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.

 

[Lost_in_the_HTTP]

Funny money funny doins'.


Crypto Suffer Another Blow: Babel Finance Freezes Withdrawals

TheStreet.com|26 minutes ago
The crypto firm suspends withdrawals and redemptions in last shock to the crypto sector, leaving investors to ask 'who's next?'


...

 

[Heartbreaker]

What happens when more people want to cash out, than in, when you have a system based on greater fool giving you money for your "investment"?

 

[Lost_in_the_HTTP]

^^^ The pyramid falls in on itself.

 

[BFG10K]

GPU pricing continues to fall: https://www.tomshardware.com/news/graphics-card-prices-update-june-15

"Crypto has no effect on GPU prices!" - Internet Cryptobros

And don't come with "it's backed by the US government".

But it is. I know that pesky thing called reality triggers you, but it's still very real regardless, so it exists. Unlike crypto which is all make-believe.

 

[MrSquished]

GPU pricing continues to fall: https://www.tomshardware.com/news/graphics-card-prices-update-june-15

"Crypto has no effect on GPU prices!" - Internet Cryptobros


But it is. I know that pesky thing called reality triggers you, but it's still very real regardless, so it exists. Unlike crypto which is all make-believe.

It's not just backed by a government, it's backed by an economy where people from all over the world want to buy products and services from.

Crypto cultists just don't exist in reality.

As Bill Gates said, crypto is based on greater fool theory. He's on point

 

[JEDI]

It's not just backed by a government, it's backed by an economy where people from all over the world want to buy products and services from.

Crypto cultists just don't exist in reality.

As Bill Gates said, crypto is based on greater fool theory. He's on point

Dutch tulips.

but when the price drops to whatever point i said in an earier post ($7k?), i'm going to be one of those fools buying then selling to a greater fool at a profit, hopefully

 

[AdamK47]

Bitcoin sub $20K and Ethereum sub $1K.

That didn't take long. Where to next?

 

[brianmanahan]

That didn't take long. Where to next?

tha moon?

 

[VirtualLarry]

Wow, BTC crashing some more.

$18,597

Can't they think of the children pizza money?

 

[Heartbreaker]

I just stumbled on the TerraUSD "stablecoin" debacle with this story:

https://www.engadget.com/binance-sued-over-collapse-terrausd-113503082.html

Basically they backed their "stablecoin" with another coin, Luna, which collapsed from around 40 billion to almost nothing.

Ponzi coins, gonna Ponzi...

Luna Cryptocurrency Collapse: How UST Broke and Why It Matters

After two major cryptocurrencies collapsed, Washington has its eyes regulation. Meanwhile, UST's founder has a plan for a new Terra blockchain.

www.cnet.com

The coin's price fell from $116 in April to a fraction of a penny at the time of writing. Such an implosion has been seen in small-cap memecoins in the past, but never for something the size of luna, which had a market cap of over $40 billion just last month.

"This is historic for the crypto markets," said Mike Boroughs, co-founder of crypto investments firm Fortis Digital. "This is a defining moment for the space due to its size and impact in terms of the amount of people that lost substantial value."

 

[JEDI]

That didn't take long. Where to next?

woah.. 10% drop from 20k to 18k!
and on a sat?!



Next support line is $10k.
Once the $30k support was breached, you could have shorted to $10k.

How do you short btc?

 

[JEDI]

I just stumbled on the TerraUSD "stablecoin" debacle with this story:

https://www.engadget.com/binance-sued-over-collapse-terrausd-113503082.html

Basically they backed their "stablecoin" with another coin, Luna, which collapsed from around 40 billion to almost nothing.

Ponzi coins, gonna Ponzi...

Luna Cryptocurrency Collapse: How UST Broke and Why It Matters

After two major cryptocurrencies collapsed, Washington has its eyes regulation. Meanwhile, UST's founder has a plan for a new Terra blockchain.

www.cnet.com

Luna had $40B market cap to nothing in 2 months?!
HOW?!

 

[Lost_in_the_HTTP]

^^^ Vapor. Smoke and mirrors. Nothing but nothing.

