Current Events > The crypto bubble popped

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Mibahlzitch
05/11/22 8:03:02 PM
#101:


i wanna buy one dogecoin

thats enough so i can say i have a dogecoin and giggle, which is my true profit

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SergeantGander
05/11/22 8:05:28 PM
#102:


FLAMING EVIL HOMER posted...
Im not a fan of crypto but all these topics saying it popped are just as annoying.

Bitcoin was literally like 3k-5k 2 years ago or something and still 30k.

Let us wait till gets to that point again

Just a classic Fox and the Grapes scenario. CEfolks spent 95% of their lives browsing the internet but were too caught up in CEgals and selfie topics to ever buy BTC when it was less than pennies. Easier to hate on it.

Tag me when BTC hits 3k. Lmao

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DarkRoast
05/11/22 8:28:40 PM
#103:


SergeantGander posted...
Just a classic Fox and the Grapes scenario. CEfolks spent 95% of their lives browsing the internet but were too caught up in CEgals and selfie topics to ever buy BTC when it was less than pennies. Easier to hate on it.

Tag me when BTC hits 3k. Lmao

You can make bank on a speculative bubble.
But that doesn't make it anything else than a speculative bubble.

All the fancy buzzwords and propaganda bullshit won't change the fact that Crypto is literally worthless both as a currency and as a long-term investment.

There's a lot of smug "HODL" people on Terra Luna's Reddit who stopped posting approximately 24 hours ago. Some of the accounts are deleted. Just as many people have lost their ass in Crypto as those who have made bank.

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ToPoPO
05/11/22 8:28:41 PM
#104:


Crypto haters stay quiet when crypto is booming

Come out of the woodworks when it dips

classic
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EyeWontBeFooled
05/11/22 8:31:45 PM
#105:


Trumpo posted...
Luna is down 94 percent RIP to those holding that bag
Major oooooof

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DarkRoast
05/11/22 8:36:02 PM
#106:


ToPoPO posted...
Crypto haters stay quiet when crypto is booming

Come out of the woodworks when it dips

classic

https://gamefaqs.gamespot.com/a/user_image/7/1/4/AAeEwGAADOOq.jpg
https://gamefaqs.gamespot.com/a/user_image/7/1/5/AAeEwGAADOOr.jpg

Been a rough half-year hasn't it

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whitelytning
05/11/22 8:42:45 PM
#107:


ToPoPO posted...
Crypto haters stay quiet when crypto is booming

Come out of the woodworks when it dips

classic


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TigerTarTheo
05/11/22 8:45:31 PM
#108:


ToPoPO posted...
Crypto haters stay quiet when crypto is booming

Come out of the woodworks when it dips

classic
I dont even know why they hate it or why they even care lol

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BreezyExcursion
05/11/22 8:45:48 PM
#109:


BreezyExcursion posted...
anyone want my green satoshi tokens
no takers?

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ToPoPO
05/11/22 8:46:03 PM
#110:


https://gamefaqs.gamespot.com/a/user_image/7/2/4/AAXBTCAADOO0.png https://gamefaqs.gamespot.com/a/user_image/7/2/5/AAXBTCAADOO1.png https://gamefaqs.gamespot.com/a/user_image/7/2/6/AAXBTCAADOO2.png https://gamefaqs.gamespot.com/a/user_image/7/2/7/AAXBTCAADOO3.png
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DarkRoast
05/11/22 8:46:20 PM
#111:


Protip: Going down 55% in 6 months isn't a dip. It wasn't panic selling - it was consistent. And it's accelerating. And the volatility is insane.

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EyeWontBeFooled
05/11/22 8:48:04 PM
#112:


Holy shit Netflix and Amazon crashing to Earth

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Sad_Face
05/11/22 8:49:52 PM
#113:


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

I thought about it, it's not trolling. I think this is how DarkRoast operates. When OP believes something, she vehemently believes it and everyone on the other side is the scum of the earth. There's no such thing as middleground She's a democrat and according to her, Republicans are the scum of the earth, not even acknowledgement that like "Republican values has some merit, but the party can't be trusted and ultimately isn't best fit for society", no just they're the scum of the earth. Crypto? Bloody stupid and the scum of the Earth. I can bet $5 when she was a republican, she thought liberals were a buncha lazy, freeloading scum of the Earth, not even acknowledgement along the lines of "liberals have their hearts in the right place but their ideas are not best fit for society".

