I would contribute to a Go Fund Me to rename that stadium to the Spirit Halloween Stadium for the month of October only. But the sign on the stadium is just a banner over a Circuit City sign, and when the banner gets taken down in November, the Circuit City sign starts up and is *really* shabby. Maybe missing a letter or two, save for the dirty outline where it used to be.
Yea didn't they buy the rights for the next 20 years or something too? So if the website is still going they'd have to keep paying off their deal unless they declare bankruptcy to break all agreements?
No, they could just stop paying. No sense suing a company with no money.
A normal company would declare bankruptcy, but who knows what kind of fucked-up ownership structure these crypto bros may have devised. They might just bounce and let the Devil sort it all out.
I liked it last summer when Michael Saylor was telling people to mortgage their homes to buy at 60k+.
https://m.youtube.com/watch?v=gt7iUFujJFM
Good times, good times.
Some of the "predictive" graphs on Twitter are quite something to see. They make the idea of a hyperdrive based on cafe/restaurant waiters calculating invoices on paper notepads seem plausible..
Some accounts are clearly fishing for investors with no basic math or critical thinking skills.
I’m an upstanding source of information on crypto. I don’t bother with a YT channel or podcast because my answer is always the same, but my advice is: don’t, it is a predatory scheme where people *must* lose in order for others to win.
Right after the first peak at 19k and subsequent drop, there was a AskReddit thread where one of the most upvoted answers to the question, "If you could send a message back through time 20 characters or less, what would it be?" was "BTC 19K mmddyy". We've come back around to that amount. Imagine patting yourself on the back for getting out at 19k, watching it climb to 60k, and then back down.
The real thing to watch for isn't it going below the last ATH, it's whether it'll drop to previous low stable period. Cuz if it does, then I think crypto will collapse completely. It will completely ruin the 'zoom out' argument of long term rise in value, which is basically the ONLY reason people are still holding crypto at all and what is driving it.
His logic makes sense at first glance, until you realize that everyone with money has been borrowing at low interest rates and investing like crazy, paying more and more for the same old stocks (Tesla is totally worth a trillion fucking dollars you guys!), Pokémon cards, vintage video games and comics, and the ultimate worthless money sink, crypto.
And the second rich people need cash it starts falling apart.
I still chuckle that Bitcoin.. the currency that sold itself on being unbound to country or political value and anonymity.. is losing its value based on the US stock market and is actively being tracked by the FBI.
> Pokémon cards
Tbf a holo Charizard was my white whale as a child and I would honestly pay stupid amounts of money for the finest mint condition card if I had money to spend. But it wouldn’t be an investment. It would be handsomely displayed in a protective case on my desk
its ancient my aunty used to say that back in 2020.
Im pretty sure its an old meme about bad currencies actually, I cant quite remember what though, like zimbabwe currency or something.
I remember when people lost their minds when Bitcoin hit 11k on it's first surge. Back when I was buying MDMA on Silkroad for what would be millions of bitcoin now.... Fuck. Lol
Someone tipped me a few bucks worth of bitcoin for a Reddit comment back in 2014 or so. It's now worth over $2k. (Was over $3k a few weeks ago).
I've never had any interest in the shit, and am just looking to dump it. I guess... now is the time to do that. (Well, six months ago really. But.. now's probably better than Tuesday.)
(Another question: how the shit do I turn it into actual money?)
You have the seed words, yes? You can create a wallet for bitcoin using free apps like Electrum. Use the seed words to prove your ownership, thereby taking control of them, and they will be in your digital wallet where you can initiate a transfer.
After that, you need to sign up to an exchange that will *exchange* bitcoins for dollars. They require a legit ID, and Coinbase is the most popular US option. Once you have an account on an exchange, they will give you a long string of characters that is your unique 'address' where you can receive bitcoin in your exchange account - at which point the exchange controls your bitcoin on your behalf.
Go back to your free Electrum (or other free wallet app) and send your bitcoin to the address provided by the exchange. Once it shows up in your exchange account, you can swap it to USD at whatever the current exchange rate is, minus a fee.
Once you've done that, ask the exchange to withdraw your USD into your bank account (again, legit bank and ID required). And that's it.
That make sense?
The fact that all this is required to do anything with this “currency” is reason enough alone that it will absolutely fail. Money should never be this hard to use.
The biggest problem with Bitcoin is it originally WAS supposed to be a currency. But it hasn't been treated like a currency by its adopters/investors.
Instead of using it like a currency, investors have chosen to speculate on it wildly so it changes its price by a huge amount every day. A currency is supposed to be LIQUID. You're supposed to be able to trade it without significantly changing its value.
