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.

 

[dullard]

BTC returns are way higher compared to something like the S&P and it's barely getting started. You guys are funny.

There are an infinite supply of different coins that could be minted. Anything that has an infinite supply has a long-term price of essentially $0. Sure, a coin or two may survive and have a limited supply. But, there is no way of knowing which one or if it has even been thought of yet. The vast majority are going to $0 eventually.

 

[VirtualLarry]

8% swing in less than a 2 hour period.

That's the way.... ah ha ah ha ... we liiiike it....

 

[JEDI]

Wow, it's like Coinbase and Dogecoin are fighting to be the worst investment of 2022. The fight is close, but Coinbase is narrowly "winning":

View attachment 61339

wait.. DOGEcoin has a stock market ticker symbol?!
a meme coin went public with an IPO?!

ATOT's Coolcoin anyone?

 

[legcramp]

There are an infinite supply of different coins that could be minted. Anything that has an infinite supply has a long-term price of essentially $0. Sure, a coin or two may survive and have a limited supply. But, there is no way of knowing which one or if it has even been thought of yet. The vast majority are going to $0 eventually.

That's funny, BTC has a finite amount of coins that can be minted. The USD printer goes BRRRRRRRRR.

 

[legcramp]

It's all about when you bought in, really.

Bitcoin would still look like an excellent investment now if you bought it at $50. If you bought it at $50,000... not so much!

Of course, if you bought Bitcoin at $50 and sold it at $50,000, you probably wouldn't be posting here. You would be too busy snorting lines of coke off the backside of a swimsuit model right now

I will always visit computer tech forums right after snorting coke off swimsuit models.

 

[dullard]

That's funny, BTC has a finite amount of coins that can be minted. The USD printer goes BRRRRRRRRR.

But I can mint BTC2 or BTC3 or BTC4 or BTCinfinite. The number is unlimited. Just because one branch of one coin is limited, doesn't mean that crypto is limited in supply.

 

[JimKiler]

From Fortune, but sounds like a reason to be wary of crypto exchanges.

Coinbase admits users may lose crypto if exchange goes bankrupt

If the exchange goes down, it's taking investors with it.

fortune.com

Well, yeah, would this surprise anyone?

For the record i have all my coins in exchanges but the amounts are so small it is very expensive to move any of it to cold storage/wallets.

 

[ultimatebob]

wait.. DOGEcoin has a stock market ticker symbol?!
a meme coin went public with an IPO?!

ATOT's Coolcoin anyone?

Hey now... Coolcoin was the "OG" stablecoin, because of my genius move of pegging the value of it at 1,000 Coolcoin for a Space Kitty t-shirt from Amazon.

Here's the t-shirt in question:

https://www.amazon.com/dp/B07B8NNQCC?ref_=cm_sw_r_cp_ud_dp_JKTH7AKQXTRG3BFSGC7S

The price of a space kitty t-shirt has actually gone up from around $15 to $19, which means that Coolcoin is basically worth the same as it always was even AFTER factoring in inflation.

Of course, you still have the problem of having to send me 1,000 Coolcoin. I think that there are only two people on the planet with that much Coolcoin (I'm one of them), and the transfer fee is currently running around $22. Don't blame me for that, blame Vitalik Buterin and his shitty ERC-20 token transfer protocol with its insanely high fees. Back when I originally released this token, it was around a dollar.

 

[legcramp]

But I can mint BTC2 or BTC3 or BTC4 or BTCinfinite. The number is unlimited.

You're talking about an altcoin/shitcoin that was forked from BTC. That's totally different and most of them are scams anyways. There is only one BTC and the supply is limited, period.

 

[dullard]

You're talking about an altcoin/shitcoin that was forked from BTC. That's totally different and most of them are scams anyways. There is only one BTC and the supply is limited, period.

You are assuming that anyone will want BTC in a few years. When my DullardCoin is what everyone might be using. A limited amount of something no one wants is worthless as well. The problem you have is that you assume BTC is the only realistic coin, the best coin, forever.

 

[DrMrLordX]

BTC returns are way higher compared to something like the S&P and it's barely getting started. You guys are funny.

