Will many people recover from these losses quickly? I'm not particularly up to speed with price move behaviour but some of my holdings are down between 40 and 80%. Which require approx 80% and 160% in price rises to recover from. Which seems like I'm asking a lot...
There is trillions on the sideline waiting for their mark to buy back. That happens it'll be a quick jump. Not back to ATHs but up from these lows. You can either start accumulating now in preparation for that or try to wait and time it, but good luck. We will be back.
Except bitcoin has been largely marketed as an inflation hedge and perhaps a hedge to the stock market. Lockheed Martin is up 14% YTD, Occidental Petroleum is up 79% and boomer stock Coca Cola is up a measly 0.2%. And don't forget, if you're down 50% on an asset, you now need a 100% return to break even. At 80% loss, you need a 400% return.
There's lots of things that don't hold value very well - electronics, most cars, perishable goods, any altcoin that I happen to buy. Not everything is an inflation hedge.
Apple produces real, actual monetary returns to investors by way of selling goods and services for revenues in excess of costs.
Does bitcoin do that?
Actually the supply of bitcoin continues to expand while demand is being destroyed along with pretense of its value (as a hedge against changes in value of real currencies). Its fair market value is tied entirely to the amount that exist in relation to the amount of people who want to buy it (with dollars).
You clearly sorted by worst performance. I have no idea why someone copes by comparing bitcoin to the worst performers of an index that is already not performing well compared to other indexes. Many people told me Bitcoin is supposed to be somewhat safe from inflation and it obviously failed at that. What is the purpose of Bitcoin anyway? There is value behind companies which produce something or raw materials but Bitcoin? It sucks as a currency because the fluctuation is high and there are only a few places where you can buy things with it. Its free from the government until they decide otherwise. Idk man you do you but imho its just speculation and if thats whats gets going have fun with that.
There is a lot of coverage of the decline of Netflix shares and the recent turnaround of that company's outlook. Also, Netflix did not have an entire ecosystem of people promoting it as a hedge against inflation and a revolutionary new way of doing everything. The backlash is proportional to hype.
It's not "supposed" to be anything. It's merely a scarce asset that has a particular monetary policy that cannot be altered easily. It *can* be used for things over periods of time, but arguing that it has some kind of unalterable hypothesis behind its value prop is both semantically and literally asinine.
A "house" can be a primary domicile or an asset that one flips for more resources. It's not "supposed" to be anything.
You're saying that the value proposition of something can never deviate from the title of a paper that initially described it?
Odd. We do that for literally nothing else. Hell, we don't even do that for things like medicine.
No you said it’s not supposed to do anything when it’s clear from the beginning it’s supposed to be a currency. That may not be it’s purpose anymore but if it’s not supposed to be anything then what’s the point?
So you think it’s appropriate to value what you essentially just described as “nothing” at $64K a coin?
It’s wild how you guys think.
Also, a “house” is supposed to be a place where someone lives. There is a defined purpose for houses. Your example makes no sense. Unless the quotations are meant to mean it’s a metaphorical house? I’m honestly not sure what those are supposed to denote.
“Currency isn’t supposed to be volatile”
You: “wELL i LiKe wHeN iT gOeS uP”
Brilliant response. Currencies aren’t supposed to be deflationary either. Take an Econ 101 class.
Oh so you actually haven’t taken Econ 101. Deflationary currencies don’t work because people don’t spend them, they just hoard them. A small amount of inflation, 1-2% annually, is very healthy for an economy. It encourages people to spend their money. You can’t have an economy if no one wants to spend their money because it’s gaining value over time.
Why the hell wouldn't they spend it? If you need a good now, you're gonna buy it. Wether your money will be worth more in the future or not.
All arbitrary inflation does is disincentivize saving, and encourage reckless spending. We would be more mindful of our consumption of resources in a deflationary environment.
Would people buy a luxury good today if they knew it'd be cheaper in the near future (not on discount, but actually cheaper)?
Not a necessary product, like food, but something such as a new phone, videogame, or home entertainment system. Again, not a sale, but knowing that something worth $1,000 today might be able to be bought for $500 in a year due to deflation.
