Current Events > The crypto bubble popped

(+) Yeah! (+)

Life savings = evaporated

"This is just like the stock market!"

...yeah, in 1929.

https://gamefaqs.gamespot.com/a/user_image/1/6/6/AAeEwGAADOVu.jpg

nexigrams posted...

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.

Elon says something dumb.

Tesla and twitter tumble down.

Oh ya, and Meta lmao.

If you have little to no knowledge, or even have the funds to risk to do stocks, just play the damn lottery once a week, or something. At worst, you only lose $5-$20, or you win some, or alot of money. Well, unless your life savings is $20, than I suggest you re-evaluate your life big time.

https://gamefaqs.gamespot.com/a/user_image/1/7/7/AAeEwGAADOV5.jpg

These are the galaxy brains that prop up cryptocurrency.

https://gamefaqs.gamespot.com/a/user_image/1/7/8/AATuvmAADOV6.jpg

Wonder if we'll get a real-life Assault on Wall Street from this development.

Doom_Art posted...

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

It says a lot when the most well-reasoned cryptobro in this particular topic is a fucking Pizzagater.

https://gamefaqs.gamespot.com/a/user_image/1/9/5/AAeEwGAADOWL.jpg

This is why you shouldn't have faith in a system that has zero regulation and is operated mostly by delusional howler monkeys.

DarkRoast posted...

https://gamefaqs.gamespot.com/a/user_image/1/9/5/AAeEwGAADOWL.jpg

This is why you shouldn't have faith in a system that has zero regulation and is operated mostly by delusional howler monkeys.

did crypto run over your dog when you were a kid ?

SergeantGander posted...

did crypto run over your dog when you were a kid ?

She laid out a pretty succinct example of it causing a real world harm; is that not enough for her to be upset by it?

To clarify, this is the same poster 1 year ago:

https://gamefaqs.gamespot.com/a/user_image/1/9/9/AAeEwGAADOWP.jpg

I'm not making fun of this person. I'm highlighting how these people are being financially ruined by a system they trust. Most of these people are suckered into buying Crypto because Crypto Bros are advocates for a system they clearly don't understand. And there have been far too many victims. This person made six figures and lost it all in Crypto.

meanwhile, I'm just staying steady chipping away at putting money into an S&P 500 Index fund. Yes it's down a bit in 2022 but I'm in for the long haul

Intro2Logic posted...

She laid out a pretty succinct example of it causing a real world harm; is that not enough for her to be upset by it?

I wasn't just referring to that particular post, read the rest of the topic. Or go to any crypto topic on this board and there is Roast actively raging against the crypto-machine.

SergeantGander posted...

Or go to any crypto topic on this board and there is Roast actively raging against the crypto-machine.

Probably because of the real world harms it causes

I kinda knew it popped when there stopped being generals on CE for it.

ktownslayer16 posted...

meanwhile, I'm just staying steady chipping away at putting money into an S&P 500 Index fund. Yes it's down a bit in 2022 but I'm in for the long haul

Yea people keep forgetting this idea of a long haul lmao. Look at Nasdaq after dot-com bubble broke. In 2001-02 it lost most of the speculative gains from late 90s into early 2000s losing about 80% of its value. Only to recover more than 10x.
The big companies remained despite taking big hits. Amazon crashed from ~$100 down to ~$5, now its Apple was worth less than a dollar per stock. Bubbles break, crashes happen. Markets have long down trends, if you're investing in solid crypto projects with real use cases and not lolpeepeepoopoo inu coin there is tons of room for growth in future.

Intro2Logic posted...

Probably because of the real world harms it causes

If only crypto was gone then we could finally be free of real world harm and achieve world peace.

SergeantGander posted...

I wasn't just referring to that particular post, read the rest of the topic. Or go to any crypto topic on this board and there is Roast actively raging against the crypto-machine.

Because it destroys people's lives and financial futures.

Just because a handful of people made a crapload of money early into the Ponzi scheme doesn't mean that's going to continue indefinitely.

Crypto is lucky that most people aren't knowledgeable enough about finance to realize what the sudden collapse of a "stablecoin" like Terra Luna actually means. Because in a real market, the sudden realization that the hedge funds can collapse overnight because none of them can meet margin calls would be... something

SergeantGander posted...

Yea people keep forgetting this idea of a long haul lmao. Look at Nasdaq after dot-com bubble broke. In 2001-02 it lost most of the speculative gains from late 90s into early 2000s losing about 80% of its value. Only to recover more than 10x.
The big companies remained despite taking big hits. Amazon crashed from ~$100 down to ~$5, now its Apple was worth less than a dollar per stock. Bubbles break, crashes happen. Markets have long down trends, if you're investing in solid crypto projects with real use cases and not lolpeepeepoopoo inu coin there is tons of room for growth in future.

