This is also true of Boeing, Citigroup and the Argentinian peso.
Looking at the actual quotes on that website, I'm struggling to find the word death (or a synonym). Instead, it's a collection of criticisms. Many of them wrong. But not many showing thoughtless dismissal.
> Looking at the actual quotes on that website, I'm struggling to find the word death (or a synonym).
Start at the bottom of https://bitcoindeaths.com/posts and scroll up. You will find many prominent declarations of imminent death or failure, including "So, That's The End of Bitcoin Then" (2011), "Bitcoin Sees the Grim Reaper" (2013), and "An Early Obituary for Bitcoin" (2014).
AFAIK, after all the hype around Bitcoin proved to be false, the last justification for owning it among people who can't think straight was as a systemic risk hedge, like gold, but this has also not borne out.
I don't doubt the faithful's ability to conjure up some other BS story for why it's worth owning, but there has to be something.
The Bitcoin ecosystem, folks looking at it as an investment / get rich pathway, all the scam / poorly run companies, straight up crime ... really seems to fly in the face of the whitepaper and presumed ethos.
The ethos assumes a world in which Bitcoin has become widely accepted as a currency and reached a stable exchange rate.
That world wasn't necessarily impossible. Imagine that the US reconceived the dollar as a coin, and everybody simply accepted it as a replacement currency. Potentially, a very large bank or credit card company could have done that with a stablecoin pegged to the dollar.
But that's not what happened. Bitcoin was never adopted as a currency so there was no way to anchor its value. Infinite shitcoins popped up, making cryptocurrency as a whole the most inflationary system in the universe (because anybody can mint their own coins). The whitepaper never considered that possibility.
It's still possible that the US government could decide to start taking BTC for payment of taxes, at some fixed exchange rate. That would anchor the price of BTC, and the whitepaper ethos could find a foothold.
The presumed ethos flew out the door the second that fundamentals were traded for chasing the very asset bitcoin was trying to replace (an inevitability vis-a-vis human behavior).
That said, I don't think it's "dead," but rather showing itself for what it is: a well-intentioned attempt at solving corruption of money, predictably co-opted by (and made the bitch of) the very forces it sought to replace. Now, it seems to best exist as a secondary financial rail that you can use if and when it suits your needs.
The original ideological base case failed miserably, unfortunately (sound money).
No worries, they wanted to be considered a currency, and now with Trump's grift economy, they're really making a good case they're just as useless as real currency and even better for grift!
In spite of its issues, it seems like Monero is the only mainstream cryptocurrency that actually still lives up to the ethos of what Satoshi had in mind.
Russia-Ukraine war is being wound down and Russian sanctions will be lifted probably in the next 1-2 months. Crypto is the financial tissue that connects sanctioned entities to non-sanctioned Western banks. What you are seeing is Russians and other sanctioned entities dumping their coins since they won't be needed soon.
BlackRock & Wall Street funds/banks pumped Bitcoin for the past couple of years. They slowly started dumping 2 months ago, before the Epstein emails. I'm sure they had no insider information and it's a total coincidence. /s
As long as the government continues to devalue the dollar, crypto is in a great position.
Speculating out several orders:
Once the new head of the fed takes over and pushes interest rate cuts per his bosses request, borrowing will get cheaper, money will flow and inflation will go up. The dollar will devalue. Congress will never stop going into a deficit with their spending bills as no one votes for austerity, requiring more and more money to be printed. Wages will not keep up with inflation as it skyrockets and taxes take an ever greater chunk of the workers check.
If things continue as they have been, at some point, the dollar will not be a good value proposition for average normal people to use for day to day exchange, and they will start to look into other options to maintain economic normalcy.
Crypto currency is poised to take over.
If you take speculation to even further orders beyond that... once people start to switch over to crypto en masse, the government will then start to track people's crypto usage to recoup it's tax money that it's losing.
Then privacy crypto currency will be poised to take over that.
Another interesting monkey wrench. The dollar is somewhat bastioned from inflation by being the worlds reserve currency. But imagine if the world lost faith in dollar and started to use something else like a EU or BRICS currency. I wonder how that would affect the dollars value?
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[ 3.0 ms ] story [ 64.0 ms ] threadhttps://bitcoindeaths.com/
It just keeps on existing.
That is not in itself a recommendation. You could say the same of most infectious diseases and parasites, or antisocial acts.
This is also true of Boeing, Citigroup and the Argentinian peso.
Looking at the actual quotes on that website, I'm struggling to find the word death (or a synonym). Instead, it's a collection of criticisms. Many of them wrong. But not many showing thoughtless dismissal.
Start at the bottom of https://bitcoindeaths.com/posts and scroll up. You will find many prominent declarations of imminent death or failure, including "So, That's The End of Bitcoin Then" (2011), "Bitcoin Sees the Grim Reaper" (2013), and "An Early Obituary for Bitcoin" (2014).
I don't doubt the faithful's ability to conjure up some other BS story for why it's worth owning, but there has to be something.
Hope your belief in the system has paid off incredibly well for you.
Everyone already knows BTC will be back at 110 in a few months. It might dip to 30 first, who the hell knows.
They can all sell massively to drive the price down, then all re-buy massively?
It's one of the bugs/features of crypto.
That world wasn't necessarily impossible. Imagine that the US reconceived the dollar as a coin, and everybody simply accepted it as a replacement currency. Potentially, a very large bank or credit card company could have done that with a stablecoin pegged to the dollar.
But that's not what happened. Bitcoin was never adopted as a currency so there was no way to anchor its value. Infinite shitcoins popped up, making cryptocurrency as a whole the most inflationary system in the universe (because anybody can mint their own coins). The whitepaper never considered that possibility.
It's still possible that the US government could decide to start taking BTC for payment of taxes, at some fixed exchange rate. That would anchor the price of BTC, and the whitepaper ethos could find a foothold.
That said, I don't think it's "dead," but rather showing itself for what it is: a well-intentioned attempt at solving corruption of money, predictably co-opted by (and made the bitch of) the very forces it sought to replace. Now, it seems to best exist as a secondary financial rail that you can use if and when it suits your needs.
The original ideological base case failed miserably, unfortunately (sound money).
Seriously though, bitcoin has always been highly volatile, is this really a story?
[1] https://news.ycombinator.com/item?id=46904619
[2] https://en.wikipedia.org/wiki/Hedge_(finance)
Speculating out several orders:
Once the new head of the fed takes over and pushes interest rate cuts per his bosses request, borrowing will get cheaper, money will flow and inflation will go up. The dollar will devalue. Congress will never stop going into a deficit with their spending bills as no one votes for austerity, requiring more and more money to be printed. Wages will not keep up with inflation as it skyrockets and taxes take an ever greater chunk of the workers check.
If things continue as they have been, at some point, the dollar will not be a good value proposition for average normal people to use for day to day exchange, and they will start to look into other options to maintain economic normalcy.
Crypto currency is poised to take over.
If you take speculation to even further orders beyond that... once people start to switch over to crypto en masse, the government will then start to track people's crypto usage to recoup it's tax money that it's losing.
Then privacy crypto currency will be poised to take over that.
Another interesting monkey wrench. The dollar is somewhat bastioned from inflation by being the worlds reserve currency. But imagine if the world lost faith in dollar and started to use something else like a EU or BRICS currency. I wonder how that would affect the dollars value?
Bitcoin has features which make it uniquely appropriate for this: namely that no other currency is so resistant to debasement.
I anticipate it will recover and set new records.