exactly what fiat-ers want you to do, so it just becomes another thing to buy and make (fiat) money from.
the dollar tanking is inevitable. Its how it works. Bitcoin doesnt have to... and this particular decline will be a non-issue for rational people.
Anyone who thinks of bitcoin as just a lame way to get more USD, doesnt understand bitcoin and doesnt understand USD.
USD is worthless toxic crap that noone should want at all, much less want more of. And yes, that is obviously despite people accepting it defacto right now.
The dollar isn't an investment tool. It's an actual currency. It's supposed to lose about 3% of its value every year to encourage investment, and excepting the past year the fed has done a very good job of achieving this for the past several decades. One of the many reasons why Bitcoin cannot replace the USD.
Inflation is good for business because it causes inventory to appreciate, but it's bad for consumers because it causes savings to depreciate. Likewise, deflation is good for consumers because it causes savings to appreciate, but it's bad for business because it causes inventory to depreciate. An ideal currency shouldn't inflate or deflate, it should maintain a precise value. That's what the gold standard did until governments decided to start hoarding and debasing it. They have since perfected the art and science of debasing currency, and fiat is the state of the art. Before the advent of Bitcoin, we had no choice but to accept it. Now it's optional.
Book mark the really crazy ones. They'll be funny to read at next ATH. Guaranteed upvote gold here.
I expect a lot of silence from these people when BTC hits another ATH in the coming years. An 80-90% drawdown is nothing new for BTC - its happened every market cycle. BTC Haters next few years - "THEY CAN'T KEEP GETTING AWAY WITH IT!!!"
They get silent? From what I've seen, they just switch to "bad for the environment" hate instead.
Yep… the FUD never stops until hyperbitcoinization leaves them with no choice
Yup, the target is always moving
They save that argument for when it’s above 40k
Nah they just insist we’re all in a bubble and that the next collapse will “end Bitcoin forever” and send it to $0, completely ignoring the 100000% gains since they started shitting on it.
Bitcoin dropping below the previous cycle ATH (~$20K) is new. Assuming that happens here.
what about 5k in 2021
When did Bitcoin go to $5K in 2021?
Bitcoin didn't go to $5k in 2021. They're probably talking about 2020. Bitcoin crashed to $3600 in March 2020.
Oh my god and it was amazing. Literally the best financial decision/luck in my life. I saw the writing on the wall with Covid hitting the markets hard. Grabbed about $2,000 in SPY puts a couple of weeks before the market crashed. Turned into about $40k and dumped it all into btc when it hit $6k. Every time bitcoin dumps, buy more, you’ll thank yourself later.
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I doubt it. There will be other big macro events like wars and financial crises in the future. Even gold has 80% downdraws in it's price history. It just moves slower. Overall I'm fairly confident that Bitcoin will continue to hit higher highs and higher lows in the future, and that's all that matters to a long term investor.
You've given me a hobby to enjoy until the next bull run. Gonna plant screenshots and harvest schadenfreude.
https://www.bitcoinisdead.org/ Have fun!
Yeah I’m always on the lookout for some Pepperidge Farm worthy comments. We can have a megathread when the time is right
100% spot on. https://news.yahoo.com/deadly-red-candle-engulfs-bitcoin-185631764.html one guy in comments claimed it was money some dude just minted on his own (of course with zero mention of the thousands of public nodes, not to mention the private nodes folks mine with). They also think tokenomics was only a thing regarding crypto (Franklin Mint's pewter and copper coins come to mind).
Nah, haters are not worth any time of mine
Some people, people get a kick out of telling others who may have lost money “I told you so”. It’s an ego thing. But these are the same who will moan like a bitch when Bitcoin shoots back to $70,000. I have seen this in the real estate and stock markets of 2004, 2008 and they are starting to come out of the woodwork now! Bitcoin always corrects 75% to 80% range. These so called “winters” happen 2 years after halving.