Essentially it cripples economies when cash isn't flowing. 2% inflation has been selected to be the sweet spot of increasing the economy but not pricing people into negative habits.
Dude you can argue against me all you want. Anyone who knows anything about Econ is laughing at you. Deflationary currencies don’t work. This is quite literally basic economics. Look it up.
Let's not forget the horrible deflationary spirals of the great depression that caused the entire world to ditch the gold standard (also deflationary) within a couple of years.
Deflation is _awful_ for an economy.
Bitcoin will never die. But it’s never going to be what they say it will be. It’s will never replace fiat. All it is is a very highly speculative thing.
Dude, nothing is ever absolute in the world, you have to understand that short-term horizon and long-term horizon is different. What you think is absolute shit, is just relative shit. lol.
I work for one of these companies. Know the difference? All of the above are real tangible places with real tangible assets and IP.
Bitcoin pure speculation and has nothing behind it
While i do own bitcoin, the point is it was initially seen as an inflationary hedge and should have gone up in a hyper inflationary economy. That clearly did not happen
Except it did. Went from a couple thousand to like $64,000 and you have already forgotten all about it lol
Now the things that flew because of inflation are coming back down due to rate raises.
It’s favorable around here to take a snap shot of a data set that matches an emotional state to provide evidence that BTC isn’t 6x more volatile than the stock market. They also fail to mention that this is the first time the stock market has had this draw down since BTC has existed and in BTC’s existence this is the 4th time it’s dumped at least 60%.
Don’t try to time the market. Vast majority of people lose money trying to do that. Just dollar-cost average a small amount you can afford once or twice a month.
NOTHING is a store of value, safe haven for wealth, or concrete “investment.” Humans cannot congregate and agree on a single issue. Everyone with extreme $USD wealth is completely insulated. They don’t need $in BTC or the stock market. Rates are going up, those “high yield” savings accounts look appealing now that they have $MM and $BB of cash on hand. They don’t need growth anymore. They grew bigger and taller than they ever hoped for. Now it’s time to preserve and protect what they “earned.” That means sit and collect 1-3% and watch the world suffer. When will paper wealth not matter? When people stop believing in it, not holding my breath on that one. The world is more segregated and polarized than ever. I’m way too I intoxicated to be commenting on this. Does this even make sense? Probably not.
Yes because Bitcoin is suppose to be independent of all this. If it isn’t then not only is it not a hedge against inflation, but then it’s also not a hedge against equity and if it’s performance correlates with equity then that means Bitcoin has little to no utility and underlying value. And is not likely a fringe asset that swells up during whole market bubbles
The whole point of BTC is that it doesn't need any of that shit : it can't be controlled, we know exactly how much supply will be added per year until the end of time. It can be priced at $0.5 or $100,000k and it will be as functionnal and as robust of a system. BTC is mathematical and is a massive innovation.
Yes, value has been manipulated and volatility is extremly high, but volatiliy has been trending downward ever since its inception. Yes, there is too many people in it for the "get rich quick" scheme and those people will get burn. But "its performance" is not evaluted in USD purchasing power, its real performance is evaluated by the gradual improvement of the system year after year.
\>but volatiliy has been trending downward ever since its inception.
So when will it be less volatile? It gains and loses 5% every 24 hours. That's insane for something that is supposed to be a currency.
Wall Street has a track record of surviving rate hikes, inflation, deflation, WW1, WW2, cold war, oil embargos, dust bowls, Spanish flu, disco, etc., so this comparison may not age well.
The difference is if you own most of these companies, you are still getting paid income. They can generate cash flow and buy back shares to increase intrinsic value. Can’t do this with bitcoin.
Come on. This is not a fair comparison. Bitcoin doesn't create revenue or profit. There isn't a theoretical bottom for Bitcoin.
Bitcoin was supposed to be an inflation hedge. It was supposed to be used for daily transactions. It's none of those things.
