Is Bitcoin Dead Now?
Is Bitcoin dead now? FTX founder Sam Bankman-Fried is in prison, Binance founder Changpeng Zhao pleads guilty to money laundering, and Bitcoin is mostly used for illegal activities, the energy usage is massive. How can I short this awful currency?
Topics like this are a good example of why you should never trust HN's advice on crypto.
Bitcoin is up, considerably, in the last ±6 months. Centralized exchanges like FTX or Binance have always been more convenient than logical, and the effect of their "collapse" on the market as a whole will not last beyond the media's attention span.
P.S., it's not just used for illegal activities, but is in fact a vital part of remittences abroad in places without stable currencies.
Yep, bitcoin is totally dead. That's why its more than doubled in price over the past year, while Dow Jones is up a whopping 3% in the same time period (and a single bitcoin currently costs more than a single share of Dow Jones stock).
> Is Bitcoin dead now?
No, that's not how anything works. The point is that it's alive as long as someone is running a node.
Whether the price will move up or down in the future - I think it's naive to think that you can profitably speculate on its price movement (long or short).
"The market can stay irrational longer than you can stay solvent."
Personally, I wouldn't short it. I think it's dead (or rather, it was never really alive), but I wouldn't short it.
Yes, totally dead with a market cap of only $724 billion, which is even lower than Tesla's market cap (at least right now) and everyone knows Tesla is dead as a doorknob.
BTC has had a futures market for years. You're very brave to short BTC during the BlackRock ETF approval window.
I guess it was a good way to extract value from gullible Redditors (and HN readers) but I think the gig is up.
It never made any sense.
I wouldn't short it personally, but if you really want to you will most likely need a (crypto) broker that gives you access to leveraged trading and/or futures.
A simple google search will provide plenty of guidance on how to short. My suggestion is just to not get involved in this
> How can I short this awful currency?
I wouldn't until Jan 10th.
That's when they decide on Blackrock's (and several other) Bitcoin ETFs.
no.
but they smell quite funny since many years ;))
Bitcoin is infrequently used for illegal activities considering payments are, you know, publicly traceable, as several high profile cases demonstrated. It’s more often used for your intentions: speculation.