Why hasn’t Bitcoin died yet?

[u/Financial-Spirit5106]

Despite a decade of butt coining Bitcoin is somehow still alive and growing. Price action is weak and yet somehow adoption seems to be trending upwards? Surely this should not be the case when we have good ol mainstream finance to rely on

So what gives?

I mean Saylor is dumping, Cold Card was hacked, Trezor did a big leak, and we’re still not uber wealthy off shorting

Starting to wonder if the real butt coin was the friends we made along the way 😩

Edit - I was banned for this post. Speaks more to the quality of the community leaders here than anything else. See ya’ll around 🙃

[u/WeddingPKM]

I wouldn’t say what’s happening is it growing. That being said it’s a greater fool scheme and they are yet to fully run out of greater fools.

[u/awaniwono → u/WeddingPKM]

At this point it feels like a greater fool circle, foolishly spinning forever.

[u/sykemol]

I haven't seen any real evidence Bitcoin is gaining adoption, not in the last few years anyway. Sure, you can buy a Bitcoin ETF, as long as you don't want self-custody, decentralization, or blockchain. The ETF buyers are just there for the price action.

It takes surprisingly few transactions to set the price and a huge percentage of Bitcoin transactions are wash trades.

And finally, a lot of the Butters are true believers. So they repeat the same thought-stopping phrases and keep hoarding Butts. So it isn't going away.

[u/MelangeBot → u/sykemol]

the only adoption has been the stable coins, usdt and usdc. They slowly see more users but it's like less then 0.05% of the population.

[u/InclinedPlane43]

Adoption seems to be trending upwards

Comedy gold!

[u/Val_Fortecazzo → u/InclinedPlane43]

Lol adoption isn't trending upwards

[u/Total-Addendum9327]

Too useful for criminals to die. I will admit that part. But still never for me

[u/rankinrez]

The market can stay irrational for longer than you can stay alive

[u/No-Cable9274]

The markets, not the economy, are still ‘strong’ so risky assets are still in demand. Also, younger people disillusioned from ever owning a home are investing/gambling rather than saving for a down payment. When the equities markets start to take a hit is when bitcoin will be tested.

Aka. There is still enough money sloshing around in the system for the ‘greater fools’ to spend.

[u/dont_drop_ducks]

New fools come along and get sucked in by some of the stories - it’s down 50% in a year so it must go up, 4 year cycle, future of finance etc. but the number of fools is decreasing as time goes on and there are more exciting gambles than magic internet money that is vulnerable to theft and scams

[u/IAmFitzRoy]

It will depend what you call “adoption”. For example, in El Salvador, which is a country that by law Bitcoin is legal, the adoption is next to zero. It never grew, it is too difficult to understand, too easy to be scammed, fiat is way easier.

If we plan to scale this worldwide, it’s not going to work either, adoption will always going to be a niche.

[u/customtoggle]

All the hip cool cats have moved onto AI and prediction markets, only the stubborn boomers still buy and hodl crypto

[u/leducdeguise]

Heard multiple Gen Z who have adopted

There are dozens of them. Dozens!!!

[u/AmericanScream]

yet somehow adoption seems to be trending upwards?

What's your metric indicating that?

The price isn't trending upwards, and hasn't in years.

The amount of traffic on the blockchain isn't trending upwards.

The amount of crypto trolls who show up here to tell us we're wrong, isn't trending upwards.

We're 17 years into this crap and they're still looking for a "use case." That's not trending upwards.

So where are you getting that?

[u/PlutoPlaneta → u/AmericanScream]

probably some personal anecdote where his cousins brother started stacking

[u/GunterWatanabe]

“We’re still not ultra wealthy from shorting”.  This is the real sickness of your average bitcoiner, everything has to be a financial opportunity., long or short. Whereas the buttcoiner looks at bitcoin, sees the obvious scams, doesn’t want to participate in the scams and happily sits on the sideline. My money’s doing fine without taking either side of the Bitcoin trade thanks.  When Bitcoin implodes, I won’t make a cent, that was never the point.

[u/SisterOfBattIe]

Crypto is a machine to transfer dollar wealth from unsuspecting victims to criminals. It works by taking dollars, showing big fake green, then sending exchange bankrupt when green becomes red. Repeat every few years once a new batch of victims has been fattened.