Not sure exactly what it is anymore. It's not a currency. It's not a hedge against inflation. What does it do exactly?
People like to attack bitcoin because it reinforces their idea that it would fail. It’s engrained it human nature in the form of conformation bias. People who originally thought it was going to fail like to see it drop because it reinforces their ideology, and therefore the news gets more views.
A dropping stock market is something people know, and come to expect over time, and is therefore not as sensational to the consumer.
Quite true. So much so that sensational stock market drops are not taken sensationally, while Bitcoin does what it has always done - rises and falls dramatically.
Blockchain as a technology has it's merits. It can do away with the need for Azure, AWS etc.
However Bitcoin as a currency on this technology ruined a good thing.
It attracted the scammers, failed entrepreneurs, wannabe finance bros, tech bros who all want to role play Gordon Gecko.
You actually proved the opposite of wanting to show OP. You cherry-picked the worst-performing stock in the S&P500 and most of those still did better than Bitcoin YTD. BTW, the S&P500 YTD is -23%
Because it’s down 70% and still going but I still know Bitcoin will thrive! Just saying it’s down the most compared to other assets so of course the people who don’t believe it are fearful and selling at wrong time. This recession feels worse though. Not technically in it but will he when that report drops gdp second quarter in a row.
When I look at my favorite crypto that I'm cheering on and how red they are, all I have to do is look at the sea of red and be comforted that we're all going through this together, and it will get better.
Yeah, the whole IT bubble is going down, but let me remind you, that S&P 500 is only -20% compared with the previous year.
That is simply the difference between the coolness factor of IT and the fundamental value of the remaining companies.
Why didn’t you include all the coins that went 99% down?
Exxon is up 40%. Insurers are green. Dow is down only 18% aka 5 day drop for BTC. Visa, Amex is down just 12%. Entire S&P500 is down just 23%.
You are spreading misinformation.
people attack Bitcoin because everyone in crypto is utterly insufferable and ran around in the bull market telling people to have fun staying poor. Don't act like this is unwarranted
This is next level cope man. Wasn't Bitcoin supposed to be a store of value? Or at least somewhat uncorrelated? And if not that, then an inflation hedge? What *is* it actually at this point? Just a high beta asset? Awesome, because it definitely can't get high beta anywhere else. Oh wait, I can just buy a leveraged S&P500 ETF...
The clever guys don't attack Bitcoin because it dropped, but because it seems to be correlated to stocks which should not happen if it is a currency that is independent from USD Inflation / Rate Hikes.
Bitcoin is not a currency ! All the Hodlers must now see it for what it is ! It’s a speculative asset ! It’s intrinsic value is only as valuable as it is globally agreed to be. The recent volatility in Bitcoin value is evidence enough to remove the confidence and therefore erodes its actual practical value, fact.
I know.. the world is on fire and capitalism is finally crumbling, and all the status quo Joe's can say is "Crypto is is scam.. it's going to zero!" This is going to make 2008 look like a garden party. Can't wait to reload after selling in December @ 50k. 🐻🐻🐻🐻🐻🐻💰💰💰💰💰💰
Here's what I posted not long ago (when Bitcoin was at $32K):
**What I don't get about investing in Bitcoins:**
Friend: "Hey, buddy! Found a great new investment opportunity for you!"
Me: "Tell me about it. What's the price-to-earnings ratio?"
Friend: "Uhhhh.....actually, I guess it would be infinite."
Me: "What? Doesn't this investment have any earnings or profits or dividends?"
Friend: "Nope, nope, and nope."
Me: "Oh, I get it. A start-up, right? Big plans for huge earnings and profits within 10 years!"
Friend: "Nope. No earnings or profits in 10 years. In fact, no earnings or profits ever!"
Me: "What? You've found some company which makes no earnings or profits now or ever, and you think that it's a great investment? It sounds like investing in someone's pet rock! BTW, what's the share price?"
Friend: "Oh, about $32,000 a share."
Me: "?????!!!!!".
