Bitcoin crashes After yet another Chinese crackdown How much power does China have over crypto? Speaking of crashes, Bitcoin! After hitting a mid-April high of 65,000 dollars, the price of bitcoin tumbled below 30,000 dollars. And China is to blame.
I don’t feel like the sentence “China is to blame” is fair, I can’t grasp any POV where what they are doing is wrong unless you are a sinophobic, this is tremendously good for environmental reasons.
My incredibly volatile and risky investment is a complete failure. I blame China.
If China has that much pull then you have to question how decentralized cryptos are. All those random ass tokens are still informally pegged to BTC or ETH, you can see it in the charts. Maybe I’m ignorant, don’t understand how one crypto effects a different crypto ecosystem really.
Proof of work is a big waste of energy so maybe this is a good thing.
I thought cryptocurrency was supposed to be resistant to things like this.
Technically it is. But it cannot be resistant to people’s perceptions about it, i.e. what, and how people think about crypto.
Resistant against what exactly? The trade value to fiat dropping?
Cryptocoins don’t care what value they trade at. People just treat them like stocks instead of money (to be used) so they whine when it drops, and cheer when it hits ATHs. Same old shit, different day.
