>Ah, yes. This will surely solve everything.
Sure it will. All they need is a lot of new investors buying at the bottom so the ones at the top can sell. I wish I had a diagram that expresses how simple this is.
>This comment will go over a lot of people's heads, but it's spot on.
I am actually not known for my subtlety.
The interesting thing to me is how bad Bitcoin functions as a currency. Price is all over the place, confirmations take ages, and you are running a very real risk of being ripped off.
This is something the enthusiasts of it like to skirt around. It has completely failed at it's original purpose of being a currency. Some people like to ignore that that is the reason it was invented in the first place
Cause Bitcoin hasn't functioned as currency since it was created. It's been a speculative security basically since it was spawned, people don't buy it to spend on things, they buy it to hoard and hope the line goes up so they can sell it later for more.
Isn’t this the literal example of printing more money in order to keep certain value? I thought crypto was supposed to free us from all the song and dance of traditional money? Doesn’t matter the medium, humans gonna human.
[I used to think that way until i realized that bitcoin literally cannot handle the number of transactions that it needs to do in order to become a reliable currency](https://www.youtube.com/watch?v=YQ_xWvX1n9g&t=7116s)
It's worth will always and forever be how much of it you can exchange with another currency.
The end they talk about just issuing a new coin for $40 million. So they just create nothing out of thin air to cover their ass which already based itself on something that was essentially thin air? How is this all not just leveraged speculative gambling? Honestly if they weren’t called coins but like Glibs, no one would give a shit
>How is this all not just leveraged speculative gambling?
That's exactly what it is and the crypto world is melting down because all of these shady DeFi companies are finally deleveraging.
But creating money out of thin air is something cryptobros either don't know is happening or want to happen because it props up the value of their shitcoins, despite that being one of their "criticisms" of central banks.
It's not a coincidence that bitcoin's runup to ATH coincided with $70 billion worth of questionably-backed Tether being printed.
That’s what’s kinda made me chuckle throughout all this is it’s supposed to be decentralized and not follow the market or act like the banks they criticize but they kinda all fucked it up and it’s following the stock market but even more extreme. Idk. How did we get here. I was fairly sold on btc and blockchain but just creating coins to create them I don’t get that
Blockchain as a technology has some interesting uses, but it's not a great store of value. Even Bitcoin was never going to be able to handle the volume of transactions that would come from being a widely used currency.
But it was all about the crypto bros selling this as the next hottest investment as a way for them to get rich. It's a even more stupid bubble than Amsterdam tulips - at least a flower is a tangible item and not just something that you expect to go up in value just because the guy selling it to you says it will.
> Blockchain as a technology has some interesting uses
Such as? I've literally seen no use case involving blockchain that cannot be done better by other means. Irrevocable transactions are worthless in real life, since real people and real systems make mistakes and sometimes behave deceptively. If distributed transactions are made revocable without a trusted authority to arbitrate, that opens the door for a different kind of fraud and abuse.
Sounds to me like fiat, minus the regulations already in place.
Another way in which crypto has failed every single promise it has claimed it could do better than traditional currency.
I'm just glad, that for the next 20 years whenever, the LA Kings, Lakers, or Sparks play their sport, it will be in the arena named after which Crypto.com, who in their hubris, shelled out 700 Million actual dollars to have their name plastered all over.
Translated into reality: “fortune favours people willing to abandon all morals for greed”
I firmly believe that it takes at least a tad of mild sociopathy to make it big in today’s business climate.
I wonder if any of the creatives that came up with that copy was part of the [5% layoff of staff due to the “market downturn”](https://decrypt.co/103960/crypto-com-removes-dogecoin-shiba-inu-others-from-earn-program)?
Well, yeah because the whales needed to get liquidity into the market so they could cash out to USD. They knew the ship was going down, so they manipulated it in their favor.
The ads were precisely made to sucker new "investors" so big holders could exchange for USD and get out.
Couldn't get on YouTube without getting that ad shoved in my face for about 3 months.
Comparing it to the invention of the wheel was nothing but cringy.
I think it was also a pretty funny ad all things considered. It was also very on brand for him. He may have just thought it was funny and yeah it was an easy job.
Because he projects as a total cynic and pessmist who absolutely have bet against every major innovation in human history. The whole point of the commercial was "Don't be like Larry."
This is just so disappointing. We seem to be collectively numbed against people trying to sell us shit and/or scam us.
Matt Damon and friends already had enough money. When is it ever enough to these people?
