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.

 

[DrMrLordX]

Someone made $250,000.00 on crypto-mining. Not too shabby!

Not really surprised. People who are able to mine without immediately turning tokens around to pay for electricity or other costs can make a ton of money. There are likely miner millionaires out there. If you mined out even a few BTC over a decade ago, you'd be filthy rich. And the ETH miners we had around here in our old ETH mining thread could have sold at $2k+ for an enormous profit.

 

[JEDI]

Doesn't say net or gross. Going to guess gross for the easy click-bait headline. Enslaving GPUs and electricity costs eat into that. There is no breakdown showing operating profit. It's yet another crypto pep rally style video.

those with utils included in rent would be fools not to mine crypto

 

[KMFJD]

Ya'll remember that DAO that purchased a copy of the book Dune and thought they could make a movie about it?

Oh boy...read on

https://twitter.com/x/status/1552460615914246144

Easier to read - https://threadreaderapp.com/thread/1552460615914246144.html

 

[VirtualLarry]

Anyone still using good old Nicehash?

 

[brianmanahan]

Anyone still using good old Nicehash?

nah i made like 50$ off of it on my 3090 a couple years ago, then quit

 

[Muadib]

Anyone still using good old Nicehash?

I stopped after I made $1500 which was enough to pay for my 3090 FE. I felt that their cut was too much.

 

[VirtualLarry]

I'm still using it, and yeah, between NH, miner app fees, Coinbase fees, and Paypal fees, I feel like I'm paying nearly 10-15% of my mining, just to realize the gains.

 

[VirtualLarry]

Apparently, Celcius' bankruptcy, is taking out one of Canada's largest pension fund companies. Whoops.

 

[drnickriviera]

Jeebus, How much money did they have invested in Celcius? WTH is going to happen when evergrande goes under? They have like 300 Billion in debt!

 

[brianmanahan]

Apparently, Celcius' bankruptcy, is taking out one of Canada's largest pension fund companies. Whoops.

nah, CDPQ will be fine

it looks like they had 150$m USD invested in celsius but their total AUM is 420$ billion CAD

that's like %0.05 of their total pension assets (yes a 20th of a percent), so basically nothing

 

[MrSquished]

Tons of retail investors defrauded yet again by another crypto failure in Celcius.

What a scammy concept crypto has turned out to be.

 

[JEDI]

Microstrategy's founder and CEO steps down but not because of almost $1B loss in bitcoin:

https://finance.yahoo.com/news/michael-saylor-microstrategy-ceo-bitcoin-204325431.html

He's going to take a new post as executive chairman, focused on the company's bitcoin strategy.

So it looks like the company is still going to be the defacto surrogate for buying bitcoin.

Come on bitcoin $10k.
Then i buy Microstrategy HUGE

edit:
and it looks like microstrategy is also the defacto surrogate for shorting btc.
there's still a HUGE short on microstrategy meaning speculator sentiment is that btc will drop short term

 

[DrMrLordX]

there's still a HUGE short on microstrategy meaning speculator sentiment is that btc will drop short term

They can always lose more money when they get squeezed. I think a lot of people were expecting BTC $12-$14k or so and are getting wrecked now that it isn't happening.

 

[BFG10K]

SEC: Crypto fraudsters raised $300M with “textbook pyramid and Ponzi scheme”

Victims lured with “smart contracts” on Ethereum, Tron, and Binance blockchains.

arstechnica.com

Another day, another crypto scam:

Forsage Crypto is a textbook pyramid and Ponzi scheme. It did not sell or purport to sell any actual, consumable product to bona fide retail customers during the relevant time period and had no apparent source of revenue other than funds received from investors. The primary way for investors to make money from Forsage Crypto was to recruit others into the scheme.

A beautiful summary of the entirety of crypto. Just burns power and electronics to solve imaginary number sudokus. They have "value", yo. And they're "real", yo.

Cryptobros use terms like "smart contracts", "Ethereum", "Tron", "Binance" and "blockchain" to tell us we're just not smart enough to understand the Emperor is wearing clothes, even tho everyone who isn't legally blind can plainly see a whole lotta shit coming from his asshole, just like crypto itself.