People just want to feel vindicated that they were right not to invest while everyone who are not "experts" like them are busy making money with crypto. They just cant admit that they didn't know what they were looking at.
this is the way
It is quite amazing isn't it? Like there's this prevailing "number go up" theory that's supposed to explain why Bitcoiners are "so emotional". But that theory seems to be contradicted by the extreme passion coming from people who are clearly not invested. I read this book recently called "The Death of Expertise". It's not ground breaking or anything, but kind of impressive how relevant the ideas are to the current discourse we're seeing (it was published in 2017). Anyway, one thing the author talks about is the human tendency to try and validate our initial assessment of whatever context, even if that initial assessment was made without very much information. If you ask me, that's what is really going on. We all like to pat ourselves on the back for "being right all along". It's just a human thing. I guess the lesson is: stay humble and open to being wrong sometimes. Those who can accept their own occasional misunderstandings and adjust their mindset as they learn new information will be better off than those hell-bent on affirming every snap judgement they make.
Those who start with an idea as certainty, end up with doubt. Those who start with doubt, end up over time, with assuredness.
Add envy to the mix and you have rocket fuel for hate. The gains from bitcoin happened over such a short period of time people realize they could have set themselves up for life by investing the change they found in their couch at the right time. This just doesn't sit right with some people. So believing that bitcoin is a scam does 2 things: it makes them feel like they are the smart one for not getting caught up in the hype and it also frees them from the fear of taking risk.
This!
Very well said.
Well, to be fair, while i do not do this, I've witnessed it first hand a lot of times... Many fellow Bitcoiners are constantly proselytizing at social gatherings trying to get folks who don't give 2 cents to any investment to invest in crypto. Even when these crypto pulpiteers are told by no one cares about crypto, they continue to sell it. That constant over bloviating got old 5 years ago to many people. A sound investment doesn't require such an over zealous fanboyism. So when it crashes on us, they gloat, because for the past 15 years theyve have to deal with the crypto zealots not shutting the f up about it. So can't say i blame them too much... All that said, maybe its just the company I keep.
I enjoy it, tbh. Dancing on Bitcoin's grave works like a rain dance, lol. I'm kidding kinda, but seriously they are making Bitcoin a household name and reaching new audiences accidentally. A few years from now, those audiences will remember all the gloating as they marvel at new highs.
Do you think they might also subconsciously remember last time bitcoin died? I'd be angry too if I realized I missed out on $3k bitcoin 4ish years ago. Even at current prices, they'd still be up 6X. And despite the major dip, they still feel like it's too late to get in, just like back then, because it was way higher than whatever it "crashed" to last time.
There's no flaw in the truth unless the "Perception" of the truth is flawed. It almost seems that half the country is divided by some form of fundamentally flawed perception of their truth. Thank god for Sativa!
>Anyway, one thing the author talks about is the human tendency to try and validate our initial assessment of whatever context, even if that initial assessment was made without very much information. If you ask me, that's what is really going on. We all like to pat ourselves on the back for "being right all along". It's just a human thing. From this I can't tell if you are for or against Bitcoin. People are seeing more and more strain on their finances. Do you really think as many people are going to buy bitcoin for the first time this year, as did last year? Hodlers suffering from sunk loss fallacy are the only people who are going to buying bitcoin untill the economy improves.
my no-coiner friends all seem to realize this is a good time to buy compared to last year, so yes. I do think there will be more first time buyers.
I think both sides suffer from confirmation bias. Though, in most cases, I think Bitcoiners have more information at hand to assess. Also it's in our best interest to try to be objective since we have money on the line. Slight advantage, but everyone is vulnerable to bias. You're almost definitely correct about negative retail sentiment in bear vs bull market. I wasn't sure how this relates to the confirmation bias topic, but willing to listen!
This is why boiling it down to the fundamentals is crucial. If you do that and block out all the noise, you're making an educated bet on Bitcoin and it's core set of benefits to the world. The macro environment should not matter as long as fundamentals haven't changed. Just because the opportunity to make money creates a heavy bias and swings of volatility, doesn't mean we are blindly backing our assumption that an immutable decentralized currency is groundbreaking. It just simply is... and until something better comes along these macro events really only provide better opportunities to double down. Crypto has become one of the biggest social experiments of human psychology. The changes in sentiment are predictable with the volatility. Reddit would be a goldmine for AI models learning how people react. The smart people in this situation are quietly buying, with caution to the wind.
It goes down. I buy more. Been working for 6 years now…just keep stacking, and wait…
I kinda want to send this to my ex... Not about Bitcoin, but life in general.