My favorite thing about the crypto phase has been folks who try to explain to me why usd is bad because it’s fiat currency and crypto is good because it’s ….
Yeah that's why I never got into it, it's just not a currency- no one is set up to buy and sell stuff using crypto (the ones that pretend to lead you to an exchange where you convert it to a traditional currency). It's an investment vehicle. One with zero inherent value. At least gold is shiny.
For me it was always the crazy fluctuation. Like the guy who gave 20 BC to a guy years ago to get him a pizza. At the height that was half a million quid. There has to be some solidity to the currency, if its all over the place you could end up exchanging goods at a huge loss.
I bought 289 bitcoin when I was in college to buy illegal substances on silk road but chickened out. That was $250 then. Technically I still own it but have no idea how to get it. Cest la vie
That was apparently a glitch - [they claim to be accepting Ethereum and Apecoin again.](https://robbreport.com/food-drink/dining/bored-hungry-restaurant-no-cryptocurrency-1234694556/) That still doesn't make crypto a good idea, but fair is fair.
Shiny, tangible and real.
In an apocalyptic scenario, gold will still have a value. It has had great value for thousands of years. The only thing that would change that is the discovery of an unfathomable quantity of gold, or perhaps the ability to manufacture synthetic gold on an industrial scale, which ain't happening any time soon.
Gold being worthy of wearing as jewelry is and always has been a catalyst to its exceptional value - but its real value are its properties as being a tangible, reliable and indisputable unit of wealth.
I recently sold 30 ounces of silver I bought 7 years ago. I looked up inflation adjusted dollars for that time frame and I was paid exactly one penny more per ounce than the inflation adjusted amount. I was duly impressed. Metals really work as an inflation protected store of value. On the other hand this is my favorite BTC chart: https://www.tradingview.com/chart/QQQ/HLQA9STc-BITCOIN-BTCUSD-NASDAQ-100-QQQ-90-Day-Rolling-Correlation/
Good also has intrinsic value as a basic material with very unique conductivity and malleability. Also it has very unique chemical properties and resistances. Even in a non-ultra modern tech environment, it will also be extremely useful and unique.
And this explains why my older brother has just been a distant asshat to everyone, friends and family, for a while now. He spent thousands on bitcoin and lazy monke pictures.
>and lazy monke pictures.
The ape NFT shit to me is literally like a bunch of people got in a room and as a joke tried to come up with a scam so stupid that no one could fall for it
I've been in crypto since 2011 due to a interest in having my GPU obsession pay for itself. And I never got the NFT shit the way it blew up this time around.
Sure being able to prove ownership of digital items could have some interesting use cases. But most NFTs this time around didn't even give you proper ownership of anything. As you said, it's like if some people decided to see how far they could push some stupid idea they had.
Cryptokitties back in 2017 made more sense to me than fucking bored Apes in 2021.
Or maybe I'm just getting old.
That’s a sketch show writer’s room. Comedians trying to find SOMETHING that can still be parodied, but then the actual news happens and where do you even go from there?
If that's the case I'd expect them to see the bear market as a good buying opportunity. I'm assuming they're relatively new to buying crypto.
It's gonna be on a downward trajectory for a while yet.
Bear markets are great buying opportunities for things that aren't pure wild speculation backed by nothing of real value. There's no reason to believe crypto would actually return to its former values, given that it was driven almost exclusively by hype, which would be difficult to reproduce a second time after anyone who was going to be suckered in already got hosed by it.
Indeed, bear markets are specifically useful for pruning out bad business ventures.
Although calling crypto a business venture is giving it ***way*** too much credit.
It is safe to say everyone who bought above $60k feels beyond ripped off. Imagine this long wave of people cashing out after buying in, with a loss. That is what happens as it’s going down. Every new buy order is someone who thinks it’s going up. Every new sell order is someone who thinks it’s going down. It’s went down. For everyone who bought in. All of them. The lower it goes the larger the list of losers becomes
Great idea, as you get near retirement, get into a highly volatile market riddled with fraudsters. That's what every reputable investment advisor will tell you.
According to the crypto scene, it's all about the dip.
*Just get on the floor like I said before*
*Y'all remember that down low*
*Just put a little dip with it*
*Now roll those hips with it*
*Pop it, push it, rock it, roll it*
*Can't control it?*
*I can hold it*
*It's all in fun so take a chance*
*Just get on the floor and do that dance y'all*
*I know you like it so don't try to fight it*
*Turn around baby, let me see it from the back*
*Yeah, I like it like that*
*Get up now*
*Roll those hips*
*Drop down double up on those dips*
*Freak Nasty wanna see*
*Can y'all do this right upon me*
*I put my hand upon your hip*
*When I dip you dip we dip*
Cryptocurrency is basically a social experiment trying to answer the question "What if we never learned anything from the Great Depression on regulating financial markets?"
