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Gizmodo: Crypto Platforms Are Halting Withdrawals as Bitcoin Tanks Over 13%
- Thread starter Teh_Lurv
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I wonder if this will have a positive effect on GPU pricing, or if the sales of last gen Nvidia cards in some way proved how much people will actually pay to get one, and so AMD and Nvidia will price accordingly. I have no idea what percentage of the buyers who were getting them from scalpers were using them for crypto (and thus paying double or triple MSRP would "pay off"), and those who just wanted something for gaming.
Yes, of course the scammers are the one to blame.
I just wanted to point out that it was in fact possible for a person to invest in crypto without knowing about all the bad stuff due to how all that was presented on general news sites. Heck, I saw an article a couple days ago on a the (garbage) conservative french equivalent of CNN News how the BTC market will recover. They didn't outright recommend to buy the dip, but painted it as a not so bad idea.
Yup the amount of money going around to normalize this bullshit is insane. How do you think they afforded Matt Damon and Larry David for Super Bowl commercials?
At least when Draft Kings does it, they're honest that it's gambling.
Because the growth of crypto is entirely reliant on more people falling for the grift. Of course articles from crypto sites are going to put a positive spin on it, they don't want to lose any more money than they already have.
SMH people are celebrating poor people losing money in a ponzi scheme that I oriented my entire personality around helping perpetuate? Stay classy era...
Another thing to consider how this crash is different is that mining is falling off a cliff because of skyrocketing energy prices
https://finance.yahoo.com/news/think-crypto-winter-battered-bitcoin-130921827.html
Mining doesn't work at these prices and they might not work again until the prices basically return to all time highs
https://finance.yahoo.com/news/think-crypto-winter-battered-bitcoin-130921827.html
Mining doesn't work at these prices and they might not work again until the prices basically return to all time highs
This reminds there were people on Era pimping "cummies" and I'm mad all over again.
Can they be combined with slurp juices too?
/I'll see myself out now.
For me it was a gamble after going against my instincts every other time and still seeing it go up and up. Picked the wrong time, clearly. Just sort of a "put a small amount aside and see what happens" sort of thing that could maybe become a down payment on a house.
Now I'm over it. I do feel bad for people who were in my shoes and went all in though, as so many people made it out to be a sure bet when I was doing research on it. At the same time I'm glad the whole system is crashing down.
Now I'm over it. I do feel bad for people who were in my shoes and went all in though, as so many people made it out to be a sure bet when I was doing research on it. At the same time I'm glad the whole system is crashing down.
People are invested in oil companies too and I'd happily watch all of those stocks crumble to the ground.
I never thought I'd even passively watch a livestream of stocks. I want the lines to go down dang it.
I'll say it's likely to have an effect. Look at the updated cards from this year, the 6x50 series and the 3090ti, neither sold out at all. Not to mention the 30 series was pegged to be a hot update cycle anyway. I don't think we'll have too many people chomping at the bit to upgrade after paying massively inflated prices.
Does Bitcoin really need more coins minted? It's not like people are actually using it as a currency, it's just the virtual equivalent of gold, with people thinking it will be worth a ton in the near future. Limiting the supply would only affect the price in one direction, upwards. Unless there is something about the minting process that is more fundamental that I don't understand.
Well shit, let me correct that then.
It should go below 18k real soon. :D
I might be wrong but from what I gather the mining is integral to the actual bitcoin transactions.
Sure, but you can sell your coins and wallets without needing on-chain transactions. I assume the current price of BTC is pretty much just what a single coin goes for in actual "off-chain" markets. That's what I mean with people thinking of it like gold, just something to buy, to be sold later. Not actually used for anything.
Crypto is basically stock right? People invest in it in the hopes that the price will go up and they'll make a return on their investment. But it isn't backed by anything. When Apple performs well in terms of revenue their stock price will increase, but the only thing that increases the price of crypto is more people buying crypto is that correct?
How can something that's basically stock be used as a viable every day currency?
How can something that's basically stock be used as a viable every day currency?
No. Stock is a portion of ownership in a business. Also many stocks pay their owners a portion of their profit in the form of dividends.
Crypto is just hoping someone will pay more than you did later.
Crypto can't and isn't viable as an every day currency. It fluctuates to much.
