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.

 

[Shmee]

Interesting piece, and yes stable coins can be a bit sketchy I would think. Probably not real crypto IMO. But I noticed at least one wrong thing in there, as Coinbase does take tether.

 

[Hitman928]

Interesting piece, and yes stable coins can be a bit sketchy I would think. Probably not real crypto IMO. But I noticed at least one wrong thing in there, as Coinbase does take tether.

They didn't at the time of the article.

 

[Leeea]

The Bit Short: Inside Crypto’s Doomsday Machine | by Crypto Anonymous | Medium

This is the most plausible explanation I have seen so far for how this nonsense has managed to go on as long as it has. If this theory is accurate when this ends it is going to absolutely implode.

Viper GTS

I am not good at judging random articles posted on the internet.

---- ----!

Thank you.

Now I have to figure out if I liquidate everything now, or roll the dice and see if it keeps climbing. This is straight up gambling, and the game is rigged.

-----------------------------

Attorney General James Ends Virtual Currency Trading Platform Bitfinex’s Illegal Activities in New York

Bitfinex and Tether Must Submit to Mandatory Reporting on Efforts to Stop New York Trading Bitfinex and Tether Deceived Clients and Market by Overstating

ag.ny.gov

(.gov website, this is the end tether in new york )

-----------------------------

I just sold everything I had in eth.

 

[Shmee]

Hmm, I had

They didn't at the time of the article.

Hmm, I guess I had forgotten that coinbase taking tether must have been a recent thing. I know they took USDC for a while at least.

 

[repoman0]

The Bit Short: Inside Crypto’s Doomsday Machine | by Crypto Anonymous | Medium

This is the most plausible explanation I have seen so far for how this nonsense has managed to go on as long as it has. If this theory is accurate when this ends it is going to absolutely implode.

Viper GTS

Similar and more recent article here: https://medium.com/monetary-greed/c...inancial-fraud-in-modern-history-ec6cc0ff1735

Kind of seems like this is an open secret. Definitely made me reconsider putting any real money into it. I was all ready to start throwing $100 per paycheck into BTC and ETH just for fun.

 

[VirtualLarry]

Now I don't feel so bad about "taking profits" in USD every day, rather than HODL.

 

[IntelUser2000]

Well you can start staking right now if you whish to do so. Only issue is you need at least 32 ETH.

You don't need 32 Eth to stake. You can stake on many exchanges for far below 1 eth.

32 Eth is if you want to run a solo node.

I am not good at judging random articles posted on the internet.

---- ----!

Thank you.

Now I have to figure out if I liquidate everything now, or roll the dice and see if it keeps climbing. This is straight up gambling, and the game is rigged.

-----------------------------

Attorney General James Ends Virtual Currency Trading Platform Bitfinex’s Illegal Activities in New York

Bitfinex and Tether Must Submit to Mandatory Reporting on Efforts to Stop New York Trading Bitfinex and Tether Deceived Clients and Market by Overstating

ag.ny.gov

(.gov website, this is the end tether in new york )

-----------------------------

I just sold everything I had in eth.

The ny.gov piece is from end of February, when the value was far less. So I believe that Crypto Doomsday article lot less than I did back then. Yea, Bitcoin didn't rise a lot from that point, but it didn't drop much either.

The medium article is also a month old. It only really started dropping after the Chinese went after crypto exchanges. Nothing about Tether.

So is it another case of something being overblown? Possibly.

 

[Shmee]

I briefly looked at the NY.gov piece, and some parts of it wreaked of paperhands talk. The thing about regulation, is it has to be smart. That said, exchanges should be somewhat regulated, to be sure they are not cheating their customers. But banning something like tether right out seems a little silly.

Thank you for the ETH staking update. I will have to look into this, unfortutnately the tx fees are a bit high to move stuff easily between exchanges atm.

 

[beginner99]

You don't need 32 Eth to stake. You can stake on many exchanges for far below 1 eth.

32 Eth is if you want to run a solo node.

true but centralized staking on an exchanges is let's say not very ideal.

 

[Gideon]

But banning something like tether right out seems a little silly.

Not really IMO if you read both of the blogposts above. Tether looks like the main asset that deliberately drives Crypto bubbles

 

[IntelUser2000]

true but centralized staking on an exchanges is let's say not very ideal.

Yes, but based on the value per eth right now, so is needing 32 Eth to stake.

 

[beginner99]

Yes, but based on the value per eth right now, so is needing 32 Eth to stake.

I agree. It's sadly similar to current financial system. Who already has is given more. The "common" people are left out again.

 

[beginner99]

Similar and more recent article here: https://medium.com/monetary-greed/c...inancial-fraud-in-modern-history-ec6cc0ff1735

Kind of seems like this is an open secret. Definitely made me reconsider putting any real money into it. I was all ready to start throwing $100 per paycheck into BTC and ETH just for fun.

