ADVERTISEMENT

Crypto tanking

Urohawk said:
For perspective, a Telsa model 3 can drive 263 miles on a 50 KWh battery
Click to expand...
I’ve been trying to decide what that chart details exactly. How can I gauge the significance without knowing how many nodes are in each of those networks? If Bitcoin has an enormous network is that bad for the currency, or good for it and bad for ‘the environment’ (setting aside the question of renewables)?
 
  • Haha
Reactions: RileyHawk
GarryO37 said:
Maybe it’s short, maybe not. I don’t care about Dogecoin. What I do care about is people recognizing it as the future because it is.

Will everyone get rich off of it? No. Just look at some in this thread. They don’t understand it and haven’t made any kind of attempt to do so. All they do is scoff at it the same way people scoffed at the internet when it was new.

These same people don’t care that a piece of green colored paper is no longer backed by gold.
Click to expand...
But could be at anytime it lost value.
 
poophawk said:
can u stake some of your eth or do u have to stake it all? i own 7 and would stake 5 if i could
Click to expand...
You can just stake some of it. It’s locked in until the ETH 2.0 upgrade is complete so only stake what you won’t need access to.
 
hawkeyez said:
I missed the bottom by about 2 hours, but I threw ~$1k into each of these on Coinbase:

Cardano (ADA)
Litecoin (LTC)
Stellar Lumens (XLM)
Algorand (ALGO) - 6% staking rewards
Cosmos (ATOM) - 5% staking rewards
Tezos (XTZ) - 4.63% staking rewards
Click to expand...
I like the way the way you see through dem eyez
 
GarryO37 said:
Care to take a guess at which country is mining the most cryptocurrency? I’ll give you a hint. It starts with a C and ends with hina.
Click to expand...
that's even more worrisome i would think. only reason to mine most of it but ban it internally is to cause havoc elsewhere while sealing onself off from the fallout.
 
drew_hawk said:
I like the way the way you see through dem eyez
Click to expand...
d1f.gif
 
  • Like
Reactions: drew_hawk
Formerly Rockymtnole said:
You seem to buy a lot of stuff- are you just dropping a hundred here or there or are you in for big money?
Click to expand...
I put in around $1500 yesterday. I made a nice chunk of change off Tesla and have been gambling in the crypto arena having fun with Alts and investing in ETH. I’m in the 5 digits in the crypto market, wish I had more disposable income to put in tho.
 
  • Like
Reactions: Formerly Rockymtnole
I also put in my sports gambling winnings into crypto. Which isn’t that much but it adds up
 
Anyone buy any RAE when the price was down? It dropped to $1 a couple days ago and has doubled since. I got in somewhat early and have been holding awhile with the hopes it gets approved for coinbase.
 
I bought some OMI tokens for a real speculative play. It's a coin tied to an NFT startup that has some pretty great licenses. I am not a financial advisor, do your own due diligence.

 
Last edited:
  • Like
Reactions: GarryO37 and BrunoMars420
desihawk said:
that's even more worrisome i would think. only reason to mine most of it but ban it internally is to cause havoc elsewhere while sealing onself off from the fallout.
Click to expand...
Mmmm maybe. Definitely a thought.

Until then I will just continue to make money off of it.
 
  • Like
Reactions: desihawk
Hoping things turn around. In $HUT pretty heavy, a Canadian miner who has the most BTC on the books than any other miner.
 
Blockchain technology may be incredibly useful, but that doesn’t make Bitcoin valuable.

The most credible, logical, and legal justification for Bitcoin having value is that it can act as a digital gold…which isn’t really all that revolutionary.

Nobody shilling Bitcoin can credibly argue that it is a valuable currency because they don’t use Bitcoin to buy anything - they just want to get rich quick off it, hoping that a greater fool will buy it from them for a higher price.

The one real value Bitcoin and other cryptos have proved to have thus far is to help facilitate illegal transactions with anonymity.
 
  • Like
  • Haha
Reactions: RileyHawk, Joes Place and LetsGoHawks83
icantfindausernamethatisntused said:
Blockchain technology may be incredibly useful, but that doesn’t make Bitcoin valuable.

The most credible, logical, and legal justification for Bitcoin having value is that it can act as a digital gold…which isn’t really all that revolutionary.

Nobody shilling Bitcoin can credibly argue that it is a valuable currency because they don’t use Bitcoin to buy anything - they just want to get rich quick off it, hoping that a greater fool will buy it from them for a higher price.

