Bitcoin Has Lost Nearly Half Its Value in 11 Months | Hacker News Reader

Bitcoin Has Lost Nearly Half Its Value in 11 Months

cnbc.com

8 pointsthrow0101a8 comments

Bitcoin isn’t the most private crypto so not the choice of the shadow economy as Monero and others have taken that market.

And with many central banks on way to release an e-version of their currency along with means to bypass visa/mastercard platforms & also Tether and other more stable coins, I suspect Bitcoin is going to have limited demand permanently.

crypto bros moved on to AI?

Or possibly --- the supply of bigger fools is waning.

It's definitely not a very practical currency for legal use cases.

And losing half it's value kinda negates the argument that it is a practical store of value --- aka "digital gold".

So what's left?

It is a purely speculative instrument kinda like NFTs. Remember them?

Personal opinion --- there are much more attractive scams available --- like SpaceX, which does at least offer a "real" product --- albeit one that is outrageously over proced.

It lets you buy illegal things or legal things when the government doesn't like you. That's pretty valuable.

That fedcoin is completely transparent and therefore all transactions including how much is inside each wallet are very visible to governments, which had no issue to persecute anyone donating to truckers in Canada: https://www.bitcoininsider.org/article/149866/canada-chokes-...

There is a reason why the White House supports bitcoin while virtually all western governments chase down any usage of Monero.

Sorry, it's really not very good at that either because it maintains a public record of every transaction.

For just about every use case, there are better/more practical alternatives.

Pass them through joinmarket first

Where?

This is risky, costs money and is totally dependent on anonymous 3rd parties.

This is essentially money laundering --- which is readily available and has been practiced with fiat for a very long time. Lawyers will help you set it up --- for a fee.

But as I said, better alternatives exist.

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