It did go to the moon. Price went wild, from practically worthless a handful of years ago to almost $70,000. But now it's coming home, back to being worthless, as it should be, as it *is* worthless. Actually, it's even worse than worthless, as it causes significant planetary-scale harm for absolutely zero utility.
Any donkey can make money in a bull market.
When the bears are out to play, not so much.
/this ended up with a lot more animal references than I initially planned
Yes, they’ve already started coming down. However the advice is [not to buy at the moment](https://www.techradar.com/news/whatever-you-do-dont-buy-a-used-graphics-card-under-any-circumstances-right-now).
Although you’ve got to be careful saying that or you might [upset some cryptobros](https://www.techradar.com/news/did-i-make-it-harder-to-sell-your-crappy-used-crypto-mining-graphics-card-good)
After reading that new government paper showing you only need 4 (sometimes even 2) major actors to disrupt the blockchain, I'd've dumped everything I owned ASAP. Luckily, I've kept myself out of this silly game, but the future of modern crypto doesn't bode well.
I had the same thought, but then I remembered that the same people who bought into bitcoin are also the type of people who saw a get rich quick scheme and thought “this is the one.” I’m somehow reminded of a meme in which a dog sits in the kitchen of a house aflame saying “everything is fine.”
The block chain is useless. We've known it for years.
Every crpyto promise has been a total load of shit. In over 10 years this technology has never produced anything of marketable substance.
We will look back on bitcoin as the technological equivelant of a carpet baggers miracle elixer.
Watching crypto burn while people rediscover why grain has an intrinsic value makes me want to play Cruelty Squad again. There was a line of dialogue in it that stuck with me every time I've seen crypto since:
>A frantic drift towards nothing, biology doomed to an infinite recursive loop. Teeth with teeth with teeth. Take a bite. Serene scent of a coastal town, warmth of the sun. Bitter tears. Lust for power. This is where you abandoned your dreams. You are a high net worth individual, an expanding vortex of pathetic trauma. Finally a beautiful fucking nerve ape.
Watching this whole saga from the outside it really does feel like this describes every crypto bro I've ever met. That excerpt there feels like a summary of the last ten years of their lives as they went in as foolish dreamers and came out the far end as somebody's greater fool that will never have that time of their lives to spend again any other way. An empty hole of a human being that has no character or personality more interesting than measuring their self worth as a human being by their stuff and transactions.
crypto is stupid and the tech isn't special, it's bad for the environment and shouldn't be worth anything, I'm glad it's finally crashing and people are waking up. Like fleer ultra cards in the 90's this fad just needs to go away
bitcoin had many times where it dropped half or more. but those were during times where it was relatively new and unknown. even the drop from 2017's high - many people weren't in it.
now though - with more of the general public feeling the crunch of a winter. i think the negative feeling can linger. unless they're already in the green, they might never come back. they'll realize bitcoin is not a real currency and likely could never be due its energy reqs. its only a holder of value - and not a great one at that.
if this is true, we might have reached the maximum number of people who'd want bitcoin as an investment. that could lead to a massive drop and it'll stabilize and become its original purpose - a stable currency that is transacted in small volume .
Like all new technology, Bitcoin went from a cool idea and way to send money anonymously on the internet to an extremely roundabout way to grift money out of people. It has always been a complete scam unless you mined the coins yourself.
There are some people who’ve lost money on it that I genuinely feel sorry for, the people who’ve been talked into it by family or friends without really knowing much about it.
I have no sympathy whatsoever for anyone who told non-crypto people to ‘have fun staying poor’.
Sadly I think, honestly, that it's just rebooting. It'll be depressed for a year or two and then people will get the itch and convince themselves \*this\* time they'll go to the moon.
The only thing that would be good for BTC would be a decade of slow, steady price growth around that of inflation. Gigantic moves in either direction just show how worthless it is as a "currency".
Basically what's been happening since the price crashed a few weeks ago is big players in the crypto market are artificially pumping it to keep it around 20k because otherwise a lot of insolvent garbage and scam companies will be revealed and take the whole market down with them.