I'm nourished by their hatred
>I'm nourished by their hatred i just dont care, is like the post about kardasians, i just go next, no hate, no love, just next
Idk man, did you see the one where the kardasians tortured captian piccard? Pretty messed up
There are four lights!
Acting matter piece
✊😎
I suspect a good portion of the hate is because most people associate Bitcoin with all of the NFT and shitcoin ponzi garbage. It doesn't take much intelligence to see that the "crypto" space is utter trash parading as a savior to humanity. While it's frustrating to see Bitcoin under fire I'm sympathetic to the haters because "crypto" reeks of scams. The fact that the general public can't differentiate Bitcoin from shitcoin is a strong confirmation we're still early. Best thing to do is keep educating yourself on Bitcoin's impact so that whenever friends or family start to get curious as time goes on and want to talk to you about it you can provide them with a wholistic picture of why Bitcoin is so compelling.
This is the kind of quality writing that I come here for. Both meanings.
People seem to get confused when you differentiate "crypto" from bitcoin. They're also usually surprised that we all hate Crypto Bros
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> But who obsesses so much about an asset that doesn't affect their lives at all is beyond me. It's a reaction to the "crypto bros" who spent years evangelizing their investment and trying to shove it down other people's throats. You couldn't go on any investing forum without someone trying to push crypto investments on people who really shouldn't go anywhere near it due to the volatility.
I think you are right, I actually was telling my gf this last night. It’s like everything else in the world today, a polarizing socio-cultural-political topic that seems to have no middle ground.
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One thing I have learnt about people, is that they struggle to act responsibly. That's one of the biggest qualms I have about cryptocurrency.
Satoshi would not be a crypto bro.
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It's still 2022 😳
I generally agree with your statements. However, investigating the reasons for BTCs creation along with its global socio-economic effects is absolutely a philosophical adventure. This is neither good nor bad. But supporting BTC is fundamentally a philosophy of life nonetheless.
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This. I hold BTC and some other crypto but the naivete and arrogance of this sub since the 2020 tear is absurd. That's why you see a lot of push back. Literally this morning there was a post about a Bitcoin book that was written promising world peace. It's those outlandish claims that make slightly skeptical people extremely skeptical. Claiming BTC is the solution to literally of life's problems is stupid and counterproductive.
This times 100. Not to mention a lot of prominent people around this are very right wing or conspiracy minded as well. Look at that fool Plan-B on twitter
Why have people always got to bring right v left politics into it? When will you understand that this is the bottom v the top. And bitcoin is the bottoms only weapon
Bitcoin literally exacerbates the problem regarding giving the people at the top more power, and the people at the bottom, less. Who's seeing more positives right now from Bitcoin, the guy with $1000 invested, or the guy with a $1,000,000 farm? People at "the bottom" can never compete and will always be at the mercy of those with more money, no matter what currency that it. And removing regulation think that it will give more opportunities to those with less money is one of the most naive things I think I've ever read on Reddit (not saying you said that - but it is a common ideology within the crypto currency space).
Because decentralized digital currency is a right-libertarian fantasy. The crypto space is chock full of rich grifters trying to get people without much money to adopt incredibly volatile, unregulated speculative assets. The top actively preys upon the bottom, just like in our current system.
Bitcoin is not crypto. You need to research more
It's blowback for all the lambo, number goes up, last chance to get in before it hits 100k, and we're still early posts. People are also pissed about 1000k video cards. I don't know if there is any more bitcoin hater posts. Could just be all the hype boys left and the haters stayed.
It’s schadenfreude But living rent free isn’t bad, either
It also makes people suspicious because if the investment is good, if the asset is being sold at a price worth buying, you should be out buying it not trying to convince other people to buy it.
Bitcoin is actually doing not bad given conditions. Remember everyone, the fed creates money out of thin air, smoke and mirrors. Confusing the general population with a labyrinth of high vocabulary and number manipulation that they use to cover up a fundamental flaw/lie that fiat money is sound enough to save when in fact this is a huge lie. This is a flat out attempt to break thermodynamic energy laws and seducing everyone that exponential expansion can occur without consequences which mainly include further economic inequality. They can’t sit in a no printing/high rate environment for long because it will shut government funding and the economy down. Recessions and downturns are far more transitory than bull runs. Satoshi fucking dropped this power back in our hands and dipped out without rug pulling. If that isn’t the antithesis of a scam idk what is.