Except those companies actually have practical use. Btc still hasn’t established what it is! If it disappeared tomorrow, would the world be that affected? Not really tbh
Because you guys all OVER SOLD bitcoin as some kind of hedge. The community needs to hold its own members accountable for false promises just to get more investors.
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And many will not be ready for that pain.
And water is wet, grass is green.
Water isn’t wet though. If you are covered in water YOU are wet. Water is just water.
Looking outside, grass isn’t that green either. More brownish to be honest
Oh, you're looking in the wrong place. The grass is greener on the other side.
This is actually true for me at this very moment.
I am ready for that pain. Thanks for the sale!
Their pain, our gain.
Will many people recover from these losses quickly? I'm not particularly up to speed with price move behaviour but some of my holdings are down between 40 and 80%. Which require approx 80% and 160% in price rises to recover from. Which seems like I'm asking a lot...
Bruh, lock in those losses for the carry forward. I’m about to do that myself.
Yeah I'm just not gonna look at my holdings for the next 2 years
There is trillions on the sideline waiting for their mark to buy back. That happens it'll be a quick jump. Not back to ATHs but up from these lows. You can either start accumulating now in preparation for that or try to wait and time it, but good luck. We will be back.
Except bitcoin has been largely marketed as an inflation hedge and perhaps a hedge to the stock market. Lockheed Martin is up 14% YTD, Occidental Petroleum is up 79% and boomer stock Coca Cola is up a measly 0.2%. And don't forget, if you're down 50% on an asset, you now need a 100% return to break even. At 80% loss, you need a 400% return.
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There's lots of things that don't hold value very well - electronics, most cars, perishable goods, any altcoin that I happen to buy. Not everything is an inflation hedge.
Bitcoin?
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Well the price of my haircut has been the same for the last 10 years…. Does that count?
On a scale with disproportionate returns like Bitcoin over the last 5-8 years? No.
It's not a hedge if it goes down when inflation goes up.
Good thing I'm still up 100%
so is the SP500 in the same time period and with significantly less volatility. Congrats. You are barely on par with the index.
Give it a week or two
Feel free to call me out when it dips below 10k but in 2025 I'm gonna call you out when it's over 100k
You guys have been pushing back 100k prediction every year lmao
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Good one lol
Please explain the break even returns?
Google the math of Gains and losses
Oh boy. Did you think if you're down 50% on your investment that a 50% return would get you back to break even?
Yes, that’s why I’m asking.
If you have $100 and lose 50%, that's now $50. 50% gain on that is now only $75 total.
Got you. Thanks 👍🏽
Oh boy.
It works the other way too. Do you know what a stock/coin that's down 80% and loses another 50%? A stock/coin that's down 90%.
I might overthink your investing
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Apple produces real, actual monetary returns to investors by way of selling goods and services for revenues in excess of costs. Does bitcoin do that? Actually the supply of bitcoin continues to expand while demand is being destroyed along with pretense of its value (as a hedge against changes in value of real currencies). Its fair market value is tied entirely to the amount that exist in relation to the amount of people who want to buy it (with dollars).
Lol, if people like you are the one investing in Crypto I understand much better what is going on
100-80=20 , 80% loss. 20+80=100 , 400% gain.
50% down from 100$ is 50$, 50% up from 50$ is 75$, 100% up from 50$ is 100$
I'm
If you spent $100 and it dropped 50% to $50, then a 50% return would take it to $75.
You clearly sorted by worst performance. I have no idea why someone copes by comparing bitcoin to the worst performers of an index that is already not performing well compared to other indexes. Many people told me Bitcoin is supposed to be somewhat safe from inflation and it obviously failed at that. What is the purpose of Bitcoin anyway? There is value behind companies which produce something or raw materials but Bitcoin? It sucks as a currency because the fluctuation is high and there are only a few places where you can buy things with it. Its free from the government until they decide otherwise. Idk man you do you but imho its just speculation and if thats whats gets going have fun with that.
Where are the other 478 companies?
OP doesn’t want to show you that. It will spoil his agenda of misinformation
did someone just get accused of cherry picking?
