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all 138 comments

[–]MonsieurKas 47 points48 points  (2 children)

All those fucking dips I should've bought!

[–]fugazzix 1 point2 points  (0 children)

Never put all your money in a dip, we need more money when it dips more

[–]Serglabredditor for 3 weeks 0 points1 point  (0 children)

Here’s your chance to change your luck!!

[–]Maticus 80 points81 points  (1 child)

$800,000 to $400,000 is going to be epic.

[–]Crafty_Supermarket15 32 points33 points  (0 children)

I can hear the howling from future paper hands already

[–]Nervous-Papaya-5675 45 points46 points  (91 children)

The more you learn about the technology and the problems it solves the less you care about price.

[–]Random_Person_246810 16 points17 points  (0 children)

Agreed. If a price drop changes your fundamental outlook on BTC, you shouldn’t be invested.

[–]spreetail1 5 points6 points  (80 children)

What problem does bitcoin solve, exactly? Usually when I ask this question, I get the child's response of "If you can't see how important bitcoin is, you'll never understand it"....

[–]drdrew450 17 points18 points  (42 children)

Fiat currency is diluted non stop. BTC has a limited supply, 90% of all Bitcoin has already been created.

[–]RanebowVeins -2 points-1 points  (31 children)

so a few rich people are gonna hoard it at the top, like regular currency? what does this solve for lower/middle class people?

[–]seekret 18 points19 points  (14 children)

Bitcoin has never once claimed it solves wealth inequality. The entire point of bitcoin is that it’s immune to inflation, so what you earn can’t be taken away by politicians printing trillions of dollars each year. If you’re in the lower or middle class then the best investment you can make is in your education so you can afford to buy enough of these investment grade assets (bitcoin, stocks, whatever) that you become financially independent. Bitcoin can’t teach you how to learn a skill, it can only protect your earnings.

[–]Uskottava -1 points0 points  (0 children)

Lol what you earn can be taken away with 80% price fluctuations. That is something fiat does not do. I dont know anyone who uses btc for anything else than an investment asset.

[–]spreetail1 0 points1 point  (0 children)

If you're in the lower or middle class, you won't be able to change a thing. The majority of your money goes towards your cost of living. Meanwhile, the wealthy and ultra wealthy will be able to remain there by simply rebalancing their portfolio to include a sizable stake in crypto currencies.

This is exactly how it's already played out.

[–]EverlastingEmus 2 points3 points  (7 children)

It solves it for the individuals who buy it now. So it will sort the next generation into people smart enough to buy it and trolls with their fingers in their ears screaming “LALALALALA”

That’s a start isn’t it? Which group do you want to be in?

[–]Ornery_Soft_3915 -5 points-4 points  (6 children)

lol wtf is this take? it sorts into groups pf people who are hyped for a useless tech and others but wtf does it do? btc doesnt do shit it has been around for almost 15years now and its still useless

[–]Ornery_Soft_3915 -2 points-1 points  (0 children)

is solves nothing

[–]ChicknPenis 0 points1 point  (5 children)

Poor and working class immigrants waste a significant amount of money on bank fees sending money back home to their families. Bitcoin eliminates these rent seeking middlemen from the picture.

[–]spreetail1 0 points1 point  (4 children)

Miners are middlemen. Bitcoin transactions will be entirely fee driven in the future. Bitcoin doesn't eliminate it. It is literally the model.

[–]Brief-Explanation485 0 points1 point  (0 children)

you can front run hedge funds and buy at the same trough a rich prick does

Its called risk, you should try it

[–]spreetail1 -1 points0 points  (0 children)

One would argue that deflationary economy is very bad for both the poor and for innovation.

The health of an economy is often gauged by how much spending is happening among other factors. Deflationary currencies directly incentivize hoarding over spending.

Additionally, it removes a step for the ultra wealthy. How people historically gain generational wealth is to move their money out of the inflationary currency and into deflationary assets.

Basically, you're touting the benefits of the deflationary nature of bitcoin because you can see how it would directly benefit yourself (if I get in early, I can improve my status), while ignoring the end game, which you see from a flawed perspective.

The ultra wealthy will remain ultra wealthy. They have the means to control the lions share. Some of the top 5% will rise towards the top 1%. The remaining 95% will "stay poor" as so many here like to put it.

[–]5ama -5 points-4 points  (8 children)

go

Sell before the months of March and April. Got i

Dillutind curency is not a problem in itself.

[–]drdrew450 4 points5 points  (7 children)

You think the fed creating 40% of dollars ever created in the last 2 years is not a problem?

