I truly believe that we are on the cusp of one of the biggest transformations in history. We have all learned now that the reason for this dip is the GBTC selling, and its all right there for everyone to see. I thought I read somewhere that the inflows to the other ETFs have been even bigger than the outflows, so not sure why the price is dropping, but it certainly isn't dropping hard at all. At no other time in history could we get this level of transparency in the financial markets. I think the ETFs are fucking awesome. Sure, people don't own the keys to their coins, but these funds are literally going to hide away a significant number of coins, and thereby increase the price even faster since price is always set at the margins. But what gets me most excited is that all the banks and financial institutions can't fuck around like they used to. There cannot be any sweetheart deals to paper over problems, etc. Coins have to be purchased and this will obviously show up in the blockchain. Heck, even JPMorgan should be happy because they don't have to worry about finding rocks instead of nickel in a warehouse. But what this means is that the old way of doing business is coming to an end. One of the things I'm finding out about myself is that I'm in bitcoin for the truth. Yes, "number go up" is awesome, and financial gains are awesome, but when you're forced to have to play by the rules and the truth of transactions is enforced, it will lead to incredible amounts of prosperity. For those who used to get by on rigging the system are going to have to either change their ways, or disappear. This GBTC selling will eventually end, and I'm even hoping prices go lower to be honest. The last supply shock to hit might be the Mt. Gox coins, and after that, there is literally no supply.
Finite supply is the operative word here. Unlike our dollar that can float on unlimited printing, there is an end to the possible debt ceiling.
I was short gbtc around 40-41, covered around 39 and change ... Now low 30s. I see a jump extremely soon in bitcoin. Still don't believe in it , but it's about to bounce ...
Its ok not to believe. If this goes to where many of us think its going, then you will be naturally swept up into hyper bitcoinization anyway.
What make you think the BTC system isn't rigged? How do you explain an asset that can gain thousands of percent then lose 85% of its value? That sort of thing happens with pump and dump operations. Money flowing from dumb money to smart money. Do you really think things will change? The rich get richer!! Can you live in a world where you are paid in bitcoin and merchandise is priced in bitcoin?
I think the price is rigged. Its deeply undervalued. There is no way you should be able to own a whole bitcoin for 40k when there are only ever going to be 21 million, for the entire world, and that number is much lower for various reasons. If I buy paper gold, I understand why its so easy to sell it to me. But when I buy bitcoin, and those sats get sent to my address, I can verify that this amount of bitcoin is now mine, from the finite supply that is available. Trust me, soon we will also see what finite supply means. Pump and dump operations works because bankers can manipulate things. Either governments purchases of stocks, like Robinhood did with GME, or they limit short selling, or they just cancel trades, like what happened at the LME. Buying bitcoin will soon be like buying the hottest gaming system on Xmas but finding out they are sold out. You can't bring your kids home a picture of the box. I don't worry about pricing things in bitcoin. I'm sure I will be using USD and CAD for a long time, but the amount of fiat I will be able to exchange for my sats will always be going up and up. Maybe the government will have to start worrying about how to prevent the dollars from losing too much value, and not that I have to worry about pricing things in bitcoin.
how is it undervalued ??? It is a virtual made up hype. You or I can launch the same one. Granted it needs to be adopted, but there is nothing scares about it.
Remember when Zuckerberg tried to create his own Twitter? It even had a great launch for the first few days, but then fell off a cliff. So the adoption is the hardest part. Look at the hardforks that Bitcoin had in the past. They are all a fraction of the market cap of bitcoin. Some were even great with faster blocktime or more transactions per block, which are all good things if you ask me. But for some reason, they didn't stick. Look at how much hashpower goes into bitcoin. How are you going to copy that? There is simply no way to start again. Any project after bitcoin is not as decentralized, or the creators gave themselves free tokens, or its not based on PoW which is the way it has to be if you're going to want your project to be permission-less. You will always hit a dead-end if you're brainstorming about how to make a new and better bitcoin and arrive at the same conclusion, which is to just adopt bitcoin. Something extremely catastrophic would have to happen in order for the majority to consider switching to something else, so I won't say I'm 100% certain that in 25 years Bitcoin will be on top, but waiting for something better is clearly stupid at this point.
Unfortunately, transparency doesn't equate to easy to earn money. In fact, it is easier to earn money from the manipulated stocks; just be a few steps from the manipulators.
Agreed... but the reason why its good is because it means that the true price of bitcoin cannot be suppressed, unlike gold for example, or pumped to the moon for artificial reasons, like real estate.