The one real value Bitcoin and other cryptos have proved to have thus far is to help facilitate illegal transactions with anonymity.
Click to expand...
If it can facilitate transactions you acknowledge it serves as a medium of exchange.

It is a ‘hard money’ because the currency pool is fixed by protocol and ledger is distributed and cryptographically secured against counterfeiting.

Do you argue that a money that cannot be counterfeited doesn’t have value? If so, on what basis?
 
seminole97 said:
If it can facilitate transactions you acknowledge it serves as a medium of exchange.

It is a ‘hard money’ because the currency pool is fixed by protocol and ledger is distributed and cryptographically secured against counterfeiting.

Do you argue that a money that cannot be counterfeited doesn’t have value? If so, on what basis?
Click to expand...

Bitcoin is inefficient as a crypto currency and its value is WAY too volatile to be used as a currency. Would you ever want to go to the store and spend that $10 in your pocket today, when it could be $100 tomorrow?

It's being used as a way to store value, because of the limited supply. And as a speculative investment.

I do really like the crypto technology and I own various currency for fun, but I've never actually use it to purchase things.
 
  • Like
Reactions: icantfindausernamethatisntused
seminole97 said:
If it can facilitate transactions you acknowledge it serves as a medium of exchange.

It is a ‘hard money’ because the currency pool is fixed by protocol and ledger is distributed and cryptographically secured against counterfeiting.

Do you argue that a money that cannot be counterfeited doesn’t have value? If so, on what basis?
Click to expand...

It’s a neat concept, sure. A lot of ingenuity in it and the fact that it cannot be counterfeited certainly makes it viable as a currency in theory. But what problem does that solve? As far as I know, counterfeiting the $US dollar / online transactions is not really that widespread of an issue. Do you really expect people to just give up on using the $US dollar and go to Bitcoin full time? Bitcoin is about 12 years old now - when are people shilling Bitcoin actually going to start buying shit with it?

A lot of crypto bros want us to take crypto seriously, but how exactly is it not just a get rich quick scheme? Dogecoin is literally a joke crypto that doesn’t even have the benefit of scarcity, and it’s outperformed Bitcoin over the last year.

The only problem cryptocurrency has solved thus far is to make it more difficult to trace purchasing cocaine and hookers.
 
  • Haha
Reactions: RileyHawk
LetsGoHawks83 said:
Bitcoin is inefficient as a crypto currency and its value is WAY too volatile to be used as a currency. Would you ever want to go to the store and spend that $10 in your pocket today, when it could be $100 tomorrow?
Click to expand...

Unquestionably volatile at this time. I think that is indicative of it’s still relatively nascent nature and market breadth/depth.

LetsGoHawks83 said:
It's being used as a way to store value, because of the limited supply. And as a speculative investment.
Click to expand...
Speculation of what exactly? That the pool of Bitcoin is fixed while the pool of dollars will only increase, right?
I would speculate the Federal Reserve, who provided Wall Street a 30 trillion dollar backstop in 2008, will inflate before allowing a deflationary collapse of the dollar.
And that’s before considering the Biden budget projections don’t show us going below trillion dollar deficits for the next decade.

The Biden administration predicts a $1.8 trillion deficit in fiscal year 2022 and roughly $1.3 trillion each year after that for the next decade.

Safe to say that’s the low level projection we should expect over the next decade, right?
 
icantfindausernamethatisntused said:
It’s a neat concept, sure. A lot of ingenuity in it and the fact that it cannot be counterfeited certainly makes it viable as a currency in theory. But what problem does that solve? As far as I know, counterfeiting the $US dollar / online transactions is not really that widespread of an issue.
Click to expand...

“Like gold, U.S. dollars have value only to the extent that they are strictly limited in supply. But the U.S. government has a technology, called a printing press (or, today, its electronic equivalent), that allows it to produce as many U.S. dollars as it wishes at essentially no cost. By increasing the number of U.S. dollars in circulation, or even by credibly threatening to do so, the U.S. government can also reduce the value of a dollar in terms of goods and services, which is equivalent to raising the prices in dollars of those goods and services. We conclude that, under a paper-money system, a determined government can always generate higher spending and hence positive inflation.” Ben Bernanke, 2002

If you care to check the Fed’s balance sheet they’ve been busy bees since then.
Currently creating $120 billion a month.


icantfindausernamethatisntused said:
Do you really expect people to just give up on using the $US dollar and go to Bitcoin full time? Bitcoin is about 12 years old now - when are people shilling Bitcoin actually going to start buying shit with it?
Click to expand...

