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.

 

[ultimatebob]

I remember being told that Bitcoin was going to be an excellent hedge against inflation. You know... "money printer go brrr" and all that.

In reality, inflation is up about 10% over the past year, but Bitcoin is down about 35%.

 

[brianmanahan]

I remember being told that Bitcoin was going to be an excellent hedge against inflation. You know... "money printer go brrr" and all that.

In reality, inflation is up about 10% over the past year, but Bitcoin is down about 35%.

maybe because tether go brrr too, lol

or maybe because it's still seen as risky and people are de-risk-ifying

 

[AdamK47]

I remember being told that Bitcoin was going to be an excellent hedge against inflation. You know... "money printer go brrr" and all that.

In reality, inflation is up about 10% over the past year, but Bitcoin is down about 35%.

It was crypto bros telling their flock this. It's part of the grand utopian dream.

 

[DrMrLordX]

I remember being told that Bitcoin was going to be an excellent hedge against inflation. You know... "money printer go brrr" and all that.

In reality, inflation is up about 10% over the past year, but Bitcoin is down about 35%.

In theory, yes. In practice, when BTC prices are being bolstered by indirect cash injections due to QE, BTC is vulnerable to fluctuations in the value of USD. Also cut off QE and the immediate upside for BTC tanks. Inflation may eventually bolster its value, but it's going to have to correct first.

 

[njdevilsfan87]

Crypto is going through some pain, and then we'll end up at $100K the next time we've got a bull run. If gold isn't hedging well against inflation, then nothing really will.

Crypto still provides a great opportunity if you know what you're doing. Right now you sit back and yield BTC and stablecoin pairs at 10-40% APY across multiple blockchains. If you yield during the "U" of a market cycle, you have the opportunity to exit with very little or no impermanent loss further down the line with... 10-40% APY. It's not without risk of course, but if it goes well it's still significantly better than the next best thing during bear markets: dividend stocks.

 

[BFG10K]

I remember being told that Bitcoin was going to be an excellent hedge against inflation. You know... "money printer go brrr" and all that.

In reality, inflation is up about 10% over the past year, but Bitcoin is down about 35%.

And of course they respond that it's something else's fault. Always is. Couldn't possibly be their Crypto fetish is a delusional failure.

Like how we were told Crypto doesn't need power / internet infrastructure because "millionaires just pop over the border with their paper wallets".

 

[DrMrLordX]

And of course they respond that it's something else's fault. Always is. Couldn't possibly be their Crypto fetish is a delusional failure.

Nobody here has a "crypto fetish". Unless you're talking about some unspecified people elsewhere?

 

[ultimatebob]

Invest in Bitcoin, they said... it's the "wave of the future"...



It's a wave all right... one crashing against the shores of reality.

 

[brianmanahan]

ow oof ouch my coinbase account

 

[repoman0]

It’s a hedge against inflation they said … 😂

 

[jpiniero]

Invest in Bitcoin, they said... it's the "wave of the future"...

It's a wave all right... one crashing against the shores of reality.

Blame/Credit all those people who refuse to go back to the office. Now the Fed has a reason to save the $. Course your 401(k) is gonna crash too.

 

[repoman0]

Blame/Credit all those people who refuse to go back to the office. Now the Fed has a reason to save the $. Course your 401(k) is gonna crash too.

I refuse to go back to the office. To hell with crypto and your 401k

 

[DrMrLordX]

It’s a hedge against inflation they said … 😂

Again, when people keep pumping up prices with Fed funny money, what do you expect to happen? Eventually prices had to crash once the Fed pulled in QE and started raising rates.

As a hedge against inflation, it has performed quite well since 2009/2010 or whenever you trace BTC's value back to its infancy when it was selling for around $.01-$.09.

 

[JEDI]

Theory:
Once it goes down to it's old high of 27k, it'll shoot up through 6 figures, just like when it went back to the old high of $7k, it went up to 27k

 

[ultimatebob]

Theory:
Once it goes down to it's old high of 27k, it'll shoot up through 6 figures, just like when it went back to the old high of $7k, it went up to 27k

Who's going to be buying all of the crypto to get the valuations up to $100K, though? We already got mainstream investors and Wall Street to buy-in during the last crypto rally. We're running out of new suckers... er... "investors" to pay for the next rally.

 

[dullard]

Who's going to be buying all of the crypto to get the valuations up to $100K, though? We already got mainstream investors and Wall Street to buy-in during the last crypto rally. We're running out of new suckers... er... "investors" to pay for the next rally.

Fidelity is opening up a whole new group of suckers. Also there seem to be a lot of tulips blooming right now. Maybe tulip profits will come through to buy Bitcoin.

 

[AdamK47]

Invest in Bitcoin, they said... it's the "wave of the future"...

View attachment 61245

It's a wave all right... one crashing against the shores of reality.

Down another $1500

 

[VirtualLarry]

Down another $1500

Sorry for your loss, Adam. I had no idea...

 

[VirtualLarry]

Yuga Labs Spotlight All The Things That's Unsuitable Within The NFT House - DemocracyIn News

What a circus this weekend changed into within the NFT world, and I don’t imply the nice type (are there any good sorts of circuses? They've at all times

democracyinnews.com

On the folly of NFTs...

 

[Zorba]

Welp, NY (State) doesn't want crypto-mining no more.

(Just wait until they get a load of what's coming down the pike for Gamers, new PSUs that support transient wattage demands of 2400W, needed by the new 40-series GPUs with PCI-E 5.0 16-pin connectors. Some cards sport two of them!)

I should write their legislature, and inform them. They might want to put a moratorium on PC Gaming as well. (Eventually, in NYS, all Gaming will have to be done on Cell Phones, for environmental reasons, of course.)

Or maybe just blanket ban on importing PCI-E 5.0 power connector -using peripherals and components, including PSUs.

How is a computer going to pull 2400W? Unless you are installing a 220V plug for it. I think 1500W is the max appliance wattage you can sell in the US. And nearly all houses are built with 15-amp plugs and circuits which would be a max of 1,800 watts.

In general though, I would support a maximum wattage on computers. I also support minimum efficiency standards.

 

[VirtualLarry]

How is a computer going to pull 2400W? Unless you are installing a 220V plug for it.

You're going to see future ATX 3.0-compatible PSUs (with dual 16-pin PCI-E 5.0 connectors on them) that only run on 220V, for the higher-end enthusiast.

Might as well take the time to call an electrician out to install a 220v circuit in your "PC Room", if you are currently a high-end gamer.

Miners were the first to do this, but the gamers will follow suite soon enough.

 

[rstrohkirch]

How is a computer going to pull 2400W? Unless you are installing a 220V plug for it. I think 1500W is the max appliance wattage you can sell in the US. And nearly all houses are built with 15-amp plugs and circuits which would be a max of 1,800 watts.

In general though, I would support a maximum wattage on computers. I also support minimum efficiency standards.

He mentioned transient power draw which isn't the same thing as what you're referring to.

 

[Zorba]

He mentioned transient power draw which isn't the same thing as what you're referring to.

If it's that transient, it's kind of a stupid metric to point towards.

 

[AdamK47]

Down another $1500

Crypto's loss is my gain (emotionally).

 

[ultimatebob]

Down another $1500

This must be why Ponyo only buys the cheap hot sauce. After his losses in Bitcoin and Dogecoin, he's gotta cut the budget somewhere!