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Crypto crash deepens, stocks slip

reuters.com

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Re: Crypto crash deepens, stocks slip

#101

Post by 52-6F-62 »

metacritic12 wrote: post #30
fartcannon wrote: post #13

Earlier quoted context omitted.

Thats kind of sick? What an absolutely repugnant thing to do. Do you rejoice at war and animal abuse too?

People are envious generally and when something they don't understand does well, they're confused. When that thing goes down, they feel relieved and their worldview makes more sense. Schadenfreude in general.

It strikes me as similar to the reasons I see people rejoice when artists or the like struggle to make it. It validates one's life choices like giving up on dreams to take up a dull job that keeps the lights just barely on.

Crabs in a bucket mentality. I for one would be happy if the kids find a better way forward that leaves fewer people in the dust (without instituting a new ecological drain, please). That's not happening yet, but some of the thought work shows progress to me, even if the execution isn't final and still lacking.

Re: Crypto crash deepens, stocks slip

#102

Post by serverholic »

SavantIdiot wrote: post #82
zpeti wrote: post #20

Earlier quoted context omitted.

My personal take: There might well be ponzi schemes on top of the bitcoin infrastructure, but the technology behind bitcoin is not a ponzi scheme. It might well be that a lot of people are crazed over it and want to buy bitcoin and push up the price, but that's because there is something here with cryptocurrency. It definitely is a new way of accounting, and it could potentially be a hedge against the fiat system. Th…

> I still think it is revolutionary technology that may well revolutionise things in 5-10 or 50 years, who knows. If there's one thing I love most about the technology behind bitcoin, it is the permanent, public, unalterable ledger of every purchase I've ever made and every purchase I'll every make, and who I gave the money to. I'm super excited about the complete lack of personal financial privacy that Bitcoin's blo…

There are technologies people are working on to solve that. One is called ZK-SNARKS and ethereum is working to integrate the tech. Another is Monero, which is a privacy focused crypto.

Re: Crypto crash deepens, stocks slip

#103

Post by Balantio »

zpeti wrote: post #20
jmacd wrote: post #11

As an outside observer, who has no crypto holdings at all, but is very deeply invested in the public stock market with a heavy weight on technology stocks... this doesn't look like a crash to me at all. It just looks like some steam being let off and old investors cash out and new investors get more comfortable with how much and where to invest. I consider crypto currency as it is to be an elaborate Ponzi scheme (per…

My personal take: There might well be ponzi schemes on top of the bitcoin infrastructure, but the technology behind bitcoin is not a ponzi scheme. It might well be that a lot of people are crazed over it and want to buy bitcoin and push up the price, but that's because there is something here with cryptocurrency. It definitely is a new way of accounting, and it could potentially be a hedge against the fiat system. Th…

Technology can be revolutionising without investing in a very specific cryptocurrency like bitcoin.

I'm betting my ass of that cryptocurrency in a different way might be the future of fiat BUT from the countries themselfs.

I'm not sure why anyone in the long run would trust a system which is controlled by some totally unknown and new individuals who invested in some cryptocurrencies.

There is no need at all to assume that the crypto technology is limited to btc and other current cryptocurrencies.

Re: Crypto crash deepens, stocks slip

#104

Post by SavantIdiot »

serverholic wrote: post #102
SavantIdiot wrote: post #82

Earlier quoted context omitted.

> I still think it is revolutionary technology that may well revolutionise things in 5-10 or 50 years, who knows. If there's one thing I love most about the technology behind bitcoin, it is the permanent, public, unalterable ledger of every purchase I've ever made and every purchase I'll every make, and who I gave the money to. I'm super excited about the complete lack of personal financial privacy that Bitcoin's blo…

There are technologies people are working on to solve that. One is called ZK-SNARKS and ethereum is working to integrate the tech. Another is Monero, which is a privacy focused crypto.

Right, I was talking about Bitcoin only. mimblewimble and zcash also both have shielded transactions. I believe they use an ECDH secret for each transaction so that only the two people involved in the transaction can decode it.