I can give other examples but the point is with OP is there's no middleground, no trying to sympathize or relate to the other side. They're just wrong. Dead. Wrong.

But to everyone else who reads this. We have the SWIFT bank messaging platform researching blockchain tech, big name institutions like JP Morgan also researching blockchain tech, IBM, Oracle, Microsoft, all contributing to blockchain development, governments are in the process of developing CBDCs, Central Bank Digital Currencies, and we have numerous academics poached from universities all around the world to work and contribute to the field. Why all this investment, why are people dedicating their lives to field? Is this field really that useless?

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ToPoPO
05/11/22 8:51:03 PM
#114:


https://gamefaqs.gamespot.com/a/user_image/7/3/0/AAXBTCAADOO6.png https://gamefaqs.gamespot.com/a/user_image/7/3/1/AAXBTCAADOO7.png https://gamefaqs.gamespot.com/a/user_image/7/3/2/AAXBTCAADOO8.png
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DarkRoast
05/11/22 8:53:37 PM
#115:


Those are companies, not magic Monopoly Money. They make products. Make profits. There's a baseline intrinsic value to them that gives the stock a reason to exist and be bought.

Cryptocurrency makes literally nothing. There's literally no reason to buy it other than other people are buying it. That's it. Nothing else. And eventually the people who get in late are obliterated by the whales who leave.

You know what else has that kind of value?

A pyramid scheme.

You're buying nothing on the sole understanding that other people will buy that nothing and raise the price of that nothing higher. At some point enough people stop making money on that nothing and the price stops going up, then the whales get out and it falls apart. Hence Terra Luna.

Crypto fans are right that they can make a crapload of money. But they're delusional if they think Crypto is anything other than a prolonged speculative bubble.


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El Marsh
05/11/22 8:53:46 PM
#116:


I don't really care about any of this shit unless it somehow means PC components become more accessible than they were before this stuff went crazy

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DarkProto05
05/11/22 8:54:13 PM
#117:


Holy shit PayPal all the way down to $75. Should grab me some of those.

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Punished_Blinx
05/11/22 8:55:09 PM
#118:


Glad I cashed out to buy a Switch OLED when I did lol

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Doom_Art
05/11/22 8:57:53 PM
#119:


I think people would be more receptive to crypto if the people shilling for it were less crazy

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ToPoPO
05/11/22 8:57:59 PM
#120:


DarkProto05 posted...
Holy shit PayPal all the way down to $75. Should grab me some of those.

The bubble popped, rough half-year for them no doubt!
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DarkRoast
05/11/22 9:00:10 PM
#121:


Doom_Art posted...
I think people would be more receptive to crypto if the people shilling for it were less crazy

They'd probably be more receptive to Crypto if it had any kind of legitimate hedge against volatility (Terra Luna was supposed to be that, lol) and if it had regulations against insider trading. Then you could at least rest assured that you're not gonna wake up with literally nothing left, or at least if you did, you'd have legal recourse.


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EyeWontBeFooled
05/11/22 9:08:44 PM
#122:


DarkRoast posted...
They'd probably be more receptive to Crypto if it had any kind of legitimate hedge against volatility (Terra Luna was supposed to be that, lol) and if it had regulations against insider trading. Then you could at least rest assured that you're not gonna wake up with literally nothing left, or at least if you did, you'd have legal recourse.
Right? The floor got swept out under almost all crypto. This is a crisis

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DarkProto05
05/11/22 9:08:56 PM
#123:


ToPoPO posted...
The bubble popped, rough half-year for them no doubt!
They havent been this low in 5 years. Such an undervalued company.

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Shadow Don
05/11/22 9:23:20 PM
#124:


The amount of flagrant crypto scams out there should tell you everything you need to know about crypto culture.