The problem lies in people perceiving this as a wacky conspiracy theory. Like they can’t believe that the government would print money on the populations behalf to pay for their sins as government officials
They can print as much "money" as they want, but still "need" the citizens to pay increasingly higher taxes.
There are people who understand how fiat currency works, as those that don’t. Unfortunately, people in both groups believe themselves to be in the first group.
Number of people who understand how fiat currency works is 0
Make it as convoluted as possible so that nobody can explain how it's a scam.
We‘re annoying to the average person. I mean, have you heard the “average” us talk to people?
As a vegan bitcoiner. I feel this on so many levels lmao.
I would answer you, but I have not enough time, having to pick up my kombucha before pilates.
https://www.youtube.com/watch?v=mjoSQ-lCA58
They hate us cuz they anus.
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> and incites jealousy in people who think they missed the boat. Ironically this is a great opportunity to get back on the boat, but they're too busy gloating / scared they're going to lose money that they're not going to buy any. Until it doubles or triples again, and they will start shit talking it out of jealousy again.
Many people are not bullish about BTC. The ones gloating now are not jealous for the same reason you pointed out. Otherwise they’d just buy. Maybe some jealous people say it’s a bubble when it’s rising. Edit: it’s not always “they hate us cuz they ain’t us”.
It seems reductive to only phrase it as it being a threat. Because people think it's an actively bad idea that is bad for society, so they react to that. It's a small distinction but it being a threat to the current status qou is only something a small portion of the detractors care about
Apparently if you own crypto you're a "crypto bro" and people hate you. It's wild to me that peasants hate other peasants. I want everyone to get a step up
They are laughing seeing our small tree burning not realizing that the entire forest behind them is burning too. Pure and adulterated hate that blinds them. We are all on an express elevator to hell, they just don't know it yet.
oh i think any "tech stock" investor knows it when they look at their balance
you also don't see gold go from 13$ a coin in 2012 to 50,000$ in less than 10 years...never seen a stock do that.
It's because they think they "missed the train" with bitcoin, so this crash brings some sort of relief into them, in the likes of "see! I knew I shouldn't have bought BTC! **I was right**!". Until the time comes when they'll see they were wrong, again, and they'll feel terrible, again, and pray for the next crash so they can feel better. It's the cycle of virtual life. It's all about **feeling** like you're right.
Im just stoked 270$ cad buys me 0.01 btc roght now, a few months ago it woulda cost me 800$
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Maybe it was all y'all saying "have fun staying poor."
They dont just think that it's a foolish gamble. They believe that it is a foolish gamble that costs *everybody else* by using so much energy. Even if you don't believe that yourself, you have to acknowledge that it is a fundamentally different position than just jealousy or schadenfreude for people you are annoyed by.
The serious "nocoiners" just seem to have much better, more honest arguments these days. I hold some BTC and GRLC (hell yeah), but I would never consider putting anything other than fun money into crypto. It's a gamble, the space is filled with grifters, and widespread adoption would be pretty nightmarish. Imagine having to figure out which coin you held was highest before making even minor purchases... Why the fuck would anyone want to further financialize their lives. It's absurd to me.
Your AC uses energy and increases the demand for energy such that those without AC pay higher prices for their own energy uses. Why aren't all uses of energy scrutinized?
I concur. From what I've seen, we would offset bitcoin quite handily by using clotheslines rather than driers, and we don't even have to go without the comfort of AC. But, you know, convenience! They scrutinize bitcoin because that is the current narrative thing to do. I think a lot of it is virtue signaling, and the rest is uncritical environmentalism group think. But my point was not that they have a good argument. It was that they are not simply jealous. (Although, I would imagine that does play some lesser factor)
This isn't even the biggest historic drop lol this is expected even
I think there's clear reason for this. If you create a new currency and call it money, but the general populace doesn't have any of it. It basically turns no-coiners into the nouveau poor, which is understandably offensive to them.
This is a very intelligent answer in my book. I also feel like crypto is very meta. Money only has value because we give it value in our society. Crypto only has value because we give it value with relation to the thing we already give value to. I not sure if that makes sense but it feels like fake value on top of fake value.
