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.

 

[AdamK47]

Bitcoin is below $20k again. Compared it to my favorite ETF, VTI. YTD VTI is down 16.13% while BTC is down 57.66% around stock market close of yesterday. On June 18th VTI was down almost 25% while BTC was 60%.

VTI will probably decline further, but from what I see, BTC losses are outpacing general stock market losses on each major dip through this year.

 

[biostud]

Bitcoin is below $20k again. Compared it to my favorite ETF, VTI. YTD VTI is down 16.13% while BTC is down 57.66% around stock market close of yesterday. On June 18th VTI was down almost 25% while BTC was 60%.

VTI will probably decline further, but from what I see, BTC losses are outpacing general stock market losses on each major dip through this year.

maybe less excess cash for investments due to inflation, and investors are dumping cryptocurrency first.

 

[DrMrLordX]

maybe less excess cash for investments due to inflation, and investors are dumping cryptocurrency first.

Rising interest rates are going to have that effect. Fed funny money bloated a lot of crypto market caps.

 

[Roger Wilco]

Ruh roh

https://twitter.com/x/status/1565031380471382019

 

[VirtualLarry]

Ruh roh

https://twitter.com/x/status/1565031380471382019

What happened to "No taxation, without representation?"

I thought that District of Columbia and Puerto Rico both didn't have federal income tax, because they lacked representation in Congress.

 

[dullard]

What happened to "No taxation, without representation?"

I thought that District of Columbia and Puerto Rico both didn't have federal income tax, because they lacked representation in Congress.

Local income tax still apply. This is a DC attorney general.

Although, yes, they do have federal income taxes without representation. Actually, they pay the highest per capita federal income taxes without representation (due to high incomes on average).

 

[VirtualLarry]

Whoops...

 

[VirtualLarry]

Everyone getting ready for "The Merge"?

 

[IronWing]

Everyone getting ready for "The Merge"?

I prefer "The Great Fucking".

 

[Heartbreaker]

I'm getting ready to watch where the GPUs go. All that hashing capacity will wreck the returns on less popular mining coins.

 

[IronWing]

Hash Power is an awesome name for a cannabis variety.

 

[JEDI]

btc drops below $19k.
$18.7k now

 

[KMFJD]

Sounds like someone is about to buy the dip again, imagine if this idiot was in charge of your country

Nayib Bukele Portfolio Tracker

A website tracking the amount of bitcoin (and value in USD) owned by Nayib Bukele (read: El Salvador).

nayibtracker.com

₿2381 amount

$107 155 283.37 cost

$44 618 392.35 current value

▼ $62 536 891.02 -58.36%

 

[Heartbreaker]

It looks like the The Merge happens late tonight or early tomorrow:

Google "the Merge" and it gives you countdown timer as top entry: At this moment it shows

0 days 16 hrs 53 mins

 

[BFG10K]

South Korea Issues Arrest Warrant for Terra/LUNA Crypto Founder Do Kwon

The latest episode in the whole Terra/LUNA debacle - which saw $40 billion in crypto evaporating in a few hours - showcases that the crypto world doesn't operate within its own locked ecosystem. A court order for the arrest of Terra founder Do Kwon and five others was issued this Wednesday...

www.techpowerup.com

These are good people, yo. Good people.

 

[brianmanahan]

These are good people, yo. Good people.

that guy was so cocky too, his videos and tweets a few weeks before the crash were hilariously ironic

 

[Heartbreaker]

Right on the prediction, the Ethereum Merge is done. No more Ethereum Mining:

Bloomberg - Are you a robot?

Ethereum was where the largest amount of GPU mining took place, so should push miners dumping cards much harder than previous mining collapses.

So did we have any local Ethereum Miners?

 

[BFG10K]

Right on the prediction, the Ethereum Merge is done. No more Ethereum Mining:

Like I called it earlier, a lot of them will just move elsewhere.

Ethereum Classic ETC Network Hashrate Chart - 2Miners

Real time and historical statistics on Ethereum Classic hashrate. This chart shows an estimate of how many hashes per second ETC miners are performing.

2miners.com

Ravencoin RVN Network Hashrate Chart - 2Miners

Real time and historical statistics on Ravencoin hashrate. This chart shows an estimate of how many hashes per second RVN miners are performing.

2miners.com

The only way to truly contain this monstrosity is through taxation and regulation.

 

[Heartbreaker]

Like I called it earlier, a lot of them will just move elsewhere.

Ethereum Classic ETC Network Hashrate Chart - 2Miners

Real time and historical statistics on Ethereum Classic hashrate. This chart shows an estimate of how many hashes per second ETC miners are performing.

2miners.com

The only way to truly contain this monstrosity is through taxation and regulation.

I also said earlier than the lower tier coins can't absorb that kind of hashrate.

If you increase ETC hashrate 10x, you have adjust returns to 1/10, or face devaluate of ETC to 1/10, to the same effect.

IOW lower profit ETC is going to get extremely unprofitable to mine until enough miners drop out.

Check the difficulty curve:

Ethereum Classic Difficulty Chart - ETC Difficulty

The Ethereum Classic difficulty chart provides the current Ethereum Classic difficulty (ETC diff) target as well as a historical data graph visualizing Ethereum Classic mining difficulty chart values with ETC difficulty adjustments (both increases and decreases) defaulted to today with timeline...

www.coinwarz.com

 

[BFG10K]

I also said earlier than the lower tier coins can't absorb that kind of hashrate.

They can invent infinite coins with whatever difficulty they please, to handle whatever hashrate they please.

All they need is deluded morons to give it value, and there's no shortage of that.

 

[Heartbreaker]

They can invent infinite coins with whatever difficulty they please, to handle whatever hashrate they please.

All they need is deluded morons to give it value, and there's no shortage of that.

While there are a lot of deluded morons, they aren't infinite.

ETC now take 4X-5X the Hash power to mine than it did a few days ago, so the returns are 4X-5X lower, and given rising power rates, I'm sure that ends up unprofitable for a lot of miners, as in it costs more to mine than you get from mining, so you are better shutting off your cards than mining.

This hits not only the people coming over from Ethereum, but the people that were mining ETC all along.

The displaced Etherum miners are making it less profitable to mine any GPU coin in a knock on effect, and it was already a mining bust period.

It's a beautiful thing.

 

[Fritzo]

Bitcoin is below $20k again. Compared it to my favorite ETF, VTI. YTD VTI is down 16.13% while BTC is down 57.66% around stock market close of yesterday. On June 18th VTI was down almost 25% while BTC was 60%.

VTI will probably decline further, but from what I see, BTC losses are outpacing general stock market losses on each major dip through this year.

The stock market had the biggest dip in two years this week due to consumer price reports and the thread of another Fed increase. From Twitter chatter, predictions made since April are still pointing to a late October/Nov rebound. I have a diversified crypto portfolio and I've started to see some gains overall as all the cheap buys I've made this year overtake my existing "normal price" coins.

Just keep in mind- historically investment markets have always rebounded. None of this is permanent.

 

[Fritzo]

maybe less excess cash for investments due to inflation, and investors are dumping cryptocurrency first.

Most likely cause. Crypto is the most liquid investment and the least costly to trade.

 

[beginner99]

To all the haters making fun in this thread:

Ethereum merge now complete and no more mining. Power usage reduced by 99.1%.

And now all rush to ebay and grab some sweet 3000-series on sale.

 

[VirtualLarry]

GPU profitability ranking - WhatToMine

Most profitable GPUs currently on the market and soon to be released.

www.whattomine.com

Still some (small) profits to be had, depending on power costs, on nearly everything above a 1050ti.