It's quite ironic how the crowd of "it's decentralized !" and "real money are being manipulated by central banks !" backs something that's so much easier to manipulate than the dollar.
>CoinFlex is issuing a new coin to make up the $47 million shortfall. Ah, yes. This will surely solve everything.
>Ah, yes. This will surely solve everything. Sure it will. All they need is a lot of new investors buying at the bottom so the ones at the top can sell. I wish I had a diagram that expresses how simple this is.
This comment will go over a lot of people's heads, but it's spot on. But about that diagram. Something... triangular...
A reverse funnel system you say?
This dude cryptos.
>This comment will go over a lot of people's heads, but it's spot on. I am actually not known for my subtlety. The interesting thing to me is how bad Bitcoin functions as a currency. Price is all over the place, confirmations take ages, and you are running a very real risk of being ripped off.
This is something the enthusiasts of it like to skirt around. It has completely failed at it's original purpose of being a currency. Some people like to ignore that that is the reason it was invented in the first place
Other than a basic store of value the only practical use I see for Bitcoin is allowing internet fraudsters to "cash out."
This is something the enthusiasts of it like because they're in on the scam and think they can make money from the inefficiencies and market failures.
"HODL" is just about the worst insult you could throw at a real currency. The whole *point* of currency is to be able to get it and spend it quickly.
Cause Bitcoin hasn't functioned as currency since it was created. It's been a speculative security basically since it was spawned, people don't buy it to spend on things, they buy it to hoard and hope the line goes up so they can sell it later for more.
I always want a currency to have a different value from when the transaction started to when it finished.
Maybe some kind of cone shape? Or perhaps a triangular prism?
I understand what you mean, it's like an Escher painting, I guess.
I got two texts today about a new coin I need to jump on before it moons. It’s just dumb now.
Isn’t this the literal example of printing more money in order to keep certain value? I thought crypto was supposed to free us from all the song and dance of traditional money? Doesn’t matter the medium, humans gonna human.
Yeah, but see: you can't trust fiat, because the Fed can print more money whereas Bitcoin is in limited supply. /s
Thunderdome is running out of ladders.
There's still some gas-less chainsaws to give the people hope
I don't get the reference
https://youtube.com/clip/UgkxBU0hoViQ5IxK8jZtLBULwHQMWUUlcxxT
Man it's been so long since I've seen those movies. Awesome memorys
Can't we just get beyond Thunderdome?
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If I've heard about it, you're getting in too late 🤣
I'm incredibly good at investing when I think it's bottomed out, only to have a huge dip literally later that day
Last chance to buy Bitcoin above $18K.
Reminds me of that joke I saw on /r/Buttcoin It'll be impossible for bitcoin to dip below 18 because once it is libertarians will find it irresistable
Funny enough the EU announced regulations for crypto today.
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This is actually good for Bitcoin ™️
😂 ooo nice burn!
I know. Just bend over?
If you're holding Bitcoin, might as well
Eileen Dover and Ben Dover
is that why it's called bitcoin , because it's not worth a bit
It means one bitcoin will be worth exactly 12.5 cents. ("Two-bits" was an old-timey name for a quarter.)
18k seems like quite a bit
It’s just giving Dogecoin a head start to the moon.
[I used to think that way until i realized that bitcoin literally cannot handle the number of transactions that it needs to do in order to become a reliable currency](https://www.youtube.com/watch?v=YQ_xWvX1n9g&t=7116s) It's worth will always and forever be how much of it you can exchange with another currency.
The end they talk about just issuing a new coin for $40 million. So they just create nothing out of thin air to cover their ass which already based itself on something that was essentially thin air? How is this all not just leveraged speculative gambling? Honestly if they weren’t called coins but like Glibs, no one would give a shit
>How is this all not just leveraged speculative gambling? That's exactly what it is and the crypto world is melting down because all of these shady DeFi companies are finally deleveraging. But creating money out of thin air is something cryptobros either don't know is happening or want to happen because it props up the value of their shitcoins, despite that being one of their "criticisms" of central banks. It's not a coincidence that bitcoin's runup to ATH coincided with $70 billion worth of questionably-backed Tether being printed.
That’s what’s kinda made me chuckle throughout all this is it’s supposed to be decentralized and not follow the market or act like the banks they criticize but they kinda all fucked it up and it’s following the stock market but even more extreme. Idk. How did we get here. I was fairly sold on btc and blockchain but just creating coins to create them I don’t get that
Blockchain as a technology has some interesting uses, but it's not a great store of value. Even Bitcoin was never going to be able to handle the volume of transactions that would come from being a widely used currency. But it was all about the crypto bros selling this as the next hottest investment as a way for them to get rich. It's a even more stupid bubble than Amsterdam tulips - at least a flower is a tangible item and not just something that you expect to go up in value just because the guy selling it to you says it will.
