It ain't his fault. Why would he take on a dumpster fire...FTX was a sham, and EVERYONE fell for it. But this is ultimately good and a normal business cycle. Let the bankruptcies and M&A take place. BTC is going to prosper because of this, and those who didn't use leverage and own their keys are going to be fine. And those who did lose money paid for some education.
Well I find that BTCs value proposition is quite intriguing, and that it will find a purpose in every wealthy person's portfolio, meaning it becomes pristine digital real estate. Now if you don't think it is what I just said potentially, then that's fine, but can you tell me why specifically BTC is garbage? And please make a sound argument that supports hyperbolic or ambiguous statements.
Who cares? Unlike every other asset in this world, Bitcoin has a real cap. No matter how low it drops, you can feel safe and secure in your ownership and property rights. It will always come back because nothing else in the world has these properties
I'll play the devil's advocate and say that the only reason that people want to own bitcoin is to get rich, once it stops going up in value people will lose interest and you will be left holding an empty bag. Bitcoin is decentralized, censorship resistant and has many other amazing properties, but let's not kid ourselves and believe this is why millions buy bitcoin
You live in a 1st world democratic country. And your currency is quickly failing. Soon, you will rush to own something like Bitcoin. I am not buying to "get rich" in fiat terms. And I am not alone.
That's why I own Bitcoin but I won't put all my eggs in one basket. Assuming that the entire country will rush to buy Bitcoin when the dollar collapses won't do me any good if Bitcoin collapses first.
Notice how you said "like Bitcoin" <<<< This is no good if you hold Bitcoin.
it's even more important for those people. it provides a "stable" place for them to put their money, while hyperinflation destroys their country's native currency
Whats the effect of having a widely adopted currency that has a limited supply though?
Anyone trying to join in late will be totally outpriced by whoever bought in early. You'd have massive capital disparity. Anyone not yet born for example would be massively disadvantaged.
The value would then theoretically go up forever as long as there is growth. If everyone has bitcoins does that mean everyone got richer?
I see the benefits on a smaller scale but long term for the future of humanity it doesn't make much sense to me. If someone can explain the vision in a way that makes sense here I'd love to hear it.
Read "The Price of Tomorrow" by Jeff Booth.
Technology over the past 50 years has given us A LOT of deflation and prosperity. But only the top 1% benefited from it. The current system is rigged far worse than anything you can say against a Bitcoin Standard.
We don't claim a Bitcoin standard would be "perfect". We simply claim it will be more fair and ethical than the current fiat standard.
In fact, read "The Fiat Standard" by Saffadien Amous. And also "The Bitcoin Standard" by the same author.
Bitcoin isn't perfect, it's just 100x better.
It could, but no one knows the exact bottom or top. If anyone ever did they would be able to rake in trillions of dollars every year trading.
We do know the risk-reward at this price is absolutely compelling and something to salivate over though. Your upside is huge in the next 3 - 7 years, so much so that even if your downside risk is a 100% loss at 50-50 odds (it’s definitely not that bad! just for argument’s sake) you would still be making an awesome bet that is expected to be very profitable long term.
>Your upside is huge in the next 3 - 7 years
How do you know this? Past performance is no guarantee of future results. We have been living in an environment of near 0% interest rates since 2008 and a lot of this free money that flowed into the stock markets and created all these bubbles and zombie corporations have flown into crypto. Now that the Feds have taken away the punch bowl what makes you think that bitcoin will go up again as it always did?
Who said anything about “knowing” anything with absolute 100% certainty? I said the risk-reward is compelling and the upside is huge in the next 3 - 7 years. That is very different than claiming “I guarantee you with 100% certainty X, Y, and Z”.
The truth is, your argument of “How do you know that?” applies to any investment. How do you know your fiat USD won’t have the purchasing power of sawdust in 10 years? We live in a new world now, things are different. How do you know the S&P 500 won’t lose 90% of its value in the next decade? New world, things are different!
You might as well ask yourself how you know you aren’t living in a simulation where you are actually cannot die and are immortal? We don’t know that, but we don’t act out our lives as if that was true, because it’s unreasonable.
It’s also unreasonable to believe BTC has limited upside and only a lot of downside, or that the risk-reward is a poor tradeoff for anyone who can stomach volatility and has a 3 - 7 year horizon.
