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Bitcoin is quietly imploding (hexbear.net)

submitted 3 days ago* (last edited 3 days ago) by Assian_Candor@hexbear.net to c/chat@hexbear.net

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Down 14% in the last month. Still way above its actual value (0) but headed in that direction.

I'm guessing cost of living is driving a lot of hodlers to liquidate. You have to imagine most of the money in this thing is institutional though so maybe it won't matter that much.

Inflation is driving the cost of commodities up but BTC seems to move in the opposite direction. This is meaningful bc the value prop of BTC as an inflation hedge would suggest the opposite, and BTC overweight portfolios will underperform the diversified commodities basket. If this persists it's only matter of time before we also see some institutional unwinding

I don't follow that market super closely but it's interesting nonetheless. It seems these big corrections happen from time to time as well so could just be more of the same. Still one wonders if we are starting to see some structural covariance.

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[–] xiaohongshu@hexbear.net 19 points 3 days ago* (last edited 3 days ago) (2 children)

Bitcoin is not collapsing because it has been fully appropriated by the US government.

The whole selling point of bitcoin/cryptocurrency was that it is this decentralized currency that will eventually topple government-backed fiat currencies and will become the next version of gold.

The exact opposite has happened. Not only has it failed to find actual uses where government-backed fiat currency cannot do (beyond some very specific cases), what it is actually good at - global money laundering operations - is now under the full control of the US government. It is the exact opposite of the decentralization and anonymity promised by the crypto founders.

[–] chgxvjh@hexbear.net 16 points 3 days ago* (last edited 3 days ago)

Now it's basically secured by the state but ironically still less useful as a currency than 10 years ago. But yeah all a mood point since it's only used for speculation now.

Concerning the anonymity. When I send someone mutualaid with PayPal I get their government name (which is often a dead name too), they get my government name. Thiel gets all that info too. I'm a bit uncomfortable with all of that. Seems a lot worse than even just Bitcoin, and altcoins like zcash or Monero have like actually pretty solid anonymity when used right.

[–] AssortedBiscuits@hexbear.net 7 points 2 days ago

is now under the full control of the US government. It is the exact opposite of the decentralization and anonymity promised by the crypto founders.

The founder's name is what you get when you Google Translate "Central Intelligence" into Japanese, which should be a pretty big clue who is behind Bitcoin.