Why is the bitcoin price going down
a hungry bear
Regular Member
- Sep 12, 2015
- 242
- 108
Because the whole basis of bitcoin was to buy now and sell to a greater fool later, that's why you see all the hype trains and fanboys out there spewing how great it is. They are trying to keep people believing that it's great so they can make more money selling to them because they are desperate. Just keep believing they say since they need people to keep buying. That or they are really just trying to convince themselves that they made the right decision.
There's nothing of value when it comes to bitcoin, calling it clumsy when trying to buy something with it is an understatement. There's nothing behind it other than the hope that you can sell it for more money. I buy it for 5K in hopes of selling it to 10k to some fool that didn't get in it soon enough. He buys it for 10k hoping to sell it for 15K to a greater fool down the road, and so on and so on. But what happens when there isn't any fools left? What's exactly happening right now. Someone buys it for 20k hoping to sell it to some sucker for 30k and no one buys. The price starts to drop to 18K and the person sells off to recuperate any looses that they can, since no one wants to be caught holding the bag. More and more selling but no one is buying.
Bitcoin isn't anything of value, just like modern art. The only thing that backs it is the broken promise that there's a greater fool out there that will buy it for more money. Once the fools run out and the rug slips out from underneath them and they soon start realizing that they themselves were the fool all along.
How is this ANY different then the turnip craze in the 1600s? The real answer: It's not. I would love to see Bitcoin take off but look at the facts. These people need to wake up and smell of coffee.
There's nothing of value when it comes to bitcoin, calling it clumsy when trying to buy something with it is an understatement. There's nothing behind it other than the hope that you can sell it for more money. I buy it for 5K in hopes of selling it to 10k to some fool that didn't get in it soon enough. He buys it for 10k hoping to sell it for 15K to a greater fool down the road, and so on and so on. But what happens when there isn't any fools left? What's exactly happening right now. Someone buys it for 20k hoping to sell it to some sucker for 30k and no one buys. The price starts to drop to 18K and the person sells off to recuperate any looses that they can, since no one wants to be caught holding the bag. More and more selling but no one is buying.
Bitcoin isn't anything of value, just like modern art. The only thing that backs it is the broken promise that there's a greater fool out there that will buy it for more money. Once the fools run out and the rug slips out from underneath them and they soon start realizing that they themselves were the fool all along.
How is this ANY different then the turnip craze in the 1600s? The real answer: It's not. I would love to see Bitcoin take off but look at the facts. These people need to wake up and smell of coffee.
I wish.
Extruser
Regular Member
- Dec 2, 2017
- 289
- 185
It all depends on how you look at it.
1 Bitcoin = 1 Bitcoin
Yes, the price of Bitcoin against a highly manipulated currency called the US dollar is going down,
but that's because the people controling that currency (USD) are manipulating the BTC price.
Why? because they think that by pushing the price down they'll discredit Crypto.
Unfortunately for them, this will have the reversed effect of what they are trying to achieve,
but they don't understand that yet.
1 Bitcoin = 1 Bitcoin
Yes, the price of Bitcoin against a highly manipulated currency called the US dollar is going down,
but that's because the people controling that currency (USD) are manipulating the BTC price.
Why? because they think that by pushing the price down they'll discredit Crypto.
Unfortunately for them, this will have the reversed effect of what they are trying to achieve,
but they don't understand that yet.