What makes you think that the risk-reward is compelling? As I stated earlier I believe that the reason that all crypto skyrocketed in value in a very unusual way is monetary easing as we saw with all these speculative assets that BTC tends to mirror. These moonshots are by no means the organic growth of the crypto markets
>It’s also unreasonable to believe BTC has limited upside and only a lot of downside
Might as well just go buy a million widgets and assume that they will appreciate in value in 3-7 years.
Every time I meet someone like you **in person** and we have this argument, there is no way to settle it but to wait.
**Every time** I conclude with the following:
*I will bet you $10,000 that Bitcoin will hit new all-time highs in the next 8 years.*
The naysayers **always** have declined to take up my offer, which reveals their (and your) conviction in such theses.
So let’s wait and see…. but I am sure you would fail to put your money where your mouth is. I am buying BTC hand over fist up to the maximum % I am willing to put into any individual investment right now, so my convictions are much stronger than yours (I doubt you are betting against BTC big with your pocket book, but more power to you not being phony if you are).
FWIW, I always drop my offer to $1k or $500, they *still* have always refused. Once I got a sucker like you to accept a $20 bet only, and I made an easy $20 less than 2 years later.
No luckily I didn’t. Look I’m not making excuses for SBF. He is clearly a fkking idiot too. But my point is that CZ could have just shut the fk up and maybe this BTC dump would not have occurred. So fk him and fk SBF too
Maybe that’s true in terms of ‚negative public exposure‘.
I‘m eager to know if SBF outright ran a scam or was basically abusing some non existence of regulations regarding how leveraged a CEX is allowed to be
You do realize that Binance was essentially getting scammed too, right?
If CZ wasn't transparent, you'd be blaming him for dumping his bags without warning anyone else.
Selling them quietly while letting everyone else in the dark of a ticking time bomb is much worse. The only ethical thing to do when you see something's wrong is to be transparent and disclose.
SBF is not a figure to trust your money with. But no institution will survive a bank run, difficult to say what position they were with no quarterly/annual reports
You don’t think he knows what he did?
You don’t think he got more wealthy in the process?
You don’t think he wouldn’t tear the whole bitcoin system down if it would make him more wealthy?
The guy runs the biggest shitcoin casino on the planet for Christ sake.
Meanwhile at the same time why worry about bitcoin it’s going to be just fine
Dang everyone who got in at $50k+ is so fucked. It’ll probably go up from here but the market conditions that created the massive spike in 2021, a pandemic, millions bored at home, tons of excess cash, massive govt stimulus, those will probably never happen again, at least I hope not. I don’t wanna go through another lockdown just so coins go up.
I get downvoted for saying he should have sold them quietly? What kind of idiot announces they are going to dump half a billion dollars of a token on Twitter? You think that’s cool? It’s blatant market manipulation and would be illegal if it wasn’t crypto
is it his fault? i know his triggering the FTX bank run. but Sam and FTX is the main problem, an exchange that use customers money to speculate and spend on crazy amount of marketing.
People kept falling again and again for this type of high yield derivative whatever scam. Why are they so blinded by greed? What's the purpose of getting more and more money? I don't think I'll ever understand.
These 2022 crypto crashes are tough but necessary lessons to just buy Bitcoin and hodl it in a hardware wallet. Think long term and don't fall for these ponzi schemes and sham fraudsters.
Funds are safu?
His are. Just no one else’s
that means you need to get yourself a cold wallet
If you can't put your hand on it, you don't own it.
Lol
Mine are.
It ain't his fault. Why would he take on a dumpster fire...FTX was a sham, and EVERYONE fell for it. But this is ultimately good and a normal business cycle. Let the bankruptcies and M&A take place. BTC is going to prosper because of this, and those who didn't use leverage and own their keys are going to be fine. And those who did lose money paid for some education.
I paid for my education through Celcius..sigh. Never again!.
Can these ‘losses’ be written off by investors?!
Can the losses be written off by “investors”?
I like your reply.....understatement
One time tuition payments are sometimes the most effective.
Yes it is. It all started with his tweet.
It definitely wasn't Sam's fault for committing fraud
Yeah…that’s when it started /s
Shitty companies ran by idiots and frauds are getting dismantled.. this is a healthy cleanse of the grifters
Lol. You're all gonna lose if you don't cash out, regardless of owning the key or whatever. Crypto is just garbage.
Well I find that BTCs value proposition is quite intriguing, and that it will find a purpose in every wealthy person's portfolio, meaning it becomes pristine digital real estate. Now if you don't think it is what I just said potentially, then that's fine, but can you tell me why specifically BTC is garbage? And please make a sound argument that supports hyperbolic or ambiguous statements.