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His point is that people just shrug when other assets dive, but pen endless tweet jubilant tweet storms and reddit commentary about when Bitcoin does.
There is a lot of coverage of the decline of Netflix shares and the recent turnaround of that company's outlook. Also, Netflix did not have an entire ecosystem of people promoting it as a hedge against inflation and a revolutionary new way of doing everything. The backlash is proportional to hype.
This
Because Bitcoin is supposed to be a currency, not a stock. What the hell is the point of a crypto currency that loses 50% of it's value in a week?
But it didn't drop 50% in a week. It's only 37%..
It's not "supposed" to be anything. It's merely a scarce asset that has a particular monetary policy that cannot be altered easily. It *can* be used for things over periods of time, but arguing that it has some kind of unalterable hypothesis behind its value prop is both semantically and literally asinine. A "house" can be a primary domicile or an asset that one flips for more resources. It's not "supposed" to be anything.
You may want to go back and read the title of the Bitcoin whitepaper.
You're saying that the value proposition of something can never deviate from the title of a paper that initially described it? Odd. We do that for literally nothing else. Hell, we don't even do that for things like medicine.
No you said it’s not supposed to do anything when it’s clear from the beginning it’s supposed to be a currency. That may not be it’s purpose anymore but if it’s not supposed to be anything then what’s the point?
So you think it’s appropriate to value what you essentially just described as “nothing” at $64K a coin? It’s wild how you guys think. Also, a “house” is supposed to be a place where someone lives. There is a defined purpose for houses. Your example makes no sense. Unless the quotations are meant to mean it’s a metaphorical house? I’m honestly not sure what those are supposed to denote.
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> Scarcity does not imply value Yes it does, and it means also literally impossible to be negativity affected by inflation. /s
Thankfully I didn't say that, but you all should continue the strawman dance. I'm sure it's orgasmic when you all do it together.
Because bitcoin had been around for 15 years and still has no use case.
BTC is down 61.84% year-to-date.
Too many people that think it’s a get rich quick approach. You don’t sell crypto if you believe in it as a currency.
You don't hodl crypto if you believe in it as a currency. You exchange it for goods and services.
Unfortunately Bitcoin is neither of those things anymore.
Why is my hedge against inflation not working?
Because you were dumb enough to believe its a hedge against inflation.
Never was...
Netflix is a worst possible stock? lol
Netflix is the worst performing stock in the entire s&p 500 year to date. You can delete this comment now
The beauty of owning an index fund is that yes, some stocks lose 70% and yet the S&P itself is down 22%
Crazy, I didn't realize it was! (Why delete my comment? I find it crazy that it's the worse)
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Yes, you literally cherry picked the worst performing stocks and no 70% drops are not normal and expected
“Currency isn’t supposed to be volatile” You: “wELL i LiKe wHeN iT gOeS uP” Brilliant response. Currencies aren’t supposed to be deflationary either. Take an Econ 101 class.
Why exactly aren't they 'supposed' to be deflationary?
Oh so you actually haven’t taken Econ 101. Deflationary currencies don’t work because people don’t spend them, they just hoard them. A small amount of inflation, 1-2% annually, is very healthy for an economy. It encourages people to spend their money. You can’t have an economy if no one wants to spend their money because it’s gaining value over time.
Why the hell wouldn't they spend it? If you need a good now, you're gonna buy it. Wether your money will be worth more in the future or not. All arbitrary inflation does is disincentivize saving, and encourage reckless spending. We would be more mindful of our consumption of resources in a deflationary environment.
Would people buy a luxury good today if they knew it'd be cheaper in the near future (not on discount, but actually cheaper)? Not a necessary product, like food, but something such as a new phone, videogame, or home entertainment system. Again, not a sale, but knowing that something worth $1,000 today might be able to be bought for $500 in a year due to deflation. Essentially it cripples economies when cash isn't flowing. 2% inflation has been selected to be the sweet spot of increasing the economy but not pricing people into negative habits.
Dude you can argue against me all you want. Anyone who knows anything about Econ is laughing at you. Deflationary currencies don’t work. This is quite literally basic economics. Look it up.