Apparently said lawsuit was settled with some fine and they are banned from NY (state). Supposedly during an Audit this february as part of the settelment it was concluded they indeed have enough assets to back the "minted" amount albeit most not in actual $.

Personally I think this was a fraud initially. "print" your own coins and use them to buy bitcoin thereby jacking up bitcoin price and then slowly sell bitcoin for real $. By now they probbaly made os much from these scheme that their initial claims are actual legit. But for sure sketchy guys and sketchy businesses.

 

[Mopetar]

once terrorism and national security gets involved, you can kiss bitcoins bye bye for sure.

The same arguments could be made about TOR, but that's still around. The dirty secret is that the U.S. and other governments want to be able to fund groups like this that can be used to destabilize their enemies without the actions being directly attributable to the nation itself. Cryptocurrencies make it easy to facilitate this.

Treating cryptocurrencies like an investment seems a bit foolish. Unless you really need to use them for transactions, I wouldn't keep a substantial amount of wealth locked up in them. Anything at the level of Bitcoin is too much of a roller coaster ride to be able to invest in reliably, and that's even without the uncertainty regarding how countries will treat it that can create dramatic fluctuations. Anything new has a high likelihood of being a scam or otherwise fraudulent. Some like Doge coin probably escaped that because it was created as a joke instead of someone's idea of a get rich quick scheme to dupe others into buying.

 

[blckgrffn]

https://twitter.com/x/status/1397106939193085952

This was sent to me by a friend because I don't really twitter.

It's a great run down of how big movers create cycles, in this case specifically for/with crypto.

I share it because it is rather elegantly laid out.

Here's the thing, this is done with all the financial investment vehicles - publicly traded stocks & bonds, commodity futures, etc. If you've read the worthwhile portion of Ray Dalios Principles (and who hasn't? /s) you'd know that his firm realized that they, acting alone, could move the market and after noticing made an ethical and moral choice to not engage in that behavior knowingly.

And, calling from memory, that was like 20 years ago.

Now, believe Ray or not (and if you know him, he at least believes everything he says) there are other major and minor firms out there that don't give a rip about anyone or anything but making their numbers. Every once in a while we see some people go to jail or make the news, and while some might do outright illegal actions I firmly believe that many, many more are very comfortable operating in the gray "probably not illegal but we should shred this anyway" areas of finance.

Anyway, all financial vehicles and management systems are all toys in the hands of another for the readers of this forum (if not, and you're like a fed chairman or multi billion dollar hedge fund manager or something, good for you). It's a system of trust that, imo, is slowly/quickly losing the trust part.

***

Wow, so I am not claiming to be financially woke here. Just saying that the last 80-100 years has seen the complexity of finance and money policy explode and some people are advantaged far more than others. It's definitely a buyers beware market at every turn.

I take solace in that if I lose everything, the world is probably burning. It helps me sleep at night

 

[Fanatical Meat]

I think it isn’t going to crash per say but there will be periodic big drops like what has happened and cards getting better at limiting mining. This will up the power and effort to gain fewer coins and those coins will carry less value.
Big operations will still do it because they have the hardware but they likely won’t expand upon their hardware.
Ultimately mining will fizzle out.
Just a observation/guess good chance I will be wrong.

 

[Aikouka]

I think it isn’t going to crash per say but there will be periodic big drops like what has happened and cards getting better at limiting mining.

I'd like to say that I'm surprised that video card prices still haven't returned to something closer to normal, but it's probably not too surprising. While crypto prices fell quite a bit, it's arguable that you can still make money with the cards and hit your ROI within a year (depending upon the card and how much you paid for it).

I do wonder what effect the LHR models will have on the market. To be frank, I'm not entirely happy with the idea that Nvidia is...

1. Making minor variations with artificial limitations for specific functionality at the same MSRP.
2. Still making the original models that have full functionality.
3. Also selling hash-specific cards (CMP).

My biggest problem is the combination of #1 and #2. If there's a 3080 LHR and a 3080, why would I want the former? Even if I don't mine, I am buying an inherently inferior product for the same price. Now, to be fair, I am sure that there will be a difference in actual price when these cards are out in the wild.

 

[Fanatical Meat]

I'd like to say that I'm surprised that video card prices still haven't returned to something closer to normal, but it's probably not too surprising. While crypto prices fell quite a bit, it's arguable that you can still make money with the cards and hit your ROI within a year (depending upon the card and how much you paid for it).

I do wonder what effect the LHR models will have on the market. To be frank, I'm not entirely happy with the idea that Nvidia is...