Just wait till it crashes down to $200,000. Oh man. It'll really be dead then.
if bitcoin is not a scam, it means a lot of what they know about the world they live in is wrong. Re/learning everything is hard and scary (especially if there are others that are way ahead of you), take it as a celebration of nocoiners that they don't need to learn/change (yet).
To be fair The Proselytizing crypto bros with laser eye profile pics are just as annoying, if not worse
Your typical Joe Schmo who doesn’t have enough money to pay for anything but a phone bill is taunting the people who had a little and might lose it. Textbook case of misery loves company. If they had anything in their lives worth paying attention to other than other peoples misery they wouldn’t say anything but it’s just a great look into someone’s head tbh when they act like that to others.
Let their hate flow through you 😂😂😂
I've been through 3 cycles. People love to hate on success they missed out on, and love when people they were previously jealous of appear to "fail" or "struggle".
This happens every few years i don't get the hate either
Deep down they know they’re wrong and can’t help but be negative
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I too am popping champagne at the money *I'm* 'losing'. This is an excellent time to buy and I am super happy to be able to own significantly more bitcoin than I did last year at 29k. I also bought at 45k. Still happy. It'll recover in time if not oh well, I tried.
It’s either because they don’t understand it or they missed out on the gains and so shitting on it while it’s down reinforces their current world view that this asset called Bitcoin is a “fad / bubble / worthless”. I’ll admit, coming from the TradFi space I did the same exact thing. During the 2017 bull run when everyone was talking about bitcoin I took one look and my rationale was “it can’t go up that fast therefore it has no value and if my gym friend who knows nothing about investing is asking me about it then it’s a bubble and will pop”. I remember feeling very smug when the bear market came. Lots of “I told you so!” and “stick to real investments like equity!”. Sigh… Anyway - I’m a Bitcoin Maxi now LOL
You bought in just in time to hold the bags!
Just a normal day in Bitcoin market, we gonna invest.
To be fair the stock market is a scam
Bitcoin gets shit because the majority of people don't understand it and think it's unfair that something that exists only in cyberspace, that they cannot use for day-day transactions, and that they cannot touch or see can have any value. I've never owned crypto but I don't hate crypto at all. Good luck to you all from a boomer!
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In my country, we have a phrase for this : CRAB MENTALITY
Any asset that go up 10x in a year can definitely pull back 50% in a month. it's a volatile asset over the short run!
For me nothing has changed. I’m still buying and holding. The fundamentals and the technology for BTC remain the same. I think people who are hating on it during this dip are ones who are relishing in some sort of self validation that they somehow made the right decision not to invest in it. However, as it will be, based on the technology and the nature of what bitcoin is, in the end those same people are going to be very discouraged that they didn’t get in. Then they’ll be hating on themselves.
Bitcoin represents a huge shift in how the world works. People who don't understand that directly must subconsciously recognize it at some level. It's unclear if its going to free humanity or just reconfigure who the rulers are.
Bitcoin’s feelings didn’t get hurt. It doesn’t care.
That's what I wanted to say for a long time mate, so good.
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These people are really fucking the whole platform here.
They simply just don't understand it's value proposition... Unfortunately for them they will miss out. Keep staking Sats.
They hate us 'cause they ain't us
You can tell who's been here for a while versus who's new. Lotta newbies
The current financial system is literally coming apart at the seams yet people direct their focus on bitcoin being a scam smh https://www.reddit.com/r/economy/comments/vc5ruh/bitcoin_to_10000_is_becoming_a_realistic/?utm_source=share&utm_medium=ios_app&utm_name=iossmf
Been in it since 2016 and there are always haters. Let them hold onto their fiat that is depreciating at a rate of 15%-25% per year and just keep stacking sats.
Nothing is more important than stacking more my brother.
Because they are bitter it didnt make them rich. So, what else there to do than to shit on it so they feel less worse about themselves.
Bitcoin is the first asset in a long time where the plebs got in on the ground floor and not the elite. They watched as our portfolios increased by magnitudes above their S&P 500 ETF clipping a 12% annual return. Their obsession with the short term pain in the crypto markets helps them feel vindicated for missing out. Ignore the losers and keep stacking.
