Current Events > Cryptocurrency Discussion Topic

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Pepys Monster
06/18/21 2:28:53 PM
#1:


Bitcoin is down to $36K again. Ethereum is below $2200. What happened?

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fan357
06/18/21 2:30:34 PM
#2:


Oof

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jon1012
06/18/21 2:37:01 PM
#3:


People took gains? Idk.

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1337toothbrush
06/18/21 2:38:55 PM
#4:


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Sad_Face
06/18/21 2:39:57 PM
#5:


1337toothbrush posted...
Turns out it's not the future of finance. Who'da thunk?
Not even bankers share this sentiment. Why are you so against crypto?

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1337toothbrush
06/18/21 2:43:48 PM
#6:


Sad_Face posted...
Not even bankers share this sentiment. Why are you so against crypto?
Bankers are laughing at fools giving them their money as they offer "crypto".

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Pepys Monster
06/18/21 5:41:18 PM
#7:


When crypto is down: Hahaha, you guys should have known better than to buy fake currency not backed by anything.

When crypto is up: You guys should have known it was going to skyrocket. Why wouldnt you load up during the dip?

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Derwood
06/18/21 5:55:53 PM
#8:


Made up meme currency based on nothing with no insurance or security

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Sad_Face
06/18/21 6:01:09 PM
#9:


1337toothbrush posted...
Bankers are laughing at fools giving them their money as they offer "crypto".

https://en.ethereumworldnews.com/chainlink-may-gain-prominence-over-bitcoin-citi-report/

Citi Group released a research paper speculating that the Chainlink network would grow bigger than the bitcoin network (which isn't a profound statement if you already understood chainlink).

On top of that, DeFi offers rates at >10% interest compared to super savings accounts for 0.01% interest and the super elites getting access to yield accounts of 2%. We're moving to a bankless world. You're fighting a losing cause at this point if you keep ignoring and rebuking crypto.

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Derwood
06/18/21 6:02:08 PM
#10:


Have they figured out how to do crypto without using 1.21 gigawatts or electricity yet?
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im not 13
06/18/21 6:02:29 PM
#11:


There's been dips the last couple of weekends

It will recover in the week

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MarthGoomba
06/18/21 6:04:11 PM
#12:


Derwood posted...
Have they figured out how to do crypto without using 1.21 gigawatts or electricity yet?

Algorand is the best example of carbon neutral crypto
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Sad_Face
06/18/21 6:21:05 PM
#13:


Derwood posted...
Have they figured out how to do crypto without using 1.21 gigawatts or electricity yet?

Long time ago. Proof of Stake is the type of distributed ledger tech that you're looking for as opposed to the Proof of Work style of the Bitcoin network. However, you're trading security and how power (authority in this sense) is distributed between the network participants. PoW, you have to actively contribute to the network to gain control. PoS, you can just buy your way in. There are people who argue that you can buy your way in with PoW as well; some mega institution or government could funnel money into buying the facilities to take control of the bitcoin network but in execution, it's considerably more difficult to execute.

But here's a good article on accepting the cost of the bitcoin network.

https://www.coindesk.com/the-last-word-on-bitcoins-energy-consumption

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MACisBack
06/18/21 6:24:58 PM
#14:


I've been buying dips.

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Giblet_Enjoyer
06/18/21 6:53:28 PM
#15:


Sad_Face posted...
On top of that, DeFi offers rates at >10% interest
This is only impressive when you forget that the value of said crypto tends to crash at a moment's notice.
Getting 10% more Buttfuckermoonrocketcoin each year doesn't really do you much good when its value drops 92% in the same period of time.

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VigorouslySwish
06/18/21 6:57:18 PM
#16:


Derwood posted...
Made up meme currency based on nothing with no insurance or security

yup, thats exactly what a lot of people want

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Derwood
06/18/21 6:58:08 PM
#17:


VigorouslySwish posted...
yup, thats exactly what a lot of people want

Good luck sending your money to ????? and have ?????? back up your investment if/when it disappears
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VigorouslySwish
06/18/21 6:59:00 PM
#18:


Derwood posted...
Good luck sending your money to ????? and have ?????? back up your investment if/when it disappears

sending money is insanely easy and I dont want it insured because that means people know I have it

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Derwood
06/18/21 7:02:39 PM
#19:


VigorouslySwish posted...
sending money is insanely easy and I dont want it insured because that means people know I have it

Then what happens if the person/computer that holds your money just vanishes?
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TheMikh
06/18/21 7:24:20 PM
#20:


Giblet_Enjoyer posted...
This is only impressive when you forget that the value of said crypto tends to crash at a moment's notice.
Getting 10% more Buttfuckermoonrocketcoin each year doesn't really do you much good when its value drops 92% in the same period of time.
**** coins aren't defi. defi are financial services running by way of smart contracts on the blockchain.