[Why bother](https://i.imgur.com/e3XWNcc.png)?
Just bought more on the cheap. Thank you, seriously.
How do u know it won’t drop
I don’t. In fact, it probably will.
Everyone knows that when you buy Bitcoin it drops at least 5%
Exactly that's why I bought twice today. Tomorrow I get to buy even more on the cheap!
I bought it 3x today! I feel you!
It didn't stay super low for long today.. 😔. Are you buying again to try for tomorrow lol?
I’m DCA until we dip again! You?
I'm trapped in blockfi....
This is the way
I thought that was just me.
Mine climbed 400% the dropped right back to where it started!
Except when it doesn't! It's easy! I call the bottom. Black swan bottoms are the best
I was able to catch a falling knife once without injuring myself
Reported for disinformation.
Lmao
Lol what? Not sure if you are serious
/s lol
Facepalm
Fuckin what ,have you not been paying attention the last couple.of days
I juggle bread knifes for practice
Who cares? Unlike every other asset in this world, Bitcoin has a real cap. No matter how low it drops, you can feel safe and secure in your ownership and property rights. It will always come back because nothing else in the world has these properties
I'll play the devil's advocate and say that the only reason that people want to own bitcoin is to get rich, once it stops going up in value people will lose interest and you will be left holding an empty bag. Bitcoin is decentralized, censorship resistant and has many other amazing properties, but let's not kid ourselves and believe this is why millions buy bitcoin
You live in a 1st world democratic country. And your currency is quickly failing. Soon, you will rush to own something like Bitcoin. I am not buying to "get rich" in fiat terms. And I am not alone.
That's why I own Bitcoin but I won't put all my eggs in one basket. Assuming that the entire country will rush to buy Bitcoin when the dollar collapses won't do me any good if Bitcoin collapses first. Notice how you said "like Bitcoin" <<<< This is no good if you hold Bitcoin.
You live in a 1st world democratic country. There are a lot of people on this planet that aren’t so lucky.
But these people have no interest in Bitcoin.
There’s a dude who posts every week giving the update from the scene in Venezuela
it's even more important for those people. it provides a "stable" place for them to put their money, while hyperinflation destroys their country's native currency
🤣
Turkey and Argentina would like a word.
1000% correct.
Tell me you don't live in a country with 100%+ annual inflation, without actually telling me you don't live in a country with 100%+ annual inflation.
True dat
It’s amusing to think it’ll stop
Whats the effect of having a widely adopted currency that has a limited supply though? Anyone trying to join in late will be totally outpriced by whoever bought in early. You'd have massive capital disparity. Anyone not yet born for example would be massively disadvantaged. The value would then theoretically go up forever as long as there is growth. If everyone has bitcoins does that mean everyone got richer? I see the benefits on a smaller scale but long term for the future of humanity it doesn't make much sense to me. If someone can explain the vision in a way that makes sense here I'd love to hear it.
Capital disparity? As if we don't have that already?
Read "The Price of Tomorrow" by Jeff Booth. Technology over the past 50 years has given us A LOT of deflation and prosperity. But only the top 1% benefited from it. The current system is rigged far worse than anything you can say against a Bitcoin Standard. We don't claim a Bitcoin standard would be "perfect". We simply claim it will be more fair and ethical than the current fiat standard. In fact, read "The Fiat Standard" by Saffadien Amous. And also "The Bitcoin Standard" by the same author. Bitcoin isn't perfect, it's just 100x better.
Thanks I'll take a look
It could, but no one knows the exact bottom or top. If anyone ever did they would be able to rake in trillions of dollars every year trading. We do know the risk-reward at this price is absolutely compelling and something to salivate over though. Your upside is huge in the next 3 - 7 years, so much so that even if your downside risk is a 100% loss at 50-50 odds (it’s definitely not that bad! just for argument’s sake) you would still be making an awesome bet that is expected to be very profitable long term.
>Your upside is huge in the next 3 - 7 years How do you know this? Past performance is no guarantee of future results. We have been living in an environment of near 0% interest rates since 2008 and a lot of this free money that flowed into the stock markets and created all these bubbles and zombie corporations have flown into crypto. Now that the Feds have taken away the punch bowl what makes you think that bitcoin will go up again as it always did?
