The anti-crypto thread

[BFG10K]

Great news, crypto's collapsing across the board: https://www.techpowerup.com/282380/...ions-in-less-than-24-hours-did-the-bubble-pop

Also China's banned crypto, though individuals can still have it: https://finance.yahoo.com/news/chinese-financial-payment-bodies-barred-122712260.html

The sooner this cancerous parasite is wiped out, the better.

 

[beginner99]

So much about the collapse. ETH back at $3000 which really isn't a surprise but haters gonna hate.

 

[Kenmitch]

As a private person I don't really understand the need for cryptocurrency when I already have a very stable currency and lots of different low cost and straightforward ways to pay. Why would I be interested in first buying "coins" and the buy stuff afterwards?

I understand the use if you want untraceable transactions or using it as an investment/gambling project, but otherwise?

Try pumping and dumping the US dollar....

 

[Magic Carpet]

So much about the collapse. ETH back at $3000 which really isn't a surprise but haters gonna hate.

Personally, I don’t really care. I have no use for it, other than speculation and I don’t like speculation in the first place.

 

[bigboxes]

So much about the collapse. ETH back at $3000 which really isn't a surprise but haters gonna hate.

I hate the phrase, "haters gonna hate". It's used by the intellectually weak. They act like you're attacking them personally because you don't like something that they do. Crypto should be illegal. I'm happy that you made out. I advise you to sell while you can. I have no sympathy for you once the crash happens or when government bans crypto.

 

[darkswordsman17]

I hate the phrase, "haters gonna hate". It's used by the intellectually weak. They act like you're attacking them personally because you don't like something that they do. Crypto should be illegal. I'm happy that you made out. I advise you to sell while you can. I have no sympathy for you once the crash happens or when government bans crypto.

Nah, its even dumber than that. Its people saying people are "hating" just because they don't like them for no reason, not for any actual legitimate reason. Its not even to the "you're just jelly!" level.

Crypto won't be banned soon (at least not in the US), so that's just wishful thinking. Which I'm not a fan of it, at least in its current forms where its not providing any tangible benefit to anything other than effectively a ponzi scheme (which will come due at some point, I think its just going to be taxes, but even then I expect they'll give people a one time grace opportunity for a much reduced tax rate if they convert it to some other investment or just take the money). I think there's ways they can make crypto at least worth instilling value (i.e. compensating people for using their processing ability to fold proteins or other endeavors that provide some good), we'll see if any of that comes to pass though.

In the meantime, I'd recommend either ignoring it entirely (you won't gain much from arguing about speculation on it going up or down) or profiting from it while you can and putting that money towards use that you do put value into (charity, etc). Trust me, it'll work out better for you to gloat about how you knew it if it were to crash if you just say that over years when it didn't.

 

[aigomorla]

Hey can we please all respect each other and not take things personal.
I would really hate to ask a mod to come in and start issuing out warnings.
Remember this is the Tech Forums, and we do not tolerate any personal attacks of any kind on this section of the forum.

I think everyone is entitle to their own as long as its not illegal, or morally wrong.
So please, if your going to start bringing up pitch forks... make the fork the image, and not the person you intend to stab.

Anyhow crypto is now backed by gold.
With Gold and USD backing, its pretty much going to stay.
Add the fact coinbase just opened all doors for regulators, you do not regulate something which your trying to kill.

Lastly, the Lindy Effect shows crytpo probably won't die for the next unforseen future, and the longer it stays alive, the harder it is to kill.

 

[Markfw]

I hate it for one reason only. I can not buy a decent video card for anywhere close to MSRP for the first time in years. My 2080TI's were the last cards I got at MSRP. No 3xxx Nvidia series at all.

 

[Fanatical Meat]

I hate it for one reason only. I can not buy a decent video card for anywhere close to MSRP for the first time in years. My 2080TI's were the last cards I got at MSRP. No 3xxx Nvidia series at all.

I know, I’d like to get a better/bigger monitor but card prices make that unrealistic.
I have been trying to score a 3060 or possibly better for the above purchase AND to keep my 1660ti in reserve just in case something breaks.
The long amount of time the market has been screwed up is pretty depressing.

 

[bigboxes]

Nah, its even dumber than that. Its people saying people are "hating" just because they don't like them for no reason, not for any actual legitimate reason. Its not even to the "you're just jelly!" level.

