I mean, that's one way to put a 50% reduction in market value, but the two-day market crash in the US stock market in 1929 called "black monday" and "black tuesday" amounted to ~25% in total.
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I think it’s a different kind of thing and asset and you can’t expect it to behave like the other ones. We’ve created something new, we’re still learning about it. I know this sounds crazy, but to the long term hodlers, bitcoin feels tremendously stable at this point.
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I'm kibbitzing cuz why not. If I'm wrong I'm wrong :)
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Yes I’ve enjoyed our conversations around the topic, as always, you push me to think and give voice to feelings and reason. Sorry when I’m inciderary and a bit rude and a jerk, it’s one of my least favorite parts of myself, I will learn to be better.
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I don't mind our convos and I'm for sure a bit over the top here (because Twitter, but as you say, no excuse). I think there are reasons to want something like Bitcoin to exist and work, but in practice it's such a mess.
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Confirm (as you would say). Everything New and disruptive is a mess at first, remember the early internet? It was the Wild West.
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It just may not be BTC that makes it out the other end.
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Ya I was just thinking, has the internet even made it out the other end yet?
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Some shit like TCP and HTTP are doing ok. Bitcoin might be like the x.25 of public ledger systems.
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That's a dreadful comparison: a market index dropping 20%+ is a crash b/c it represents a vast, aggregated market cap of 1000s of assets. Swings like that in a single small cap commodity are far more frequent b/c they can be swung by far less vol/participants. This is Finance 101
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Yes, I was being a little cheeky. Still, 50% crash in a commodity with market cap of hundreds of billions is not a small detail.
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DJIA combined market cap is a few trillion (5ish atm). Bitcoin market cap atm is 250 billion, and was 50 billion higher yesterday. I don't think treating bitcoin as a small easily manipulated commodity is quite right.
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@csuwildcat 's point, the distribution of BTC is in fact very unequal. 4.11% of wallet addresses own 96.53% of ~ 21 million BTC. That means that this owners can sell off when they think it's hit high enough, massively swinging the market value:https://howmuch.net/articles/bitcoin-wealth-distribution … -
I mean all this is true. It should also give you some doubts about the claim that BTC is important because it can replace "fiat currency"
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Yes, BTC is no longer in the currency game. It hasn't been since the markets took over years ago, markets mainly gained because of prohibitive mining costs, which casts the whole idea of a fixed qty currency and more impotant, it's strategy, in doubt for me.
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last time i checked 1 btc = 1 btc
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Are there any goods you could buy for 1btc yesterday that still cost 1btc today?
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1 database ransom?
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Crypo is not a traditional currencies nor a traditional markets it’s a disruption in lots of ways & it’s not a crash cause a crash has clear real bad consequences, do you see one ?
#btc is good but#ltc will rule for sure@SatoshiLite -
The main reason for the lack of consequences is that people haven't taken it seriously as a currency.
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