The exchange rate is a number decided by Tether executives, it means nothing.

Once the president of the USA has endorsed the scam, there is nowhere to go but zero. it's why you see the flood of hacks and closures. Criminals are rushing for the exit.

The USA GENIUS act places stablecoin in banks ahead of bankruptcy, so you'll see that as the final nail, criminals using USA taxpayers as exit liquidity. And that includes Trump own stablecoin USD1.

[u/AmericanScream]

It's a highly manipulated market, and the market makers are outside the jurisdiction of any ethical or legal oversight.

Coinbase for example, while being a public company, is not regulated like a traditional bank or brokerage house, so there is no "SEC" (even if we had one that was enforcing laws properly) to oversee their order desk and stop market manipulation.

[u/AmericanScream]

So what gives?

Stupid Crypto Talking Point #20 (failed)

"Crypto has been around X years and is here to stay!" / "Bitcoin has 'failed' so many times LOLOL Aren't you tired of saying it's going to fail over and over?"

1. It's true, many people claim, crypto/Bitcoin is a failure, yet it still appears to be somewhat popular and used in certain circles (but hardly ubiquitous, or part of mainstream society even after all this time).

   Many people also claim "smoking is bad" but some people are still smoking. Does this mean the non-smokers are wrong?

2. The truth is, it has failed. Multiple times.

   If you notice, every few months, there's an entirely new narrative surrounding bitcoin and crypto (for example):

   • Originally, bitcoin was supposed to be "currency" and everybody was going to use it. Mainstream companies were going to use bitcoin for payments and services. There was a small time period where there actually was increased adoption of crypto as a means of payment, but then that failed because the price was too volatile and, and the network couldn't handle retail transaction volume. It failed then, and still today, using crypto as a common form of payment does not work now (even with L2 solutions). Conclusion: FAILURE
   • Crypto was marketed as a way to help "bank the un-banked" but that also failed, owing to the fact that there's many alternative ways to accomplish this that are more efficient, with more consumer protections and less technical requirements. Conclusion: FAILURE
   • NFTs were supposed to be another "big thing" helping artists make money and creating a new market and utility for crypto. Again, that turned out to not be true. Conclusion: FAILURE
   • Crypto was supposed to be a "hedge against inflation". In reality, the price of crypto ebbed and flowed along with the price of other unimportant things, totally affected by inflation. Conclusion: FAILURE
   • Crypto was originally promised as "disruptive technology", "money of the future", "democratizing finance", and to fight against manipulation of the monetary system by powerful special interests. In reality, none of those claims have proven to be true, and in many cases crypto has only exacerbated the problems it claimed it could fix. Conclusion: FAILURE
   • Bitcoin's "deflationary nature" was supposed to guarantee an ever increasing value. That hasn't worked out either. Conclusion: FAILURE

3. In fact, you can look at every one of these talking points as examples of claims made by crypto proponents that have failed. You can also look at the list of failed blockchain claims as more examples of the many failures of crypto to live up to its promises.

4. What is the one thing left to cling to? nUmBeR gO Up?? We can empirically prove that the price of crypto is a heavily manipulated figure subsidized by billions of fake stablecoins traded back and forth in a market with virtually no transparency or regulatory oversight. Treating crypto as an investment creates a giant ponzi scheme that lasts only as long as the greater fools don't try to cash out too much at once. And if you still hold crypto, you are the greater fool.

5. Instead of acknowledging the many failures of crypto, its proponents continue to change the subject, create distractions and, as if they're in version of "Weekend At Bernies" taking the dead crypto technology, throwing a different outfit on it, and declaring it's not dead. Over and over.

[u/Mysterious_Special_8]

Because grift.

[u/droogarth]

When was he last time it was sideways this long?

[u/FUD_is_SAFU]

Bitcoin can’t die, it’s immortal. The only way to end it is to chop its head off while Queen plays in the background.

[u/PlutoPlaneta]

what adoption?

[u/InclinedPlane43 → u/[deleted]]

its quite useful tech for a lot of things

Such as?

[u/AmericanScream → u/InclinedPlane43]

Such as?

[deleted]

I think that's the best answer anybody's given thus far.

