Current Events > The crypto bubble popped

(+) Yeah! (+)

DarkRoast posted...

Crypto isn't stocks. It's fake stocks with fake money.

He didnt say it was. Are stocks not down like crazy too?

Oh no!

Anyway.

Sad_Face posted...

She was made fun of for wanting to do so without knowing what the fuck she was talking about. No one wants someone who's clueless to a field writing laws for it.

That isn't true. Conservatism hinges on it.

Doge is biding time.

Can't deny that people haven't made real money off crypto though.

If it ever gets low like 5k again. I will probably buy a couple.
Dont think its dying like that yet.

FLAMING EVIL HOMER posted...

Can't deny that people haven't made real money off crypto though.

If it ever gets low like 5k again. I will probably buy a couple.
Dont think its dying like that yet.

That is how scams work: someone is the scammer, someone is the scammed. The scammer makes money, the scammed lose money.

The ole ponzi scheme the people at the top get richer the goofballs at the bottom go broke

Sad_Face posted...

She was made fun of for wanting to do so without knowing what the fuck she was talking about. No one wants someone who's clueless to a field writing laws for it.

At least she understood an unregulated system is begging to be abused. Crypto bros kept using "unregulated" as a marketing buzzword instead.

Nobody forced these people to buy bitcoin so high and hold it for so long.
Its just like gambling.

I've lost money on crypto years ago and learned my lesson. Although if i held on real long i couldve made a couple thousand on ETH.
I knew the risk and cut my losses. Mostly evened out with ETH canceling my stupid Litecoin losses though lol.

Just saying although i agree crypto is basically useless and should probably go away, wont deny real money can be made in the short term from using it. No matter how sketchy it is.

ellis123 posted...

That isn't true. Conservatism hinges on it.

Ah yes, the "let's slam slide whatever side of politics we don't agree with" card.

https://www.warren.senate.gov/newsroom/press-releases/ at-hearing-warren-warns-putin-and-russian-elites-could-use -crypto-to-hide-their-wealth-and-evade-economic-sanctions

Here's someone flat out telling her the prospect of Russia Elite hiding their gargantuan wealth with crypto is not happening. Where are they going to get the liquidity to exchange their wealth for crypto? And when it comes onto the blockchain, it's recorded and publicly viewable for everyone to see to the point where we have tons of bots flagging any transaction beyond a certain size. I know if I were to make movements at ChainLink's ATH, I would have triggered it.

Now granted, there are privacy chains out there, but one, not enough liquidity, and 2, if she knew how blockchains worked, she would have talked about privacy chains to begin with and not just lumped all in the same basket.

She was just using the same talking point most ignorant folks have "crypto is only good for criminals". This says to me "I don't know anything about crypto".

Squall28 posted...

At least she understood an unregulated system is begging to be abused. Crypto bros kept using "unregulated" as a marketing buzzword instead.

Any new opportunity is going to be exploited. That's not a profound recognition in the slightest.

Crypto is intrinsically worthless. All value it has hinges entirely on speculative investing. Full stop.

Some of these people really should talk to financial panthers before investing in anything

[LFAQs-redacted-quote]


Not if you saw this coming a mile away. Somebody's gonna be left holding the bag in a ponzi scheme.

Hopefully continues to crash through the release of the RTX 4000 series. Would be nice to get a new GPU without having to compete with those clowns.

Good time for me to buy more

After watching my 0.17 of ETH lose $20 in like 20 minutes, I cashed out. I'm still way up on my ETH though

Willing to watch from afar for now

wackyteen posted...

After watching my 0.17 of ETH lose $20 in like 20 minutes, I cashed out. I'm still way up on my ETH though

Willing to watch from afar for now

I got more ETH today. Maybe some alt shit coin goes to zero but ETH wont. It has too much utility and will come back. Buy and hold for a while its a longer term play.

whitelytning posted...

I got more ETH today. Maybe some alt shit coin goes to zero but ETH wont. It has too much utility and will come back. Buy and hold for a while its a longer term play.

