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.

 

[Zorba]

Cue the people that claim mined CC has no "intrinsic value", and they conveniently ignore the cost to mine it.

My daughter's art supplies cost money, does that mean her drawings have intrinsic value?

 

[snoopy7548]

My daughter's art supplies cost money, does that mean her drawings have intrinsic value?

So you're saying your daughter's paintings suck?

 

[Zorba]

So you're saying your daughter's paintings suck?

I'm saying they are the type of art that's either worth nothing or an insane amount for no reason.

 

[VirtualLarry]

I'm saying they are the type of art that's either worth nothing or an insane amount for no reason.

... worth more as an NFT... just sayin...

 

[DrMrLordX]

Cue the people that claim mined CC has no "intrinsic value", and they conveniently ignore the cost to mine it.

It's a common misconception that mining provides value. Intrinsically, it does not. In order for any blockchain token (or similar) to have value, there has to be a market for it. Mining costs may set a floor for how little miners are willing to charge for one token, but it says nothing about what people will agree to pay for it.

Mining only helps with the value by securing the blockchain itself. Once the blockchain is reasonably secure from attack, adding more hashpower really doesn't help anyone or incentivize buyers to pay more for the token, even if it brings up miner costs by raising difficulty.

That being said, mining more-efficiently isn't going to cause BTC to drop in value, either. It'll just incentivize more miners to buy up the new gear, driving up difficulty even further. Cost-to-mine will eventually normalize around margins acceptable to institutional miners.

 

[AdamK47]

Ethereum crossed $1400. Sad times.

 

[VirtualLarry]

Ethereum crossed $1400. Sad times.

Queue YouTube, "Let the Good Times Roll!!!"

Maybe we won't see "The Flood" after all, or not until "The Merge".

<conspiracy mode ON>

Maybe NVidia is buying / propping up the price of ETH, to prevent "The Flood" from interfering with their upcoming 4000-series launch, and crashing retail prices at the same time.

<conspiracy mode OFF>

 

[DrMrLordX]

Ethereum crossed $1400. Sad times.

It's starting to look like $1k was the buy-in point. I was hoping for lower. Oh well. There are others . . .

 

[JEDI]

It's starting to look like $1k was the buy-in point. I was hoping for lower. Oh well. There are others . . .

Still waiting for btc=$10k as my all in point

 

[AdamK47]

Ethereum even crossed $1500 very briefly. Damnit!

 

[Lost_in_the_HTTP]

A reckoning a'comin'?

Cryptomining boom has people's energy bills skyrocketing; feds mull new rules

Ars Technica|7 minutes ago
That's why Senator Elizabeth Warren (D-Mass) joined five other Congress members to submit a letter to the Environmental Protection Agency and Department of Energy, recommending the agencies combine forces to draft new regulations requiring emissions and energy use reporting from all cryptomining operations nationwide.


...

 

[VirtualLarry]

forces to draft new regulations requiring emissions and energy use reporting from all cryptomining operations nationwide.

That's discriminatory. They should require energy reporting, monthly, from all computer users, including (console and PC) gamers.

 

[DrMrLordX]

That's discriminatory. They should require energy reporting, monthly, from all computer users, including (console and PC) gamers.

Also unlilkely to pass in the current political environment. It would also be interesting to see how these regulations would affect people whose systems have been infected with XMR-mining malware and similar. It'll likely never happen, though. At least not anytime soon.

 

[sdifox]

That's discriminatory. They should require energy reporting, monthly, from all computer users, including (console and PC) gamers.

You should start paying your own electricity use before speaking up.

 

[Lost_in_the_HTTP]

Another nail:

U.S. News // 9 minutes ago
FBI warns fake crypto apps cost investors $42.7M
July 19, (MT Newswires) -- Alarms have been raised by the Federal Bureau of Investigation over the growth of fake cryptocurrency wallets that continue to defraud unsuspecting investors.​

 

[njdevilsfan87]

A reckoning a'comin'?

Cryptomining boom has people's energy bills skyrocketing; feds mull new rules

...

It couldn't be the post-pandemic broken supply chains, workforce shortage, the war in Europe, or the Shells, BPs, and other mega-corps that have been causing extreme damage to environment for decades now. What does this accomplish? Maintaining status-quo: congrats, you've been duped by the powers that be, again.

Why can't Warren work on making WFH a legal right like the Dutch are if she's so concerned about emissions? That would take millions of cars off the road annually: a tenfold+ reduction in emissions over just turning Bitcoin off today. Oh right... that's the opposite of status quo by the power that be, much like crypto itself is.

 

[MrSquished]

It couldn't be the post-pandemic broken supply chains, workforce shortage, the war in Europe, or the Shells, BPs, and other mega-corps that have been causing extreme damage to environment for decades now. What does this accomplish? Maintaining status-quo: congrats, you've been duped by the powers that be, again.

