The ongoing cryptocurrency crash

[Dimon12321]

It's regular cycle, similar to stocks, but here it's less predictable, because it depends on certain people decisions, not on successes or fails of public companies. Eventually it will raise even higher. Rich people won't lose money of this fall, they won its best and buy it again at its worst.

Edited May 14, 2022 by Dimon12321

[The BMFG]

#packwatch 🚬

[Gez]

2 hours ago, gwain said:

why are so many people in this thread against crypto?

The entire point of crypto is to create speculative value by wasting energy solving pointless math puzzles. Your cryptowallet is filled by the number of watts you've spent. Importantly, it's not a measure of energy available, it's a measure of energy destroyed.

 

To me that makes about as much sense as SmokeCoin. To invest in this radical new currency, you only need to raid a museum, steal priceless works from it, and then burn them. The smoke from the fire is your currency. The more smoke you have, the richer! Sounds like a perfect and very sane idea, doesn't it?

[DoomPlayer00]

Good riddance

 

[thiccyosh]

 

Edited May 14, 2022 by thiccyosh
Good.

[mrthejoshmon]

It's almost like putting all your stock into a dangerously fickle/incredibly unstable non-physical resource because some rich social media """personality""" told you so was an inherently bad idea...

[Remilia Scarlet]

 

[Synami]

YOOOOOOOOOO

[LouigiVerona]

Some time ago I wrote a "Blockchain Q&A" that debunks all conceivable and inconceivable arguments for blockchain and crypto. If you are interested, dive in.

 

Blockchain Q&A

[Boomdav]

Maybe his spirit still lives on 

 

 

Edited May 14, 2022 by Boomdav

[ducon]

20 hours ago, Mr. Freeze said:

"Bitcoin and cryptocurrencies have crashed further overnight, dropping to levels not seen since the crypto market began surging in late 2020 and wiping away almost $1 trillion worth of value in a month as a serious "ripple" warning comes into effect."

 

:)

Yay now we will be able to buy back a GPU at a decent price.

[Gez]

6 hours ago, LouigiVerona said:

Some time ago I wrote a "Blockchain Q&A" that debunks all conceivable and inconceivable arguments for blockchain and crypto. If you are interested, dive in.

 

Blockchain Q&A

That's very in-depth, nice work.

[Artman2004]

And nothing of value was lost.

[Rudolph]

Apparently, Larry David was one of the celebrities who endorsed cryptocurrency.

 

 

[TheMagicMushroomMan]

1 hour ago, Rudolph said:

Apparently, Larry David was one of the celebrities who endorsed cryptocurrency.

 

 

Larry David starred in a Super Bowl commercial about bitcoin, I highly doubt he even understands what the fuck it is. Just because someone is in a commercial for Viagra doesn't mean they actively endorse Viagra, use Viagra, or understand how Viagra works. It means they recieved a paycheck for starring in a Viagra commercial. Do you actually think that celebrities star in commercials because they give a shit about the product/service being advertised?

 

You also provided no context, and beside that, a bitcoin commercial starring Larry David is barely tangentially related to the topic, which is about the recent crash.

Edited May 15, 2022 by TheMagicMushroomMan

[Lizardcommando]

Does this crash include all of those shitty NFTs? Please say yes.

[Rudolph]

This is an episode of Curb Your Enthusiasm writing itself. XD

 

Edited May 15, 2022 by Rudolph

[Lizardcommando]

Larry David? As in Curb Your Enthusiasm's Larry David backed NFTs? Weird. He seemed like the last person who would actually care about NFTs.

[Rudolph]

@Lizardcommando I just hope that Larry David has the humility to make fun of himself by turning the whole situation into an actual Curb Your Enthusiasm skit. Like, he would convince his friends to invest in cryptocurrency, only for it to backfire horribly and Larry having to awkwardly flee. :P

Edited May 15, 2022 by Rudolph

[StarSpun5000]

This is the main reason I will never fully understand cryptocurrency. Crypto-Bros are all like "Oh cryptos gonna replace regular money and whatnot" but I just wanna ask, what is the point of a currency that can fluctuate in value so quickly and seemingly at random? I know that regular currency undergoes inflation and can crash in value, but those events are not nearly as constant and detrimental as crypto. It just doesn't make sense to me. Am I the only person who thinks this?

Edited May 15, 2022 by StarSpun5000

[Rudolph]

4 minutes ago, StarSpun5000 said:

Am I the only person who thinks this?

You are not, do not worry. It is all a scam and you should not fall for it.

Edited May 15, 2022 by Rudolph

[LadyMistDragon]

I have far from a firm track on my bank account but even I can see that investing in something that's nothing more than smoke and mirrors will just lead nowhere. Maybe it has a place as 'alternate currrency' but NFTs are the most laughable financial concept ever conceived, mainly because it's not financial.

[RDETalus]

 

1 hour ago, LadyMistDragon said:

but NFTs are the most laughable financial concept ever conceived, mainly because it's not financial.

