In 2008, the Dow dropped from 11,000 to 7,000 over the course of several months. What did we call it? A crash. When bitcoin drops from 20k to 10k (now trading around 14k) over the course of one day, optimists call it a "natural market correction"
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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.
End of conversation
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