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KobeSystem
05/11/22 9:26:27 PM
#125:


Good thing my main bag is in a token where the funds are traded by a seasoned trader and profits are distributed amongst holders :D

Guys trades in oil gold forex etc. Even hes wary of trading in btc.....till it drops even more but even then i could see him noping tf out

My cardano and ripple bag tho ;_; no use selling now

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TigerTarTheo
05/11/22 9:28:26 PM
#126:


Shadow Don posted...
The amount of flagrant crypto scams out there should tell you everything you need to know about crypto culture.
Oh plz, theres scams everywhere

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JTilIy alt
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Irony
05/11/22 9:30:48 PM
#127:


Blue_Inigo posted...
https://twitter.com/bigblackjacobin/status/1524446368512757763?s=20&t=L6qFjfCvjBEiveBxprhF9g

If you're holding you're gonna lose it all
Not if you bought it like a decade ago

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Dakimakura
05/11/22 9:32:52 PM
#128:


time to buy low

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Not waste of data at all
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CADE FOSTER
05/11/22 9:37:13 PM
#129:


lol damn
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ViewtifulJoe
05/11/22 9:38:51 PM
#130:


TigerTarTheo posted...
Oh plz, theres scams everywhere
Why did you say this instead of denying that crypto is a hotbed of scams and horrible personalities?

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__aCEr__
05/11/22 9:41:08 PM
#131:


You know who's really to blame for all this? Matt Damon.

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TigerTarTheo
05/11/22 9:44:19 PM
#132:


ViewtifulJoe posted...
Why did you say this instead of denying that crypto is a hotbed of scams and horrible personalities?
Hey Im not denying anything! The crypto scams are fairly obvious tho at least

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JTilIy alt
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ViewtifulJoe
05/11/22 9:52:28 PM
#133:


TigerTarTheo posted...
Hey Im not denying anything! The crypto scams are fairly obvious tho at least
That's not a positive. That's still going to catch out eager economic illiterates or people desperate enough to go for some sort of hail Mary. People susceptible to gambling addictions, people mislead by anyone charismatic enough or alleged friends. You watched the pandemic play out so far, people are dumb and do not need crap like this waiting to trip them up then let them shoulder all the blame for it.
The deranged cult speak doesn't help clear the air either.

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Shadow Don
05/11/22 9:55:17 PM
#134:


TigerTarTheo posted...
Hey Im not denying anything! The crypto scams are fairly obvious tho at least

It's that there are so many and that they are so flagrant and obvious that it's a red flag. It tells me that crypto people are very easy to scam.

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TigerTarTheo
05/11/22 10:05:44 PM
#135:


What do you suggest should be done Viewtiful?

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au_gold
05/11/22 10:07:23 PM
#136:


Buy low, sell high.

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DarkRoast
05/11/22 10:10:34 PM
#137:


Shadow Don posted...
It's that there are so many and that they are so flagrant and obvious that it's a red flag. It tells me that crypto people are very easy to scam.

I can tell you that the most vocal group of people I've ever met on Twitter in regards to COVID were Crypto dudes. And literally everything they said, no matter how clear it was that they knew nothing about the subject, was said with absolute certainty. And no matter how much expertise you have in the subject, it is literally impossible to change their mind.

They also have an incredibly poor understanding of what constitutes a reliable source of information versus what constitutes bullshit.

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WingsOfGood
05/11/22 10:13:21 PM
#138:


DarkRoast posted...
I can tell you that the most vocal group of people I've ever met on Twitter in regards to COVID were Crypto dudes. And literally everything they said, no matter how clear it was that they knew nothing about the subject, was said with absolute certainty. And no matter how much expertise you have in the subject, it is literally impossible to change their mind.

Only replying to this since I got tagged. I agree when it comes to crypto.

However, the GME guys were infact right and this has been recognized by Jon Stewart and now even Janet Yellen.
About MOASS? no.
But they did infact discover hedges gaming the system and widespread corruption that Yellen admitted is effecting the economy at this very moment.
Funny how a cult of idiot conspiracy nuts as you guys called them were...right.
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ViewtifulJoe
05/11/22 10:22:11 PM
#139:


TigerTarTheo posted...
What do you suggest should be done Viewtiful?
A crackdown on people trying to reel innocents in would be nice. Some action taken after a scam is identified. You hear about these people who are so far in they fall straight into denial after being scammed and even if they don't it's not like the cult around them are going to break character to sympathise. We had a topic a little while ago where a guy was getting people to open up about depression, pushing NFTs on them and then acting about as insincere as possible when pressed on it and asked about scams the nature of what he was doing. It was grimy and a perfect showing of the crypto personality in action, there should have been some rules against that sort of thing. I really don't like seeing these people trying their pyramid scheme shit and going unopposed.

