this post was submitted on 10 Jun 2026
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[–] NateNate60@lemmy.world 61 points 2 days ago (4 children)

I like to compare the Bitcoin price chart to the stats on a roulette wheel. You can't really predict what causes it to go one way or the other, but you do know that it will eventually go back.

I mean, Bitcoin is the one thing that just won't die. Every time its price collapses, people declare it dead, but a few years later it somehow comes roaring back. If you think Bitcoin is worthless just because it has no utility and no person smarter than a chimpanzee would invest in it, by God you are overestimating the intelligence of finance and crypto bros.

[–] boboliosisjones@feddit.nu 12 points 1 day ago (1 children)

I think the reason has little to do with investors and more to do the bitcoin being the backbone of the online black market.

[–] Knock_Knock_Lemmy_In@lemmy.world 3 points 1 day ago (2 children)

The online black market shifted to monero ever since the "Dreaded Pirate Roberts" was identified and arrested via his bitcoin accounts.

Dodgy people may hold bitcoin, but the don't use it for illicit transactions.

[–] boboliosisjones@feddit.nu 2 points 1 day ago

That may be true for a few markeplaces, but zero of the ones I have seen. All BTC.

[–] welfare_wizard@lemmy.zip 5 points 1 day ago* (last edited 1 day ago)

No, btc is still often used for transactions between buyers and sellers before it gets converted into monero, and most exhanges don't sell monero so people usually buy btc and have it converted at a different site if they want to purchase with monero directly.

[–] Lemmyoutofhere@lemmy.ca 34 points 1 day ago (2 children)

Because it is nothing more than gambling.

[–] Homo_Erectus@lemmy.zip 20 points 1 day ago (1 children)
[–] NateNate60@lemmy.world 16 points 1 day ago* (last edited 1 day ago)

and sanctions evasion

[–] NateNate60@lemmy.world 5 points 1 day ago (1 children)

Thank you for repeating the same thing that I said

[–] Lemmyoutofhere@lemmy.ca 13 points 1 day ago* (last edited 1 day ago)

Think of it as an executive summary.

[–] Mubelotix@jlai.lu 7 points 1 day ago (2 children)

You actually can, because it behaves in 4 year cycles. Bitcoin ATH have been in August 2017, 2021 and 2025, and dips have been in December 2018, 2022 and 2026. This why people are selling right now, everyone knows this which makes it self-fulfilling

[–] PeriodicallyPedantic@lemmy.ca 4 points 1 day ago (1 children)

You're acting like you could predict this year based on 2 data points.

[–] Mubelotix@jlai.lu 1 points 1 day ago

This is a text message. Look at charts if you want data. I agree it's not a guarantee though

[–] boonhet@sopuli.xyz 2 points 1 day ago (1 children)

Why 4 though? How do we know it'll repeat?

That's how often the block rewards halve, reducing the supply of new coins creating a predictable price increase.

[–] PacMan@sh.itjust.works 1 points 1 day ago (1 children)

Sell off right now for the Space-X IPO will bounce back in a few months

[–] NateNate60@lemmy.world 5 points 1 day ago

Old investing adage: The market can stay irrational longer than you can stay solvent.