It has been overall. Someday BTC has to die, but it's not clear when that will actually happen.

 

[IronWing]

That's funny, BTC has a finite amount of coins that can be minted. The USD printer goes BRRRRRRRRR.

If ever needed, the USD printer can also decrease the dollar supply. How does that work in the BTC world?

 

[njdevilsfan87]

But I can mint BTC2 or BTC3 or BTC4 or BTCinfinite. The number is unlimited. Just because one branch of one coin is limited, doesn't mean that crypto is limited in supply.

And so what? What does that have to do with Bitcoin?

Bitcoin is used because it the most secure settlement network. And what do people need to actually use the Bitcoin network? Bitcoin. Just like Ethereum is the most secure smart contract network to build applications on. And in order for those applications to work, guess what is needed? Ethereum. One day these networks may be superseded by newer and better ones, but for now nobody is going to be using an easily exploited BTC2, BTC3 to hold any serious amount of funds on, or ETH2, ETH3 to deploy application a business may depend on.

Beyond Bitcoin and Ethereum there are maybe 5-10 more blockchains (generation 3.0 ones) that look promising for adoption and use. Additionally these new networks are a lot more malleable than prior ones, and so its unlikely we'll see any "generation 4.0" craze. For sure we'll see SHIBA 2.0 pumping though, because that's just crypto.

 

[dullard]

And so what? What does that have to do with Bitcoin?

It means that your assumptions that Bitcoin is the "most secure" will be wrong in the future. Anyone can make a more secure one. Meaning that Bitcoin at any point can lose any reason it has to be valued.

 

[njdevilsfan87]

If ever needed, the USD printer can also decrease the dollar supply. How does that work in the BTC world?

Fee burning. Every blockchain can update itself (with majority approval) to burn a certain portion of fees to counter the newly number of minted coins. Ethereum was once inflationary but was updated not long ago to maintain about ~120M token supply.

 

[njdevilsfan87]

It means that your assumptions that Bitcoin is the "most secure" will be wrong in the future. Anyone can make a more secure one. Meaning that Bitcoin at any point can lose any reason it has to be valued.

I don't think you realize just how difficult or even impossible that would be to pull off. Because even if you setup hundreds of thousands of nodes all over the world to run your blockchain, people still wouldn't value your network knowing it's all under the control of a single entity - you. It takes many years for a blockchain to develop trust in its decentralization. Bitcoin will have plenty of time to evolve by pressure from competition, or die.

The only sudden "at any point" death scenario is maybe a quantum computing breakthrough that cracks Bitcoin. And even then it isn't an instant death. There's a huge amount of resistance that a truly decentralized network (or at least one that's grown to be backed by huge pockets now) has.

 

[Roger Wilco]

You guys have any bottom predictions for BTC?

I’m thinking the Luna bottom is about $0.00 and it’s gonna stay there.

 

[brianmanahan]

through all this instability, coolcoin has retained its value

 

[ultimatebob]

I guess that it could be worse... you could be living in a country that's trying to make this rapidly falling asset class its national currency:

https://finance.yahoo.com/news/el-salvador-bitcoin-losses-swell-133724007.html

Come to think of it, now would probably be a bad time to be holding Microstrategy as well. Owning tech stocks right now is bad enough, but that one has most of its assets tied up in Bitcoin is doubly dangerous.

 

[Zorba]

If a builder is competent, then they’re using 20A breakers and #12 lines for standard room circuits. This is especially important in areas like the kitchen where it isn’t uncommon to have multiple power-hungry devices running in tandem. My kitchen isn’t that big (11x11), and I only set it up with 2x 20A SACs. I really should’ve done three or four though…or perhaps organize them differently. Anyway… those 20A circuits are still using 15A outlets.

The only problem that I’ve seen related to this are the idiots that upgrade to 20A breakers but don’t update the lines. I’ve got quite a few 20A circuits on #14 wires.

That's the standard in Oklahoma, 20A CBs and 12 GA wire. But still on 15A plugs, like you said. Kitchens do require multiple circuits for counter top plugs, by code. Plus different circuits for all the major appliances.