Try to put up a building without a skeleton. No matter how nice you make it look and how much PR is behind the project, it cannot stand.

 

[sdifox]

Luna had $40B market cap to nothing in 2 months?!
HOW?!

They hired Donny

 

[VirtualLarry]

They hired Donny

Elon Musk offered to buy Luna.

 

[Heartbreaker]

^^^ Vapor. Smoke and mirrors. Nothing but nothing.

Try to put up a building without a skeleton. No matter how nice you make it look and how much PR is behind the project, it cannot stand.

It's strange the people don't get that at the base level, there is no underlying value to these "coins".

Even those Tulip bulbs had some base value they could fall back to. Heck even monopoly play money is paper.

But crypto coins, have no base value. When people sense weakness they can run it to zero in no time.

People are just gambling on someone else buying in after them and driving the price up, and then getting out before it collapses.

It looks like a lot of retail investors lost their shirts on Luna, while institutions made those billions.

 

[VirtualLarry]

It looks like a lot of retail investors lost their shirts on Luna, while institutions made those billions.

Crypto does have a lot of weath transfer "upwards", while still selling "the little guy" on a "dream".

I won't knock it too much, I invested maybe $5K USD and made some nice multiple of that, mining, in 2021.

I don't "HODL", so I may never make "real life-changing money", but I was basically doing DCA selling, rather than buying, so I was able to realize some of the gains of the market.

Edit: In the end, I didn't do anything that life-changing with the money. Most of it, went to keeping the local pizza houses in business, along with a steady stream of parts from Newegg. A little charity too.

 

[IronWing]

Luna had $40B market cap to nothing in 2 months?!
HOW?!

There's never been a better time to buy!

 

[MrSquished]

I understand some crypto fans who are regular people because it was a way to fight back against government that favors the wealthy and entrenched powers. The problem is crypto is basically an imaginary gambling vehicle that a lot of rich guys used to manipulate regular guys to make tons of money.

At least with Fiat currency can actually use it to run your daily life. Much better than just being a tool of the wealthy. Sure some retail investors made money if they got in and out at the right times but most people are not that lucky and didn't have the kind of buying power to manipulate the crypto market nor the funds to weather the downturns

 

[MrSquished]

NFT's are just as bad

I went to a physical NFT gallery where digital art was displayed on TV screens. It felt completely pointless.

A room full of screens with rotating photos and illustrations felt like mere hype on top of the already-questionable $41 billion NFT market.

www.businessinsider.com

 

[JEDI]

NFT's are just as bad

I went to a physical NFT gallery where digital art was displayed on TV screens. It felt completely pointless.

A room full of screens with rotating photos and illustrations felt like mere hype on top of the already-questionable $41 billion NFT market.

www.businessinsider.com

yeah, i have no understanding of nft's.
internet guys takes a random pics and digitally signs them.
now it's worth 5+ figures each?!

 

[Lost_in_the_HTTP]

^^^ Smoke and mirrors.



Without the smoke.



Or the mirrors.

 

[DrMrLordX]

woah.. 10% drop from 20k to 18k!
and on a sat?!

Yeah there was a lot of Fed money pumped in there, indirectly. Markets are crashing all over the place, so people are cashing out either to hold money or buy depreciated assets.

Next support line is $10k.

Most traders are probably waiting for $12k-$14k to buy back in. It could take awhile to get there though.

How do you short btc?

The basics:

7 Ways to Short Bitcoin

For those investors feeling skeptical about Bitcoin, shorting the cryptocurrency is a possibility. Here are some ways to do it.

www.investopedia.com

It's questionable as to whether or not shorting BTC is even legal in the United States, though I think people do it on Kraken.

Anyway, this will all look anachronistic once the market ends its correction and has another rally. The main difference is that many people around here might not notice since it will likely not coincide with a meteoric rise in dGPU prices next time.

 

[biostud]

It's questionable as to whether or not shorting BTC is even legal in the United States, though I think people do it on Kraken.

I thought the sweet thing about crypto was no rules and total anarchy....

 

[Fanatical Meat]

I’ve still yet to hear a legitimate answer as to why Crypto is better than cash/credit or debit. What does it do better for the consumer?