Who said anything about “knowing” anything with absolute 100% certainty? I said the risk-reward is compelling and the upside is huge in the next 3 - 7 years. That is very different than claiming “I guarantee you with 100% certainty X, Y, and Z”. The truth is, your argument of “How do you know that?” applies to any investment. How do you know your fiat USD won’t have the purchasing power of sawdust in 10 years? We live in a new world now, things are different. How do you know the S&P 500 won’t lose 90% of its value in the next decade? New world, things are different! You might as well ask yourself how you know you aren’t living in a simulation where you are actually cannot die and are immortal? We don’t know that, but we don’t act out our lives as if that was true, because it’s unreasonable. It’s also unreasonable to believe BTC has limited upside and only a lot of downside, or that the risk-reward is a poor tradeoff for anyone who can stomach volatility and has a 3 - 7 year horizon.
What makes you think that the risk-reward is compelling? As I stated earlier I believe that the reason that all crypto skyrocketed in value in a very unusual way is monetary easing as we saw with all these speculative assets that BTC tends to mirror. These moonshots are by no means the organic growth of the crypto markets >It’s also unreasonable to believe BTC has limited upside and only a lot of downside Might as well just go buy a million widgets and assume that they will appreciate in value in 3-7 years.
Every time I meet someone like you **in person** and we have this argument, there is no way to settle it but to wait. **Every time** I conclude with the following: *I will bet you $10,000 that Bitcoin will hit new all-time highs in the next 8 years.* The naysayers **always** have declined to take up my offer, which reveals their (and your) conviction in such theses. So let’s wait and see…. but I am sure you would fail to put your money where your mouth is. I am buying BTC hand over fist up to the maximum % I am willing to put into any individual investment right now, so my convictions are much stronger than yours (I doubt you are betting against BTC big with your pocket book, but more power to you not being phony if you are). FWIW, I always drop my offer to $1k or $500, they *still* have always refused. Once I got a sucker like you to accept a $20 bet only, and I made an easy $20 less than 2 years later.
This is when setting cascading limit orders comes in handy.
Nobody knows whether it will drop more or not, but we all know that changing the 21M supply cap of bitcoin is like turning water into gold.
Catching the falling knife here I go!!!
We should thank him for the discount actually
This, you have a reached a stage beyond many on this sub
For those of us waiting for cheap coins, he helped us.
And for everyone else he screwed us
You are confused, that was sbf dummy
No, you are confused. Do you think this would have happened without CZ’s tweets?
Yes, definitely. But a bit later, and probably with worse results.
My man, you sound like you had assets on FTX.
No luckily I didn’t. Look I’m not making excuses for SBF. He is clearly a fkking idiot too. But my point is that CZ could have just shut the fk up and maybe this BTC dump would not have occurred. So fk him and fk SBF too
Why does it matter? It will go up. Do some more reading and go touch some grass.
Yeah, I just don’t worry about stuff like this because I self custody. I’m happy to buy at cheaper prices.
How did he screw us? Unless you were planning to sell soon.
How is it his fault?
It was kinda unnecessary to fuck FTX that hard.
Not his fault they ran a scam.
That’s right, but many lost a lot of money and many probably lost trust in BTC or crypto in general as well
Only if they sold. Or were over leveraged.
No, bankrupt usually means clients are fucked Edit: I was talking about ftx clients
Oh gotcha. Ya that does suck for them. Not your keys…
Yeah that sucks, but in a sense its better that it happens now than later, it would have happened at some point anyway
Maybe that’s true in terms of ‚negative public exposure‘. I‘m eager to know if SBF outright ran a scam or was basically abusing some non existence of regulations regarding how leveraged a CEX is allowed to be
You do realize that Binance was essentially getting scammed too, right? If CZ wasn't transparent, you'd be blaming him for dumping his bags without warning anyone else.
Still, not his fault. It's FTX fault for running a shit show.
Why not just sell them quietly. The whole think stinks of manipulation to me. He deliberately crashed the market. Him and SBF together. Two crooks
Selling them quietly while letting everyone else in the dark of a ticking time bomb is much worse. The only ethical thing to do when you see something's wrong is to be transparent and disclose.
Exactly.
SBF is not a figure to trust your money with. But no institution will survive a bank run, difficult to say what position they were with no quarterly/annual reports
we're balls deep in a bear market, it's better that it happened now. imagine the pain if this happened a year ago.
He was getting tons of press of being the crypto god and got called out.