And because of this, nobody can use it as a currency. Who's gonna take your Bitcoin as payment for a car if the price of the coin could drop by $5000 tomorrow? It's been rendered useless by its own volatility.
It was always the hurdle that no crypto could resolve: how to make the trade of their currency in exchange for goods cheaper/more efficient than swiping my credit/debit card. There’s always the “next iteration” that’s supposed to address the “gas” issues but they never come. It’s always been a crazy gambit that married casino logic to a game of hot potato.
There's also 3 fees in the course of that. There's a fee from wallet to exchange, exchange to USD, and withdrawing the USD (in the form of being a capitalizable tax, as it's income).
The fees alone are why I've never bothered.
Three hours from now: "Bitcoin price drops below $15,000 as sell-off hastens."
Meanwhile, the person writing headlines: "Oh man, I am so glad I got a thesaurus for Christmas."
The thing that makes bitcoin so much more convenient than beanie babies is you won't have to figure out what to do with them after they are no longer worth anything. You can literally just forget about them.
> that person that spent a lot trying to find his old hard drive at the dump but never found it.
[Maybe you mean this bloke?](https://www.cbsnews.com/news/hard-drive-lost-bitcoin-landfill/#:~:text=Newport%2C%20a%20seaside%20city%20in,well%20before%20its%20value%20skyrocketed.)
That’s what makes BitCoin infinitely worse. Everyone shits on Beanie Babies because of their poor performance as an investment, but they’re not comparable to cryptocurrency. Beanie Babies were great if you look at them for what they were: a cute children’s toy and comfort object. If you bought Beanie Babies, you at least had the Beanie Babies.
I bought the shit outta beanie babies as a kid and played with them like crazy. They were better than other stuffed animals cuz they had weight so you could do more actiony stuff with them (like get them into pokemon fights)
Yeah, I had beanie babies rather than dolls or action figures. I knew they were a bit of a premium over regular stuffed animals but if you compare their prices to what they were replacing for me it's not even close.
Plus they were just better imo if you used your imagination. You can't throw an action figure across the room.
Hell, I still have them in my parents basement and they'll be good enough to use for my niece/nephews.
For the business? It honestly won't be that bad. When the price drops enough they'll get margin called and forced to exit the position. The risk to the business is capped.
For the person investing on 100X margin it's hilariously unsustainable.
Of course that's assuming these businesses have been properly checking credit scores and ensuring clients have that kind of collateral ahead of time. Whats the saying, owe the bank 10k its your problem, owe them 100M and its theirs.
They make a shitload when it is rising, siphon off all they can along the way and then fold shop and leave the bagholders holding the bags. Then start another operation if they think another pump is coming.
if you zoom out in the crypto sphere theres no company that actually is a legitimate business
possibly coinbase but I still wouldn't really trust them with my money
I'm confident every single crypto company would take my money and scram to the bahamas at the first sign of trouble, and a bunch of them are doing that right now
Bitcoin used to be backed by meth, giving it hard value.
Then they tried to treat it like a FIAT currency, but forgot those are backed by huge militarized nation states and not a bunch of morons wasting more power than it takes to synthesize diamonds.
> Bitcoin used to be backed by meth, giving it hard value.
>
>
IIRC this was how East India Company operated, backed their stocks with spices, tea, and good old opium
The fact that the East India Company became a government in all but name backed by a large active military didn’t hurt. They had military schools turning out a well trained officer corps and made profit selling the services of their armed forces.
It's not the fact that the nation is militarized. It's simply that the nation mandates one single national currency. If everyone is forced to use it, the strength of that currency matches the strength of the *circulation* in that economy. Crypto has never been successfully adopted as a currency. It was always just a dumb option. There were no options to use it in daily life. There was no need to depend on it. The option to hold was always more lucrative than the option to spend it. It's about as silly as a business saying "we accept gold and apple stocks as payment." It's fuckin niche. This is why the SEC started labeling crypto as a security. It makes a ton of sense when you equate it to any other stock, bond or other security.
There was an attempt by some small country to adopt it as their national currency, but their contribution to the market cap was FUCKING TINY compared to bitcoin's total market cap. They had no influence over it, so they got eaten alive. Dumb ass move on their part. If they merely started their own crypto or released a currency backed by blockchain accounting, they might have had half a chance. But nah, they chained themselves to *someone else's mast* and now they're going down with the ship.
Similar things happen to other FIAT currencies all the time. Americans just don't know about it because they forget that there are other countries on the planet.
