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]

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.

I think it would be helpful to him if you could explain how the value of cryptocurrency is derived.

 

[montsa007]

I think it would be helpful to him if you could explain how the value of cryptocurrency is derived.

Exactly, for company shares such as Apple/Microsoft/Google and others, its the tussle between buyer & seller over the ownership in the company in question, what is the underlying product/asset in bitcoin? (Imo just some tweets)
Pardon me I don't understand blockchain tech, but I did read that bitcoins are generated by mining, solving some complex problems :\.
Just because there's a demand of bitcoins, supply exists.
I also read about Dogecoins (Which is a meme), what is the underlying!? then there's moon coins, & i have no idea where all this ends.
The basic problem is I have no idea what is the underlying, If someone says "THe maths problem" is underlying, I dont buy that story.

 

[dullard]

I think it would be helpful to him if you could explain how the value of cryptocurrency is derived.

I think this should cover it:

History of the Dutch Tulip Bulb Market's Bubble

The Dutch tulip bulb market bubble, seen as the first financial bubble, occurred in Holland in the early 1600s when speculation inflated tulip bulbs' value.

www.investopedia.com

 

[AdamK47]

I think this should cover it:

History of the Dutch Tulip Bulb Market's Bubble

The Dutch tulip bulb market bubble, seen as the first financial bubble, occurred in Holland in the early 1600s when speculation inflated tulip bulbs' value.

www.investopedia.com

It helps.

Cryptobro1 tells Cryptobro2 and Cryptobro3 it is worth money. Cryptobros2 and 3 tell Cryptobros 4, 5, and 6 it's worth money. They get told different nebulous things as to why it has value. The electricity used to create it. The blockchain technology used to make it decentralized and secure. It doesn't matter. The value is based on convincing others it has value. How you explain to them why it has value in any other way is not important. It has a US dollar price put on it and they are told it will go up. That is all that is needed.

At least a tulip bulb is a tangible physical thing. They grow, look pretty in your yard, and produce more bulbs you can hold in your hands.

 

[Lost_in_the_HTTP]

^^^^ Like I posted above, three legged pyramid.

 

[montsa007]

It helps.

Cryptobro1 tells Cryptobro2 and Cryptobro3 it is worth money. Cryptobros2 and 3 tell Cryptobros 4, 5, and 6 it's worth money. They get told different nebulous things as to why it has value. The electricity used to create it. The blockchain technology used to make it decentralized and secure. It doesn't matter. The value is based on convincing others it has value. How you explain to them why it has value in any other way is not important. It has a US dollar price put on it and they are told it will go up. That is all that is needed.

At least a tulip bulb is a tangible physical thing. They grow, look pretty in your yard, and produce more bulbs you can hold in your hands.

This summarizes how crypto works , reminds me how squid coins went from 2400 to 0 in a zap.
Wonder what happened to people who purchased it at 2400 a piece.

 

[Zorba]

This summarizes how crypto works , reminds me how squid coins went from 2400 to 0 in a zap.
Wonder what happened to people who purchased it at 2400 a piece.

See you are focusing on the wrong side of the graph. The fact it went from $1 to $2400 shows it had value and was nothing like a casino!

 

[JEDI]

^^^^ Like I posted above, three legged pyramid.

what are the 3 legs?

 

[VirtualLarry]

HODL is a losing strategy, at least in the current bear market.

 

[AdamK47]

HODL is a winning strategy for the top Cryptobros.

"Everyone keep holding until I cash out please."

 

[DrMrLordX]

I think it would be helpful to him if you could explain how the value of cryptocurrency is derived.

I think if I did, you wouldn't agree with my assessment anyway.

HODL is a losing strategy, at least in the current bear market.

So everyone who bought ETH at $1k is losing money rn???

 

[AdamK47]

I think if I did, you wouldn't agree with my assessment anyway.



So everyone who bought ETH at $1k is losing money rn???