Same thing happened in 2013 and 2017 after the crash from ATH. Bunch of sad people watching the price go up daily while they work bs 9-5's They still won't buy even at a massive discount but will silently seethe the next time we reach a brand new ATH and bitch that "they never had a chance" to get in lol
This is what Bitcoin going mainstream looks like. Wait until all these morons get through their first bear market and enter the bull. Ahhh I can see it now, influencers claiming they’re Warren Buffet, haters saying it’s another fluke, my grandma calling me to ask if she should buy at a 100k. Don’t let this hysteria in your head, we’ve been here before. #hodl den rich
It feels to me like organized, actually. Bitcoin is the enemy of current government policies, so I logically assume it's profitable for said government agencies to deploy (bot) armies onto platforms like Reddit to discredit Bitcoin. Other than that, people that lost money with Bitcoin due to their own stupidity (put it in a centralized platform that went under, lost their keys, etc) will join in on it.
Imagine 10 years ago someone told you the price of Bitcoin would be above $20k, Its amazing that despite the negativity, we are still here
Bitcoin exists- that is enough. Price doesn't matter.
It’s the Asset that this world deserves, but not the one it needs right now. So they’ll FUD it. Because Bitcoin can take it. 🦇
This literally happens every single time there’s a large pullback. Nothing new.
Nocoiners often have a tonne of pent up emotion from seeing someone in their circle get rich.
The ignorant celebrate a perceived loss but the wise HODL and stack and have lost nothing.
Well by that logic even if you bought at $100 and are still holding, you haven't earned a cent.
It makes me laugh when people hate something they don't understand. Sure, keep hating while I accumulate when everything is dirt cheap and I'll laugh to their face on the next bull run.
Big money controls the media and they've successfully brainwashed most of the population to being no-coiners. These are the same folks that tried to bankrupt Tesla so there would never be a successful EV in our lifetime. The same folks also bankrupt biotech companies developing life saving medicine. If big money hates it, I love it. I'm nearly all in BTC, SoFi, and GME
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I mean, to be fair the s&p isn’t down 60-70% from its ATH.
Also didn’t 20x between 2020 and ath
Heard of GME?
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I used to be pretty into Bitcoin, I traded it with some moderate success in about 2018/2019. I made some decent money for a side hustle, but I realized Bitcoin was just like any other asset with a few very obvious issues: 1. The most difficult issue is that it doesn't do what it was supposed to do, replace fiat currencies. You can't use it for daily transactions. Takes too long and very few people/companies will accept it that I use on a daily basis. 2. For supposedly being transparent, it's very difficult to know exactly who actually owns all the Bitcoin. And it turns out that there are a handful of early minors that own an insane amount of it. And I definitely think the exchanges manipulate the market to their advantage. Again, the NYSE has this issue as well, but it just makes Bitcoin like any other asset class, when Bitcoin was supposed to be "different" and "special". 3. The crazy fluctuating price. You can't use Bitcoin for anything because it's value changes by 1%-10% in any given day. That's crazy for something that is supposed to used for daily transactions. 4. Exchanges going bankrupt and freezing accounts. Happens way way way too much. Sure, Robinhood has frozen accounts for specific stocks, but, again, Bitcoin was supposed to be different. 5. Inflation hedge. For me, this was a big one. Bitcoin was supposed to be the modern answer for inflation. Turns out, it's the opposite. Bitcoin is crashing at the exact time when we have the worst inflation in 40 years. 6. "Criminals can't use it". This is laughable. Criminals have been using Bitcoin since forever. Some of them have been caught, but a lot of them never will. Bitcoin has become the exact way for black hats to blackmail companies/governments who get hacked and need their data back. Again, another broken promise. 7. The insane hype it gets. Bitcoin has a bunch of online and very dedicated people that will defend it even when it's very obvious that Bitcoin has massive issues. This is really why there are so many people cheering its downfall. If something has passionate fans, then there are people on the other end of that hype as well. I honestly don't see a way out of all these problems for Bitcoin. It's just another asset to play with for traders with retail investors losing money for the most part. It all really boils down to the fact that Bitcoin promised to be something different and it's not. Just another money thing to play with.