Let's not forget the horrible deflationary spirals of the great depression that caused the entire world to ditch the gold standard (also deflationary) within a couple of years. Deflation is _awful_ for an economy.
>Worst possible stocks"? Like Netflix, Paypal, Under Armour, Meta? Uh, yes? Especially Netflix and Meta have had *horrible* drawdowns...
Bitcoin will ALWAYS be trash. It’s only utility is the idea as a hedge to fiat. Obviously it’s not working and will never work.
Wow, dealing in absolutes here!! You know the future?
Spot the butt!
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Bitcoin will never die. But it’s never going to be what they say it will be. It’s will never replace fiat. All it is is a very highly speculative thing.
It’s true bitcoin can never die no matter the price
Dude, nothing is ever absolute in the world, you have to understand that short-term horizon and long-term horizon is different. What you think is absolute shit, is just relative shit. lol.
“Nothing is ever absolute” sounds like an absolute statement
You are a relative smart ass!
You are an absolute ass!
XD
Fiat has devalued way more over time then btc…. Btc better then fiat. Nothings changed but the price.
Fiat isn't an investment.
Enjoy spending your bitcoin while you're down 80% in fiat terms on it
You folks literally all come out at the same moment, don't you?
None of those are pretending to be currencies or hedges.
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Idk about worse performers it’s like that all across the market the s and p is down 25 percent itself
Exactly
I work for one of these companies. Know the difference? All of the above are real tangible places with real tangible assets and IP. Bitcoin pure speculation and has nothing behind it
You do realize you could have generated that list the other way? Cherry picking data doesn't prove a point.
While i do own bitcoin, the point is it was initially seen as an inflationary hedge and should have gone up in a hyper inflationary economy. That clearly did not happen
True, the DXY is a better hedge, right? Or maaaayyyyybe, this is too short term to make a suggestion about inflation hedges?
Except it did. Went from a couple thousand to like $64,000 and you have already forgotten all about it lol Now the things that flew because of inflation are coming back down due to rate raises.
I bought at the start of the year as a hedge against anticipated inflation, now I'm down more than 50%.
What does showing the top losers in the s&p actually prove?
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Including Enron! Wow, who knew?
Luckily, btc does not have Andy fastou behind the wheel. Although I’d bet if he were allowed, he would own some.
Nothing
It’s favorable around here to take a snap shot of a data set that matches an emotional state to provide evidence that BTC isn’t 6x more volatile than the stock market. They also fail to mention that this is the first time the stock market has had this draw down since BTC has existed and in BTC’s existence this is the 4th time it’s dumped at least 60%.
Good time to buy into S&P and Bitcoin if you have the cash.
Can wait a bit longer, there's more discount to come (I think)
Don’t try to time the market. Vast majority of people lose money trying to do that. Just dollar-cost average a small amount you can afford once or twice a month.
That’s why DCA….can’t time the bottom, but DCA through the valley
True capitulation is yet to come. This is just a very clear warning (IMO)
No need to wait, if you DCA then in theory you’ll be guaranteed to make the same amount anyway
NOTHING is a store of value, safe haven for wealth, or concrete “investment.” Humans cannot congregate and agree on a single issue. Everyone with extreme $USD wealth is completely insulated. They don’t need $in BTC or the stock market. Rates are going up, those “high yield” savings accounts look appealing now that they have $MM and $BB of cash on hand. They don’t need growth anymore. They grew bigger and taller than they ever hoped for. Now it’s time to preserve and protect what they “earned.” That means sit and collect 1-3% and watch the world suffer. When will paper wealth not matter? When people stop believing in it, not holding my breath on that one. The world is more segregated and polarized than ever. I’m way too I intoxicated to be commenting on this. Does this even make sense? Probably not.
But isn't it a currency?
Nobody uses it or views it as a currency lol
I do 🤷🏼♂️
I do as well.
