Don't Buy Bitcoin. It's Going To Crash!!!

Top comment of one of the standout Bitcoin-culture memes -> "The best technical analysis anyone has done on bitcoin." ▶ this video

> What exactly does bitcoin offer the world today? I fully agree that Bitcoin did not become what it was originally built for (a currency system for the internet), and as a matter of fact, for very valid reasons: - custody is really hard, and damn near impossible for most people, including people who like to think of themselves techies and who all end up getting caught with their pants down when exchanges get hacked because they forgot the number one tenet of Bitcoin. Please repeat the mantra after me: Not Your Keys, Not Your coins. - the 10mn confirm thing is a pain for small, casual transactions - scalability (it won't and was never designed do what eg VISA can do in terms of TX/second) - most people are downright horrified when they realize the non-reversibility aspect - most people don't understand what money actually is and hot it works in the first place, so seeing the advantage of BTC is damn near impossible - etc... HOWEVER: that absolutely does not mean that Bitcoin isn't amazing and useful. Bitcoin has simply become something else entirely, a kind of financial instrument that had no equivalent up until now and which has turned out to be profoundly useful to a very large class of people (go ask USA - one of the country with the worse divorce laws on the planet - men in the middle of divorce proceeding for their opinion on the topic of assets that can't be confiscated). Oh and yes, I already hear the shouts from the back of the room: skirting the law!drug dealers! cri

> Soon this will all collapse, reaching all time highs isn't a good thing. Obligatory answers, take your pick: link ▶ this video And there's of course, the famous yet mis-attributed Einstein quote about the definition of insanity.

> The bitcoin price has crashed by over 10% since this time last week Uh, yeah, back to the price of ~2 weeks ago, or just up 23% in the last month... ▶ this video

As of that interview, Bitcoin had crashed every year or two since 2011, so the next crash was no surprise at all ▶ this video “Don’t buy Bitcoin, it’s going to crash!!!”

Recognize that every two years for the past 10 years someone has posted basically the exact same thing as what you just posted. ▶ this video

> This means that in less than a year BTC tanked to 27% of its peak year value, and it's tanking even further. Yes, multiple times: ▶ this video

Don't buy bitcoin, it always crashes. ▶ this video We'll be back here in four years when bitcoin is well above 100k being used happily as a store of value by millions of people and someone like you will say the exact same thing again. How long will it take you to realise that it's already a success?

> Bitcoin seems like a huge Ponzi scheme Can you please point out which previous ponzi scheme / bubble / tulip mania has gone through so many cyclic wave pattern and held up it's value despite all the crashes? "Bitcoin is going to crash" - ▶ this video

OK, yes, that's a fair point. But it's not clear to me that pumping being taken away would be a bigger change than people trying to get out of USDT and buying BTC. Also we've been there (mtgox's willy etc). I don't think bitcoin will be much less volatile any time soon. ▶ this video

Apologies for posting something borderline meme-ish on HN, but I think this video actually answers your question (watch the whole thing): ▶ this video

As relevant then as it is now ... apologies for re-posting this, it's just not possible for me not to do so: ▶ this video