Crypto isn't NASDAQ.
Crypto is the Dotcom Bubble.

The only reason anyone has faith in Bitcoin's value is because people tell them to have faith. There's nothing else. It will only take one true crash to be ruined forever, because unlike NASDAQ there's no federal reserve or SEC to back them up.

I remember when it popped the first time it hit 400-600

Then 6000

Then 60000

Maybe this is a sign

People act like this crash is just like any other.

No, it isn't.

The crash of a pegged currency destroys faith in the system on a fundamental level. It's equivocal to banks suddenly going bankrupt and the FDIC telling you "sorry, that bank was worth a lot and we can't afford to pay out to every client, so your $250,000 insurance against this has been cancelled."

People then rush the other banks and withdraw their money because they realize there's nobody that actually has their back if shit hits the fan.

DarkRoast posted...

Crypto is the Dotcom Bubble.

Yea so sad when it crashed, I really thought the internet was going to amount to something. Amazon and Apple never emerged into anything more than speculative assets and the internet has had 0 impact on the day to day lives of people around the world since the crash. Like why order stuff from Amazon when I could just go to the store? lmao

nexigrams posted...

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.

That's the point though. Its supposed to protect you from bullshit shifts in the stock market. If it's not even doing that, then what's the point of it. It's just another stock, except not even based on anything!

SergeantGander posted...

Yea so sad when it crashed, I really thought the internet was going to amount to something. Amazon and Apple never emerged into anything more than speculative assets and the internet has had 0 impact on the day to day lives of people around the world since the crash. Like why order stuff from Amazon when I could just go to the store? lmao

BITCOIN ISN'T A COMPANY BACKED BY THE FED, IT'S SPECULATIVE FAKEMONEY

And the ONE THING created to give the Crypto market any modicum of hedge against volatility and crashes... crashed overnight.

Do you not see the problem here? There's no actual hedge against crashes in Crypto.
No regulation, no reserve, no stable hedges. Nothing.

And Bitcoin Bros like to respond with "well Bitcoin itself is the hedge!"

Bitcoin is down 55% in six months. That's no damn hedge.

Goldice posted...

That's the point though. Its supposed to protect you from bullshit shifts in the stock market. If it's not even doing that, then what's the point of it. It's just another stock, except not even based on anything!

Who told you that? I'm not asking that sarcastically btw.

The last major Crypto bear market was in 2017

Jabodie posted...

Who told you that? I'm not asking that sarcastically btw.

https://www.bloomberg.com/news/articles/2022-05-09/bitcoin-washout-is-leaving-mom-and-pop-buyers-holding-the-bag

Crypto fans have long argued that digital assets would hold up well during turbulent times. Many had said Bitcoin would prove to be a good inflation hedge thanks to its limited supply. It was also supposed to hold up better amid economic and geopolitical crises because its not tied to any government and has no centralized authority.

Instead, digital-asset investors are suffering through an environment thats put a lot of risky assets through the wringer this year. The Federal Reserve and other central banks are raising interest rates to combat inflation just as the economic backdrop is softening. In this environment, Bitcoin, the largest digital asset by market value, has been cut in half since its November record. Its seen five straight weeks of declines and just one positive day out of the last 11 sessions, including Mondays.
Cryptocurrencies are risk assets, said David Spika, president and chief investment officer of GuideStone Capital Management. This should be a good inflation hedge. Wrong. It is a speculative asset that is not going to perform well in an environment like this.

Sure, it isn't backed by the Fed. Great.

However, just like the internet was once an emerging technology, so is blockchain technology. Not every single cryptocurrency is revolutionary, pissiedogcoin2.0 isn't going to survive, but blockchain technology is. Today the integration of internet technology is way beyond what anyone would have imagined in 1995. Blockchain technology is here to stay and from within the herd of nonsense there will be some companies and teams that make it through. Companies that develop real world applications for this technology, like Amazon did with the internet, will be massive. Just because some stablecoins lost their peg doesn't mean blockchain tech is dead forever.

There were countless tech companies that died with the dotcom bubble bursting, but guess what we're still both sitting here talking to each other using THE INTERNET

"Bitcoin is down 55% in six months. That's no damn hedge."

Sure. It has also eaten through +80% crashes in the past. From my count this is like the 10th time BTC has been declared dead, just seems to be worth more and more each time I hear about it dying though.

SergeantGander posted...

Sure, it isn't backed by the Fed. Great.

However, just like the internet was once an emerging technology, so is blockchain technology. Not every single cryptocurrency is revolutionary, pissiedogcoin2.0 isn't going to survive, but blockchain technology is. Today the integration of internet technology is way beyond what anyone would have imagined in 1995. Blockchain technology is here to stay and from within the herd of nonsense there will be some companies and teams that make it through. Companies that develop real world applications for this technology, like Amazon did with the internet, will be massive. Just because some stablecoins lost their peg doesn't mean blockchain tech is dead forever.

