I don't know why, it is probably highly irrational, but I always rejoice when the Bitcoin crashes.
It's not irrational, it's an opportunity to buy more for cheap!
Crypto crash deepens, stocks slip
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Re: Crypto crash deepens, stocks slip
#72Coinbase 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.
Coinbase is not the only place to sell it though.
Re: Crypto crash deepens, stocks slip
#73It is on its way back up. Remember to buy the dip, folks! Also interesting how BTC is now a store of wealth, not a currency. They should just call it a religion.
>They should just call it a religion.
A Planet Money episode from a few months ago covered this (https://www.npr.org/2021/02/18/969182201/bitcoin-the-religio...) and it was an interesting episode.
Basically, bitcoin is like a religion in that 1) the founder is shrouded in mystery, 2) he/she goes missing/vanishes/dies before being able to benefit (i.e. they sacrifice for the benefit of others), 3) thus the actual spread of the religion/technology is left to an inner circle of disciples, 4) the masses that are brought in often talk about it incessantly furthering its spread, and 5) it has rituals/holidays (bitcoin halving day, bitcoin pizza day)
This changed the way I think about bitcoin adherents.
Re: Crypto crash deepens, stocks slip
#74HN when crypto pops: This is off topic/irrelevant
HN when crypto retraces some of those gains: Pop open the champaign! Lets all talk about how great this is! Front page!
Re: Crypto crash deepens, stocks slip
#75Earlier 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…
Ethereum will solve both issues, removing miners and the energy use by moving to Proof of Stake at the end on this year, and increasing the transaction throughput by 100x factors with level 2 solutions.
Re: Crypto crash deepens, stocks slip
#76Coinbase 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.
Coinbase infrastrcture does not run on bitcoin
Re: Crypto crash deepens, stocks slip
#77Earlier 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…
The technology has no use outside the scope of crypto-currencies.
Have you heard of DEFI (decentralized finance)?
Re: Crypto crash deepens, stocks slip
#78Surely this is also very much related to the recent announcement in China [1], banning financial institutions and payment companies from providing services related to cryptocurrencies?
[1 : https://www.reuters.com/world/china/what-beijings-new-crackd... ]
Re: Crypto crash deepens, stocks slip
#79I just wanted to be able to buy a GPU without paying exorbitant prices because miners.
If it was like last time (2018), prices remained higher than what they should have been for months after. Then Nvidia got the message about how much people were willing to spend on GPUs, and overpriced their RTX 2000 cards.
Even if the big crash that kills GPU prices happen, I'll probably still have to go second hand, since a brand new, better GPU than the one I have will still go for (albeit less) ludicrous prices.
Re: Crypto crash deepens, stocks slip
#80Earlier quoted context omitted.
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).
Silly comparison. Crypto holds value for its utility. Why do you seem to think that its utility will just vanish?
Because the only utility it has is that it appreciates over time. Of course, until it no longer does, then becomes worthless.