Bitcoin/cryptocurrency thread

[54_and_counting]

1 hour ago, Thistle_do_nicely said:

I was a bit too young to fully grasp it at the time and tbf its probably already touched on somewhere in the thread, but is there a fair like for like comparison with crypto and the dot com bubble?

To me NFT's seem similar to cybersquatters on domain names...

Crypto is probably worse, at least with the dot com bubble if you invested in something you could actually see it, it might have absolutely no assets other than what it did online etc but it was still visible

Crypto is essentially someone just making something out of thin air, there's literally nothing to it at all

[Albus Bulbasaur]

11 minutes ago, 54_and_counting said:

I think it's more the fact that with any actual business etc you can investigate why the crash happened, netflix, tesco whoever

But with crypto, theres absolutely no way to even guess why it crashes other than it did, 

Lolwut.

It's widely known why this latest crash happened. 

[Joey Jo Jo Junior Shabadoo]

2 minutes ago, Albus Bulbasaur said:

Lolwut.

It's widely known why this latest crash happened. 

Do tell.

[Albus Bulbasaur]

4 minutes ago, Joey Jo Jo Junior Shabadoo said:

Do tell.

The Terra Luna fiasco. I'm sure someone more technically minded can explain it to your satisfaction, even BBC Newsnight covered it. Literally Google Luna and you'll get a breakdown of what's happened and why there's been such a wider ripple effect. 

[Joey Jo Jo Junior Shabadoo]

6 minutes ago, Albus Bulbasaur said:

The Terra Luna fiasco. I'm sure someone more technically minded can explain it to your satisfaction, even BBC Newsnight covered it. Literally Google Luna and you'll get a breakdown of what's happened and why there's been such a wider ripple effect. 

Why did that happen, though? And why can it be so contagious? Saying a crash happened because a coin went tits up doesn’t explain anything.

[Albus Bulbasaur]

2 minutes ago, Joey Jo Jo Junior Shabadoo said:

Why did that happen, though? And why can it be so contagious? Saying a crash happened because a coin went tits up doesn’t explain anything.

https://12ft.io/proxy?q=https%3A%2F%2Fwww.telegraph.co.uk%2Fbusiness%2F2022%2F05%2F13%2Fcryptocurrencies-collapsing-happens-next%2F

[Joey Jo Jo Junior Shabadoo]

3 minutes ago, Albus Bulbasaur said:

https://12ft.io/proxy?q=https%3A%2F%2Fwww.telegraph.co.uk%2Fbusiness%2F2022%2F05%2F13%2Fcryptocurrencies-collapsing-happens-next%2F

Cheers. That article illustrates exactly that it completely relies on confidence. Netflix share price goes down because of a massive loss of subscribers and future revenue. This? Nobody knows. People start selling and that’s it. Literally all the hallmarks of a pump and dump.

[Albus Bulbasaur]

3 minutes ago, Joey Jo Jo Junior Shabadoo said:

Cheers. That article illustrates exactly that it completely relies on confidence. Netflix share price goes down because of a massive loss of subscribers and future revenue. This? Nobody knows. People start selling and that’s it. Literally all the hallmarks of a pump and dump.

I've always said I've got a casual non technical viewpoint so someone else would be better in debating those points with you. I was merely responding to a post that made it seem like this crash happened out of nowhere and nobody knew what was going on. Kinda like saying nobody knew why the 08 bankers crisis happened. Of course casual investors will have been scorched to death from this and some whales will have survived unscathed. 

[54_and_counting]

1 minute ago, Albus Bulbasaur said:

I've always said I've got a casual non technical viewpoint so someone else would be better in debating those points with you. I was merely responding to a post that made it seem like this crash happened out of nowhere and nobody knew what was going on. Kinda like saying nobody knew why the 08 bankers crisis happened. Of course casual investors will have been scorched to death from this and some whales will have survived unscathed. 

But it did happen out of nowhere, dropping 99% of its value its something that people could look at the coin for days or weeks, analyze it and predict it

The likes of netflix tesco etc, there are physical reasons why it goes tits up, absolutely nothing like that in crypto 

[Albus Bulbasaur]

4 minutes ago, 54_and_counting said:

But it did happen out of nowhere, dropping 99% of its value its something that people could look at the coin for days or weeks, analyze it and predict it

The likes of netflix tesco etc, there are physical reasons why it goes tits up, absolutely nothing like that in crypto 

Excuse my ignorance, i expect to be mocked by someone more technical minded and my response wasn't meant to be combative but is it not a fair explanation to say the wider market crashed due to a knock on effect from a fatal technical flaw in the system of a major player in the same way a wider stock market crash could happen if a major player suddenly crashed. Like let's say Tesla has a scandal and tumbles on a similar level this would likely cause a crash and therefore be explainable? 