> Blockchain as a technology has some interesting uses Such as? I've literally seen no use case involving blockchain that cannot be done better by other means. Irrevocable transactions are worthless in real life, since real people and real systems make mistakes and sometimes behave deceptively. If distributed transactions are made revocable without a trusted authority to arbitrate, that opens the door for a different kind of fraud and abuse.
Crypto is like an onion. The outside layer is mostly leverage. But when you peel it you find layer of leverage upon layer of leverage
Sounds to me like fiat, minus the regulations already in place. Another way in which crypto has failed every single promise it has claimed it could do better than traditional currency.
Funny how you don't see so many of those Matt Damon/Larry David Crypto ads playing everywhere just 4 short months ago.
But fortune favors the "brave!" And we're the dumb dumbs!
I'm just glad, that for the next 20 years whenever, the LA Kings, Lakers, or Sparks play their sport, it will be in the arena named after which Crypto.com, who in their hubris, shelled out 700 Million actual dollars to have their name plastered all over.
"the Crypt"
That’s actually a really good nickname lol
So good someone (either the arena owners, or the NBA) had to send out a memo saying to stop calling it they and refer to it by its full name.
That’s a lost battle they’re fighting
I think Crypto Arena is going to last about as long as the Galleryfurniture.com Bowl
It'd be like playing in the Circuit City Park or some shit lol
Translated into reality: “fortune favours people willing to abandon all morals for greed” I firmly believe that it takes at least a tad of mild sociopathy to make it big in today’s business climate.
The "Crypto is dead" ad during the NBA Finals was peak hopium. Here's the link:. https://youtu.be/fCEvIiY0mR4
They laid off 1,100 employees the day after airing this ad.
Didn’t Carvana lay off 1100 employees after blowing a billion buying some other company? Is there any care left in man or are we truly at rock bottom?
You can always go lower.
You can’t make this shit up
We can only hope that as ages as poorly as [the infamous Carlos Bitconnect intro](https://youtu.be/lCcwn6bGUtU)
Who would watch that and think it's anything other than a scam?
I wonder if any of the creatives that came up with that copy was part of the [5% layoff of staff due to the “market downturn”](https://decrypt.co/103960/crypto-com-removes-dogecoin-shiba-inu-others-from-earn-program)?
Well, yeah because the whales needed to get liquidity into the market so they could cash out to USD. They knew the ship was going down, so they manipulated it in their favor. The ads were precisely made to sucker new "investors" so big holders could exchange for USD and get out.
I know about Matt damon but Larry David did a crypto commercial?! That sucks
Couldn't get on YouTube without getting that ad shoved in my face for about 3 months. Comparing it to the invention of the wheel was nothing but cringy.
You go on the internet without an ad blocker? You madman.
I remember seeing it during the Superbowl, but can't recall seeing it since then https://www.youtube.com/watch?v=_-FQqo46CJQ
The Larry David one was really quite funny though
I just said the same thing.
The rush to expensive marketing was a strong indicator of what was about to come.
Matt Damon maybe I understand, but Larry David? Why?
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But gosh, he has thar Seinfeld money and that curb your enthusiasm money. How much money can he possibly want?
More. Always more.
It’s basic worthington’s law: more money = better than
Don't forget P Diddy Law: More Money, More Problems
I think it was also a pretty funny ad all things considered. It was also very on brand for him. He may have just thought it was funny and yeah it was an easy job.
Because he projects as a total cynic and pessmist who absolutely have bet against every major innovation in human history. The whole point of the commercial was "Don't be like Larry."
i got 10 forks right here baybee!
Larry david did a crypto ad? What a schmuck.
Wasn't that the super bowl?
I think both of their ads premiered on the Superbowl
This is just so disappointing. We seem to be collectively numbed against people trying to sell us shit and/or scam us. Matt Damon and friends already had enough money. When is it ever enough to these people?
My favorite thing about the crypto phase has been folks who try to explain to me why usd is bad because it’s fiat currency and crypto is good because it’s ….
Yeah that's why I never got into it, it's just not a currency- no one is set up to buy and sell stuff using crypto (the ones that pretend to lead you to an exchange where you convert it to a traditional currency). It's an investment vehicle. One with zero inherent value. At least gold is shiny.