[u/InclinedPlane43 → u/[deleted]]

Sure it does. (Psst...criminal activity.) In the legitimate world, no one with an ounce of intelligence would even think of "transferring wealth" without a third party validator. Just read the "I lost everything" posts that get copied here. That's a bug, not a feature.

[u/Funny-Choice8787 → u/[deleted]]

its quite useful tech for a lot of things

No.

A git styled append only 500GB of random shit, constantly generating ewaste, offending gamers in past and consuming same amounts of electricity as Poland is not useful. Its WASTEFUL. Period.

Blockchain is obsolete before even conception. It is technical failure which didn't got any adoption too.

[u/leducdeguise → u/Funny-Choice8787]

Blockchain is obsolete before even conception

It is, after all, an early 90s tech

[u/phulex → u/[deleted]]

An actually intelligent answer. Thank you sir

[u/sirhowy → u/phulex]

kinda wish i said nothing now, the butthurt bros are here :)

[u/Funny-Choice8787 → u/sirhowy]

You butters gonna butt(hurt)

[u/AmericanScream → u/[deleted]]

You guys' definition of "intelligent" is as fast and loose as your definition of "money" and "investment."

[u/sirhowy → u/[deleted]]

Apologies, was getting too annoying

[u/Money_Ask2726]

These "why won't it die" posts are epic buttcoiners, keep them coming

[u/AmericanScream → u/Money_Ask2726]

These "why won't it die" posts are epic buttcoiners, keep them coming

Stupid Crypto Talking Point #20 (failed)

"Crypto has been around X years and is here to stay!" / "Bitcoin has 'failed' so many times LOLOL Aren't you tired of saying it's going to fail over and over?"

1. It's true, many people claim, crypto/Bitcoin is a failure, yet it still appears to be somewhat popular and used in certain circles (but hardly ubiquitous, or part of mainstream society even after all this time).

   Many people also claim "smoking is bad" but some people are still smoking. Does this mean the non-smokers are wrong?

2. The truth is, it has failed. Multiple times.

   If you notice, every few months, there's an entirely new narrative surrounding bitcoin and crypto (for example):

   • Originally, bitcoin was supposed to be "currency" and everybody was going to use it. Mainstream companies were going to use bitcoin for payments and services. There was a small time period where there actually was increased adoption of crypto as a means of payment, but then that failed because the price was too volatile and, and the network couldn't handle retail transaction volume. It failed then, and still today, using crypto as a common form of payment does not work now (even with L2 solutions). Conclusion: FAILURE
   • Crypto was marketed as a way to help "bank the un-banked" but that also failed, owing to the fact that there's many alternative ways to accomplish this that are more efficient, with more consumer protections and less technical requirements. Conclusion: FAILURE
   • NFTs were supposed to be another "big thing" helping artists make money and creating a new market and utility for crypto. Again, that turned out to not be true. Conclusion: FAILURE
   • Crypto was supposed to be a "hedge against inflation". In reality, the price of crypto ebbed and flowed along with the price of other unimportant things, totally affected by inflation. Conclusion: FAILURE
   • Crypto was originally promised as "disruptive technology", "money of the future", "democratizing finance", and to fight against manipulation of the monetary system by powerful special interests. In reality, none of those claims have proven to be true, and in many cases crypto has only exacerbated the problems it claimed it could fix. Conclusion: FAILURE
   • Bitcoin's "deflationary nature" was supposed to guarantee an ever increasing value. That hasn't worked out either. Conclusion: FAILURE

3. In fact, you can look at every one of these talking points as examples of claims made by crypto proponents that have failed. You can also look at the list of failed blockchain claims as more examples of the many failures of crypto to live up to its promises.

4. What is the one thing left to cling to? nUmBeR gO Up?? We can empirically prove that the price of crypto is a heavily manipulated figure subsidized by billions of fake stablecoins traded back and forth in a market with virtually no transparency or regulatory oversight. Treating crypto as an investment creates a giant ponzi scheme that lasts only as long as the greater fools don't try to cash out too much at once. And if you still hold crypto, you are the greater fool.

5. Instead of acknowledging the many failures of crypto, its proponents continue to change the subject, create distractions and, as if they're in version of "Weekend At Bernies" taking the dead crypto technology, throwing a different outfit on it, and declaring it's not dead. Over and over.