China has recently banned banks from providing cryptocurrency services.
Crypto crash deepens, stocks slip
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Re: Crypto crash deepens, stocks slip
#32Re: Crypto crash deepens, stocks slip
#33As 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 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.
Re: Crypto crash deepens, stocks slip
#34I don't know why, it is probably highly irrational, but I always rejoice when the Bitcoin crashes.
Same. I hate the arrogant stupidity of the crypto cult.
Re: Crypto crash deepens, stocks slip
#35I just wanted to be able to buy a GPU without paying exorbitant prices because miners.
I only say this about 1% of the time I read stuff like this, and it's still too much: _Bitcoin doesn't use GPUs to mine with_. It's been custom ASICs for the last eight years or so. I think.
ASICs presumably take up valuable chip fab capacity at a time where we are going through a lengthy chips shortage that has real-world manufacturing impact on real goods people use to perform useful work.
Re: Crypto crash deepens, stocks slip
#36I just wanted to be able to buy a GPU without paying exorbitant prices because miners.
I only say this about 1% of the time I read stuff like this, and it's still too much: _Bitcoin doesn't use GPUs to mine with_. It's been custom ASICs for the last eight years or so. I think.
Ethereum does though
e: Take a look at this https://www.reddit.com/r/EtherMining/comments/nfppnv/120_rtx...
There are countless people like that
Re: Crypto crash deepens, stocks slip
#37MSTR is massivly leveraged. How will they not go bust if BTC keeps falling
Re: Crypto crash deepens, stocks slip
#38Re: Crypto crash deepens, stocks slip
#39Re: Crypto crash deepens, stocks slip
#40I 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?
This is probably some remnants of Christianity and disgust about easy money. (I think there is no such thing)
But also, I really don't like Bitcoin as an alternative currency, on many levels it is worse than what it was engineered to replace.
There is value behind behind the ideas of blockchain algorithms, and I believe the future of currency is digital, but not necessarily decentralized in the way that Bitcoin is decentralized.
We're not there yet, and because of that, Bitcoin is as close to a scam as tulips bulbs were.