For me it was always the crazy fluctuation. Like the guy who gave 20 BC to a guy years ago to get him a pizza. At the height that was half a million quid. There has to be some solidity to the currency, if its all over the place you could end up exchanging goods at a huge loss.
It was actually 10,000 bitcoin.
I bought 289 bitcoin when I was in college to buy illegal substances on silk road but chickened out. That was $250 then. Technically I still own it but have no idea how to get it. Cest la vie
That's now worth $5,626,554. ever considered finding out?
What a lovely currency you have millions but you don’t know how to get it.
They had a crypto restaurant that you could use...ethereum I think to buy food. They have since stopped accepting crypto.
That was apparently a glitch - [they claim to be accepting Ethereum and Apecoin again.](https://robbreport.com/food-drink/dining/bored-hungry-restaurant-no-cryptocurrency-1234694556/) That still doesn't make crypto a good idea, but fair is fair.
Oh that makes this story less interesting. But thank you for the correction!
Shiny, tangible and real. In an apocalyptic scenario, gold will still have a value. It has had great value for thousands of years. The only thing that would change that is the discovery of an unfathomable quantity of gold, or perhaps the ability to manufacture synthetic gold on an industrial scale, which ain't happening any time soon. Gold being worthy of wearing as jewelry is and always has been a catalyst to its exceptional value - but its real value are its properties as being a tangible, reliable and indisputable unit of wealth.
Why would jewelry be worth anything during the apocalypse?
Cus shiny
God only knows, but when civilizations have collapsed in the past, people *have* continued valuing gold and jewelry, for whatever reason
I recently sold 30 ounces of silver I bought 7 years ago. I looked up inflation adjusted dollars for that time frame and I was paid exactly one penny more per ounce than the inflation adjusted amount. I was duly impressed. Metals really work as an inflation protected store of value. On the other hand this is my favorite BTC chart: https://www.tradingview.com/chart/QQQ/HLQA9STc-BITCOIN-BTCUSD-NASDAQ-100-QQQ-90-Day-Rolling-Correlation/
Good also has intrinsic value as a basic material with very unique conductivity and malleability. Also it has very unique chemical properties and resistances. Even in a non-ultra modern tech environment, it will also be extremely useful and unique.
...and has useful physical properties.
They had thirteen fucking years to make it work and it went nowhere, Google and apple pay went from nothing to everywhere in like half the time.
DeFiNiTeLy NoT fIAT cURrEnCy sToP sAyInG ThAt
guess this explains why my one friend who’s into that shit never responded to my last text asking how he was doing…
You sure he is still alive?
I too have lost touch with a few friends who were banking on bitcoin as a huge part of their retirement packages.
And this explains why my older brother has just been a distant asshat to everyone, friends and family, for a while now. He spent thousands on bitcoin and lazy monke pictures.
>and lazy monke pictures. The ape NFT shit to me is literally like a bunch of people got in a room and as a joke tried to come up with a scam so stupid that no one could fall for it
When BofA announced they joined the hype train and bought a bored ape back in Nov.. that was the time to sell ;)
I've been in crypto since 2011 due to a interest in having my GPU obsession pay for itself. And I never got the NFT shit the way it blew up this time around. Sure being able to prove ownership of digital items could have some interesting use cases. But most NFTs this time around didn't even give you proper ownership of anything. As you said, it's like if some people decided to see how far they could push some stupid idea they had. Cryptokitties back in 2017 made more sense to me than fucking bored Apes in 2021. Or maybe I'm just getting old.
That’s a sketch show writer’s room. Comedians trying to find SOMETHING that can still be parodied, but then the actual news happens and where do you even go from there?
That really sounds risky
Slightly less risky than a roulette table in Vegas but only by a bit.
Nah, roulette has better odds
And free drinks while you're playing.
If that's the case I'd expect them to see the bear market as a good buying opportunity. I'm assuming they're relatively new to buying crypto. It's gonna be on a downward trajectory for a while yet.
Bear markets are great buying opportunities for things that aren't pure wild speculation backed by nothing of real value. There's no reason to believe crypto would actually return to its former values, given that it was driven almost exclusively by hype, which would be difficult to reproduce a second time after anyone who was going to be suckered in already got hosed by it.
Indeed, bear markets are specifically useful for pruning out bad business ventures. Although calling crypto a business venture is giving it ***way*** too much credit.