Crypto won't be banned soon (at least not in the US), so that's just wishful thinking. Which I'm not a fan of it, at least in its current forms where its not providing any tangible benefit to anything other than effectively a ponzi scheme (which will come due at some point, I think its just going to be taxes, but even then I expect they'll give people a one time grace opportunity for a much reduced tax rate if they convert it to some other investment or just take the money). I think there's ways they can make crypto at least worth instilling value (i.e. compensating people for using their processing ability to fold proteins or other endeavors that provide some good), we'll see if any of that comes to pass though.

In the meantime, I'd recommend either ignoring it entirely (you won't gain much from arguing about speculation on it going up or down) or profiting from it while you can and putting that money towards use that you do put value into (charity, etc). Trust me, it'll work out better for you to gloat about how you knew it if it were to crash if you just say that over years when it didn't.

I'm not a hater. And yes, crypto will be eventually be banned. I'm not gloating over anything. Some things are just stupid beyond belief.

 

[Charmonium]

Not so fast there spunky.

Victory Capital is starting a crypto ETF with 8 different coins.

Hashdex partnered with Nasdaq in September 2020 to issue a Bitcoin exchange-traded fund in Bermuda, with the Bermuda Stock Exchange approving the product in February. Its Nasdaq Crypto Index consists of eight cryptocurrencies: Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), Litecoin (LTC), Chainlink's LINK, Stellar's Lumen (XLM), Filecoin (FIL) and Uniswap's UNI.

It's also worth noting that Stellar might be buying Moneygram, but that might just be a rumor.

 

[ozzy702]

Huh, crypto appears alive and well.

 

[aigomorla]

Huh, crypto appears alive and well.

Its tied to too many things, so i really doubt it can die.
US dollar, Gold, as i said earily with the intigration of stable coins and also now large financial institutions wanting a pie out of it like JPMorgan.

https://www.jpmorgan.com/solutions/cib/news/digital-coin-payments

Unless we have another incident like subprime lending + Lehman Brothers, i really do not think you can kill off crypto.

You don't regulate something you intend to kill off, and use the revenue from it to build infrastructure...
That would make absolutely no sense....

 

[DisarmedDespot]

Yeah, sadly crypto is here to stay. Doesn't matter the stuff sucks for anything that isn't ransomware, the number and hype just goes up and up!

 

[Magic Carpet]

Yeah, sadly crypto is here to stay. Doesn't matter the stuff sucks for anything that isn't ransomware, the number and hype just goes up and up!

The hype is so huge, you can’t believe it. Of course, the banks can’t ignore something that is so popular among the population. They’ve got to satisfy that demand if they want to stay in business and/or make extra profit. Smoking was so popular at one time, but it wasn’t necessarily good for you or the people around.

Most people don’t really care how it works, as long as it works. For the time being, it’s a great speculation asset, you can make a lot of money, if you know what you are doing. As long as there is money to make, crypto coins will stay relevant. The US government will regulate it eventually and tax it properly. Money is money, why not. Unless, Trump comes back and ban it, lmao.

 

[NTMBK]

I think everyone is entitle to their own as long as its not illegal, or morally wrong.

That's the thing, some of us think that crypto is morally wrong. Colossal use of energy and resources for nothing but pure greed, destroying the planet even faster.

 

[Borealis7]

Trump comes back and ban it, lmao.

Musk 2024! (j/k he can't run)

 

[Fanatical Meat]

That's the thing, some of us think that crypto is morally wrong. Colossal use of energy and resources for nothing but pure greed, destroying the planet even faster.

Most don’t understand the massive energy requirement. Once they do something will change.

 

[DrMrLordX]

Do we keep having to repeat the same (at best) inaccurate tropes about blockchain in this thread?

 

[aigomorla]

Most don’t understand the massive energy requirement. Once they do something will change.

Its not that they don't know, they just refuse to learn because of how much money it can bring in a speculative performance.
There are many articles on people converting power stations just to run crypto.

Bitcoin Miners Are Giving New Life to Old Fossil-Fuel Power Plants

The lofty prices of cryptocurrencies have investors sinking money into electricity generation, risking a backlash.

www.wsj.com

Private-equity firm revives zombie fossil-fuel power plant to mine bitcoin

Power plant was left for dead until the cryptocurrency boom came along.

arstechnica.com

A New York Power Plant Is Mining $50K Worth of Bitcoin a Day

The power plant believes it will remain profitable even after the halving event in May.

www.coindesk.com

People are just too busy earning them coins to honestly care.

