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Gizmodo: Crypto Platforms Are Halting Withdrawals as Bitcoin Tanks Over 13%
- Thread starter Teh_Lurv
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They're really not the same thing. Meteorology uses the laws of physics and mathematical models of real-world, physically measurable variables and processes.
Technical analysis tries to predict the future direction of asset prices strictly on the basis of what the price has done in the past. It's trying to apply patterns to something that's not governed by any physical laws, but rather by the actions, prerogatives, and feelings of millions of individual market participants forecasting and reacting to an inherently unknownable future.
User banned (2 weeks): thread detail, cross-thread sniping
And there we go. Thread is as good as closed, can't have FUD in here.
I'm very interested in how this continues to evolve but not at all interested in "dip buy now" posts, which only leaves regular news threads instead of the ot. And I'm pretty sure the ot will report any "derailment" anyway immediately. This is a gizmodo article, not a rando Twitter post, please leave it open for a while :/
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Supposedly they keep finding cash and pump it into more tether.
Proof of said cash are not available to the public.
If you're talking about algorithmic trading, hedge funds and whatnot, those are mostly about using really fast computers to find market imbalances, inefficiencies, and other arbitrage opportunities, rather than trying to predict future asset price movements on the basis of past asset price movements. And even then it's worth nothing that those strategies almost never out-perform holding the S&P500 on a risk-adjusted basis over long periods of time.
User warned: cross-thread sniping
they mention circle-jerking which I find veeerry ironic
User warned: cross-thread sniping
Always funny when users use that thread to tattle. Just report / ignore and live your life.
Yup.
If anything, Crypto is akin to astrology.
Pretty much all make believe.
Arr, quoted my messed up post xD
But yeah pretty apt.
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I can't find a good enough "rubbing temples" gif for this comment.
I couldn't give two hoots about FUD or whatever, as I've said there, I'm not in crypto - 100% on the outside looking in. I was asking where this stands with the previous edict from Hecht. If the mods class this as news then of course it's totally fine. Shits going to keep going down most likely, crypto as well as stocks - I literally have no horse in this race.
staff post - stay on topic
There's a big difference between art and crypto: most people buy art to enjoy it. Some people only see it as an asset to be resold a a higher price, but they're a small minority. Same for comics or trading cards. Most people buy Magic cards to play with them and are fine if they "lose" money in the process because they get to have fun in return. Some people only buy them to make a profit, but they can do that because of a big majority that plays for fun. With crypto, literally no one gives a shit about the tokens. It's only a generic asset to be resold at a higher price. it does nothing by itself, the only way to get a return on it is by selling it. The people in it for fun or enjoyment do not exist.
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astrology?! i love astrology!
let's check today's transits:
horoscopes.astro-seek.com
neptune square sun? CONFUSION! EGO HURT! MANY FEELINGS SO ATTACKED.
venus square moon conjunct saturn? BIG DISCOMFORT AND CONSTIPATION WITH MONEY IN SOCIETY.
it is the time to just let it all down the drain, my friends. uwu
(there are some trines and sextiles i am ignoring, but cooler heads and those who have planned well/acted first will do best, the rest being bagholders probably)
let's check today's transits:
Current Planets, Astrology Planet Positions | Astro-Seek.com
www.Astro-Seek.com - Seek and meet people born on the same date as you
horoscopes.astro-seek.com
neptune square sun? CONFUSION! EGO HURT! MANY FEELINGS SO ATTACKED.
venus square moon conjunct saturn? BIG DISCOMFORT AND CONSTIPATION WITH MONEY IN SOCIETY.
it is the time to just let it all down the drain, my friends. uwu
(there are some trines and sextiles i am ignoring, but cooler heads and those who have planned well/acted first will do best, the rest being bagholders probably)
If y'all haven't listened to the Odd Lots interview with Sam Bankman-Fried from a few months ago, where he proudly and without a hint of irony declares that he runs a Ponzi scheme, you should, because it's absolutely hilarious.
www.bloomberg.com
Reminds me of how folks here once tried to convince me that staking your crypto for 20% APY is analogous to blue-chip companies paying out dividends.
Edit: Here's a good video summary.