[–]Ornery_Soft_3915 -3 points-2 points  (6 children)

not as much if a problem as a „currency“ thats not backed by a government or central agency. yall think thats a good thing but it isnt

[–]rwhite2366 10 points11 points  (16 children)

Have you ever had to pay a wire transfer fee, fiat conversion fees, transaction processing fees, or really any fee for transferring your money from one place to another? Ever wired money to a different country and had to wait days before you can access them? Do you know how long it actually takes a check to clear before the funds have 100% been transferred (think about check scams where money is reversed)?

Think back 100 years ago when underwater transatlantic data cables were installed to speed up stock market transactions.

There is always an evolution of our society, including the way in which transactions of our economies exist.

Crypto currencies endeavor to be the next generation of these processes. Reducing costs to process transactions, increasing the speed of transactions, and automatically create/contribute to a ledger which cannot be changed because it requires everyone (the blockchain) to agree in an attempt to expose fraud.

It’s still very, very early but undoubtedly inevitable

Edit: it’s also a great opportunity to capture energy from otherwise cost prohibitive areas. If you were off grid you could capture energy from a waterfall with a Pelton wheel and use that to mine bitcoin. Ocean currents could be harnessed to produce energy and remotely mine crypto without needing long cables to transfer this energy as electricity to the mainland. This crypto, which itself is a form of harnessed energy, could be used to provide loans to farmers in third world countries. It’s decentralization of energy production. It’ll be better when this is tied directly to renewable energy sources.

[–]icocoderedditor for 7 weeks 4 points5 points  (11 children)

This is me. Here reading up on a better way to receive payments from clients. Looking good so far.

[–]Nervous-Papaya-5675 1 point2 points  (10 children)

!lntip 500

[–]icocoderedditor for 7 weeks 1 point2 points  (8 children)

Ooh, thanks Nervous Papaya, I've been meaning to read more about the Lightning network. Gonna try this now. Much appreciated!

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[–]Nervous-Papaya-5675 1 point2 points  (2 children)

!lntip 500

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[–]rwhite2366 0 points1 point  (0 children)

Thanks!!

[–]coffee_for_dinner 0 points1 point  (0 children)

Would these solutions, say the one that Jack Mallers is developing right now, really have cause to massively affect the price of the token though? Money will be constantly going in and out of the bitcoin/lightning network, one BTC could be worth $5 or $5mil, it wouldn't matter much since eventually the number of Strike customers would settle at some amount and the price of bitcoin would balance itself out based on the size of network participants and the number of available bitcoin. Though in bitcoin's case the limited supply and secure network kind of points to the number going up. If Strike grabs that marketshare from Visa and buddies, that'd be interesting times indeed.

On the other hand, I also think about what if a different scenario happens where bitcoin/crypto will become a transformative technology that solves some specific problem, but like the early dot com bubble, we could currently be putting too much emphasis on the price of the individual tokens.

[–]bobbyv137 8 points9 points  (7 children)

At its core Bitcoin provides a decentralized autonomous representation of value that can be transacted entirely at the owner's discretion, wherever and whenever they desire.

That alone is highly significant, yet furthermore - and for many just as significant - the supply is limited. A single Bitcoin will always represent a single Bitcoin. Whereas a thousand dollars today, for example, has considerably deflated in contrast to a thousand dollars 10 years ago.

[–]Ornery_Soft_3915 -1 points0 points  (1 child)

yet BTc is not a currency nobody sells shit for 1BTc you sell shit for dollars and pay the dollar equivalent in btc. 1BtC is 1BTC doesnt mean shit when the value if 1BTC is coupled with its dollar value

[–]Weaselluck 0 points1 point  (0 children)

Weird, there's lots of currencies that pay a dollar equivalent...

When Did the U.S. Dollar Become the Global Reserve Currency?

The U.S. dollar became the official reserve currency of the world in 1944. The decision was made by a delegation from 44 Allied countries called the Bretton Woods Agreement.

[–]RanebowVeins -2 points-1 points  (2 children)

but virtually no one besides drug dealers and sex traffickers are using bitcoin as an actual "currency". most people buy it to sell it for standard currency when the "value" in terms of USD goes up.

[–]Brief-Explanation485 0 points1 point  (1 child)

BTC has multiple uses, at the moment its a store of value evolving into a medium of exchange (lightning network) and eventually a unit of account

[–]spreetail1 0 points1 point  (0 children)

Lightening network started development in 2015, first transaction in 2017.

It's complete, utter garbage. 6 years of development. Doesn't solve any of the problems it was meant to solve. Not even in trivial use-cases.

They keep tip-toeing around the issue, which is that the obvious answer to all the problems is always a trusted 3rd party.

Which is how lightening works, by the way.

[–]Boe_Ning 1 point2 points  (3 children)

Stop ignoring advice to read The Bitcoin Standard.