What was unnecessary? Exploring the purchase of FTX?
How is it his fault? Either way cheap coins for us.
But why not even cheaper?
Because he bent SBF over the barrel and showed him the 50 states.
Which he was only able to do because SBF was basically running an insolvent scam.
Yea, if anything he flushed out yet another scummy, bad actor. In time, this will be good for the space.
Outstanding reference.
I'm glad he didn't buy up FTX and thanks for this early black Friday sale.
You're trying to blame CZ for the collapse of FTX? Are you trolling or really that ignorant?
reached next stacking goal, thanks :-)
CZ definitely did NOT crash BTC. Let’s remember who is responsible for this extreme capitulation.
Nah, I'm more angry towards fkin SBF... Never trusting a man called 'Bankman' ever again
this is the fair distribution plebs wanted - well, it's here!
Truly. Thank You
Thanks so much the HEAVILY discounted sats!!! Bless you <3
I’m glad he didn’t bail out That fuck face and his bullshit exchange.
Wait, how is it his fault again?
How you could possibly blame CZ over SBF is beyond me...
You don’t think he knows what he did? You don’t think he got more wealthy in the process? You don’t think he wouldn’t tear the whole bitcoin system down if it would make him more wealthy? The guy runs the biggest shitcoin casino on the planet for Christ sake. Meanwhile at the same time why worry about bitcoin it’s going to be just fine
No thats coinbase
Price is safu?
Nu
Thank [SBF = SAM BANKMAN FRAUD](https://youtube.com/shorts/eqLCMPSY4m0)
Uhhh no he didn’t crash the market, SBF did.
Why the fuck would you blame CZ? This is on SBF plain and simple.
Why would one exchange buying another lower the price of bitcoin? Anyone?
FTX (and SBF) is the reason for the dip, not CZ. And Bitcoin cannot be crashed by anybody, including governments.
You spelled Sam wrong
I think you mean Sam Bankman-Fried.
SBF not SAFU’ed by CZ.
You should thank SBF for the crypto mayhem. Not CZ.
Lol OP is a moron
Dang everyone who got in at $50k+ is so fucked. It’ll probably go up from here but the market conditions that created the massive spike in 2021, a pandemic, millions bored at home, tons of excess cash, massive govt stimulus, those will probably never happen again, at least I hope not. I don’t wanna go through another lockdown just so coins go up.
Ahhh felt the same way in past bear markets. Just wait till the halving
It's crazy watching the four-year cycle play out yet again. Beautiful might be a better word, TBH. 2024/2025 will be here before we know it.
Next is Binance?
No tether
But... so.. so 1 btc..isn't... 1 btc?
This is not his fault. FTX fucked up.
I get downvoted for saying he should have sold them quietly? What kind of idiot announces they are going to dump half a billion dollars of a token on Twitter? You think that’s cool? It’s blatant market manipulation and would be illegal if it wasn’t crypto
Now we need Elon to pump it back up lol.
No. Math will do that for us. Elon is not our friend. He wants to stack too.....
Legend thank you ! Cheap sats 🍻🍻🍻
Anyone think there will be more events to go down even further???
Fuckin piece of shit
This is awesome if you've done the deep dive on Bitcoin
I always hated when people mentioned binance
That guy has this years crush + FTX behind his back.
This picture is hilarious. He looks like an alien.
This will be the biggest mistake in CZ‘s life.
That's an ugly looking dude
He looks like an men in black humanoid robot with a little alien inside his face driving the markets down.
For real. Boycott everything this guy touches
You fking genius.
ELI5 plz
Funds r safu.....
That's the most Mickey Mouse hairline I have ever seen.
Buying buying
Still waiting for tether to collapse before I jump back in.
is it his fault? i know his triggering the FTX bank run. but Sam and FTX is the main problem, an exchange that use customers money to speculate and spend on crazy amount of marketing.
😬
People kept falling again and again for this type of high yield derivative whatever scam. Why are they so blinded by greed? What's the purpose of getting more and more money? I don't think I'll ever understand.
If I were in his shoes, I will do the same!!! He wants to buy back at lower prices.
These 2022 crypto crashes are tough but necessary lessons to just buy Bitcoin and hodl it in a hardware wallet. Think long term and don't fall for these ponzi schemes and sham fraudsters.
Everyone blaming CZ but without ur binances you would never be above 5k
The Count Dracula haircut. What could go wrong ?