Transcript: Sam Bankman-Fried and Matt Levine on How to Make Money in Crypto
The price of major cryptocurrencies like Bitcoin and Ethereum have been moving sideways for awhile. But it doesn't seem like there's any slowdown in terms of money entering the space. Every day, some new fund is being launched or some legacy financial institution is diving into it. But what's...
www.bloomberg.com
Reminds me of how folks here once tried to convince me that staking your crypto for 20% APY is analogous to blue-chip companies paying out dividends.
Edit: Here's a good video summary.
I'm not sure I believe that about art, at least not in the high end market.
People buy paintings and put them in warehouses, then hang a reproduction in their house. If it was really just about enjoying the art, they could just buy the reproduction and skip the original.
That's why they tried to marry art and crypto with NFTs. It didn't work out so well, because with art you are in possession of an actual object, not a JPEG anyone can right-click on.
Sure, in the strict sense of the word, I guess he's not technically running any Ponzi schemes. But the difference to me seems more intellectual than anything. You're the CEO of an exchange that facilitates access to all these Ponzi schemes... you may not be running a Ponzi scheme yourself, but you're most definitely in the Ponzi business. And proud of it!
Homie, I mean lets look at stock exchanges and some of the absolute biggest frauds that were run over the last 18-24 months? Did NYSE/Nasdaq have any issues with listing SPACs even though they are not good for the average investor? How about the multitude of electric vehicle companies that had no products and just torched investor capital? What about Chinese companies that investors have 0 right to?
CREAM, get the money, as far as exchanges are concerned.
Edit: I don't want to defend SBF, but he's personally not the one running the scams. It's pretty wild that we're even discussing who's running the grift, lol.
If y'all haven't listened to the Odd Lots interview with Sam Bankman-Fried from a few months ago, where he proudly and without a hint of irony declares that he runs a Ponzi scheme, you should, because it's absolutely hilarious.
Transcript: Sam Bankman-Fried and Matt Levine on How to Make Money in Crypto
The price of major cryptocurrencies like Bitcoin and Ethereum have been moving sideways for awhile. But it doesn't seem like there's any slowdown in terms of money entering the space. Every day, some new fund is being launched or some legacy financial institution is diving into it. But what's...
Reminds me of how folks here once tried to convince me that staking your crypto for 20% APY is analogous to blue-chip companies paying out dividends.
Edit: Here's a good video summary.
It's so funny this moment was so under the radar when it happened because it is so bonkers to hear a Crypto King so plainly articulate the total absence of economic theory underpinning "yield farming" - when all is said and done this segment is going to be very famous
I feel bad for all the people who were led to believe that you buy the dip and it'll all be fine(both in crypto and stock)Buy the dip!!
There's a concept called macroeconomics.
Honestly, your guess is as good as mine. It's an open secret at this point but just nobody wants to tug on the thread because of the shit that'll come out and cover everything.
IMO a light being shone onto Tether from politicians will probably be their final undoing.
So, until that point, there's no recourse for those running Tether for refusing to reveal the assets that are backing it?
That's crazy. The pitfalls of an unregulated exchange, I guess.
Unlike other crypto which is mined, they control the amount of their own crypto which is controlled by trading it for BTC at a rate that is equal to the USD.
The belief that it has value comes from the fact that they say they have money reserves equal to the amount of tether that flows.
Hence, it means that they could rebuy their own crypto at the price of the USD if needed by selling their BTC + using their money reserve.
The problem is that they've been caught lying about their money supply before and lately they say that everything's fine and they have the value needed to cover everything even though some of their portfolio is in BTC which has melted against the USD.
So... the answer is... who knows?
There is growing doubt about tether for good reasons, but since everything is opaque (i.e. not transparent), no one can declare bullshit.
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If y'all haven't listened to the Odd Lots interview with Sam Bankman-Fried from a few months ago, where he proudly and without a hint of irony declares that he runs a Ponzi scheme, you should, because it's absolutely hilarious.