Its not a stock for the reason you outline. Stocks are for physical real world companies that makes profits or losses, and the stock price relates to those companies performance. Crypto isn't related to anything - it simply is, and the price goers up because more and more people piled into the system. The price has no relation to real world performance. It's a classic ponzi scheme that relies on getting ever more people involved to make the price keep going up.
The idea behind it was as a currency, but it's really terrible at that and most have stopped pretending that it has the potential to be a currency. Next it was supposed to be a hedge against inflation, but it's also terrible at that for the same reason that it's terrible as a currency. Now it's just a speculative asset, and soon most will see that it's also terrible at that.
Doesn't really matter, give them the laugh now but when it bounces back up there will be silence again
Always happens
Yeah, we'll just have to go back to complaining that a giant ponzi scheme is fucking over the planet by a group of morons who think magic money can just be created out of thin air and burnt out graphics cards.
I will make fun of you regardless of how much money you've lost, don't worry
Me after I see something happen a handful of times during a unique zero interest rate environment:
Yeah this is a never ending cycle and a law of nature and will never stop happening
Yeah this is a never ending cycle and a law of nature and will never stop happening
We straight don't have enough data points on massive crypto drops to call a trend. This is it's third major bear market I think? That isn't close to enough to assume it'll be fine.
It's nothing like stock. Buying stocks you are buing part of company.
You are right it is going to be a major one. Your the only one that quoted me who I at least should quote and anwser to.
It is really interesting few weeks to try to see what is happening to an already hard to see market.. Not only in crypto but also in stocks
So I will try what I have been doing for the last few years on stock and try to see if I can learn something out of this without panicking
You should both honestly decouple stocks & crypto in how you think about them. You can make money in both by investing and hoping the number goes up, but the difference between the two is that crypto is completely speculative in its valuation.
I meant stock purely in the its just an investment thing.
Aren't Governments worldwide starting to get into the crypto space though? If they do would this mean that the landscape will change? Could there be a death of bitcoin, dogecoin and all of these private currencies and the emergency of governmental backed digital currency? Which I don't really understand how it would be different from fiat currency that we use to pay for goods & services electronically anyway.
Is there any way that we can actually use the block chain for something positive or is the entire space just one big Ponzi scheme.
What would Government regulation of bitcoin even look like? I don't understand how you an buy bitcoin from a website or large exchange and have no security for your purchase. Even if its a novel technology how come regular consumer protection laws don't apply to crypto?
Sorry for all of the questions. It just feels like I fell asleep and crypto became this huge thing overnight and I didn't realise.
It is a hard one and one of the reasons why I started crypto much later then stocks.. With the stocks I bought I usually bought on the ideas of the company and the direction they where pushing
I agree that crypto isn't like that though and much more speculative in what drives it up.. Hope to learn a better grasp of the crypto one day at a time though
The entire purpose of crypto currency is that it's decoupled from government-issued currencies. If a government issued crypto, it would just be another form of fiat currency. Or, it would be a collectible item like commemorative coins issued by the mint, without real money value.
No, the block chain doesn't do anything useful. It's just a type of write-only ledger, which has some niche technical applications, but is generally not good for record keeping. All the applications crypto evangelists tout - crossplay items in video games, immutable property records, easily transferable medical records, etc. - either don't actually need the block chain component or would be disastrous if put into practice.
Consumer protection laws don't apply to crypto in that way, because it functions like a collectible. If someone bought $10,000 worth of Beanie Babies with the expectation that their value would soon be $1,000,000 and ended up with nothing but a pile of worthless toys, the TY corporation isn't liable.
What's bizarre about it? Crypto is a worthless "asset." It's a gross misallocation of capital and energy, and the world will be better off with its demise.
Lmao at cryptobros pretending to be heartbroken over the "poor Salvadorian people". They practically jizzed themselves when that shill Bukele appeared on the scene to give their scam undue "legitimacy".
That's the thing I never could get anyone in crypto answer me:
If you invest in crypto (let's say Bitcoin at 15k), it's that you expect the value of BTC to go up, right? So that you can sell at a higher point in the future, for example at 60k?
For a stock, this means you are confident the company will at least keep its current margins and so on, or improve it, so that its stock goes up. That's what's speculative, the performance of the company behind the stock you buy into.
What makes you say BTC price will go up?
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