Re: Crypto crash deepens, stocks slip

#105

Post by End_the_Fed »

codyb wrote: post #84
End_the_Fed wrote: post #44

This is what a healthy market looks like, without circuit breakers, without Powell stepping in, without the POTUS making emergency statements to contain the panic. Price discovery at its finest. When you buy crypto you are effectively voting with your wallet against the Fed and all those phony protection systems Every day more and more people are understanding the machinations of the Fed. BTFD

This is one hell of a take. Give me a stable financial system any day. If, by understanding, you mean, realizing that having a centralized entity with a mandate to keep inflation to stable levels so the monetary supply doesn't swing wildly in value from day to day, sure?

Stability=stasis

1:1 human relationships are unstable as it is, think about a 300M individuals megasocial group where everybody is interacting with everybody and constantly adjusting.

The Fed is like the doctor who fills up the patient with cortisone and throws away the thermometer to avoid reading the temperature

We need ups&downs, love&hate, forest fires and rebirths. Anestetyzing the whole process makes me wonder what are we even thinking

BTC mimics nature as opposed to the Fed which mimics the arrogance of man.

Re: Crypto crash deepens, stocks slip

#106

Post by cromka »

tadzik_ wrote: post #33
kllrnohj wrote: post #26

Earlier quoted context omitted.

Bitcoin & Ether are both down -40% from a week to a month ago. Both of those are, in theory, large enough that investors "letting off some steam" shouldn't move them that much. If $SPY dropped 40% we'd all call it a crash. This isn't that different. Also unlike the stock market, crypto is under the delusion of being a viable currency. If USD or Euro dropped even 20% we'd start questioning if it's a recession, much le…

> If $SPY dropped 40% we'd all call it a crash. This isn't that different If $SPY was 40% up since last month, would that be normal? ETH is still currently higher than its value from April 19th. Cryptocurrency market is extremely volatile. This isn't that far from normal.

> Cryptocurrency market is extremely volatile. This isn't that far from normal.

I think you inadvertently confirm OPs point. Cryptocurrencies with their volatility cannot replace regular currencies.

Re: Crypto crash deepens, stocks slip

#107

Post by lottin »

greg7mdp wrote: post #77
lottin wrote: post #68

Earlier quoted context omitted.

The technology has no use outside the scope of crypto-currencies.

Have you heard of DEFI (decentralized finance)?

Ah, yes, it's taking over traditional finance except they still haven't figured out how to make loans, but never mind that.

Re: Crypto crash deepens, stocks slip

#108

Post by inter_netuser »

Retric wrote: post #50
zpeti wrote: post #20

Earlier quoted context omitted.

My personal take: There might well be ponzi schemes on top of the bitcoin infrastructure, but the technology behind bitcoin is not a ponzi scheme. It might well be that a lot of people are crazed over it and want to buy bitcoin and push up the price, but that's because there is something here with cryptocurrency. It definitely is a new way of accounting, and it could potentially be a hedge against the fiat system. Th…

At the purely technical level, Bitcoin’s current transactions per minute heavily limit it’s utility. The original goal was solving micro transactions which crypto coins could do, they just need to scale to ~100 Billion transactions a day +/- orders of magnitude. Unfortunately, miners benefit from the current artificial limitations. Which demonstrates an inherent issue with crypto currency, miners and users have very…

base layer tps is low because it is designed for survival in most adversarial of conditions. It is a heavy duty tank, not a sport bike.

Would you take M1 Abrams tank to race at Nurburgring? They have a different function.

Lightninig/Payment channels, backed by the same baselayer security guarantees, can operate at literally unlimited tps. The only ceiling is how fast you can send packets back and forth.

Miners do not vote, they are nothing but security guards paid by the network users. Miners do not get paid if they produce a block with rules not accepted by the rest network.

Counterintuitive, but that is the reality.

Re: Crypto crash deepens, stocks slip

#109

Post by 52-6F-62 »

mikejarema wrote: post #24
tiborsaas wrote: post #7

Earlier quoted context omitted.

Care to explain what's insane looking to you?

I think the amount of fees per block is what's "insane" here. Going back a day shows that the fees were on the order of ~3 eth per block ( https://etherscan.io/blocks?p=300 ) whereas now they're averaging around ~20eth per block. In other words ETH holders are very motivated to move their tokens right now , and the amount they're paying to do so reflects this.

I imagine much of the traffic is likely out of China?

It sounds like the CCP is moving to ban clearance and trading institutions in the space, stopping short of banning personal holdings. (something in the name of protecting people? https://www.reuters.com/technology/chinese-financial-payment...)

A lot of people probably trying to sell off now or moving their holdings to exchanges located outside of China.

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