 

[JEDI]

SEC: Crypto fraudsters raised $300M with “textbook pyramid and Ponzi scheme”

Victims lured with “smart contracts” on Ethereum, Tron, and Binance blockchains.

arstechnica.com

Another day, another crypto scam:


A beautiful summary of the entirety of crypto. Just burns power and electronics to solve imaginary number sudokus. They have "value", yo. And they're "real", yo.

Cryptobros use terms like "smart contracts", "Ethereum", "Tron", "Binance" and "blockchain" to tell us we're just not smart enough to understand the Emperor is wearing clothes, even tho everyone who isn't legally blind can plainly see a whole lotta shit coming from his asshole, just like crypto itself.

as long as i'm not the last person that is still holding tulips when it crashes

 

[VirtualLarry]

https://twitter.com/x/status/1554957715113492482

Another hold-up to implementing PoS on the main chain (of ETH).

 

[AdamK47]

Where dem Lambos at?

Bloomberg - Are you a robot?

 

[DrMrLordX]

Cryptobros use terms like "smart contracts", "Ethereum", "Tron", "Binance" and "blockchain" to tell us we're just not smart enough to understand the Emperor is wearing clothes, even tho everyone who isn't legally blind can plainly see a whole lotta shit coming from his asshole, just like crypto itself.

Sorry but statements like that aren't really helping your case.

@VirtualLarry

They'll probably go live with it anyway. Also while it's not a "you" problem, you may have noticed that it's getting to be nearly impossible to read Twitter posts without a Twitter account now. Those of us who refuse to actually use Twitter can't read this stuff anymore without a big graphical occlusion in the browser window making it hard to read everything and impossible to scroll through the page. If there's any way to paste this info without going direct to Twitter, that would be very helpful.

 

[VirtualLarry]

US issues sanctions on a 2nd virtual currency mixing firm (msn.com)

More (alleged) "crypto crimin'".

 

[AdamK47]

US issues sanctions on a 2nd virtual currency mixing firm (msn.com)

More (alleged) "crypto crimin'".

Cryptocurrency attracts caring wholesome upstanding people that just want to make a better world for everyone.

 

[DrMrLordX]

Cryptocurrency attracts caring wholesome upstanding people that just want to make a better world for everyone.

I'd say that's mostly accurate pertaining to a lot of the people on these forums that got interested in cryptocurrency. Our old Ethereum mining thread was (mostly) cordial and helpful, outside of a few BTC maximalists that kept trolling the thread.

Now if you went to the old Poloniex Troll Box then yes, you'd be dealing with the scum of the Earth.

 

[AdamK47]

I'd say that's mostly accurate pertaining to a lot of the people on these forums that got interested in cryptocurrency. Our old Ethereum mining thread was (mostly) cordial and helpful, outside of a few BTC maximalists that kept trolling the thread.

Now if you went to the old Poloniex Troll Box then yes, you'd be dealing with the scum of the Earth.

There isn't a corner of Cryptocurrency left that hasn't been exploited by grifters.

 

[Lost_in_the_HTTP]

The first whim I got of vapor bux was that it would be great for thieves, web crooks, hackers, ransomware thugs and a whole host of other human underbelly slime.

Not once have I ever considered it 'honest', 'wholesome' or useful in any legitimate mainstream way.

 

[VirtualLarry]

or useful in any legitimate mainstream way.

What if we had a "currency for the web", that was used to pay to view articles (without needing a login to each site), while at the same time, earning currency for the content that you authored, such as these forum posts.

As should be obvious, transaction speeds and costs mean that ETH and BTC are unfit for playing that role.

 

[crashtech]

Cryptocurrency attracts caring wholesome upstanding people that just want to make a better world for everyone.

The same can be said of liquor stores, casinos, and pot dispensaries. Threads regarding such subjects also tend to attract caring, wholesome people who know what is best for everyone else and crave the power to force it down everyone's throat instead of minding their own business.