I personally have a dedicated 1500W grid tied solar system just to run my 2 machines which draw a total of 700W.
I do not think it meets 100% of demand, but it get enough not to impact my electricity bill that much @ $0.21 / kwh.
As long as i do not turn the AC on, during the day i am net negative.

But that is the extent to my crytpo farm... i do not intend to expand it.... its a collection of old videocards or cheap cards i have collected, and just throw to mine because i do not like selling my stuff second hand.

So maybe in a few states like California, i think they may ban it.
But In California... well.... we do a lot of things that are ban'd because people just like being very loud about it, but no one really cares to actually enforce it unless our kids and people can lose there life from it.

But if you can TAX it.. oh hellz no, you can bet california will look the other way for sure and keeping looking that way, because its all about:
"SHOW ME THE MONEY" in Cali.

 

[Fanatical Meat]

Its not that they don't know, they just refuse to learn because of how much money it can bring in a speculative performance.
There are many articles on people converting power stations just to run crypto.

Bitcoin Miners Are Giving New Life to Old Fossil-Fuel Power Plants

The lofty prices of cryptocurrencies have investors sinking money into electricity generation, risking a backlash.

www.wsj.com

Private-equity firm revives zombie fossil-fuel power plant to mine bitcoin

Power plant was left for dead until the cryptocurrency boom came along.

arstechnica.com

A New York Power Plant Is Mining $50K Worth of Bitcoin a Day

The power plant believes it will remain profitable even after the halving event in May.

www.coindesk.com

People are just too busy earning them coins to honestly care.

I personally have a dedicated 1500W grid tied solar system just to run my 2 machines which draw a total of 700W.
I do not think it meets 100% of demand, but it get enough not to impact my electricity bill that much @ $0.21 / kwh.
As long as i do not turn the AC on, during the day i am net negative.

But that is the extent to my crytpo farm... i do not intend to expand it.... its a collection of old videocards or cheap cards i have collected, and just throw to mine because i do not like selling my stuff second hand.

So maybe in a few states like California, i think they may ban it.
But In California... well.... we do a lot of things that are ban'd because people just like being very loud about it, but no one really cares to actually enforce it.

I’m talking Politicians.
Week or two ago I read Elizabeth Warren was shocked at how much power it took.
I think she poked holes in how the markets work too.

 

[aigomorla]

I’m talking Politicians.
Week or two ago I read Elizabeth Warren was shocked at how much power it took.
I think she poked holes in how the markets work too.

and here that same warren is now saying we need more cops for it.

Warren Says Crypto Needs More Cops, Worries About Systemic Risks

Senator Elizabeth Warren wants Congress to respond to the explosive growth of cryptocurrencies and urged U.S. regulators to do more with the powers they have to police the market.

www.bloomberg.com

you don't add infrastructure to something you intend to mercilessly kill off.

 

[Magic Carpet]

Yeah, she looks on the bright side.

The senator added that she does see positives for the technology behind digital tokens in potentially providing financial services for “unbanked” consumers. She said crypto could be a solution for workers who lack bank accounts and now have to pay high fees to cash their pay checks.

Now, this is certainly a good thing. In theory, at least.

 

[Fanatical Meat]

and here that same warren is now saying we need more cops for it.

Warren Says Crypto Needs More Cops, Worries About Systemic Risks

Senator Elizabeth Warren wants Congress to respond to the explosive growth of cryptocurrencies and urged U.S. regulators to do more with the powers they have to police the market.

www.bloomberg.com

you don't add infrastructure to something you intend to mercilessly kill off.

Policing the market would certainly help IMO.

 

[beginner99]

Most don’t understand the massive energy requirement. Once they do something will change.

I agree that it is a problem and hence Ethereum is swithicng to proof of stake. Most newer blockchains are proof of stake from the start. The only problem remains bitcoin which probably will never change and at some point will simply be abandoned due to this. Bitcoin also is not mined on GPUs so it doesn't add anything to the gpu shortage. It's mined with ASICs only. GPUs are way too slow nowadays.

 

[Shmee]

Crypto is the best. To the moon!