the most popular example would be liquidity pooling. developed as an alternative to the order book, an exchange has liquidity pools with pairs of assets that are being traded (e.g., bitcoin and ethereum), the supply of which is contributed by users.

when trades occur, a small commission (~0.3% with the largest decentralized exchanges) is charged and redistributed to the contributors to the pool proportional to their share, basically permitting users to earn interest on the pairs they have exposure to. as a rule, less stable pairs (e.g., ethereum with dollar-pegged coins) offer higher risk and higher interest; more stable pairs (two dollar-pegged coins) offer lower risk and lower interest.

furthermore, some exchanges also offer liquidity mining / yield on top of that, where they earn the native token (e.g., bancor, sushi) of the exchange on top of the aforementioned commission, which offers both additional interest, partial insurance against impermanent losses that may be incurred as a result of excessive price divergence in the pool, and voting rights with respect to how the exchange is run.

there are also services that optimize and automate the management of these pooled assets, particularly with respect to price range management to optimize capital efficiency, and offer their own payouts to clients in return.

there are also lending services accepting crypto as collateral and offering dollar-pegged coin loans at varying interest rates, or allowing users to lend out their crypto and earn interest on it. there are also services - again, all from smart contracts on the blockchain - offering insurance policies for funds.

in short, **** coins are so 2018 and it's a tragedy people are still falling for them when there's such a robust financial ecosystem emerging in the space.

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Giblet_Enjoyer
06/18/21 7:31:04 PM
#21:


TheMikh posted...
**** coins aren't defi.
This is irrelevant when even king shitcoin (BTC) can and often does drop 70% or more in a single month. The other coins do even worse when this happens, btw, regardless of what they are.

Meme coins as financial instruments just don't make sense if you're a serious investor. There's a reason only internet dwellers take it seriously.

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VigorouslySwish
06/18/21 7:51:08 PM
#22:


Derwood posted...
Then what happens if the person/computer that holds your money just vanishes?

what happens if I vanish?

then I vanish

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VigorouslySwish
06/18/21 7:52:15 PM
#23:


If youre insinuating that crypto has to be stored online with someones company then that speaks leagues to your understanding of it

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TheMikh
06/18/21 8:06:34 PM
#24:


Giblet_Enjoyer posted...
This is irrelevant when even king shitcoin (BTC) can and often does drop 70% or more in a single month.
it's no secret that bitcoin has very heavy corrections, but your claim is patently false. it has not had a crash of that magnitude in that timeframe in years.

Meme coins as financial instruments just don't make sense if you're a serious investor.There's a reason only internet dwellers take it seriously.
there's also a reason why half the funds in these financial instruments are represented by assets pegged to the dollar - the associated risks with unstable tokens are well known. some can tolerate it, others cannot.

but you seem adamant about making false claims, and cannot seem to fathom the value of permissionless financial activities or decentralized computing, so i will not entertain discussing this with you further.

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1337toothbrush
06/18/21 8:55:42 PM
#25:


Sad_Face posted...
https://en.ethereumworldnews.com/chainlink-may-gain-prominence-over-bitcoin-citi-report/

Citi Group released a research paper speculating that the Chainlink network would grow bigger than the bitcoin network (which isn't a profound statement if you already understood chainlink).

On top of that, DeFi offers rates at >10% interest compared to super savings accounts for 0.01% interest and the super elites getting access to yield accounts of 2%. We're moving to a bankless world. You're fighting a losing cause at this point if you keep ignoring and rebuking crypto.
One stupid coin gaining prominence over another stupid coin doesn't matter. If anything, it should've happened already because bitcoin is impractical.

The interest rate is high for a reason. As Giblet explained, if your highly volatile coin drops a shitton, then it wipes out any gains from interest. Bitcoin, the star of the show, has dropped like 40% from its high. Have fun with that shit.

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Derwood
06/18/21 9:15:42 PM
#26:


VigorouslySwish posted...
If youre insinuating that crypto has to be stored online with someones company then that speaks leagues to your understanding of it

Your money is somewhere, right?
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Trumpo
06/18/21 9:30:05 PM
#27:


Hedgefunds getting shorting fuel
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VigorouslySwish
06/18/21 10:32:46 PM
#28:


Derwood posted...
Your money is somewhere, right?

yup

on a usb-sized hard drive that never touched the internet

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Derwood
06/18/21 10:36:30 PM
#29:


VigorouslySwish posted...
yup

on a usb-sized hard drive that never touched the internet

Never touched the internet? So how does the exchange know your money exists?
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VigorouslySwish
06/18/21 10:51:14 PM
#30:


Derwood posted...
Never touched the internet? So how does the exchange know your money exists?

they dont

you dont need an exchange

lern2crypto before judging


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Giblet_Enjoyer
06/18/21 11:48:43 PM
#31:


TheMikh posted...
there's also a reason why half the funds in these financial instruments are represented by assets pegged to the dollar
I mean, if you're gaining your interest in the form of USD-pegged tokens then that's cool. That way of doing it isn't too bad sometimes I guess.

