Current Events > crypto is crashing

(+) Yeah! (+)

https://twitter.com/Nash076/status/1484896982174949382

*throws head back and laughs*

Good thing I cashed out after becoming a billionaire

Basic rule of the stock market that also applies to crypto, its stupid to comment on daily fluctuations in the market.

I dont even support crypto as an investment.

Good. The only real money is Gold which has a positive return YTD, thank you.

Yeah. I got a notification that ETH was 2600 last night and was super confused. Crypto is annoying because the fluctuations seem random.

Shishiwakamaru posted...

Basic rule of the stock market that also applies to crypto, its stupid to comment on daily fluctuations in the market.

I dont even support crypto as an investment.

How often does the market go down 30% in 20 days

PROOF OF STAKE IS GONNA CHANGE EVERYTHING! You'll see, you'll be sorry!

>_<!!!!!

It will bounce back at some point

DarkRoast posted...

How often does the market go down 30% in 20 days

Commentary on the dip is expected, but people are laughing (it appears somewhat victoriously) at BTCs one day valuation. Tell me one stock ever where that was a reasonable thing to do.

Whether or not people want to admit it, the fact of the matter is that Bitcoin is by definition a speculative investment. It is not really a currency (at least one that doesn't have a stable enough value to be considered a viable currency), nor does it have any intrinsic value at all. And sure, speculative investments can live a long time and make a lot of people money, but they all crash eventually.

if there's one thing in this world that i want to witness live, it's the cryptobro reaction to the moment when bitcoin decisively crashes and burns

That's a pretty big hit.

It is a currency though, or it could be. Thats the value it has; crypto would be an excellent replacement, even environmentally speaking, for todays government currency.

But people are hoarding it and waiting for it to increase in value. That is why Im personally waiting for a popular cryptocurrency that isnt as volatile as the current ones and has more value as a currency.

Shishiwakamaru posted...

It is a currency though, or it could be. Thats the value it has; crypto would be an excellent replacement, even environmentally speaking, for todays government currency.

But people are hoarding it and waiting for it to increase in value. That is why Im personally waiting for a popular cryptocurrency that isnt as volatile as the current ones and has more value as a currency.

It isn't, though. And it never will be. Any currency that fluctuates in value like a stock does is not viable.

And like you said, it would be nice if there was one that didn't do that, but then why would people mine it?

Nice, I got paid today.

Think I'll grab some

If this shit crashes then will that mean cheaper GPU prices?

inTaCtfuL posted...

If this shit crashes then will that mean cheaper GPU prices?

The optimist in me says yes, but the realist in me thinks the chip shortage is more complex than just cryptocurrency.

Bitcoin went from 60k early last year dipped to around 32k late summer and bounced back to 64k a few months later. These things happen in cycles.

Once you weather a few storms like this, you stop caring. If you want the huge spikes, you have to accept the crashes as well.

DarkRoast posted...

The optimist in me says yes, but the realist in me thinks the chip shortage is more complex than just cryptocurrency.

It is more complex than just crypto, but crypto is definitely a big factor. Not just in prices, but also in the types of GPU getting released (like the terrible 4GB AMD one that came out a few days ago, since you need just over 4 GB of VRAM to mine eth apparently)

Ive seen this topic a dozen times

stop the count. STOP THE COUNT

DarkRoast posted...

It isn't, though. And it never will be. Any currency that fluctuates in value like a stock does is not viable.

And like you said, it would be nice if there was that didn't do that, but then why would people mine it?

It was created to be a currency and the fact that its limited is what gives it any value. Like I could draw a digital bitcoin certificate but it would be worth nothing because anyone can just duplicate that, and furthermore no one will agree that it has any value.

Modern currency also fluctuates in value, but not nearly as much as cryptocurrencies do. I just think that if crypto really is going to become mainstream, there needs to be a cryptocurrency that is basically the crypto equivalent of the US dollar or the euro. So it would have all the advantages of a fiat currency and a non-fiat currency, as well as the added benefit of being totally digital.

I'm sure there's a way they can do it, but there has to be a variant of Bitcoin or a cryptocurrency that isn't an investment in the way the current cryptocurrencies are. Currencies and speculative investments shouldn't be one and the same. If the value is in the investment itself, using it as a currency is inherently a bad idea because you're losing perceived future value.

The difference between investing in a cryptocurrency and investing in, for example the money market, is that money market investments don't really fundamentally change the value of the currency you're buying. At least not by much.

Shishiwakamaru posted...

It was created to be a currency and the fact that its limited is what gives it any value. Like I could draw a digital bitcoin certificate but it would be worth nothing because anyone can just duplicate that, and furthermore no one will agree that it has any value.

Modern currency also fluctuates in value, but not nearly as much as cryptocurrencies do. I just think that if crypto really is going to become mainstream, there needs to be a cryptocurrency that is basically the crypto equivalent of the US dollar or the euro. So it would have all the advantages of a fiat currency and a non-fiat currency, as well as the added benefit of being totally digital.

That already exists. Its called USD coin

CapnMuffin posted...

Ive seen this topic a dozen times

because crypto keeps going down

Reminder for why you shouldn't buy Bitcoin
https://www.youtube.com/watch?v=XbZ8zDpX2Mg

EndOfDiscOne posted...

Reminder for why you shouldn't buy Bitcoin
https://www.youtube.com/watch?v=XbZ8zDpX2Mg

You may as well tl;dw it, because nobody is gonna watch your YouTube video.

Esrac posted...

You may as well tl;dw it, because nobody is gonna watch your YouTube video.

The tl;dw is in the title, and it's not my video.

https://gamefaqs.gamespot.com/a/user_image/2/8/5/AAe282AAC1d1.jpg

Rathinor posted...

https://gamefaqs.gamespot.com/a/user_image/2/8/5/AAe282AAC1d1.jpg

https://gamefaqs.gamespot.com/a/user_image/4/8/0/AAZZemAAC1g4.jpg