A worse public image or more education on the topic could help. A lot of people are quick to start laughing upon mention of this stuff which is a start but you've still got your people who hear they can make money and leap head first in.
Gambling should be taken more seriously on the whole, we've already got this shit and those F2P games ridden with lootboxes and limited time microtransactions taking advantage of these kinds of personalities. Even more so because this is less waste money to spin the wheel more go into uncharted waters and haplessly attempt to compete with professional con artists. I hear tech illiterates are on the rise again with how everything's been simplified down to a touch screen so that's most likely some cause for alarm.

There's probably no point saying 'Oh just ban it all, release the scammers who've flocked to it en masse back into the wild to prey on innocents again' because I do think we're stuck with it unfortunately but a lot more could be done to sternly warn people about the real nature of what they're getting into.

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DarkRoast
05/11/22 10:23:05 PM
#140:


WingsOfGood posted...
Only replying to this since I got tagged. I agree when it comes to crypto.

However, the GME guys were infact right and this has been recognized by Jon Stewart and now even Janet Yellen.
About MOASS? no.
But they did infact discover hedges gaming the system and widespread corruption that Yellen admitted is effecting the economy at this very moment.
Funny how a cult of idiot conspiracy nuts as you guys called them were...right.

Naked short selling is incredibly risky and incredibly stupid. That was known well before gamestop.

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WingsOfGood
05/11/22 10:24:49 PM
#141:


Also gonna be real with you guys.

Never liked stuff like even stocks as an investment. People say "there is a fundamental behind stocks not GME!"
Yea sure sweet summer child, sure.
There isn't. Stocks can drop to 0 just as easily as bitcoin.

Something like a rare video game is a much safer investment.

For example, pokemon black 2 will never drop to 0. It will always have intrinsic value. Of course it is harder to liquidate but there you go.
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Sad_Face
05/11/22 10:40:40 PM
#142:


DarkRoast posted...
Naked short selling is incredibly risky and incredibly stupid. That was known well before gamestop.

Gamestop was identified for a gamma short squeeze for being shorted over 100%. On top of that, the short squeeze laid out right in the open that the system was broken. Robin Hood denied retail investors access to trade while allowing institutional investors to trade unimpeded.

Why are you butting heads with GME bros? How the fuck does this make any sense?

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Anteaterking
05/12/22 12:23:42 AM
#143:


VigorouslySwish posted...
exact same can be said about the stock market

or literally any market

I mean first of all, I think that there's a lot of arbitrage that I would consider to be "ethical" in regular markets, so I'm not even inherently disagreeing with you on that point. I also don't really have sympathy for people who think day trading stocks is there ticket to upward mobility who fail either. As others have pointed out though, the lack of traditional protections in crypto space is directly related to why it's so alluring to some people as an "investment" vehicle, and I think it's hard to disentangle those two things.

In general though I don't really feel like that's an accurate representation of all "markets" depending on how broad you're intending on being with that phrasing. Like when I buy something from the store, the level 0 idea is that I get more value out of the item than I paid for it and the person who sold it to me is selling it for more than the resources they put into it, so we both benefit. The transaction is adding value. Obviously this is a simplistic view of it and there are middlemen in between but in a very zoomed out picture on one end you have someone who values the product and someone who values what they can get for the product.

95% of the people losing money on crypto don't value it as a product and know they are selling to people who also don't value it as a product in which case you're just betting against each other to see who is stuck with it at the end. Which is why I'm saying that's less sympathetic to me.

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project_night
05/12/22 12:26:14 AM
#144:


BTC at 27k now...

.
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AldousIsDead
05/12/22 12:29:54 AM
#145:


project_night posted...
BTC at 27k now...

.
I'm sure it'll bounce back. Any second now. Aaaany second now...

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Goldice
05/12/22 12:45:32 AM
#146:


Not really a good advert for crypto if it's following the same exact trends as the us stock market and financial sector.

Isn't the point supposed to be that it's decentralized, not influenced and retains value? What's the point of it if it divebombs with everything else?

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Blue_Inigo
05/12/22 1:55:24 AM
#147:


Bitcoin is fucking crashing holy shit

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nexigrams
05/12/22 1:59:57 AM
#148:


I love how people are acting like this is all somehow different from all the bullshit games people play with the regular stock market. Like shuffling numbers around on Wall Street is somehow a legitimate and useful enterprise, but shuffling bits around in your computer is not lol.


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Finis-XII
05/12/22 3:07:01 AM
#149:


TheLiarParadox posted...
ikr
At least that one's well known and only three letters long.

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CADE FOSTER
05/12/22 3:36:12 AM
#150:


everything is crashing baby crash the whole system
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