1. Making minor variations with artificial limitations for specific functionality at the same MSRP.
2. Still making the original models that have full functionality.
3. Also selling hash-specific cards (CMP).

My biggest problem is the combination of #1 and #2. If there's a 3080 LHR and a 3080, why would I want the former? Even if I don't mine, I am buying an inherently inferior product for the same price. Now, to be fair, I am sure that there will be a difference in actual price when these cards are out in the wild.

Soon you won't have a choice. They will all be LHR cards.

 

[Aikouka]

Soon you won't have a choice. They will all be LHR cards.

I believe it was the GN report on the issue that stated that they will still produce non-LHR cards. Also, that the 3090 won't get an LHR variant.

 

[beginner99]

https://twitter.com/x/status/1397106939193085952

This was sent to me by a friend because I don't really twitter.

It's a great run down of how big movers create cycles, in this case specifically for/with crypto.

I share it because it is rather elegantly laid out.

I mean I never looked into it but it was plain obvious for me some big parties are regularly manipulating the market.

Hence: HODL

This also goes back to Warren Buffets "mantra" to only invest in what you understand. Well I think I pretty well understand what Ethereum is and can become hence some dip "on the way to the moon" won't make me panic-sell.

Ethereum will soon be deflationary as money will get burned on each transaction. On top of that Proof-of-stake has much, much lower running costs. No need to sell your earned ETH to support the operation. In fact your better of saving up to add more validators. Plus the main reason to stake is because you think the value will go up while making some interest at the same time (like stock dividends and some funds reinvest the dividends). If you don't believe in crypto, then don't stake, cash out and invest in stocks.

 

[beginner99]

My biggest problem is the combination of #1 and #2. If there's a 3080 LHR and a 3080, why would I want the former? Even if I don't mine, I am buying an inherently inferior product for the same price.

The limiter only really works for Ethereum which will switch to proof-of-stake in Q1 2022 if not end of this year. So the whole limiter thing is kind of idiotic anyway as the problem this fixes will go away by itself soon. And it is not like this is a secret. It's actually a surprse miners still invest that much into new hardware. Even before PoS, the mining rewards will get reduced.

NV is doing this for 2 reasons: marketing but more importantly to test the waters for further locking down gaming cards and in general applying their shady tactics. Want the full AI power? you need to get an enterprise card for >$5000.

 

[Dribble]

The limiter only really works for Ethereum which will switch to proof-of-stake in Q1 2022 if not end of this year. So the whole limiter thing is kind of idiotic anyway as the problem this fixes will go away by itself soon. And it is not like this is a secret. It's actually a surprse miners still invest that much into new hardware. Even before PoS, the mining rewards will get reduced.

NV is doing this for 2 reasons: marketing but more importantly to test the waters for further locking down gaming cards and in general applying their shady tactics. Want the full AI power? you need to get an enterprise card for >$5000.

Ethereum has being just about to switch to proof-of-stake for years now, but it never quite seems to happen... In addition the card is sold as nerfed for mining, not nerfed for Ethereum - if a new currency emerges then they can silently increase the version number of the hardware and have that only work with drivers that have new mining nerfs in.

Not sure why the tactics are shady - they are standard. In fact if you are just a gamer you win as you get the cheap card for gaming, and the development of that is subsidized by the more expensive enterprise and mining cards.

 

[Mopetar]

You might be getting the least expensive card, but if you believe it's the cheap card and being subsidized by enterprise you're deluding yourself. There was a time when Nvidia didn't sell all of those fancy cards for enterprise customers and their PC gaming cards cost considerably less than what they do today, even when adjusting for inflation. That was also a time when they weren't hauling in nearly as much money as they do now, but the company was incredibly profitable just from selling more moderately priced cards to gamers.

 

[Kenmitch]

lol....I guess they got what they deserved in the end. I wonder what will become of it? Huge fine to get their hardware back?

Massive bitcoin mine discovered in UK after police raid suspected cannabis farm

Police searched a unit on May 18 on the back of intelligence that led them to believe it was being used as a cannabis farm.

www.cnbc.com

 

[Caveman]

I mean I never looked into it but it was plain obvious for me some big parties are regularly manipulating the market.

Hence: HODL

This also goes back to Warren Buffets "mantra" to only invest in what you understand. Well I think I pretty well understand what Ethereum is and can become hence some dip "on the way to the moon" won't make me panic-sell.

Ethereum will soon be deflationary as money will get burned on each transaction. On top of that Proof-of-stake has much, much lower running costs. No need to sell your earned ETH to support the operation. In fact your better of saving up to add more validators. Plus the main reason to stake is because you think the value will go up while making some interest at the same time (like stock dividends and some funds reinvest the dividends). If you don't believe in crypto, then don't stake, cash out and invest in stocks.

You took the words right out of my mouth.