Why can't Warren work on making WFH a legal right like the Dutch are if she's so concerned about emissions? That would take millions of cars off the road annually: a tenfold+ reduction in emissions over just turning Bitcoin off today. Oh right... that's the opposite of status quo by the power that be, much like crypto itself is.

Yes because Elizabeth Warren's platform is so status quo.

Watching crypto cultists try to defend their ponzi scheme dreams is hilarious.

Btw do you think the deep status quo state has caused crypto to fail so spectacularly or did that just happen naturally?

 

[nakedfrog]

It couldn't be the post-pandemic broken supply chains, workforce shortage, the war in Europe, or the Shells, BPs, and other mega-corps that have been causing extreme damage to environment for decades now. What does this accomplish? Maintaining status-quo: congrats, you've been duped by the powers that be, again.

Why can't Warren work on making WFH a legal right like the Dutch are if she's so concerned about emissions? That would take millions of cars off the road annually: a tenfold+ reduction in emissions over just turning Bitcoin off today. Oh right... that's the opposite of status quo by the power that be, much like crypto itself is.

LOL, good fucking luck with that. That's woke socialist nonsense, I'm just sure of it. Maybe even cultural marxism. Whichever is worse, it's hard to keep track.

 

[DrMrLordX]

Why can't Warren work on making WFH a legal right like the Dutch are if she's so concerned about emissions?

The middle management lobby got to her, no doubt.

 

[montsa007]

Hello,
I'd like to share my thoughts on crypto currency, altough I do not deal/trade in them, a few of my friends are crazy about it.
Knowing about how stock market works, I do not understand the concept of bitcoins (I'll be very particular in crypto names), for instance if I were to buy a stock of Apple or Microsoft, I know where they're located, what assets they have, how much profits they are making, what are their projections and so on and so forth.
For bitcoins, all I can see it tweets driving the price, and in a very volatile fashion. They keyword "decentralized" currency is very scary, lets say I invest all of my money in bitcoins today & its worth $"X", since it is decentralized, and tomorrow if someone were to tweet something what are the chances that it wont be $0? (I do remember a currency which went from $2400/1400 to $0 in a zap), and who is regulating all of this?, for stocks which are listed in an exchange, they are bound by the laws of the exchange, I dont see any such things in crypto, recently many brokers who exclusively dealt in crypto went bust, they stopped withdrawals.
All of this simply makes me think that bitcoin is a pure gamble, a casino table is much better.

 

[DrMrLordX]

All of this simply makes me think that bitcoin is a pure gamble, a casino table is much better.

Maybe you need to do a little more research. Tell me, does this look like the relative winnings of an average casino addict?

Bitcoin

Bitcoin USD price, real-time (live) charts, news and videos. Learn about BTC value, bitcoin cryptocurrency, crypto trading, and more.

www.coindesk.com

Hit the "All" button, though it only goes back to 2015 when it was worth ~$325. Going back to 2010, it was worth less than a dollar. Anyway, how many people do you know that can get ~72x over the course of seven years of gambling or ~23555x over the course of twelve? Nobody gets those kinds of winnings in a casino, certainly not if they play routinely.

BTC isn't even a good project anymore. I hasn't been in awhile. But it has been undeniably profitable.

 

[montsa007]

Maybe you need to do a little more research. Tell me, does this look like the relative winnings of an average casino addict?

Bitcoin

Bitcoin USD price, real-time (live) charts, news and videos. Learn about BTC value, bitcoin cryptocurrency, crypto trading, and more.

www.coindesk.com

Hit the "All" button, though it only goes back to 2015 when it was worth ~$325. Going back to 2010, it was worth less than a dollar. Anyway, how many people do you know that can get ~72x over the course of seven years of gambling or ~23555x over the course of twelve? Nobody gets those kinds of winnings in a casino, certainly not if they play routinely.

BTC isn't even a good project anymore. I hasn't been in awhile. But it has been undeniably profitable.

We can't go back in time mate, whats done has been done, the recent trend of bitcoin is pretty wild, a tweet and it goes kaboom.

 

[DrMrLordX]

We can't go back in time mate, whats done has been done, the recent trend of bitcoin is pretty wild, a tweet and it goes kaboom.

Nobody's asking you to go back in time "mate". It's called trend analysis. Over time, Bitcoin only goes up. No matter who tweets what to whom or when. Maybe someday it will go to $0. I'll laugh if it does. But that day hasn't come yet, and it's just going up again . . .

 

[Lost_in_the_HTTP]

Analyze the trend of kicking one leg out.

 

[DrMrLordX]

Analyze the trend of kicking one leg out.

LOL okay. Still waiting for BTC to go to $0. Really, because it deserves it.