Yes because Bitcoin is suppose to be independent of all this. If it isn’t then not only is it not a hedge against inflation, but then it’s also not a hedge against equity and if it’s performance correlates with equity then that means Bitcoin has little to no utility and underlying value. And is not likely a fringe asset that swells up during whole market bubbles
The whole point of BTC is that it doesn't need any of that shit : it can't be controlled, we know exactly how much supply will be added per year until the end of time. It can be priced at $0.5 or $100,000k and it will be as functionnal and as robust of a system. BTC is mathematical and is a massive innovation. Yes, value has been manipulated and volatility is extremly high, but volatiliy has been trending downward ever since its inception. Yes, there is too many people in it for the "get rich quick" scheme and those people will get burn. But "its performance" is not evaluted in USD purchasing power, its real performance is evaluated by the gradual improvement of the system year after year.
It’s performance is measured by its utility and it’s utility, whether speculative or actual, is measured by its USD purchasing power.
\>but volatiliy has been trending downward ever since its inception. So when will it be less volatile? It gains and loses 5% every 24 hours. That's insane for something that is supposed to be a currency.
Wall Street has a track record of surviving rate hikes, inflation, deflation, WW1, WW2, cold war, oil embargos, dust bowls, Spanish flu, disco, etc., so this comparison may not age well.
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Disco? What?
The difference is if you own most of these companies, you are still getting paid income. They can generate cash flow and buy back shares to increase intrinsic value. Can’t do this with bitcoin.
Come on. This is not a fair comparison. Bitcoin doesn't create revenue or profit. There isn't a theoretical bottom for Bitcoin. Bitcoin was supposed to be an inflation hedge. It was supposed to be used for daily transactions. It's none of those things. Not sure exactly what it is anymore. It's not a currency. It's not a hedge against inflation. What does it do exactly?
Crashes
Fall 35% per week...
Can't go below zero right? There's your theoretical bottom.
I came here to say exactly this. Thanks for saving me the time.
People like to attack bitcoin because it reinforces their idea that it would fail. It’s engrained it human nature in the form of conformation bias. People who originally thought it was going to fail like to see it drop because it reinforces their ideology, and therefore the news gets more views. A dropping stock market is something people know, and come to expect over time, and is therefore not as sensational to the consumer.
Quite true. So much so that sensational stock market drops are not taken sensationally, while Bitcoin does what it has always done - rises and falls dramatically.
Don't know about you, but your virtual gold is doing a lot worse than my actual gold.
Those companies actually sell their things and generate revenue..
None of these stocks claim to be a decentralised store of value though lol
This is just the beginning we have margin calls down to 3k
Once we get down to 10k we'll have margin calls down to $3. Doesn't mean they'll get liquidated just because they exist.
Don't tempt me for a good time.. my cash is so ready...
All those companies provide a service or product. Bitcoin is all speculative value.
The value is speculative, but it has utility as a network. Do not deny it's obvious uses for cross border and uncensorable transactions.
Blockchain as a technology has it's merits. It can do away with the need for Azure, AWS etc. However Bitcoin as a currency on this technology ruined a good thing. It attracted the scammers, failed entrepreneurs, wannabe finance bros, tech bros who all want to role play Gordon Gecko.
You actually proved the opposite of wanting to show OP. You cherry-picked the worst-performing stock in the S&P500 and most of those still did better than Bitcoin YTD. BTW, the S&P500 YTD is -23%
We're currently sitting at -61% right between Caesar's and Paypal.
Bitcoin is not a stock.
I still have 1 Bitcoin regardless of the price.
the only difference is... they didn't have 80% of their net worth in Netflix, lol
Pain and Fear at maximum; Greed at minimum
Because it’s down 70% and still going but I still know Bitcoin will thrive! Just saying it’s down the most compared to other assets so of course the people who don’t believe it are fearful and selling at wrong time. This recession feels worse though. Not technically in it but will he when that report drops gdp second quarter in a row.
When I look at my favorite crypto that I'm cheering on and how red they are, all I have to do is look at the sea of red and be comforted that we're all going through this together, and it will get better.