Lets try the inverse.

Everyone who bought at $2000+ told to hold and that they were good boys and girls with diamond hands lost.

 

[VirtualLarry]

DCA (BOTH buying, AND selling), is superior to HODL, which really means, "my amateur attempt to time the market".

 

[DrMrLordX]

Everyone who bought at $2000+ told to hold and that they were good boys and girls with diamond hands lost.

Only if they sold.

DCA (BOTH buying, AND selling), is superior to HODL, which really means, "my amateur attempt to time the market".

If that were true, you wouldn't still be mining . . .

 

[AdamK47]

Just now we get a great example of a top Cryptobro proponent selling. Past tweets from Elon Musk to his devoted acolytes caused surges in price. Tesla sold 75% of its stake in Bitcoin in Q2.

 

[Lost_in_the_HTTP]

Another nail ....

FBI Crypto Crime Alert: Fraudsters Posing As Banks Took $43 Million From Investors

Forbes|14 minutes ago
A new alert from the FBI warns investors that cyber criminals are offering fraudulent cryptocurrency investment services, which the cyber criminals have used with increasing success to scam investors out of their cryptocurrency.

 

[VirtualLarry]

Just now we get a great example of a top Cryptobro proponent selling. Past tweets from Elon Musk to his devoted acolytes caused surges in price. Tesla sold 75% of its stake in Bitcoin in Q2.

Major Bitcoin Whale Moves Cryptocurrency To Coinbase (msn.com)

Look, a whale!

 

[Lost_in_the_HTTP]

And a whale of a sale ....


Tesla Sold $936M of Bitcoin, Kept its Dogecoin Reserves

CNET|26 minutes ago
Tesla sold 75% of its bitcoin reserves, but CEO Elon Musk said in an earnings call that the company hasn't sold any of its Dogecoin.

 

[JEDI]

And a whale of a sale ....


Tesla Sold $936M of Bitcoin, Kept its Dogecoin Reserves

CNET|26 minutes ago
Tesla sold 75% of its bitcoin reserves, but CEO Elon Musk said in an earnings call that the company hasn't sold any of its Dogecoin.

at what price per btc did he sell?

 

[biostud]

The valuation of the crypto coins seems to follow the stock market, but
with much greater fluctuations. And if you buy the wrong coins you can hit $0 just like stocks.

 

[VirtualLarry]

And if you buy the wrong coins you can hit $0

No whammies!

 

[BFG10K]

NVIDIA to Cut Down TSMC 5nm Orders with the Crypto Gravy Train Derailed, AMD Could Benefit

NVIDIA is reportedly looking to reduce orders for 5 nm wafers from TSMC as it anticipates a significant drop in demand from both gamers and crypto-currency miners. Miners are flooding the market with used GeForce RTX 30-series graphics cards, which gamers are all too happy to buy, affecting...

www.techpowerup.com

But...but...nVidia told us they had no idea how much Crypto was inflating their sales. No idea, yo.

Of course we now know they were selling thousands of cards directly to mining operations. I hope they get burnt by TSMC.

 

[darkswordsman17]

NVIDIA to Cut Down TSMC 5nm Orders with the Crypto Gravy Train Derailed, AMD Could Benefit

NVIDIA is reportedly looking to reduce orders for 5 nm wafers from TSMC as it anticipates a significant drop in demand from both gamers and crypto-currency miners. Miners are flooding the market with used GeForce RTX 30-series graphics cards, which gamers are all too happy to buy, affecting...

www.techpowerup.com

But...but...nVidia told us they had no idea how much Crypto was inflating their sales. No idea, yo.

Of course we now know they were selling thousands of cards directly to mining operations. I hope they get burnt by TSMC.

Sounds like a 3rd round of SEC violations on this? Maybe they need to look at stiffer penalties as its clear their previous ones didn't stop the behavior.

 

[VirtualLarry]

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

 

[AdamK47]

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

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.