Gizmodo: Crypto Platforms Are Halting Withdrawals as Bitcoin Tanks Over 13%
- Thread starter Teh_Lurv
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If only there were some other way to improve the world without taking part in an environmentally damaging system that is "full of scams."
But actively promoting a Ponzi scheme setup to exploit the vulnerable and burn the planet is A-OK?
You know what the best "good cause" would be? Not supporting a ponzi scheme that exploits vulnerable people. That'd be a good thing to do.
The continual conflation that buying crypto is the same as buying a stock is an intentional ploy by cryptobros to get the unknowledgeable buying into their Ponzi scam.
Sorry, BTC cratering in price isn't the same as GOOG or AMZN getting pulled down by an overall market downturn. One asset class actually has something quantitative to point to which will indicate those equities are still producing profits/valued products despite the lower price. The other is the equivalent of continually sticking a finger in your ass, you looking at the brown covered index with your nose covered, and trying to convince everyone else it's chocolate.
Sorry, BTC cratering in price isn't the same as GOOG or AMZN getting pulled down by an overall market downturn. One asset class actually has something quantitative to point to which will indicate those equities are still producing profits/valued products despite the lower price. The other is the equivalent of continually sticking a finger in your ass, you looking at the brown covered index with your nose covered, and trying to convince everyone else it's chocolate.
You don't think there are people holding onto their crypto waiting for it to go up? If it falls further they may sell at a greater loss. I have seen it happen in the past. Don't assume they have all sold out.
Yeah, at least with regulated banks your savings and investments are protected up to a limit.
This is what you get with unregulated finance. Nothing is protected. No recourse. No government agency that will help you to get your money back.
Even if the cryptocurrencies are going up in value, there is always a risk of all of it collapsing completely. Because of that cryptocurrencies are never going to function as currencies, store of value, or inflation hedge.
"The most vulnerable people should HODL, actually. That I benefit from this just a coincidence."
absfuckinlute W I L D S H I T we have been yelling at these fuckers for decades+ about how unsustainable this is and not even the technology is here for it and they've been throwing out waves of bullshit terms and stuff to deflect from today
people concern trolling us in this thread this is carthartic, we told these fuckers fiat was enough but noooooooooo
people concern trolling us in this thread this is carthartic, we told these fuckers fiat was enough but noooooooooo
Yes if only. But it's not like we don't need something better.
There are countries where hyperinflation made savings go to zero overnight. In other countries people's bank accounts are confiscated.
I am not denying the problems of crypto but don't deny the problems of fiat.
Yes it is. It might make someone feel good by going into denial and saying that all the poor people have already sold but that doesn't make it true.
how does crypto fix this
like don't tell me the ~hypotheticals~ , give me an example of crypto actually fixing this problem instead of just trading it out for "whoops it just had a massive market crash because it was reliant on pure bullshit and the bluff got called" and "you're just insolvent because the nature of how crypto works in reality incentivizes people using third party exchanges that don't have sufficient backing for them".
and generally the solutions I've seen for fixing those just leads us to "ok so you realize you've invented [the modern financial system] but worse, right?"
(because for some weird reason a lot of crypto stuff just keeps ending in "ok so you've just made X but it's worse. Why am I supposed to be using this again?")
Nobody on earth believes everybody has bottomed out and pulled out lmfao. You're really salty about your personal losses and the victory lap around crypto right now and you're trying to pretend it's moral high ground you're coming from. Yeah it's unfortunate good people are losing money right now… thanks to crypto bros. Don't want to assume too much but given your responses in this thread you've probably helped sell crypto to others yourself.
Yeah but we all know the issues with fiat. Crypto was sold as a replacement and improvement on fiat and so far all it's done is prove why you need regulation (where lack of regulation was its biggest selling point) because even if a large amount of people (i loathe to say investors) parked their cash into it with the best of reasons the grifters are the ones who pushed it off a cliff.
It's not reversing the trend.
Imagine buying this big amount and instantly lose that money.
Always felt gold was a stable (ish) way to hold money outside of financial institutions To avoid scenarios such as hyper inflation. Not crypto
At least it's value is held to something material.
But I've never had enough spare cash to warrant investigating
At least it's value is held to something material.
But I've never had enough spare cash to warrant investigating
"We need something better but since we don't have that, I'm gonna participate in something worse."
So, in order to fix fiat, cryptobros want to replace it with something.......that fluctuates even more than fiat and can be wiped away at any point without discretion?
Wut
Wut
Don't forget your non-fiat crypto can only be redeemed for fiat currency which is really ironic.
I have provided a link about people fleeing Ukraine with crypto. As far as hyperinflation is concerned, ask the Venezuelans how much they lost. The crypto supporters believe that once the market cap is large enough the prices will stabilize. In the meantime BTC has lost less than the Bolivar.
In the end even if you think holding crypto is unwise you can use it to trade between actual fiat currencies. E.g. remmitances. The video talks about this. Under sanctions you can buy crypto send it abroad and then the recipient sells it.
BTW I refrain from promoting crypto in my personal life. I know how volatile it is but I will defend it online without telling people to buy it.
