The reason for the 5K drop today is....
- Thread starter Pekelo
- Start date
But wait, i though Bitcoin was decentralised and free from government control, so why should this matter?
Or could the reason be Bitcoin is backed by Tether which is an even bigger scam than bitcoin itself?
The way Bitcoin is propped up by Tether stinks of another ponzi scam to me.. Ponzi scams on top of Ponzi scams, the whole crypto space looks like a giant house of cards to me.
Or could the reason be Bitcoin is backed by Tether which is an even bigger scam than bitcoin itself?
The way Bitcoin is propped up by Tether stinks of another ponzi scam to me.. Ponzi scams on top of Ponzi scams, the whole crypto space looks like a giant house of cards to me.
Last edited:
Seems like we are headed towards some sort of PDT rule for US based crypto exchanges.
It definitely slowed down a lot of the rampant gambling in the dot.com era but did not stop it completely and it will be similar in crypto.
I think we will continue to get regulative news releases until something like this happens and the regulatory bodies have the satisfaction of some control. Of course awareness is different now, at least with a sub-section of society, and active trading will go on via geo-spoofing and DeFi.
Governments are more worried about DeFi's potential and are racking their brains how to reign that in or control via participation.
Peer to peer has always been a thorn in the establishment's foot.
It definitely slowed down a lot of the rampant gambling in the dot.com era but did not stop it completely and it will be similar in crypto.
I think we will continue to get regulative news releases until something like this happens and the regulatory bodies have the satisfaction of some control. Of course awareness is different now, at least with a sub-section of society, and active trading will go on via geo-spoofing and DeFi.
Governments are more worried about DeFi's potential and are racking their brains how to reign that in or control via participation.
Peer to peer has always been a thorn in the establishment's foot.
The Chinese government does not want individual miners mining bitcoin in amounts that can't be taxed/controlled/quantified. It's a threat to their currency's sovereignty, just like it is everywhere in the world.
Government backed mining operations are chugging along just fine.
Although the second part of your post is true, it is irrelevant to the topic.
Understood the sarcasm, but let me humor you.
Let's talk about mining moving out of China and how it effects the price, shall we? In the short run price obviously will tank as we seen it, because of uncertainity and miners dumping their reserves. For some they may have to abandone mining altogether. Others may be able to set up shop in Vietnam or wherever the electricity is cheap and plentiful without the government messing with them.
I say in the long run it is actually good for Bitcoin because mining was getting too concentrated in one country.
Understood the sarcasm, but let me humor you.
Let's talk about mining moving out of China and how it effects the price, shall we? In the short run price obviously will tank as we seen it, because of uncertainity and miners dumping their reserves. For some they may have to abandone mining altogether. Others may be able to set up shop in Vietnam or wherever the electricity is cheap and plentiful without the government messing with them.
I say in the long run it is actually good for Bitcoin because mining was getting too concentrated in one country.
No one knows what the real reason is. Often the drop comes first and the reason are guessed after.
eg, another headline i just saw on the web:
Bitcoin falls below $40,000 as BlockFi mistakenly sends coins worth millions to users
This is 2-3 days old news, so definitely not the reason. But pretty funny anyway, when instead of dollars you send out BTCs as promotion. I wonder if they have a legal case for asking it back?