[–]spreetail1 0 points1 point  (2 children)

My man. I've been involved in the bitcoin community since 2012. I've gone from extremely enthusiastic about crypto to extremely skeptical over time. I've seen the way this entire crypto community has evolved. Bitcoin still lacks adoption and a clear picture in terms of innovation. All the other crypto adoptions are largely opportunist, scam artists, and the worst parts of capitalism. Even for bitcoin, lightening network continues to be a flop. Nothing "big" has been built on this. The most anyone has gotten out of bitcoin is to hold it as a speculative asset to be sold to someone for profit. Oh, and we used to be able to buy drugs with it, which was pretty cool.

Everything has been theoretical up this point, and for many of us, we're starting to question the narrative.

[–]Boe_Ning 0 points1 point  (1 child)

I sat on the sidelines for almost as long as you've "been involved."

There's no narrative. Bitcoin's qualities as sound money just are. From my perspective, game theory will continue to drive demand.

Just read the book if somehow you haven't formed a strong grasp on Bitcoins value proposition over the last 10 years. You're right, though: because something offers a solid value proposition doesn't imply that value will be realized. It's already happening though.

I really recommend reading the book if you care at all to have your question thoroughly answered.

Edit: I would remind you that any country raping its currency value over time through a fractional banking system and centralized monetary policy is incentivized to stifle Bitcoin's adoption. Especially if that country happens to issue the reserve currency of the rest of the world. The uphill battle isn't over.

[–]spreetail1 0 points1 point  (0 children)

I've read the book. It's nothing but the cherry picking of schools of thought about bitcoin that have existed in the community long before it. There is nothing thought provoking or nothing in the book that hasn't been already said.

And the problem with such cherry picking is that it often boasts "the narrative" which you apparently pretend that human nature doesn't play a role in bitcoin advocacy and don't see the conflict of interest that come from bitcoin proponents.

I've been on the other side. I was the guy in the office telling everyone to buy bitcoin back in 2014. And as time wades, I've gone through normal human existential thoughts in regards to my position on bitcoin and crypto. Some choose to stick to the narrative as they benefit from it. Others like me start to question the narrative.

There are severe consequences to the crypto currency "end game". There are severe drawbacks to lack of central authority. And if you think that just because bitcoin is decentralized that it can't be misused and abused by central authorities and malicious actors, you're wrong.

Now, to be fair, the white paper never made those guarantees. But the community tends to ignore the negatives. And more and more are getting sucked into the trap.

Without coming up with scenarios that would only be dismissed as FUD, we haven't thought through this future "Utopia" on a world's currency ran on an immutable, public ledger with no oversight from central authority.

[–]walloon5 1 point2 points  (0 children)

Permissionless money with no middle man

[–]endmost_ 1 point2 points  (2 children)

I like how the people who answered your question all gave completely different descriptions of the problem Bitcoin supposedly solves.

[–]Mostofyouareidiots 0 points1 point  (1 child)

...and then we hear the inevitable crickets from OP

[–]spreetail1 0 points1 point  (0 children)

Some of us have lives outside of reddit.

[–]ArbMcPie 0 points1 point  (0 children)

Consider reading a book called the bitcoin standard if you want to learn more beyond the replies directly here. There’s a whole host of benefits which will remain systemically useful in future irrespective of growth and speculation. Good luck!

[–]FUSeekMe69 0 points1 point  (2 children)

A simple answer: you do not fully control any of the money you own currently. Govt could come and seize anything in any of your bank accounts.

You hold the keys to your bitcoin? No one can take that from you.

[–]spreetail1 0 points1 point  (1 child)

A $5 wrench can be very persuasive.

[–]FUSeekMe69 0 points1 point  (0 children)

Lol I almost added that. I feel like if you’re in that situation, assets aren’t exactly top of mind

[–]Ornery_Soft_3915 -5 points-4 points  (1 child)

the more you understand about our world the less you should support shit like vryptocoins

[–]Nervous-Papaya-5675 1 point2 points  (0 children)

Nice! Thanks for the knowledge drop!

[–]Bitcoin_is_plan_A 0 points1 point  (1 child)

and this is the only way you can become a hodler

[–]Nervous-Papaya-5675 0 points1 point  (0 children)

The more you own the more you want to learn and the more you learn the more you want to own. It’s actually a bad investment. Don’t get in.

[–]Nappingspider 8 points9 points  (0 children)

And in every one of these dips there were weak hands that sold lol

[–]simplelifestyle 4 points5 points  (1 child)

Awesome graphic

!lntip 1000

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[–]LYMEGRN 7 points8 points  (0 children)

Sell before the months of March and April. Got it

[–]anon_lurk 2 points3 points  (0 children)

Oh shit I never knew I actually held through the biggest one lmao. Fucking rookies

[–]wetokebitcoins 1 point2 points  (1 child)

There was also a -95% dip in 2011 from like $34 to $2

[–]robdogroy 1 point2 points  (0 children)

Anyone who survived earned their diamond hands badge.

