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"
And the Dow largely reflects dollar amount invested in liquid stable commodities?
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Well yeah, to be fair they're all inflated. But stable indexes will have had a lot of people buying at roughly the current rate for a long period of time. Millions of bitcoins will have been bought at MUCH lower rates and held.
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So you're saying the crash is no big deal because it was a bubble anyway?
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Are you talking about BTC or 2008? Depends what you mean by "a big deal" — both are obviously notable. 2008 was a horrible event in which a lot of people suffered through no fault of their own. Haven't yet heard of any huge negative impact of the BTC "crash".
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And for disclosure, I have BTC I bought in Sept, which are still worth 3x what I paid for them. I have no plans to sell any time soon.
End of conversation
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