If it finds legs up, I'll buy back in.

Trying to stem the loss for the moment. Maybe I'll luck out and be able to go up to like 0.20 or 0.25

DarkRoast posted...

Crypto is intrinsically worthless. All value it has hinges entirely on speculative investing. Full stop.

The US dollar has lost damn near 90% of its purchasing power and 80% of all US dollars in circulation were printed out in the last 2 and change years. And yet the bitcoin network has proven to transact billions of dollars worth of BTC with damn near 99% uptime in a transparent manner for over a decade, has a open minting and burning protocol that it adheres with no central authority orchestrating it, and is accessible to any person with an internet connection regardless of the person's government regulations or sanctions, and regardless of that person's credentials. And this ignores the massive innovations that dwarf the BTC network in comparison.

Are you seriously going to say there's ZERO value in a network like this? There's no value in a system where the government can't call up the bank to freeze your account and stop you from doing transactions?

Sad_Face posted...

The US dollar has lost damn near 90% of its purchasing power and 80% of all US dollars in circulation were printed out in the last 2 and change years. And yet the bitcoin network has proven to transact billions of dollars worth of BTC with damn near 99% uptime in a transparent manner for over a decade, has a open minting and burning protocol that it adheres with no central authority orchestrating it, and is accessible to any person with an internet connection regardless of the person's government regulations or sanctions, and regardless of that person's credentials. And this ignores the massive innovations that dwarf the BTC network in comparison.

Are you seriously going to say there's ZERO value in a network like this? There's no value in a system where the government can't call up the bank to freeze your account and stop you from doing transactions?

He is just trolling. He does it in every crypto topic. Just a hater trolling.

This guy called it 2 months ago lmao

https://www.reddit.com/r/CryptoCurrency/comments/tbcrkh/explain_to_me_how_terraluna_is_not_a_scam/

And ppl on the luna forum are literally blaming george saros for some sort of 'attack'.

I used to feel bad for the "average people" who were sold a bill of goods that crypto was going to be a way for them to to increase their financial situation who get wiped out by crashes like this.

But fundamentally the way you're making that money is at the expense of other "average people".

Naysaspace posted...

This guy called it 2 months ago lmao

https://www.reddit.com/r/CryptoCurrency/comments/tbcrkh/explain_to_me_how_terraluna_is_not_a_scam/

And ppl on the luna forum are literally blaming george saros for some sort of 'attack'.

Crypto Bros (and particularly the GME / AMD ones) are absolutely delusional conspiracy-minded nutcases. With severe Dunning-Kruger syndrome.

If you made money in this pyramid scheme, congrats for getting in early. But that doesn't make you smart. It makes you lucky. And luck runs out if you keep pushing it.

Every dollar made in Crypto is a dollar lost by someone else. That's all it is. Complex gambling posing as currency.
And no, that's not "like the stock market." There's an actual company behind that stock. That company produces something. Crypto is LITERALLY NOTHING. You're paying money to buy nothing in the hopes that you can sell that nothing for more than you bought it for. It's a completely useless currency especially if you expect that the value of it will increase (and why else would you buy it?). It's a dangerous, unsustainable investment because YOU'RE NOT INVESTING IN ANYTHING.

This has been an Emperor's New Clothes problem for a decade. And yes, a lot of people have made a lot of money with it. With the exact same amount of money lost in the other direction. Every win is at someone else's expense. It's not a market. It's a casino.

only do crypto for diversification, folks

Anteaterking posted...

I used to feel bad for the "average people" who were sold a bill of goods that crypto was going to be a way for them to to increase their financial situation who get wiped out by crashes like this.

But fundamentally the way you're making that money is at the expense of other "average people".

exact same can be said about the stock market

or literally any market

anyone want my green satoshi tokens

VigorouslySwish posted...

exact same can be said about the stock market

or literally any market

Except markets sell things.

Crypto is literally nothing

DarkRoast posted...

Crypto Bros (and particularly the GME / AMD ones) are absolutely delusional conspiracy-minded nutcases. With severe Dunning-Kruger syndrome.