Reminds me of how folks here once tried to convince me that staking your crypto for 20% APY is analogous to blue-chip companies paying out dividends.Transcript: Sam Bankman-Fried and Matt Levine on How to Make Money in Crypto
The price of major cryptocurrencies like Bitcoin and Ethereum have been moving sideways for awhile. But it doesn't seem like there's any slowdown in terms of money entering the space. Every day, some new fund is being launched or some legacy financial institution is diving into it. But what's...
Edit: Here's a good video summary.
Tether going down is going to cause a bigger loss of money than either Madoff or Enron. So much institutional money is wrapped up in crypto we're going to see valuations decrease dramatically and entire funds completely wiped out.
OP
OP
I read about a week ago that a red line for Bitcoin is around 12k. Once it goes below that in value, mining is no longer profitable.
Basically, and the post below answers it again in more detail.
I think at some point they had the funds that covered what they were printing but that was long ago and more recently it's just funny money whenever they release more.
Now, I have no proof of that, but it's increasingly becoming the commonly-held view I would say.
Literally nothing alike. Anything without a product isn't on the exchanges and is relying on private investment to begin with, ie: the rug pull electric cars you mention. Either way, an investment in a company is based on actual risks and assessments of the PRODUCT that company is goin g to produce. Crypto has no product, it's literally just different money that isn't actually inherently useful.
Not only that, Tether going down will probably kill crypto for a long time (if not ever), so everybody investing in crypto would give money to support it. It is "too big to fail" kinda.
I feel like "too big to fail" is just kind of wishful thinking.
I wonder if that calculation was even using current energy prices. That red line could easily be a lot higher if energy costs keep going up.
Nikola had a product.....LOL
How about I roll your ass down a hill and we go public, how much you think we can get for this new mode of transportation?
Also, I've actually done dynamics research around things like weather forecasting, and it mathematically can't do better than our current system (which gets you out to maybe the 10-day forecast; certainly we'll never be able to tell you the highs/lows/chance of rain/etc... 6 months out with any real degree of accuracy).
There's no secret code to finance. Anyone telling you otherwise is selling something (or holding a speculative asset they want you to buy, in this case).
I wonder if this is cryptos dot com boom? Whereby peak interest into crypto from venture capitalists and retail investors will never reach 2021 levels ever again. That is my belief. I never owned crypto and likely never will unless a BTC is like a dollar, then I'll buy a couple lottery tickets in the event stupid people become stupid again.
For a long time, I have felt the real value of "crypto" is the underlying technology, the blockchain. Crypto is just an infant spawned off this technology but doesn't bring any real value outside of money laundering and bypassing sanctions. The blockchain on the other hand, does bring real value in the form of smart contracts and real-time settling of value transfers.
In other words, "crypto" is here to stay but not the "crypto" as advertised and understood today.
For a long time, I have felt the real value of "crypto" is the underlying technology, the blockchain. Crypto is just an infant spawned off this technology but doesn't bring any real value outside of money laundering and bypassing sanctions. The blockchain on the other hand, does bring real value in the form of smart contracts and real-time settling of value transfers.
In other words, "crypto" is here to stay but not the "crypto" as advertised and understood today.
Honestly, its kind of straightened out the past handful of months. You can pretty easily find your pick of cards at MSRP or even below. Certainly out of the dark days of Newegg Shuffles and having to sign up in Queues to get a card.
But a bunch of crypto cards flooding the market will certainly bring prices down even more. But then again this will likely all start back up again when Nvidia's 40 series cards come out.
This cycle of boom and bust will for sure repeat once again.
Richard from The Plain Bagel has already been posted, but he has a video from about two years ago which surmises the same thing: the value is in the digital ledger, not the "currency".
It will be interesting to see how the decline of crypto hurts the global economy as a whole. While not as large as the other factors fueling the recession we're all but certainly in, it seems likely to bring everything else with it to a certain degree and make things worse than they might have otherwise been
Not guaranteed at all, if anything speculative assets that don't have intrinsic value like tulips and beanie babies bust eventually and never come back. Only things with intrinsic value like gold or silver rebound because they are scarce metals.
A lot of crypto supporters compare it to the stock market, but the stock market doesn't have a boom/bust cycle. It has long term, sustained, highly predictable 6-8% real annualized returns of several centuries.
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