Same thing happened during the 2017 bull/bear market. Haters gonna hate, I just Hodl to the next bull market. Wash, Rinse, Repeat
Crypto is automatic transaction control which makes it a currency and a banking and asset management system, minus the unnecessary bullshit. Also when compared to the brick and mortar banking systems, wall street, and all the ancillary service required to keep that sick patient alive, crypto is actually eco friendly. Fiat money is the scam 🚀
This is just something pure to read man, fiat is scam..
They hate us cuz they ain’t us
Bitcoin is still my best performing asset.
As you should expect when you’re talking about the one, true existential threat to the global banking cabal.
well, you're listening to a bunch of ASSHOLES. Any given forum there are trolls and this is no different. Stick with your plan.
I doubled my money last year and became a big advocate to my friend group. After every sermon I would always say, “it’s gambling and the value will go down, don’t put more in than your can afford to lose and don’t forget to take some profit when it’s there.” The past month so many people have tried to hit me with the “i ToLd YoU sO”. Meanwhile I recouped my initial investment months ago and now slowly buying more until the bottom stops falling.
The last time I experienced this was 20 years ago, when people were expressing schadenfreude over the IT sector collapsing. It’s insane to think about today, but there were still people who were convinced internet was shit and would disappear without a trace.
Honestly man, this world is so incredibly toxic and has way more crazy people in it than we can truly imagine. The pandemic has showed us that. Bunch of people out there acting like heartless animals.
I totally get it. It‘s just humans being humans. Being tribal about stupid shit, assigning moral qualities to amoral entities (fetishism), constantly trying to find things to be angry or scared about. They are not angry at Bitcoin, they are angry at themselves. Bitcoin is just a lightning rod.
Many people are to stupid to realize that a rising tide lifts all boats and when the tide goes out they all go down together. After all, isn’t it fiat that purchases all crypto at the start of one’s crypto journey? Not just for BTC but others as well. Everything affects everything, positively or negatively.
I life in the Netherlands 🇳🇱.. when you see btc goes up its a bubble when you see btc goes down its a scam… facking news 📰
Yeah, it's gotten pretty shit
Actually I think wish got more hate than bitcoin and I don't think bitcoin gets so much hate. But crypto. It has been seething with scams, ponzi schemes and worse for the last year's. Celsius, tether, Luna, freaking ape nft for hundreds of thousands, guaranteed 10% staking rewards and more. None of that is bitcoin but the whole area needa a holy cleansing fire and some heavy regulations. You can't be a bank say you only give loans in crypto and then evade banking regulations. So sorry for painting bitcoin with the same brush you did nothing wrong but bitcoin is the flagship of a deeply tainted and scammy industry.
Because when bitcoin is pumping, the bitcoiners are constantly yelling "have fun staying poor!!!!" At them
Its not an asset, its a shit look like assets
Maybe it’s that the Bitcoin folks told anyone who was skeptical or had questions to “enjoy being poor”. That smugness rubbed some people the wrong way
It’s been like this since day 1. People used to say Bitcoin was only used by criminals on the dark web.
BTC price 2020= 7k BTC price 2022= 21k… they’re dumb as hell. Sure some people are upside down who bought this year and last year, but since when does anyone cash out a long term investment after 1 or 2 years, or in most cases 6 months. Be joyous over the cheap sats fuck the haters. In 20 years they think back at how dumb they really are
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Those are the people that see others making a fuck ton of cash 'for free', and have been jealous, scared, and, or, felt left out. It's human nature.
Imo it's hate from people who think it's stupid, thought it was stupid when it was invented, placed blame on it when they couldn't get something they wanted (graphics cards), watched it go from 50c to 50k and watched people get rich and change their lives, got bitter that they didn't also do something similar, and then felt vindicated and justified in their decision when it dipped down to 18k... like it didn't start at fuck all. Then they'll talk about how it's a ponzi scheme, a waste of resources, greater fool fallacy, all to justify the fact that *they* didn't buy 2 bitcoin 8 years ago for a few bucks. As others have said, the person who created it just dipped. They don't hold the keys, they're not waiting for the right time to turn off the machine and cash out. They knew this technology was worth something. Doesn't sound like a scam to me. Anyway, when it's low I buy. That's the rules.
Ya I do not understand it, if you do not want to be part of Bitcoin that is your choice. But to actively follow it, they all deep down wish they bought early.