[vikingTON]

On 13/05/2022 at 17:28, welshbairn said:

I could see China, Russia, Iran, Venezuela, Afghanistan and much of the developing world getting together to establish a more neutral currency given America's flagrant misuse of their custodianship of the global financial system in recent years, for unilateral ends. This could take a blockchain form but I doubt it will be jpegs of Xi Jinping.

I doubt that China has any problem with a single country dictating the global economy though - it just wants to replace the USA within that setup. 

Cryptocurrency is beneficial to rogue states for sanctions dodging, but otherwise they have a stack of mutually exclusive interests. They're not a real alternative economic bloc for that reason. 

[54_and_counting]

12 hours ago, Albus Bulbasaur said:

Excuse my ignorance, i expect to be mocked by someone more technical minded and my response wasn't meant to be combative but is it not a fair explanation to say the wider market crashed due to a knock on effect from a fatal technical flaw in the system of a major player in the same way a wider stock market crash could happen if a major player suddenly crashed. Like let's say Tesla has a scandal and tumbles on a similar level this would likely cause a crash and therefore be explainable? 

It could but it doesn't lose 99% of its value overnight, it would still have assets etc that give it some form of value, and even a shock scandal etc is something that can be analysed and i dare say avoided in the future 

Crypto is literally something that someone created out of thin air, theres nothing to it, its like a ponzi scheme but you don't actually see the people fucking you over 

[Fraser Fyvie]

Pretty funny that people see “crypto” as one thing and can’t differentiate between Bitcoin and something like Luna. BTC is down 57% from all time high which means it’s holding up better then Netflix, PayPal, Spotify and plenty other tech stocks which are getting hammered. Stood the test of time for 13 years, never been hacked, 99.99% uptime, controlled by nobody. BTC remains king [emoji41]

[Detournement]

The All Time High was fake and achieved due to spoof orders with a 98.1% cancellation rate.

 

[Fraser Fyvie]

[emoji23]

[beefybake]

On 13/05/2022 at 13:16, virginton said:

In the long term (assuming no technological shock) I suspect that some form of entirely digital 'currency' will replace fiat currency. But this is like when the French revolutionaries* and every two-bob bank tried printing their own paper credit notes and their value inevitably collapsed.

It is nowhere near mature enough as a system of exchange and the vast majority of the current actors are involved for the wrong reasons.

* A great bunch of lads, and at least theirs was theoretically tied to the land confiscated during the revolution.

 

Coming soon, on Kindle, and a bookshop near you.....

'Robespierre - A Man Misunderstood'

by V I Kington

[topcat(The most tip top)]

In the long term (assuming no technological shock) I suspect that some form of entirely digital 'currency' will replace fiat currency.

Digital isn’t an alternative to fiat

Sterling isn’t entirely digital yet but notes and coins make up an ever decreasing proportion of the money supply and transactions. After Covid it’s not even so dominant for small transactions. I can’t buy a pie at Tynecastle with cash.

Obviously lumps of hard cash are still going to be useful for drug dealers, fraudsters, blackmailers and the likes but the cryptocurrency movement is moving in on that market

[vikingTON]

19 hours ago, beefybake said:

Coming soon, on Kindle, and a bookshop near you.....

'Robespierre - A Man Misunderstood'

by V I Kington

Was it wrong to create a republic of public virtue, effortlessly crush the united efforts of European reaction and guillotine a Habsburg for conspiring against the people?

[Zetterlund]

Ooft. This bitcoin was sold to buy UST, which itself is down 87%.

$2.5 billion chucked on the fire in a failed attempt to save the system.

 

[beefybake]

11 hours ago, virginton said:

Was it wrong to create a republic of public virtue, effortlessly crush the united efforts of European reaction and guillotine a Habsburg for conspiring against the people?

Ideally no.  However, not for nothing was Robespierre's role in the French Revolution called 'The Terror'...., whereby all avenues for the accused to defend themselves were removed.  He himself was executed because , in the end, he scared everyone, and had lost the support of the public.

Edited May 16, 2022 by beefybake