This is institutional investors driving up price and then pulling out. Bitcoin is propped up by absolutely nothing other than betting. It has no use outside holding a value. Someone will be a bag holder. It’s just a matter of time.
Its propped up by gambling AND drugs
It's estimated that Bitcoin uses the same amount of energy as the entire Internet. Just to put that in perspective that's roughly 2% of all the energy generated by America every year.
America produces roughly 14,000,000,000,000 pounds of greenhouse gases in a year and 2% of that is 280,000,000,000 pounds...
I did some maths back on another thread here: https://feddit.nl/comment/6632730
The internet is around 40 times bigger than crypto as a whole. Feel free to check it and tell me if I missed the mark.
However, Buttcoin still eats a disgusting amount of electricity, being 2.5% of the whole internet. All the while, its only utility has so far been to create a completely unregulated commodity market that is unsurprisingly dominated by private equity doing pump and dumps.
The interesting thing someone brought up in that discussion though is that half of all consumer internet traffic is ads. Which is scary, and I don't know (or rather do exactly know) why we don't talk about that.
It’s estimated that Bitcoin uses the same amount of energy as the entire Internet.
I checked out of the bitcoin hype years ago but is there a source for this? On it's face, it sounds outlandish.
At least tulips exist...
So what is blowing up the bubble this time?
People not selling since before the crash. There will be a fall of about 10% from people wanting to get out after being scared by the last crash, then it will rebound and climb as FOMO sets in with the confidence climb after the dip.
I bought $276 on the cash app for fun. It's now worth $1200. Should i cash it out or wait? I really have no idea. I feel bad that I'm part of a super weird system of fake money, but I'm also happy to see an extra $k.
Ask yourself this: has Bitcoin had - or is it trending towards - a net positive impact on our world? In other words, is it worth investing in long term? If it isn't you should treat it as a short term investment and get out as soon as you've made a profit - and you've literally 4x'd your investment. The fact that we're talking about the price in c/News is already a bad bubble sign and reminiscent of all the other times we've had crypto bubbles.
You have made back your investment plus some. Also you don't actually own any Bitcoin through CashApp, they sell fictitious potential value based on nothing. Take the cash minus the tax and invest your initial investment via actual ownership via a private wallet if you want to see what Bitcoin can be. Then, you are in profit and the worst case you lose money that doesn't matter.
Crypto is no different than stock investment, only invest what you are willing to lose and cash out when you are satisfied.
I can't give you legal financial advice, but my personal opinion is that Bitcoin still has value to gain and investing money of no consequence has a potential to be worthwhile beyond what investment in the S&P offers, and likey what realestate offers.
Similar boat here, and I literally just cashed mine out after seeing this headline. Could I have made more? Probably, but there's no universe in which my few hundred dollars is going to turn into a million. What's much more likely is that I would forget about it for another year.
The halving soon.
This thread has been great for identifying and blocking cryptobros.
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