I don't understand NFT valuation, but it doesn't seem to be very different from physical "art" sales such as that $30,000 USD art exhibit of a banana taped to a wall.

 

3 hours ago, StarSpun5000 said:

but I just wanna ask, what is the point of a currency that can fluctuate in value so quickly and seemingly at random?

For price speculation traders, that's the entire point. The fact that cryptocurrencies can swing up and down so wildly means you can make a huge profit just by buying low, selling high, rinse and repeat. A regular company stock might move up and down 2-5% in a single year. But a cryptocurrency can go up +300% and down -80% in the same timeframe.

Boomers get excited when their stocks go up +5% in a year, a crypto trader will get +100% in a single month. Then he will promptly get wiped out the next month lol. A few of them will time it just right and get their money out in time, but most will lose.

Edited May 16, 2022 by RDETalus

[BigMetalhead]

I never understood the mainstream hype of cryptocurrency to begin with. There is definitely huge potential in this tech, but there is barely any use for them for the public at this time (or even in the coming future).

 

With this being said, I do feel bad for the people who lost a ton of money on this. Imagine losing thousands of dollars just because of one bad mistake.

[TheMagicMushroomMan]

5 hours ago, Rudolph said:

This is an episode of Curb Your Enthusiasm writing itself. XD

 

Sorry but "paid spokesmanship" isn't going anywhere, at least in America which is where these people are advertising. But the next time I buy a product that doesn't work, I'll be sure to blame it on the actors in the commercial, and not on myself for failing to research what I'm buying. If someone invested in crypto just because "Larry told me to!" and got burned, that's on them for being a gullible dumbfuck. Actors in commercials are just that, actors. As for why they aren't responding: it's because they aren't stupid. They aren't obligated to explain themselves or apologize. Do you really expect to turn on your TV and hear Matt Damon say "It was all a mistake, take me out back and flog me"? They only do that if it helps their career in some way, and if people haven't realized that yet, they're a little too optimistic. Anyone who does something just because a famous person did it first is too dumb to be helped, and deserves to learn a lesson.

Edited May 16, 2022 by TheMagicMushroomMan

[Murdoch]

12 minutes ago, TheMagicMushroomMan said:

Sorry but "paid spokesmanship" isn't going anywhere, at least in America which is where these people are advertising. But the next time I buy a product that doesn't work, I'll be sure to blame it on the actors in the commercial, and not on myself for failing to research what I'm buying. If someone invested in crypto just because "Larry told me to!" and got burned, that's on them for being a gullible dumbfuck. Actors in commercials are just that, actors. As for why they aren't responding: it's because they aren't stupid. They aren't obligated to explain themselves or apologize. Do you really expect to turn on your TV and hear Matt Damon say "It was all a mistake, take me out back and flog me"? They only do that if it helps their career in some way, and if people haven't realized that yet, they're a little too optimistic. Anyone who does something just because a famous person did it first is too dumb to be helped, and deserves to learn a lesson.

 

100%. Celebrities should be regarded as an authority on precisely three fifths of fuck all unless they actually have education or training in the field on which they are speaking of.

Edited May 16, 2022 by Murdoch

[RDETalus]

$LUNA is the coin that got attacked, triggered a "bank run," and crashed the crypto market. It fell from $80 to $0.00002 in a single week. The hubris of everyone involved in that coin is absolutely astounding.

If you put $10,000 into this thing, it's now worth $0.0025. Absolutely amazing, I've never seen a genuine non-scam project lose this much.

This is worse than scams where you simply get your money outright stolen, because as bad as those are, very few people actually fall for those. This one was a genuine project, and as a result, it attracted a ton of people who put their savings into it as an investment.
 

Edited May 16, 2022 by RDETalus

[Gez]

I'm laffoing at "she's a horrible investor", sure Mr "I invested in cryptoponzi", you've got room to talk.

[Uncle 80]

"Go back to the kitchen and make some more of those great babies of yours while I piss our family economy out the window"

[Graf Zahl]

News like this just make me happy.:)

While I can understand that some people want to take part in this lunacy (pun intended) to make a quick buck, I utterly fail to understand the notion of cryptocurrencies being able to take over the banking business.

 

That entire thing just hints at a deep distrust in some people for "big evil corporations", justified or not, but where it totally loses me is that instead they want to invest their trust into even shadier actors than big banks.

 

People have to understand that such speculative objects *have* to occasionally crash in value so that the instigators of the scheme have a chance to regain control of the 'valuable object' at low prices and restart the cycle to scam more people off their money.

 

Ultimately this is all investment into smokes and mirrors, and the inevitable outcome will be the one big ultimate and fatal crash as there's nothing sustainable in this business. It's all speculation on vaporware, but since there's no real value backing the entire business, once it really crashes there'll be nothing left because it is inevitable that the moment will come where the object runs out of speculative value. In the end a few cunning people will make a big profit but the majority of gullible fools will lose everything.