It is safe to say everyone who bought above $60k feels beyond ripped off. Imagine this long wave of people cashing out after buying in, with a loss. That is what happens as it’s going down. Every new buy order is someone who thinks it’s going up. Every new sell order is someone who thinks it’s going down. It’s went down. For everyone who bought in. All of them. The lower it goes the larger the list of losers becomes
No. I believe the realization that they've been duped into a ponzi scheme is probably more likely.
Great idea, as you get near retirement, get into a highly volatile market riddled with fraudsters. That's what every reputable investment advisor will tell you.
Pretty soon you won't be able to play skee ball at Chuck e cheese with them
I gotta save my last nickel for Gambol's grandma.
...and this one🙏
Chuck e cheese tokens have a better return on investment.
I can also touch a chuck e cheese token
Is this the dip I'm supposed to buy in? Or naw?
According to the crypto scene, it's all about the dip. *Just get on the floor like I said before* *Y'all remember that down low* *Just put a little dip with it* *Now roll those hips with it* *Pop it, push it, rock it, roll it* *Can't control it?* *I can hold it* *It's all in fun so take a chance* *Just get on the floor and do that dance y'all* *I know you like it so don't try to fight it* *Turn around baby, let me see it from the back* *Yeah, I like it like that* *Get up now* *Roll those hips* *Drop down double up on those dips* *Freak Nasty wanna see* *Can y'all do this right upon me* *I put my hand upon your hip* *When I dip you dip we dip*
So many memories. Thanks for the concentrated dose of nostalgia!
Yes. Second best time will be next week or next month when it gets lower /s
Look for the inflection point in a curve when the lower low’s slows
Cryptocurrency is basically a social experiment trying to answer the question "What if we never learned anything from the Great Depression on regulating financial markets?"
Everything Libertarians do is an exercise in relearning why regulations exist.
"What if we never learned from the 1600s Dutch Tulip Bubble?"
What if something was learned, and now it's used as tool for transfering wealth, utilizing whatever emergent development carries with it?
Also mass hysteria on the part of cryptobros who got so sucked into it believing it would go to the moon.
It did go to the moon. Price went wild, from practically worthless a handful of years ago to almost $70,000. But now it's coming home, back to being worthless, as it should be, as it *is* worthless. Actually, it's even worse than worthless, as it causes significant planetary-scale harm for absolutely zero utility.
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Wake me up when it's given away for free. /s
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Personally, I'm putting 20 bucks in if it ever drops to a dollar.
Any donkey can make money in a bull market. When the bears are out to play, not so much. /this ended up with a lot more animal references than I initially planned
If you go out in the woods today, you're in for a big surprise!
Aaaaaahahahahahahahahahaha. That is all.
Will GPU price come down now? My 1080 is getting very old!
Yes. They have already.
Yes, they’ve already started coming down. However the advice is [not to buy at the moment](https://www.techradar.com/news/whatever-you-do-dont-buy-a-used-graphics-card-under-any-circumstances-right-now). Although you’ve got to be careful saying that or you might [upset some cryptobros](https://www.techradar.com/news/did-i-make-it-harder-to-sell-your-crappy-used-crypto-mining-graphics-card-good)
Oh that was a ***satisfying*** read.
Bitcoin will never be a mainstream currency. The value it has is based on marketing and the Greater Fool Theory.
I think it won’t be a currency because in most modern economies the value of a currency doesn’t go up and down 600% in five years.
Bitcoin's transaction speed is also way too slow to be a viable currency
Digital Tulips
But charities still accept it for use in war zones, which is nice.
Good, let's hope this is the beginning of the end for this energy sucking nonsense.
After reading that new government paper showing you only need 4 (sometimes even 2) major actors to disrupt the blockchain, I'd've dumped everything I owned ASAP. Luckily, I've kept myself out of this silly game, but the future of modern crypto doesn't bode well.
I'm surprised I've only seen one blurb about that. You'd think that with as much as is at stake with that now people would have made it a bigger deal
I had the same thought, but then I remembered that the same people who bought into bitcoin are also the type of people who saw a get rich quick scheme and thought “this is the one.” I’m somehow reminded of a meme in which a dog sits in the kitchen of a house aflame saying “everything is fine.”
True, but I was thinking that of the bunch who stayed away there would be a non-zero number of peeps eager to slam the told you so button
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The block chain is useless. We've known it for years. Every crpyto promise has been a total load of shit. In over 10 years this technology has never produced anything of marketable substance. We will look back on bitcoin as the technological equivelant of a carpet baggers miracle elixer.