Still though, you have to consider the asset that's generating that interest. If you're talking about farming in a pool that/s a 50/50 split USD/(shit token), the same thing applies - if it drops by like 70%, and you gained 10% interest in the form of USD-pegged tokens, then that's still a huge loss. There's almost no point to it. Just wait until the next bullrun (basically predictable, happens whenever king shitcoin gets halved) and buy whatever's hot instead. Less chance of losing that way imo

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1337toothbrush
06/19/21 10:37:20 AM
#32:


Tether is "pegged" to the dollar, but it's a giant scam. Even by their own admission it's not actually backed fully by dollars.

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3PiesAndAFork
06/19/21 10:40:22 AM
#33:


DEATHCROSSs

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Pepys Monster
06/19/21 11:06:14 PM
#34:


I feel like Im in a Black Mirror episode watching these charts every day.

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Trumpo
06/20/21 10:33:14 AM
#35:


Bloody Sunday just getting started
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Squall28
06/20/21 10:41:21 AM
#36:


VigorouslySwish posted...
yup

on a usb-sized hard drive that never touched the internet

...hold up. You have to store your own crypto? What happens if you lose that USB?

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BlockAddition
06/20/21 10:42:10 AM
#37:


Trumpo posted...
Hedgefunds getting shorting fuel
I would of have don't the same tbh.

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VigorouslySwish
06/20/21 1:36:26 PM
#38:


Squall28 posted...
...hold up. You have to store your own crypto? What happens if you lose that USB?

Then you lose your money.

You have to be a responsible adult with crypto.

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Pepys Monster
06/20/21 1:49:55 PM
#39:


VigorouslySwish posted...
Then you lose your money.

You have to be a responsible adult with crypto.
You can just use your recovery phrase.

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What_
06/20/21 1:58:50 PM
#40:


Crypto=deed
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VigorouslySwish
06/20/21 2:17:47 PM
#41:


Pepys Monster posted...
You can just use your recovery phrase.

oh yeah lol duh

im very hung over

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Pepys Monster
06/21/21 4:18:09 PM
#42:


The whales are hoping we'll lose hope and sell our coins. HODL the line.

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Choco
06/22/21 10:26:14 AM
#43:


Derwood posted...
Never touched the internet? So how does the exchange know your money exists?
dude do you have a humiliation fetish or something

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Pepys Monster
06/23/21 5:28:13 PM
#44:


News article: China is cracking down on crypto for the 4079th time.
Everyone: WE NEED TO SELL NOW

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VigorouslySwish
06/23/21 8:54:36 PM
#45:


Pepys Monster posted...
News article: China is cracking down on crypto for the 4079th time.
Everyone: WE NEED TO SELL NOW

this one is def different though, this is an actual crackdown/ban were all the fud in the past was mostly just threats

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Giblet_Enjoyer
06/24/21 12:06:52 AM
#46:


It's always super funny how everyone's all "FUTURE OF FINANCE! YOU'RE GONNA STAY POOR IF YOU DON'T OWN CRYPTO! INSTITUTIONAL MONEY COMING IN!" During the 2 months when the line's going up but then the next 3 years when it's going down all of these people seem to vanish, lol

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Pepys Monster
06/24/21 12:14:35 AM
#47:


Giblet_Enjoyer posted...
It's always super funny how everyone's all "FUTURE OF FINANCE! YOU'RE GONNA STAY POOR IF YOU DON'T OWN CRYPTO! INSTITUTIONAL MONEY COMING IN!" During the 2 months when the line's going up but then the next 3 years when it's going down all of these people seem to vanish, lol
I'm still here.

Maybe they want to do something better for their mental health than worry about crypto the whole way through a bear market.

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Pepys Monster
06/24/21 12:28:36 AM
#48:


A whale just bought 3,044 BTC.

That's $3,813,487,360.

What the fuck

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Giblet_Enjoyer
06/24/21 12:30:38 AM
#49:


Pepys Monster posted...
A whale just bought 3,044 BTC.

That's $3,813,487,360.

What the fuck
Guess it's true what they say about the rich just being lucky.

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Pepys Monster
06/24/21 12:42:53 PM
#50:


Ethereum just broke $2000. Bitcoin broke $34,000. It's happening.

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