I don't know why, it is probably highly irrational, but I always rejoice when the Bitcoin crashes.
Thats kind of sick? What an absolutely repugnant thing to do. Do you rejoice at war and animal abuse too?
BTC is a climate armageddon? I cheer too.
Crypto crash deepens, stocks slip
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Re: Crypto crash deepens, stocks slip
#22Re: Crypto crash deepens, stocks slip
#23Earlier quoted context omitted.
I think there's a realistic chance that you'll soon be able to get them at a nice discount on ebay.
Ethereum switching to PoS seems like it would definitely reduce the incentive to buy truckloads of gpus
Wouldn't the hundreds of other PoW currencies still be an incentive?
Re: Crypto crash deepens, stocks slip
#24Haha, less than 24h after that article that hit the frontpage yesterday. https://etherscan.io/blocks The blocks look absolutely insane right now
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.
Re: Crypto crash deepens, stocks slip
#25Re: Crypto crash deepens, stocks slip
#26As 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…
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 less 40%.
Re: Crypto crash deepens, stocks slip
#27Coinbase is down for me.
Gotta give it to BTC: it's a great store of value. You cannot sell it in panic, the technology is protecting you from your own psychology.
Re: Crypto crash deepens, stocks slip
#28As 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…
Crypto isn't a Ponzi scheme. A Ponzi scheme is form of fraud where funds from recent investors are used to pay (fictitious) profits to earlier investors. Say the ringleader claims a 10% profit. An early investor had deposited $100 and wants their $100. The ringleader had blown that investor's $100 on coke and hookers and gives him $110 from new investors. Crypto is more accurately a pyramid scheme. But then so are pr…
But at least gold has some inherent value, crypto is just math that is worth whatever the buyers/sellers think it should be. Stock in a company that stays in business will never go to zero as the company always has some value due to having revenue, but crypto has no real world floor (though unlikely to actually get to zero since someone will always buy).
Re: Crypto crash deepens, stocks slip
#29Diamond hands baby!
Re: Crypto crash deepens, stocks slip
#30I don't know why, it is probably highly irrational, but I always rejoice when the Bitcoin crashes.
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.