In times of war when cyberattacks will be common and infrastructure damaged - random numbers created by graphics cards that require an extensive network of power and communications are essentially useless

yeah I saw this posted in /pol/ as well

tulip mania is over soon

>>60533920 (OP)
It's crashing now due to the Hormuz news

>>60533920 (OP)
Good that Ethereum went pos

>>60533920 (OP)
Only deluded tech fags think people in general will trust more an online ledger than gold objects.

>>60533932
>a country blocks a water street
>ethereum dumps 4%

>>60533920 (OP)
Hormuz closes and BTC goes sub 50k

>>60533945
That water street carries like a third of all the oil in the world through it, it would be a big disruption to the oil market which impacts the price of the S&P 500 for obvious reasons. BTC is heavily correlated with the S&P 500 ever since it got its ETF, and ETH is heavily traded and arbitraged against BTC so it will follow it everywhere, that's why it matters.

>>60533920 (OP)
>I don't know why bitcoin uses energy and I think cyberattacks and infrastructure have any impact on the security of bitcoin, I'm retarded
even during war communications will be required not just for money

>>60533942
thinking gold will magically become money again, for a short period of time, with all its flaws as medium of exchange is even more deluded

>>60533935
you didn't know that bitcoin energy use is just for securing and is adaptive, newfag

>>60533984
Iran's entire internet has been down for 5 or so days
Ok so how are they supposed to access their bitcoin?

>>60533970
then it might trigger the golden bear run 40k btc would be the next step and then further lower!

>>60533920 (OP)
shit guys my bitcoin just got cyberattacked

GUYS IRAN JUST NUKED MY PORTFOLIO

>cryptography
>useless in a war scenario
lol

This is so true, is much easier two hold cash and gold during war than a cold wallet or piece of paper

how do you even sell large quantities of bit coin to move the price?

>gold used for international settlements
>silver used in electronics for high tech weapons
/pmg/ was right all along

>>60533920 (OP)
nothing will change, iran will enter peace talks in a month or two, fucking fudders

>>60534046
they could try living in the 99% of non-failed countries capable of connecting to the internet? literal africans buy and sell cryptocurrency. indians buy and sell cryptocurrency. iran is an embarrassment.

>>60534046
So how are they still streaming on youtube?

>>60534079
in 2 weeks

>>60534087

why are people selling crypto during war? like what are they doing with it? holding cash?

>>60534412
I traded my BTC for silver last week

>>60533971
>like a third
20%
And yes of course its the end of the world again, just like in april with the tariffs and especially in 2022 with the gas prices

>>60533971
But yes i know about the mechanism its just why is Ethereum dumping the worst

>>60534661
Couple factors
1. Ethereum essentially trades like a leveraged BTC, likely due to its high volume and liquidity relative to his market cap indicating an excessive amount of leverage. When Bitcoin goes down, Ethereum crashes. When Bitcoin goes up, Ethereum moons.
2. As I mentioned, Ethereum gets traded against BTC and the ETH/BTC chart is actually a great indicator of market sentiment, over the last couple years the market has been selling ETH for BTC over time leading to it bleeding (also you can have your theories about price suppression). We are in a potential reversal of this long term trend right now, but a multi year bear market is difficult to wrestle yourself out of, especially in a bad macro environment.

>>60533920 (OP)
Bitcucks forget that all energy will be used on useful things in times of war. Not on mining digital nothings

>>60534937
Also the crypto market is basically in a bear market since 2021, you can see that in the spiritual depression that crypto traders are in right now (high degree of bitcoin maximalism, common belief among traders that crypto doesn't have any real use cases beyond speculation (e.g. memecoins), etc). The market never recovered from the 2022 bear market, retail never really came back and most crypto traders are buttcoiners in denial at this point.

>>60534473
Recession indicator confirmation

>>60534473

>>60534657
>what is normalcy bias

>>60534948
It'll be used on whatever the fuck the market decides to use it on. Sorry, glowie, you're not in charge. Fuck off

>>60535013
Governments will intervene once energy prices skyrocket. Sorry corecuck, you failed to build something the people really needed.

>>60533945
>>60533971
I was thinking blocking oil supply would directly affect miners and their capacity to mine, no? I think that would affect the price more than it's correlation with the S&P

>>60535162
>I was thinking blocking oil supply would directly affect miners and their capacity to mine, no?
Why would miners' cost increase the price of BTC? That's the miners' problem and will lead to the miners using oil-based electricity dropping out and the hashrate likely decreasing until it finds a new equilibrium. They wouldn't spend even more money buying BTC, nor would the market decide to help them out by raising the price so that they keep their margins (unless the market is completely fake and manipulated).

>>60534049
>>60533970
How likely do you guys think it is that bitcoin keeps going lower? Thinking of exiting my position and rendering at a lower price.

>>60534046
bitcorn is a blockchain anon... when you have a private key you own it forever