Bitcoin tumbles below $70k, wiping out gains since Trump 2024 win

The Bitcoin ecosystem, folks looking at it as an investment / get rich pathway, all the scam / poorly run companies, straight up crime ... really seems to fly in the face of the whitepaper and presumed ethos.

	▲	avaer an hour ago \| parent [-]
		To a first approximation ~nobody who "invests" in crypto has read a whitepaper or considered the ethos. It's one of the bugs/features of crypto.

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rpigab 17 minutes ago | parent | prev | next [-]

https://www.saylortracker.com

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faefox 16 minutes ago | parent | prev | next [-]

It's a speculative instrument useful for enabling criminal activity and not much else.

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SirMaster 24 minutes ago | parent | prev | next [-]

Bitcoin goes up, bitcoin goes down, you can't explain that.

Seriously though, bitcoin has always been highly volatile, is this really a story?

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gfdklgfdlkjl 33 minutes ago | parent | prev | next [-]

Russia-Ukraine war is being wound down and Russian sanctions will be lifted probably in the next 1-2 months. Crypto is the financial tissue that connects sanctioned entities to non-sanctioned Western banks. What you are seeing is Russians and other sanctioned entities dumping their coins since they won't be needed soon.

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cs702 an hour ago | parent | prev | next [-]

Bitcoin has been declared dead many times:

https://bitcoindeaths.com/

It just keeps on existing.

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SideburnsOfDoom an hour ago | parent | next [-]

> It just keeps on existing.

That is not in itself a recommendation. You could say the same of most infectious diseases and parasites, or antisocial acts.

	▲	moralestapia an hour ago \| parent [-]
		>you'd have $70,482,477 today I wish COVID had that ROI.

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notTooFarGone an hour ago | parent | prev | next [-]

As long as crime exists BTC will follow

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toomuchtodo an hour ago | parent | prev [-]

Bitcoin isn't going to die, but it isn't going to replace currency or gold. It'll remain as a speculation vehicle and a mechanism to move value outside of regulated financial systems.

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almosthere an hour ago | parent | prev [-]

I don't think the BTC market is worth playing unless you are good at knowing how the whales (who control it in its entirety) operate.

Everyone already knows BTC will be back at 110 in a few months. It might dip to 30 first, who the hell knows.

	▲	unsupp0rted an hour ago \| parent [-]
		What can the whales do that is unclear until its over? They can all sell massively to drive the price down, then all re-buy massively?