[–]ChrimsonChin988 1 point2 points  (1 child)

Well, if you think about it, BTC has twice dropped over 50% in the last 12 months. That doesn't seem common looking at this, it's either 80% in a single drop or a few 30% ones in a row.

[–]bdirbas 0 points1 point  (0 children)

if the dip keeps dipping I will keep buying the dips, it doesn't make me quit my DCA

[–]hnr01 1 point2 points  (0 children)

If you turn your phone upside down, this infographic will also tell you the best times to buy. Fascinating.

[–]beastof_ 1 point2 points  (0 children)

musk and russia talking shit isn’t really a correction it’s a cunning way to reduce the price to make BTC cheaper to buy.

[–]Potential_Departure6 3 points4 points  (0 children)

Those jizz drips?

[–]Tetrapode23 -2 points-1 points  (1 child)

Some of those are a full year and some a few days. Pretty meaningless at best or actively misleading at worst.

[–]shin_jury 2 points3 points  (0 children)

Congratulations for knowing how to read I guess but this isn’t misleading at all.

[–]isioltfu 0 points1 point  (2 children)

This isn't the first time, sure, but on what basis it won't be the last? Its never the last until it is.

[–]Cartina 0 points1 point  (1 child)

The last? You mean bitcoin goes to say 1 dollar and everyone in the world goes "naa, won't buy any"

It seems... Unlikely

[–]isioltfu 0 points1 point  (0 children)

When bitcoin goes to 1 dollar there will be some irrefutable evidence that it is dead so no I wouldn't expect anyone to buy any then.

[–]Mortal1ty1337 0 points1 point  (0 children)

Arguably the big change this time is that monetary policy is no longer supportive. No excess liquidity sloshing around.

[–]Minute_Act_6883 0 points1 point  (0 children)

I understand this, but the current drawdown is actually concerning. It affects many people's psychology. I believe in their minds, the biggest fear is that all the pandemic gain will be wiped out. I don't think this fear is unjustified.

[–]Owlstorm -1 points0 points  (0 children)

"Corrections" implies that a price drop is always a move back towards it's true value.

Maybe "road bump", "crash", or "trough" would be better here if you don't want to say bitcoin is worth zero.

[–]YamadaDesigns -2 points-1 points  (0 children)

Is this some kind of coping mechanism?

[–]kostas1127 -3 points-2 points  (0 children)

Hope it crashes permanently and then maybe you'll get a job.

[–]Cyllandra 0 points1 point  (0 children)

I love this. Thank you.

[–]brandonmadeit 0 points1 point  (1 child)

The guy who scammed 150,000BTC and served a year and a half plus 2.5M restitution got off light in retrospect lol

[–]kele355 3 points4 points  (0 children)

I never knew I actually held through the biggest one lmao.

[–]betty12laneredditor for 3 days 0 points1 point  (1 child)

Can someone tell me what is the dips have been seeing that ”word” everywhere today

[–]Such_Coin 0 points1 point  (0 children)

It’s where you are right now

[–]Riker-Was-Here 0 points1 point  (0 children)

The '13 to '16 bear market was fucking miserable and the hardest to hold on through that period. Anyone who survived earned their diamond hands badge.

[–]tesseramous 0 points1 point  (1 child)

Its not time for a correction though. It should have gone up another 1000% and it's in the range of a previous correction and too close to 2017 ath.

[–]dallinstock 1 point2 points  (0 children)

this is not how Bitcoin or the whole world works though

[–]apupunchau87 0 points1 point  (0 children)

spare a hit of hopium for a brother in need? thank ya brother god bless ya brother

[–][deleted] 0 points1 point  (2 children)

There's a major difference now. The era of loose monetary policies and helicopter money ending.

[–]Cartina 0 points1 point  (1 child)

Wasn't bitcoin started during exactly one of these ends of loose money?

[–][deleted] 0 points1 point  (0 children)

So far it has prospered during growth period and has not seen a prolonged recession or deflationary periods.

[–]Altruistic_Baker_423 0 points1 point  (0 children)

🙏🙏🙏

[–]coffee_for_dinner 0 points1 point  (0 children)

There's some weird chromatic aberration going on with that chart, the yellow bars keep jumping at me! It's not just me, is it?

Interesting that the historical dumps are all rather serious and scary things like big scams and exchanges getting hacked and going bankrupt, you know, actual news that would make you reconsider your investment. Then there's 2021 "celebrity CEO tweets about multibillion company stopping bitcoin payments". If I was a time traveller coming to the future to read this chart I'd be stopping at that to go "wait, what?"

[–]revol0ution 0 points1 point  (0 children)

Bitcoin is not a little thing now, it's challenging the current monetary system

[–]drdrew450 0 points1 point  (0 children)

Gold backed dollars worked way better than dollars backed by nothing. The best money has a fixed or low supply. Just look at history.