I think the technology of trading USD to Euro and whenever I change it to RMB when I am in China doesnt really exist yet. I have to use crypto for that.
They'll never go POS and I'm (at least relative to most people on Era) a crypto "supporter."
Well I give you credit for giving a better response than most do.
Man, considering the past two years of growth, gonna be surreal if the bottom falls out for all of this. Never thought I'd see Bitcoin below even 20k again. Always assumed enough people would've been buying the dip to prop it up.
Also let's just get out ahead and dispel this whole "but normal people will lose money" stuff. Yes, this is true. But people always use these "think of your common man" type or narratives whenever something fails and it always falls flat. For example, the devil that is Nestlé deserves to fail and we should all celebrate if it failed. A number of everyday people larger than 0 will be affected, but Nestlé deserves to fail. And you can use the "but everyday people" logic for basically every terrible institution on the planet.
So your plan is to scam poor people so, at some undetermined point in the future, you can give an undetermined amount of money to an undetermined good cause. And this is ok because you won't buy an expensive car.
This never works, but I am going to level with you anyway. You are being scammed. No one wants to hear that and so, whenever people tell them, they double down. It's how scams truly get thier hooks in folks.
People involved in Crypto fall into 3 general categories:
* Some are marks who are being scammed.
* Some are scammers who are preying on marks.
* Most are a mix of both.
Scammers who stay involved long enough will eventually become marks for someone else. Because thier motivations are very easy to understand and exploit. Marks who stay involved long enough become scammers as a means to survive. Because the whole thing is a zero sum game and they have to figure out a way to get someone else to hold the bag.
The only smart move is to walk away.
If the whole economy wasn't spiraling into another recession thanks to war, famine and sky-high fuel prices, I think there would be a lot more dip buying.
"The solution to bad governments and finances in this world is to not have governments at all and maybe everyone will just behave themselves financially and do the right thing through the app." Nevermind that by trading in this nonsense you're mainly dodging tax which means you're not even correctly properly funding the area in which you reside because Tech Angels think they know whats best?
Saw the crash of this live to 17k which was fun. It's been a surreal decade of make believe tech-libertarianism run amok, but here's hoping gravity has finally, definitively started to kick in.
Saw the crash of this live to 17k which was fun. It's been a surreal decade of make believe tech-libertarianism run amok, but here's hoping gravity has finally, definitively started to kick in.
So in other words...crypto in itself has no value OTHER than what someone else is willing to pay for it. Which means it's a commodity - not a currency.
So, if something I hold isn't being used intrinsically of itself as a recognized form of tender but as a means to get recognized forms of tender via selling, and the environment around such a commodity is to ONLY buy and hold in the belief the value of it is only going to go up......
....I don't know, sounds to me like GFT in action.
when your best examples are:
1) that same anecdotes I already remember seeing near the start of the war about people treating it as a volatile asset that was conveniently portable that they could trade for things they actually needed rather than it being actual currency trading almost as if crypto's major worth for people fleeing was being an object of value they could trade for others in a cinch rather than something they themselves would use as a currency (man it's like crypto's really bad as a currency or something)
2) a country where it's really weird that specific people talk about the financial problems happening in a vacuum as though there isn't a United States of America sized elephant in the room that would need to be talked about
because I gotta say after how many crypto promises turned out to be crap in practice, I'm somewhat skeptical of the scenario that Venezula going all in on crypto would've actually helped much with the major problems they're facing causing said economic problems beyond what crypto's status of "it's like gold but worse in so many ways!" has done already.
Like I can't see a scenario where the alternate hypothesis of "what if they were all on the gold standard" wouldn't have provided similar effects from having an asset that could be traded when the currency itself has usage problems.
Everything about this just keeps repeating the same conclusion in my head: that in the end, the best crypto has managed to be is gold but worse
all that time and effort and god knows how much waste has been produced by it and the biggest effects it can have for people is being portable gold that comes with more dumb consequences for its existence being a thing
I will never sell because it's dropping. It's either zero or retirement ( that was my goal since day one). I didnt invest more than i could lose. I dont care about having fancier things. I care about not having to work. If it ends up mooning again then great, if it goes to zero it sucks but nothing in my life will change and i'll just keep working until retirement like i would without crypto.
Ironically, even Valve has managed to put out three games since then lol
This is also something I told myself in 2017. As you can see, nothing has replaced BTC and the fact that even back then there was no plan to actually incentivize miners to stop mining BTC was one of many red flags about this entire crypto ecosystem.
If people are buying into BTC purely for speculation, then its underlying utility doesn't matter and there's no reason to move on to tech that is more eco-friendly. Especially for people who bought mining rigs at 2021 GPU prices.
I once sent
I am no scammer. I may be wrong about the tech.
I respect you for warning me. I don't pretend to have certainty about crypto but I do believe that it or something like it will bring good in the future. Too many wars have been funded by fiat. And no I am not a libertarian.
Sadly no.
Why the crypto crash hit black Americans hard
African-Americans are more likely to own cryptocurrencies
Arguably the now very low barrier to enter now with all the exchanges making it easy as an app has had an an influx of minorities, marginalized, and poor with the selling point of 'Now WE get to get ahead of Wall Street' being extremely powerful.
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