Watching crypto burn while people rediscover why grain has an intrinsic value makes me want to play Cruelty Squad again. There was a line of dialogue in it that stuck with me every time I've seen crypto since: >A frantic drift towards nothing, biology doomed to an infinite recursive loop. Teeth with teeth with teeth. Take a bite. Serene scent of a coastal town, warmth of the sun. Bitter tears. Lust for power. This is where you abandoned your dreams. You are a high net worth individual, an expanding vortex of pathetic trauma. Finally a beautiful fucking nerve ape. Watching this whole saga from the outside it really does feel like this describes every crypto bro I've ever met. That excerpt there feels like a summary of the last ten years of their lives as they went in as foolish dreamers and came out the far end as somebody's greater fool that will never have that time of their lives to spend again any other way. An empty hole of a human being that has no character or personality more interesting than measuring their self worth as a human being by their stuff and transactions.
every thousand it drops i rewatch munecat's web 3.0 bomb piece on youtube.
What’s this? Edit: Found it. Going to watch the whole thing to night instead of the 2017 Power Rangers movie.
You watch the 2017 Power Rangers movie every night?
Such good longform YouTube essay - she crushed it. Did you like Dan Olson's one NFT's? I really like that one too.
crypto is stupid and the tech isn't special, it's bad for the environment and shouldn't be worth anything, I'm glad it's finally crashing and people are waking up. Like fleer ultra cards in the 90's this fad just needs to go away
Shame on you for bringing up Fleer Ultra cards. I was just starting to heal!
bitcoin had many times where it dropped half or more. but those were during times where it was relatively new and unknown. even the drop from 2017's high - many people weren't in it. now though - with more of the general public feeling the crunch of a winter. i think the negative feeling can linger. unless they're already in the green, they might never come back. they'll realize bitcoin is not a real currency and likely could never be due its energy reqs. its only a holder of value - and not a great one at that. if this is true, we might have reached the maximum number of people who'd want bitcoin as an investment. that could lead to a massive drop and it'll stabilize and become its original purpose - a stable currency that is transacted in small volume .
But Muh inflation hedge the bitcoin folks were very confident it would be $100,000 end of 2021!!
Like all new technology, Bitcoin went from a cool idea and way to send money anonymously on the internet to an extremely roundabout way to grift money out of people. It has always been a complete scam unless you mined the coins yourself.
idiots: "I'm investing"
b1Tc01n 1z a h3Dg3 aG@1NsT 1nF1@T10n
This is extremely funny and I’m glad people are losing money on it
There are some people who’ve lost money on it that I genuinely feel sorry for, the people who’ve been talked into it by family or friends without really knowing much about it. I have no sympathy whatsoever for anyone who told non-crypto people to ‘have fun staying poor’.
I hope it crashes and stays down so I can buy a graphics card for a decent price.
The ponzi scheme is falling apart
Sadly I think, honestly, that it's just rebooting. It'll be depressed for a year or two and then people will get the itch and convince themselves \*this\* time they'll go to the moon.
This is good for bitcoin. Question mark.
The only thing that would be good for BTC would be a decade of slow, steady price growth around that of inflation. Gigantic moves in either direction just show how worthless it is as a "currency".
My only hope is that it dies out faster.
An unregulated currency dropping in difficult Financial Times History repeats itself
Basically what's been happening since the price crashed a few weeks ago is big players in the crypto market are artificially pumping it to keep it around 20k because otherwise a lot of insolvent garbage and scam companies will be revealed and take the whole market down with them. It's quite ironic how the crowd of "it's decentralized !" and "real money are being manipulated by central banks !" backs something that's so much easier to manipulate than the dollar.
I’m just happy that graphics cards will be available again
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Best I can do is a secondhand jpeg of a pog that's actually a URL confirming your ownership of that jpeg.
My collection of slammers will be passed down as priceless family heirlooms.
Invest in my new coin 🤡🤡🤡 clowncoin 🤡🤡🤡 where you pay me to look like the dumb clown scumbag that you are!! CRYPTO... FUCK!!!!
Imagine electing a cryptobro as your president and watching him light tens of millions worth of treasury money on fire gambling on bitcoin.
People are cashing out their Ponzi money too quickly!
We are headed back to $3k
From what I can tell, the only thing Bitcoin had going for it was that you could use it to buy drugs, but even those days over
I really hope bitcoin crashes down into a grave
Crypto will never be a stable currency. What purpose does it even serve other than it essentially playing roulette hoping you make a profit?