Yeah, it's pretty rare to use #14. The only time I know of people ever suggesting it is for circuits that are strictly for lighting, but even then, the idea of running #12 is that you may not know if there's ever a reason to use the circuit for more than just lights. I have something like 25 feet of #14 laying around, and I'm pretty sure it's still in the plastic wrapping. I've already gone through a 100-foot roll of #12 and have been digging into my other roll. Need to rewire the pool's smart switch to 120V instead of 220V to free up space in the panel so I can get the tankless water heater installed finally.

Not sure where you live, but 14 GA is extremely common all over the US. I've seen very nice expensive houses wired with it in Ohio, Georgia, and Alabama. Basically builders aren't going to beyond the code unless they are forced to or paid to. Based on what Greenman has said in other threads, I think that is pretty common in California too.

 

[JEDI]

I guess that it could be worse... you could be living in a country that's trying to make this rapidly falling asset class its national currency:

https://finance.yahoo.com/news/el-salvador-bitcoin-losses-swell-133724007.html

Come to think of it, now would probably be a bad time to be holding Microstrategy as well. Owning tech stocks right now is bad enough, but that one has most of its assets tied up in Bitcoin is doubly dangerous.

lol @ El Salvador.
they should buy on the dip. wait.. they're out of $..

Microstrategy and Tesla: Defacto bitcoin stocks
Will buy them and/or BLOK when btc = $19.9k if Fidelity doesnt have their bitcoin fund up and running by then.

and eek.. Microstrategy margin call today!

 

[DrMrLordX]

If ever needed, the USD printer can also decrease the dollar supply.

That almost never happens.

Fee burning. Every blockchain can update itself (with majority approval) to burn a certain portion of fees to counter the newly number of minted coins. Ethereum was once inflationary but was updated not long ago to maintain about ~120M token supply.

That has never happened, and likely never will.

lol @ El Salvador.
they should buy on the dip. wait.. they're out of $..

I think Bukele is doing just that:

https://finance.yahoo.com/news/el-salvador-bitcoin-losses-swell-133724007.html

 

[BFG10K]

Bitcoin Prices Plunge as $600 Billion Crypto Market Crash Accelerates

The price of Bitcoin and other cryptocurrencies plunge Thursday as a selloff in the digital asset space intensifies.

www.barrons.com

‘Life savings’ evaporate as major cryptocurrency collapses 98%

Users of popular crypto forum fear they will become homeless after wipeout

www.independent.co.uk

98% loss of value in 24 hours.

"Crypto is inflation proof, unlike fiat that just prints money!" - Internet Cryptobros

All it takes is the Fed to slightly increase rates and the whole ponzi shitcoin starts crumbling. Not really surprising, if you "invest" in imaginary nothing you end up with...imaginary nothing.

 

[JEDI]

‘Life savings’ evaporate as major cryptocurrency collapses 98%

Users of popular crypto forum fear they will become homeless after wipeout

www.independent.co.uk

98% loss of value in 24 hours.

"Crypto is inflation proof, unlike fiat that just prints money!" - Internet Cryptobros

All it takes is the Fed to slightly increase rates and the whole ponzi shitcoin starts crumbling. Not really surprising, if you "invest" in imaginary nothing you end up with...imaginary nothing.

never even heard of Terra blockchain.
98% plunge in 24hrs.

from crypto millionaires to homeless in 24hrs.
no stop loss?

 

[biostud]

Bitcoin Prices Plunge as $600 Billion Crypto Market Crash Accelerates

The price of Bitcoin and other cryptocurrencies plunge Thursday as a selloff in the digital asset space intensifies.

www.barrons.com

‘Life savings’ evaporate as major cryptocurrency collapses 98%

Users of popular crypto forum fear they will become homeless after wipeout

www.independent.co.uk

98% loss of value in 24 hours.

"Crypto is inflation proof, unlike fiat that just prints money!" - Internet Cryptobros

All it takes is the Fed to slightly increase rates and the whole ponzi shitcoin starts crumbling. Not really surprising, if you "invest" in imaginary nothing you end up with...imaginary nothing.

Exactly.