The ongoing cryptocurrency crash

[Mr. Freeze]

"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."

 

:)

[vyruss]

OH NOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO :(

 

If only someone could have warned us :(((((((((((((((

 

Fucking crypto bullshit.  I shouldn't have to wait and lottery to get a PS5 or a decent graphics card for a whole year because of these assholes and their shit practices.  Good riddance.

[Mr. Freeze]

1 minute ago, vyruss said:

If only someone could have warned us :(((((((((((((((

 

Reminds me of "Man Who Lost Everything In Crypto Just Wishes Several Thousand More People Had Warned Him"

[Eurisko]

I hope it all vanishes from the face of the earth

 

[Solmyr]

3 hours ago, Mr. Freeze said:

 

Reminds me of "Man Who Lost Everything In Crypto Just Wishes Several Thousand More People Had Warned Him"

Reminds me of a moronic acquaintance of mine who invested 200,000 dollars on a shit-coin, genuinely believing he would get super rich in 5 years.

[Rudolph]

I hope Elon Musk follows suit.

[DannyMan]

NFTs will be finally free!!

[Doomkid]

Tales from the Crypt-O

[NiGHTS108]

Lol

[Gez]

Finally some good news!

[Breezeep]

Good.

[wallabra]

Yeah, good riddance!

 

To be fair, I think that the end goal of the more hardline ideological ones is to eventually replace fiat currency altogether, rather than being compared to it. I don't think that would be wise, we already depend on computers way too much as it stands, and just more stuff keeps relying on computers, the negative effects of which are clear and only increasing.

 

Either way, in my opinion, the manifestation of currency is mostly irrelevant to the way in which society is organized, even economically. We should focus on ways to have our own means of production, to compete against the upper echelons of the private sectors. And I mean, we don't even need to have our own MoP for things to be better. There are countries in which state-owned companies compete against private companies, and just the competition itself just keeps either away from becoming a scamfest.

Edited May 13, 2022 by wallabra

[Jacek Bourne]

Took long enough.

[Philnemba]

NFTs should be renamed into IDTs: "Imaginary Disappearing Token" 

[scalliano]

[clarkson.png]

[Nikku4211]

I can't wait to see NFTs crash too, like Netherlands' flowers.

[URROVA]

Finally!

[wallabra]

3 minutes ago, Nikku4211 said:

I can't wait to see NFTs crash too, like Netherlands' flowers.

 

Tulips, specifically.

[Biodegradable]

Burn, baby, burn. Crypto inferno!

 

[RDETalus]

It's only one particular coin and it's ecosystem that was subjected to a market manipulation attack due to a flaw in it's financial algorithm and the creator's own hubris. The coin(s) involved (LUNA, TERRA, UST, whatever) are now dead.

 

There is quite a bit of contagion because it has effected the entire crypto market as a whole, but I would say this is a temporary set back and if you're hoping for the end of crypto, this isn't it. This will probably cause regulators to step in and possibly further legitimize cryptocurrency in the future. Remember that there are already tons of big financial institutions in this market now.

Edited May 14, 2022 by RDETalus

[Capon]

When I first saw the thread name, i thought it was a wad

[Woolie Wool]

Does this mean I can finally afford a new video card?

[Hawk of The Crystals]

Does this mean that grifters will actually get jobs now?

[Woolie Wool]

23 minutes ago, Crystal-Hawk_D00M said:

Does this mean that grifters will actually get jobs now?

No. There's always another grift.

[gwain]

why are so many people in this thread against crypto?

[D4NUK1]

38 minutes ago, gwain said:

why are so many people in this thread against crypto?

It's just normal sense to be honest.

[TheMagicMushroomMan]

55 minutes ago, gwain said:

why are so many people in this thread against crypto?

Basic common sense. It's bad for the environment, the whole game is loaded with scammers, then you have PC part grifters, China in general, misconceptions, lies, etc. It's a load of shit and I hope the NFT shit goes next.

 

Beside all that, I'm sick of hearing about it.

Edited May 14, 2022 by TheMagicMushroomMan

[RDETalus]

59 minutes ago, gwain said:

why are so many people in this thread against crypto?

I participate in crypto. But honestly, outside of profit-driven price speculation, there doesn’t seem to be any solid productive use case for it yet.

 

The current market is also full of scammers

[Mr. Freeze]

1 hour ago, gwain said:

why are so many people in this thread against crypto?

 

- Doesn't solve any problems it purports to 

- Isn't a currency outside of incredibly niche purchaes (Teslas come to mind) 

- Making the Earth warmer through copious amounts of wasted energy 

- Is volatile to the point of ludicrousness. TerraLuna for instance went from $100 a coin to $1 a coin to 1¢ a coin to .001¢ a coin...all in one week. 

- Has little to no regulation meaning fraud isn't just rampant, it's reinvented. Your wallet got stolen? You got scammed? You got rugpulled? Tough titty, nothing you can do. 

- Piggybacking off of the first point, it's just another way for the rich to get richer. The early adopters who had the capital to invest a ton and the GPU rigs to mine without disadvantage reap all the profits. You buying into Bitcoin at 30k isn't going make you anything unless you invest millions at which point...you are rich enough to profit from it. 

[Nefelibeta]

Spoiler