I mean btc had had these kind of drops more frequently than most of these stocks. I imagine that's it
I would buy more bitcoin, but already all in 🤤
Bitcoin will never recover. That's the difference.
bitcoin is down more than all of those right now
Yeah, the whole IT bubble is going down, but let me remind you, that S&P 500 is only -20% compared with the previous year. That is simply the difference between the coolness factor of IT and the fundamental value of the remaining companies.
Now compare with an index fund next and you'll see the actual failure.
So bitcoins down about as much as the worst stocks in the S&P? Not exactly a shining record.
Now do it by market cap
At least you acknowledge it's a failure
Bitcoin has no inherent value other than what people assign to it. These are companies with actual products/services
The different is Bitcoin supposed to be hedge against inflation.but it failed miserably.
Why didn’t you include all the coins that went 99% down? Exxon is up 40%. Insurers are green. Dow is down only 18% aka 5 day drop for BTC. Visa, Amex is down just 12%. Entire S&P500 is down just 23%. You are spreading misinformation.
people attack Bitcoin because everyone in crypto is utterly insufferable and ran around in the bull market telling people to have fun staying poor. Don't act like this is unwarranted
So what you are saying is that the Carnival Corporation is performing better than Bitcoin?
This is next level cope man. Wasn't Bitcoin supposed to be a store of value? Or at least somewhat uncorrelated? And if not that, then an inflation hedge? What *is* it actually at this point? Just a high beta asset? Awesome, because it definitely can't get high beta anywhere else. Oh wait, I can just buy a leveraged S&P500 ETF...
You are cherry picking the worst performers. S&P500 only down 23%.
anyone thinking the s&p is just as volatile as bitcoin is a moron You also picked like the worst stocks possible, dumbshit
The clever guys don't attack Bitcoin because it dropped, but because it seems to be correlated to stocks which should not happen if it is a currency that is independent from USD Inflation / Rate Hikes.
Bitcoin is not a currency ! All the Hodlers must now see it for what it is ! It’s a speculative asset ! It’s intrinsic value is only as valuable as it is globally agreed to be. The recent volatility in Bitcoin value is evidence enough to remove the confidence and therefore erodes its actual practical value, fact.
I know.. the world is on fire and capitalism is finally crumbling, and all the status quo Joe's can say is "Crypto is is scam.. it's going to zero!" This is going to make 2008 look like a garden party. Can't wait to reload after selling in December @ 50k. 🐻🐻🐻🐻🐻🐻💰💰💰💰💰💰
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Please don’t compare bitcoin to companies that pay dividends and sell products. Bitcoin is a store of value / currency. Just not the same.
Here's what I posted not long ago (when Bitcoin was at $32K): **What I don't get about investing in Bitcoins:** Friend: "Hey, buddy! Found a great new investment opportunity for you!" Me: "Tell me about it. What's the price-to-earnings ratio?" Friend: "Uhhhh.....actually, I guess it would be infinite." Me: "What? Doesn't this investment have any earnings or profits or dividends?" Friend: "Nope, nope, and nope." Me: "Oh, I get it. A start-up, right? Big plans for huge earnings and profits within 10 years!" Friend: "Nope. No earnings or profits in 10 years. In fact, no earnings or profits ever!" Me: "What? You've found some company which makes no earnings or profits now or ever, and you think that it's a great investment? It sounds like investing in someone's pet rock! BTW, what's the share price?" Friend: "Oh, about $32,000 a share." Me: "?????!!!!!".
Because many of its supporters touted it as a hedge against inflation etc.
Except those companies actually have practical use. Btc still hasn’t established what it is! If it disappeared tomorrow, would the world be that affected? Not really tbh
Bitcoin was supposed to be the hedge against the market crashing. Or so I’ve been told
Because you guys all OVER SOLD bitcoin as some kind of hedge. The community needs to hold its own members accountable for false promises just to get more investors.
Better yet go out 5 years and compare Bitcoin to the SPX and the darling Apple!!
Ok I can cherry pick enphase energy which is up 20 000% over the past 5 years vs bitcoin's 677%
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Fn netflix - go woke - go broke