People aware of that and how it can be inimical to their interest would trade dollars for Bitcoin, and use dollars for exchange when possible to not continually hold them.
That’s Gresham’s Law.

icantfindausernamethatisntused said:
A lot of crypto bros want us to take crypto seriously, but how exactly is it not just a get rich quick scheme? Dogecoin is literally a joke crypto that doesn’t even have the benefit of scarcity, and it’s outperformed Bitcoin over the last year.
Click to expand...

As I understand Doge it has a built in (ever slightly decreasing) inflation rate baked in, but the rate is fixed and the pool known, reducing uncertainty relative to other currency pools it could be compared. But I don’t see why you’d want that over a fixed pool myself.
I think what people witnessed in Doge coin and the people who profited wasn’t any different than what people paying attention to Bitcoin saw with years ago as demand goes up and the investor pool is relatively tiny. Add in the meme-stock shimmy fed frenzy that has been the last year and you have the kind of weird spillovers that happen during inflations.

Lenin is said to have declared that the best way to destroy the Capitalist System was to debauch the currency. By a continuing process of inflation, Governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. By this method they not only confiscate, but they confiscate arbitrarily; and, while the process impoverishes many, it actually enriches some. The sight of this arbitrary rearrangement of riches strikes not only at security, but at confidence in the equity of the existing distribution of wealth. Those to whom the system brings windfalls, beyond their deserts and even beyond their expectations or desires, become "profiteers," who are the object of the hatred of the bourgeoisie, whom the inflationism has impoverished, not less than of the proletariat. As the inflation proceeds and the real value of the currency fluctuates wildly from month to month, all permanent relations between debtors and creditors, which form the ultimate foundation of capitalism, become so utterly disordered as to be almost meaningless; and the process of wealth-getting degenerates into a gamble and a lottery.

Lenin was certainly right. There is no subtler, no surer means of overturning the existing basis of Society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose. -John Maynard Keynes

icantfindausernamethatisntused said:
The only problem cryptocurrency has solved thus far is to make it more difficult to trace purchasing cocaine and hookers.
Click to expand...
Why isn’t paper money easier for that?
Serious inquiry since you raised the example.
 
Car-go said:
Which I don’t understand. How many times can China say they’re banning crypto? They’ve said this multiple times
Click to expand...
They've banned their banks from accepting it and another ban to stop mining it. They were mining over half the world's crypto.

They can't control it so they won't contribute towards it.
 
The crypto market is bouncing back today and I think we see another bull run soon. What’s everyone else buying?

I bought in on Amp when it listed on coinbase last week. Feeling good about it’s potential and I will probably continue buying while it’s still low. I also bought more Cosmos. 5% APY at a low price was too hard to pass up.
 
  • Like
Reactions: Chuck C and THE_DEVIL
eb05 said:
The crypto market is bouncing back today and I think we see another bull run soon. What’s everyone else buying?

I bought in on Amp when it listed on coinbase last week. Feeling good about it’s potential and I will probably continue buying while it’s still low. I also bought more Cosmos. 5% APY at a low price was too hard to pass up.
Click to expand...
We are in a bear market right now. BTC is below the 20 week SMA and will be for awhile unless there is massive gainz. Until BTC gets above that line we just have to wait and play with our Dingys until the next bull run
 
I bought pretty heavily with my fun money into Ethereum when it dipped down in the 1700-2100 range a little while back.
 
  • Like
Reactions: THE_DEVIL
What do you folks think of the 600 million dollar crypto theft by hackers?
 
You must log in or register to reply here.

Similar threads

H

The Crypto Markets Are Rallying Like a MoFo This AM!

Replies
15
Views
499
Off Topic
MargarettConnors
M
BlIIlken2

Did Elon purposely turn Twitter into a cess pool of porn, crypto, gambling and alt right bots?

Replies
35
Views
506
Off Topic
JRHawk2003
J
THE_DEVIL

What does this say about lawyers in Texas?

Replies
0
Views
73
Off Topic
THE_DEVIL
THE_DEVIL
M
  • Locked

State of Iowa getting sued again...

Replies
32
Views
688
Off Topic
mattymoknows
mattymoknows
joelbc1

Jeeeebus Cripes….Red Sox in mid-season form already!

Replies
0
Views
117
Off Topic
joelbc1
joelbc1
ADVERTISEMENT

Latest posts

ADVERTISEMENT
Top Bottom
Back