There were countless tech companies that died with the dotcom bubble bursting, but guess what we're still both sitting here talking to each other using THE INTERNET

I'm sorry, was there supposed to some kind of logical justification for why buying speculative fake money is apparently financial wisdom in that post?
Crypto isn't a company. Crypto isn't a stock. Crypto has no intrinsic value. Crypto is nothing. It's a speculation casino.

It's worthless as a currency. It has no function other than to be a speculative investment. And it's incredibly unstable.
Crypto Bros who keep comparing it to Amazon or Dotcom companies don't seem to understand that CRYPTO ISN'T A COMPANY. Companies make products. Have sales. Have a board of directors. Companies exist to MAKE money. Crypto exists because... it just does.

SergeantGander posted...

If only crypto was gone then we could finally be free of real world harm and achieve world peace.

This is a strawman; no one is suggesting it's the only harm out there

Yea I'm not writing off crypto it's fallen and crashed like this before its not going anywhere until they all go to zero

SergeantGander posted...

Markets have long down trends, if you're investing in solid crypto projects with real use cases and not lolpeepeepoopoo inu coin there is tons of room for growth in future.

BTC is without a doubt not a solid crypto protect. Which is fair, since it was a pioneer.

But when these theoretical use cases become real applications, and crypto is well understood, they will no longer be investments.

DarkRoast posted...

I'm sorry, was there supposed to some kind of logical justification for why buying speculative fake money is apparently financial wisdom in that post?

There is a pretty big market in the world for emerging technology, I'm sorry I just assumed that you were aware of that. Didn't know I needed to include that in my post.

Gaslighting for crypto should be an automatic ban on any social media platform or forum.

SergeantGander posted...

Sure, it isn't backed by the Fed. Great.

However, just like the internet was once an emerging technology, so is blockchain technology. Not every single cryptocurrency is revolutionary, pissiedogcoin2.0 isn't going to survive, but blockchain technology is. Today the integration of internet technology is way beyond what anyone would have imagined in 1995. Blockchain technology is here to stay and from within the herd of nonsense there will be some companies and teams that make it through. Companies that develop real world applications for this technology, like Amazon did with the internet, will be massive. Just because some stablecoins lost their peg doesn't mean blockchain tech is dead forever.

There were countless tech companies that died with the dotcom bubble bursting, but guess what we're still both sitting here talking to each other using THE INTERNET

"Bitcoin is down 55% in six months. That's no damn hedge."

Sure. It has also eaten through +80% crashes in the past. From my count this is like the 10th time BTC has been declared dead, just seems to be worth more and more each time I hear about it dying though.

Its not worth it dude. Shes not going to change her mind. Bitcoin could go up to $300k and shell still be crying tulip bubble and call us idiots for investing.

SergeantGander posted...

There were countless tech companies that died with the dotcom bubble bursting, but guess what we're still both sitting here talking to each other using THE INTERNET

Notice those are companies that made massive profits making good business decisions that take advantage of the internet. Companies that make smart business decisions using crypto may be very profitable one day, and good investments.

IShall_Run_Amok posted...

Gaslighting for crypto should be an automatic ban on any social media platform or forum.

It has financially ruined so many casual investors because the advocates are so loud and obnoxious (and ignorant).

DarkRoast posted...

I'm sorry, was there supposed to some kind of logical justification for why buying speculative fake money is apparently financial wisdom in that post?
Crypto isn't a company. Crypto isn't a stock. Crypto has no intrinsic value. Crypto is nothing. It's a speculation casino.

It's worthless as a currency. It has no function other than to be a speculative investment. And it's incredibly unstable.
Crypto Bros who keep comparing it to Amazon or Dotcom companies don't seem to understand that CRYPTO ISN'T A COMPANY. Companies make products. Have sales. Have a board of directors. Companies exist to MAKE money. Crypto exists because... it just does.

Once again, great detective work. Crypto isn't a company.

However, there are in fact companies that are integrating crypto into their projects. Brave for example is a company that has developed a internet browser to help prevent online advertisement fraud and protect user's privacy. Their browser has 10s of millions of monthly users. They have a board of directors. Their CEO is Brendan Eich, if you have ever heard of JavaScript or Mozilla Firefox you would be familiar with some his work.

But yea their token just *exists*

You seem to be misunderstanding that not all cryptocurrencies are one in the same. Just like Google and Amazon aren't the same company just because they both deal with Tech.

SergeantGander posted...

Once again, great detective work. Crypto isn't a company.