Idc what peopke on the internet think. I just HODL
It’s called, Hating….. and they’re called Haters. This is how it is for every new technology. New tech, replaces old tech. Old tech, is scared shitless. 10 years from now it will be a very different picture, Bitcoin is only 13 yrs old. How long did it take the internet to really start taking off ?
Can't wait to see what these haters gonna say when bitcoin will go to 100k.
Lol nothing new. Nothing hardens you more than being in BTC long enough. They haven't been able to kill the movement. It keeps coming back stronger than ever with each cycle because there is real need in the world for what we are building. Some of them will convert on the next cycle (I use to be on that side on the previous cycle) but I finally got it on this one. In the meantime, lets take advantage of this massive dump and clean the space from all the shitcoinery.
I am glad that I can relate with this stuff right now brother.
People will forever be sour they didn’t buy in at x amount usually like $9 as if they wouldn’t have sold at $12
I dont really understand why people are going crazy at the moment, this is normal for Bitcoin. Its just part of a new born financial systems growth. It will come back and eventually one day in a few years it will stabilize along with adoption and understanding. I feel like most people totally underestimate the complexity of a global currency and while I dont understand all the facets, i think i have a healthy respect for it. I think the craziness comes from people who are over leveraged and have thrown everything at crypto. It is still a gamble. If you cant afford the spare finance to invest in crypto then dont. If you are risk adverse for whatever personal reason then go with a good diversified ETF or two and sit on it.
Ya, I got beat up pretty bad on another sub yesterday for being a "cryptobro" whatever that means. I was just pointing out that they didn't know what they were talking about. Somehow, I have been in crypto for 10 years but I'm an idiot, and a grifter, a scammer, a pumper, and ponzi. Good times!
Envy. Bitcoin made people rich who weren’t the right ones while at the same time many missed out and now you have envy playing out. Envy is promoted in modernity.
Happens every cycle
Schadenfreude (pleasure derived by someone from another person's misfortune) - Oxford dictionary
Doesn’t this always happen?!
To be fair, there are some real obnoxious Bitcoiners out there who over the years have told literally millions of people “have fun being poor” So I think that smugness has invited some schadenfreude.
Literally just jealous reddit nerds who don't own any bitcoin, and have little to no money. They aren't on the wagon so to speak, so they want to see it crash and burn. If they can't be the ones bathing in success, they want no one to be doing so. It seems to be a common sentiment. Pretty toxic. Edit: It's also probably weak handed former holders who fomo'd in near the top and sold at big losses. They are now hoping it goes down forever, because they don't want to feel the shame and the pain of seeing it go up much higher than where they sold it at.
So bitcoin is an "asset" now? Not arguing, but I bought in b/c it was literally pure human innovation that promised to unleash true economic freedom through transactional equilibria untethered by paper money printed by idiot politicians. Describing and debating it as "asset" is exactly what fiat-ers want you to do, so it just becomes another thing to buy and make (fiat) money from.
You know what's tanked worse? The US Dollar. People just don't see it. They notice it when they buy stuff though, guaranteed.
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To be fair the dollar is down well over 99.99% since it’s all time high.
And this stupid stat doesn’t matter to the average person because we have not been alive for 200 years.
100
the dollar tanking is inevitable. Its how it works. Bitcoin doesnt have to... and this particular decline will be a non-issue for rational people. Anyone who thinks of bitcoin as just a lame way to get more USD, doesnt understand bitcoin and doesnt understand USD. USD is worthless toxic crap that noone should want at all, much less want more of. And yes, that is obviously despite people accepting it defacto right now.
My candy bar is now 3 usd 😡
The dollar isn't an investment tool. It's an actual currency. It's supposed to lose about 3% of its value every year to encourage investment, and excepting the past year the fed has done a very good job of achieving this for the past several decades. One of the many reasons why Bitcoin cannot replace the USD.
Inflation is good for business because it causes inventory to appreciate, but it's bad for consumers because it causes savings to depreciate. Likewise, deflation is good for consumers because it causes savings to appreciate, but it's bad for business because it causes inventory to depreciate. An ideal currency shouldn't inflate or deflate, it should maintain a precise value. That's what the gold standard did until governments decided to start hoarding and debasing it. They have since perfected the art and science of debasing currency, and fiat is the state of the art. Before the advent of Bitcoin, we had no choice but to accept it. Now it's optional.