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Crypto crash deepens, stocks slip

reuters.com

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Re: Crypto crash deepens, stocks slip

#81

Post by voldacar »

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…

While you have a point regarding fixed supply, I think bitcoin is more than just a KBC. The ability to do uncensorable (or at least uncensorable without truly absurd computing power) global financial transactions is a really amazing thing and I think it definitely has "intrinsic" value, insofar as any value is "intrinsic" and not the result of social interaction.

The energy consumption is definitely bothersome but overall I am glad that bitcoin exists.

Re: Crypto crash deepens, stocks slip

#82

Post by SavantIdiot »

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…

> 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 blockchain enables! /s

Re: Crypto crash deepens, stocks slip

#83

Post by intotheabyss »

RivieraKid wrote: post #34
stephc_int13 wrote: post #8

I 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.

I hate the arrogant stupidity of people that dismiss crypto as a cult.

Re: Crypto crash deepens, stocks slip

#84

Post by codyb »

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?

Re: Crypto crash deepens, stocks slip

#86

Post by ses1984 »

cheaprentalyeti wrote: post #18
sulunia wrote: post #3

I 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.

_A bunch of other coins use GPUs to mine_.

Re: Crypto crash deepens, stocks slip

#87

Post by halfmatthalfcat »

kjakm wrote: post #63
RivieraKid wrote: post #34

Earlier quoted context omitted.

Same. I hate the arrogant stupidity of the crypto cult.

As someone with no real opinion on crypto the arrogant stupidity of the anti-crypto crowd (really prevalent on HN) is also quite tiring.

For me, it's because the hype isn't around the technology (which is the interesting part and for the most part, why we're on HN), it's around the speculation. From the outside, looks like a bunch of gamblers constantly getting each other off on whether their bets will make them millionares.

It's just...sad...at a level.

Re: Crypto crash deepens, stocks slip

#88

Post by creshal »

marban wrote: post #59
blfr wrote: post #27

Coinbase 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.

Just like 99% cocoa chocolate — built-in overeating protection.

Long-term hodling of chocolate is still an unsolved problem in my experience. It tends to just disappear over time.

Re: Crypto crash deepens, stocks slip

#89

Post by greg7mdp »

eeegnu wrote: post #23
kevingadd wrote: post #10

Earlier quoted context omitted.

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?

Most GPUs are used to mine ETH. It is by far the most profitable. Unless another POW coin becomes as valuable as ETH, demand for GPUs will drop precipitously.

Re: Crypto crash deepens, stocks slip

#90

Post by [deleted] »

paulpauper wrote: post #47
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…

30% decline in a day is a crash by any definition

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