However, there are in fact companies that are integrating crypto into their projects. Brave for example is a company that has developed a internet browser to help prevent online advertisement fraud and protect user's privacy. Their browser has 10s of millions of monthly users. They have a board of directors. Their CEO is Brendan Eich, if you have ever heard of JavaScript or Mozilla Firefox you would be familiar with some his work.

But yea their token just *exists*

You seem to be misunderstanding that not all cryptocurrencies are one in the same. Just like Google and Amazon aren't the same company just because they both deal with Tech.

You mean the browser loaded with ads that you click in order to get a small amount of crypto that will almost certainly be worthless?
Yes. That doesn't sound like a scam at all. They get real money while you get fake money. Sounds like a great way to make money.

LUNA fell from $100 to less than a penny in 5 days! How can you shill for crypto, Gander? It's the snake oil of the modern day.

https://gamefaqs.gamespot.com/a/user_image/2/2/6/AAeEwGAADOWq.jpg

Well I guess if you're gonna compare things to the Dotcom Bubble, Brave must be Bonzi Buddy.
So while they make actual dollars off you clicking ads, they give you fake money in return.

DarkRoast posted...

You mean the browser loaded with ads that you click in order to get a small amount of crypto that will almost certainly be worthless?
Yes. That doesn't sound like a scam at all. They get real money while you get fake money. Sounds like a great way to make money.

Don't forget what you said a few minutes ago, "CRYPTO ISN'T A COMPANY. Companies make products. Have sales. Have a board of directors. Companies exist to MAKE money."

Brave checks YOUR boxes here. Sorry to burst your bubble (ha, get it) that crypto just exists and no crypto project is a real company.

Also, yes they get "real" money from advertisements. Just like uh tons and tons of other companies do? Congrats, you checked another box for how they are like other companies! Careful now, you're starting to sound like a crypto bro. Along with the "fake money" you get a private browser and speedy browser, damn what a scam!

SergeantGander posted...

Don't forget what you said a few minutes ago, "CRYPTO ISN'T A COMPANY. Companies make products. Have sales. Have a board of directors. Companies exist to MAKE money."

Brave checks YOUR boxes here. Sorry to burst your bubble (ha, get it) that crypto just exists and no crypto project is a real company.

Also, yes they get "real" money from advertisements. Just like uh tons and tons of other companies do? Congrats, you checked another box for how they are like other companies! Careful now, you're starting to sound like a crypto bro. Along with the "fake money" you get a private browser and speedy browser, damn what a scam!

Dude you are fucking delusional.

Brave is obviously a scam. They sell your info and bombard you with ads, and all you get in return is worthless tokens.
The only reason it involves Crypto is because that's the fake money du jour.

I didn't even know what the company was until you mentioned them, and it took me exactly 5 minutes to figure out how their scam operates.

Brave is fucking trash and BAT IS a scam

DarkRoast posted...

Dude you are fucking delusional.

Brave is obviously a scam. They sell your info and bombard you with ads, and all you get in return is worthless tokens.
The only reason it involves Crypto is because that's the fake money du jour.

Wait, so no response to your whole rambling on about Crypto not being a company? Despite Brave checking off all your ideas of what a company is? If you're not even going to address what I'm saying and would rather give your personal opinion about Brave then I guess we're done here.

You can tag me when BTC hits my average buy price of ~$5,700 and say "i told you so"

SergeantGander posted...

Brave checks YOUR boxes here. Sorry to burst your bubble (ha, get it) that crypto just exists and no crypto project is a real company.

Also, yes they get "real" money from advertisements. Just like uh tons and tons of other companies do? Congrats, you checked another box for how they are like other companies! Careful now, you're starting to sound like a crypto bro. Along with the "fake money" you get private browser and speedy browser, damn what a scam!

Companies can also be bad investments. You point to Amazon, but there were 100s of companies that crashed like Amazon then went out of business. The vast majority of them failed, with a few left that became kings.

Besides, at this point you're making arguments to invest in the company that makes Brave, not TRON. I would much rather invest in the company that makes Roblox than the Robux (or whatever it is) they sell

SergeantGander posted...

Wait, so no response to your whole rambling on about Crypto not being a company? Despite Brave checking off all your ideas of what a company is? If you're not even going to address what I'm saying and would rather give your personal opinion about Brave then I guess we're done here.

You can tag me when BTC hits my buy average buy price of ~$5,700 and say "i told you so"

Brave isn't crypto. Brave abuses the fact that Crypto Bros are gullible as shit regarding anything Crypto.

DarkRoast posted...

Brave isn't crypto. Brave abuses the fact that Crypto Bros are gullible as shit regarding anything Crypto.

Brave is a browser that is integrating the emerging technology of the blockchain into their business model.

i.e. Amazon is not the internet, but it does in fact utilize that specific technology

You people ought to be ashamed of yourselves!! Im disgusted with all of you!