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Crypto crash deepens, stocks slip

reuters.com

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Re: Crypto crash deepens, stocks slip

#641

Post by XorNot »

symlinkk wrote: post #431
XorNot wrote: post #188

Earlier quoted context omitted.

It's still an actual rock though. Cryptocurrency is less then that . Cryptocurrency is expended energy. You can't use a cryptohash for anything . Whereas I can melt down gold and make earings with it.

What a bizarre opinion to have on an IT website. “Software is worthless, it’s just expended energy, you can’t use it for anything, whereas I can melt down gold and make earrings with it”

Bitcoin is not software though.

Bitcoin is a computation carried out by software.

Think of it this way: if you turned off all the Bitcoin nodes tomorrow, and then later on a bunch of people said "hey, cryptocurrency would solve this issue for us!" - is there any reason for them to try and bring back old Bitcoin wallets in order to deploy it? No - none. They just fork the Bitcoin codebase, rename a few things and start a new network.

Bitcoin the software implementation which is already free is valuable. Specific wallets, bitcoins etc? Not at all, and not reusable.

Re: Crypto crash deepens, stocks slip

#642

Post by kwyjobojoe »

ProjectArcturis wrote: post #56

Bitcoin is the ultimate, purely financial object. It has no revenues or profits. The supply is fixed -- unlike, say, gold, where high prices mean people will eventually start digging mines, BTC supply is entirely price-inelastic. The only thing that determines BTC price is demand. And over the past 13 years, we've seen reflexivity at work: The price has gone up, so more people want it, so the price goes up further, a…

It also has massive costs

Re: Crypto crash deepens, stocks slip

#643

Post by arcticbull »

celticninja wrote: post #554
bigfudge wrote: post #540

Earlier quoted context omitted.

This is different to hating tiltok though. Ponzi schemes actually hurt real people when they collapse. I think it’s reason able to think that pointing out the emperor’s lack of clothes is public spirited.

Honestly 'its a Ponzi' has been debated a million times, it isn't, except in a really loose description into which any currency or asset could fall. They all rely on someone else wanting to pay more for an asset that you did. That's it.

It's a negative sum speculative vehicle. For every $1 that goes in exactly $1 can come out - minus miner fees. Any gains in welfare are illusory.

Options, futures and commodities are zero-sum, because gains for one party are distributed directly from the other party's losses.

Stocks are positive sum because companies have earnings, revenues and profits. They use this income to grow the business, pay dividends or re-purpose shares. It's absolutely the case that you can get more than $1 out for each $1 put into share ownership.

Hope that clarifies the difference.

Re: Crypto crash deepens, stocks slip

#644

Post by arcticbull »

inter_netuser wrote: post #589
Grustaf wrote: post #315

Earlier quoted context omitted.

It's really hard to imagine a WORSE store of value than crypto.

only went up 400% this year. Terrible. Everyone is wiping their tears with dollar bills right now, very bittersweet.

Not anyone who bought in after January. Let's not cherry-pick dates. It's down 60% this month.

Re: Crypto crash deepens, stocks slip

#645

Post by stevep98 »

kllrnohj wrote: post #26
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…

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…

A month ago ETH was ~$2200, now its $2500.

Re: Crypto crash deepens, stocks slip

#646

Post by perl4ever »

MomoXenosaga wrote: post #420
JoeAltmaier wrote: post #206

Earlier quoted context omitted.

Exactly. Its not so much a currency as a tulip bulb, or a ponzi scheme, or something new that has the worst features of all those.

As a Dutch person I can attest tulips have an actual purpose. And worth- the flower business is worth billions every year.

>tulips have an actual purpose

As a 1/4 Dutch person I can attest tulips hang around for decades doing nothing while being completely ignored.

Re: Crypto crash deepens, stocks slip

#647

Post by Grustaf »

inter_netuser wrote: post #589
Grustaf wrote: post #315

Earlier quoted context omitted.

It's really hard to imagine a WORSE store of value than crypto.

only went up 400% this year. Terrible. Everyone is wiping their tears with dollar bills right now, very bittersweet.

Stores of value are not suppose to increase wildly in value. The purpose of a currency is not speculation, it's almost the opposite.

Re: Crypto crash deepens, stocks slip

#648

Post by sashimi-houdini »

gverrilla wrote: post #618
sashimi-houdini wrote: post #562

Earlier quoted context omitted.

It used to be that enthusiasts could claim "currency of the future", but a lot of time has passed and that future simply hasn't come. In fact, Bitcoin's top utility is already far behind us. Dropping "currency of the future" does come with the challenge of coming up with a new supposed benefit, which is where "store of value" comes in. Problem is: there is no inherent value in bitcoin.

>a lot of time not really

Just think what happened with PCs between 1975 and 1987... that's also 12 years

Re: Crypto crash deepens, stocks slip

#649

Post by rebelos »

lamp_book wrote: post #465
Clewza313 wrote: post #262

Earlier quoted context omitted.

Here's a good, up to date primer: https://www.singlelunch.com/2021/05/19/the-tether-ponzi-sche...

Yoga instructor selling her house to throw it into bitcoin feels like the '21 spiritual successor of the Las Vegas stripper who owned several condos/houses that became the '08 housing market crash meme. Wild prediction: this BTC crash pops the USDT bubble, cratering crypto in general. TSLA holders (frequently BTC/doge buyers themselves) begin to panic sell, triggering an ARKK bank run. ARKK implosion sparks wide sell…

So what's your portfolio breakdown?

Re: Crypto crash deepens, stocks slip

#650

Post by mam3 »

thehappypm wrote: post #446
mam3 wrote: post #366

Earlier quoted context omitted.

1/ a lot of people really DO believe in decentralized currency 2/ a lot of people are acutally using it as a store of value / currency: from drug dealers to people in states with failed economy such as venezuela or turkey, to chinese people wnating to somehow escape the system. 3/ btc is a gateway currency to other more useful currencies surch as eth / monero / zcash 4/ How is the "no profits / revenue" makes any sen…

The drug dealer argument is the only actual use for bitcoin out there. How exactly does a dirt-poor Venezuelan acquire BTC to trade?

With internet..

The use is store of value. There are been a lot of cases where btc has been more stable than national currencies.

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