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Bitcoin is quietly imploding (hexbear.net)

submitted 1 month ago* (last edited 1 month ago) by Assian_Candor@hexbear.net to c/chat@hexbear.net

51 comments fedilink hide all child comments

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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[–] FuckyWucky@hexbear.net 2 points 1 month ago* (last edited 1 month ago) (1 children)

True, but the token's value came from it being an IOU, being used to settle debts. Something like a giro, payment society. I think the state gets mad at such tokens because they can't monitor or collect taxes easily (even if it's in AUD).

I've been reading these two books 1 2 on the same.

[–] JustSo@hexbear.net 2 points 1 month ago (1 children)

I don't think an IOU (or a giro payment, if I understand them correctly) are quite equivalent to the token I'm trying to describe, since IOUs (and giro systems?) are only concerned with settling trade balances between two people, while the token(s) serve as agreed units of value which can be freely exchanged with anyone else participating in the micro-economy.

Agreed that it's basically all about taxation though.

I've been meaning to read Debt, have you read much of it yet?

[–] FuckyWucky@hexbear.net 1 points 1 month ago (1 children)

have you read much of it yet?

Started last week, 1 & 2 chapters so far.

[–] JustSo@hexbear.net 2 points 1 month ago (1 children)

I assume it's a fairly compelling read? Graeber is cool.

[–] FuckyWucky@hexbear.net 1 points 1 month ago

Yep it's been fine. It presents the heterodox view.