If you made money in this pyramid scheme, congrats for getting in early. But that doesn't make you smart. It makes you lucky. And luck runs out if you keep pushing it.

Every dollar made in Crypto is a dollar lost by someone else. That's all it is. Complex gambling posing as currency.
And no, that's not "like the stock market." There's an actual company behind that stock. That company produces something. Crypto is LITERALLY NOTHING. You're paying money to buy nothing in the hopes that you can sell that nothing for more than you bought it for. It's a completely useless currency especially if you expect that the value of it will increase (and why else would you buy it?). It's a dangerous, unsustainable investment because YOU'RE NOT INVESTING IN ANYTHING.

This has been an Emperor's New Clothes problem for a decade. And yes, a lot of people have made a lot of money with it. With the exact same amount of money lost in the other direction. Every win is at someone else's expense. It's not a market. It's a casino.

@WingsOfGood

This person shitting on your GME

Buy low, DIE LOW

[LFAQs-redacted-quote]


Not when it loses all its value lol

We need less FUD, FUD is the mind killer, if you're a Crypto enthusiast.

knightmarexx posted...

We need less FUD, FUD is the mind killer, if you're a Crypto enthusiast.

Can't imagine why people who know nothing about economics, risking their entire life's savings in a market they know they don't actually understand (whether or not they admit it), develop uncertainty and doubt.

You know why Crypto fans are uncertain?
Because Crypto itself is uncertain.
And if you want an example - just look at Terra Luna. A supposed "Stablecoin." The literal entire point of its existence is to hedge against the very thing that just happened to it.

knightmarexx posted...

We need less FUD, FUD is the mind killer, if you're a Crypto enthusiast.

Y'all talk like a damn cult.

AldousIsDead posted...

Y'all talk like a damn cult.

Let's take a look at the GME community:

https://gamefaqs.gamespot.com/a/user_image/6/2/7/AAeEwGAADONT.jpg
https://gamefaqs.gamespot.com/a/user_image/6/2/8/AAeEwGAADONU.jpg

It's basically the same kind of mentality as QAnon. A bunch of completely ignorant morons digging around in the dirt and pretending every rock is a T-Rex skull because they have no idea what they're doing or talking about. And because they say everything with 100% certainty, they believe each other with zero skepticism.

I heard if their crypto runs out they collapse and go "Uurrgghhh... Lord Saddler..."

knightmarexx posted...

We need less FUD, FUD is the mind killer, if you're a Crypto enthusiast.

FUD sounds awesome, hopefully the crypto community gets a lot of it.

When you back a volatile "currency" you don't get to be upset when it fails.

AldousIsDead posted...

Y'all talk like a damn cult.

Don't be a Penguin.
Diamond Hands, here. So FUD is literally nothing to me unlike the Paper Penguins.

008Zulu posted...

When you back a volatile "currency" you don't get to be upset when it fails.

Although when you back what is supposedly a hedge against volatility and it crashes like this, you probably use this logic:

https://gamefaqs.gamespot.com/a/user_image/6/3/4/AAeEwGAADONa.jpg

hodl fomo lmfao

Now's my chance to grab some dogecoins right?

Mibahlzitch posted...

Now's my chance to grab some dogecoins right?

yup what Im doing

[LFAQs-redacted-quote]


Imagine if you could just create a stock out of literally nothing and have an IPO on the Dow Jones or NASDAQ and then cash out on investors under complete anonymity.

DarkRoast posted...

Imagine if you could just create a stock out of literally nothing and have an IPO on the Dow Jones or NASDAQ and then cash out on investors under complete anonymity.

That's called a NFT

This is good for crypto

DarkRoast posted...

Imagine if you could just create a stock out of literally nothing and have an IPO on the Dow Jones or NASDAQ and then cash out on investors under complete anonymity.

You mean like Nikola?

Scams are not limited to shitcoins.

Time 2 buy

whitelytning posted...

You mean like Nikola?

Scams are not limited to shitcoins.

lol you tried