News Forum - Bitcoin declines amid speculations of crypto market peak

[Thaiger]

Bitcoin’s value is slowly declining, marking a significant shift in the digital asset market worth over US$500 billion (18.5 trillion baht). This has led to speculation about the possible peak of the cryptocurrency rebound. The token is on the brink of a five-day losing streak, which hasn’t been seen since October of the previous year. … …

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[Vigo]

Unregulated, unsupervised and the abode of the criminal class. Alot of people will lose their life's savings when this thing corrects.

[BigHewer]

6 hours ago, Vigo said:

Unregulated, unsupervised and the abode of the criminal class. Alot of people will lose their life's savings when this thing corrects.

It’s the 21st century’s version of tulip bulbs. And driven by greed and the desire for a short cut to riches. Add a dash of cryptobro complacency and millennial naivety and we have the perfect recipe for disaster.

[BlueSphinx]

27 minutes ago, BigHewer said:

It’s the 21st century’s version of tulip bulbs. And driven by greed and the desire for a short cut to riches. Add a dash of cryptobro complacency and millennial naivety and we have the perfect recipe for disaster.

You are very right.  Crypto is basically a pyramid set-up, obfuscated by much non-relevant techno-speak so that newcomers are enticed to invest in it lured by the big profits the scheme promises.  But it is clear as day that any profit made on that bubble (based on nothing but the hopes of quick riches) is actually coming from those stepping into it. And hence the need for continual promotion to attract new 'investors' as without the influx of new real cash it will come to a grinding halt.

Yes, if you step out now and sell your coins for hard cash, after having made a modest 'investment' some 10 years ago, you will be a multi-millionaire.  But your millions are being paid by those remaining and the bag-holders (those that stepped in last) and they will lose big-time when the bubble inevitably bursts.  Any scheme that needs constant new actual cash to keep growing is a pyramid scheme and will eventually end.

Part of the problem is of course that fiat money (dollars, pounds, euros) value is being eroded by enormous creation of new money out of thin air (in a sense somewhat reminiscent to what crypto is doing).  And this combined with the talks of rolling out CBDC making people nervous, and looking for ways to preserve their monetary wealth.  But crypto is NOT the answer, investing in productive assets (like land or houses) is a far better option.