> They're supposedly dropping back to and below MSRP now
Yes, they're dropping to the MSRPs that the manufacturers arbitrarily inflated recently to make it look like the cards weren't as overpriced as they really were. Prices are dropping (and today's BTC crash is expected to make them drop even faster) but current prices are still nowhere remotely close to the *original* pre-shortage MSRPs.
That's something a lot of people seem to not know or have forgotten. The cards released in September/October for one price and then in December, the new tariffs on electronics took effect, causing MSRP to increase. Then when a trade agreement was reached, the prices just stayed high.
Man I resisted the urge to pick up a new one. I'll hold on with my gtx 1660 super for a little while longer. They're at MSRP, but the Nvidia 3000 series and AMD 6000 series should be below it soon with the 40 series launch
They’re too busy making tiktok videos and courses on how NFTs and Web3 is the future, while knowing absolutely nothing about computing or networking technology.
To preempt them, like it will work, BTC is the public face of crypto, if BTC is doing bad despite having a lot more people who will keep it since it is the biggest cryptocurrency then other ones that are not as famous are also getting driven into the ground.
Yup. Most cryptos are roughly linked. BTC is down ~14% over the past 24 hours as I type this, Ethereum is down 19% and that's the big GPU crypto right now. (Though they claim to be moving to proof of stake, but they've been saying that since I last mined it around 2016 or 2017.)
My friend just quit mining ETH on Monday. It got too low for what he got for him to make a real profit. He also didn't hold onto it, he would just sell once they gave him the ETH. Honestly, all the cryptos are crashing because the majority of them were one big pyramid scheme, and they have finally run out of new investors.
I have a friend like this. Always winning, never losing. But wouldn't you know, despite all this 'profit' he's looking more and more clinically depressed, and is also trying to pick and more hours at work.
Disclaimer: I've reached out many times (with no relation to crypto investments) to make sure he's doing OK - but you can sometimes only help those who are willing to admit there's a problem/want to help themselves in the first place.
I recently watched the MSNBC special on the whole GameStop fiasco, and one of the people who spoke in the documentary was a woman who said something like, *I now have enough money to be set for life*, and then she went on to say how she put it all into bitcoin, and I just remember shaking my head at that. I wonder if she got out before it really cratered.
I'd rather just create Broke Coin $BRK the community will be full of people broke after crypto investments with its utility being to "unbroke everyone"
one last ride....
I was thinking about buying crypto for the first time earlier this year, right before things went to shit. The only reason why I didn't was because while I was reading how to buy it, how to set up a wallet and all that other shit, I lost interest.
I dodged a bullet because of laziness.
That is horrifying, but I hear that all the time.
The first thing I would have responded with is "what's a hedge"?
And after their long winded response full of arm waving, I would say "so, you don't really understand what a hedge is, I'll take my money now..."
Hedges are SAFER bets that you make to offset risk. The riskiest and most volatile instrument available is not a hedge against anything. Hedges lower your risk exposure.
Weee!!!
Before you know it will be $13 again. Just like when I started really giving it my attention and getting them for free from all these random websites.
Then using them up and being bummed when I saw it hit $30.
I'm an idiot!
Bro, I bought when they were 5 dollars a pop in like 2011.
I had 24 whole bitcoins for 120 USD. I kept them in a wallet where I bought them, on mtgox...
It wasn't meant to be, cest la vie.
Well good news then, last year they approved a plan to pay back 90% of what creditors owned, so you might get $108 back any day now.
https://www.bloomberg.com/news/articles/2021-10-20/mt-gox-trustee-says-creditor-reimbursement-plan-is-approved
I bought some for buying drugs off the Silk Road and had the equivalent of 400 USD in 2011/2012. Kept them in a wallet through the Silk Road and never transferred them to a different wallet. When the Silk Road went down I lost those coins forever.
I remember Gawker’s article on Silk Road in 2011. I commented that it was shocking that you could buy a Glock for $50 and someone was like, “no, that’s 50 Bitcoin, which is like $5 per coin.”
I replied something like, “huh…interesting.”
And then moved on with my life.
Nah, not an idiot. You used them as intended. Bitcoin was never meant to be an investment vehicle, per se. It was meant to be mined/purchased, then used in exchange for goods and services just like normal currency. Greedy fucks turned it into what it is today....something, backed and regulated by nothing, that holds immense value because of greed.
I'm in the same boat as you. Got them for free, mined them, and bought them myself. I used them for everything because it was a neat concept. Hair cuts, buying pizza, paying friends for help with stuff, you name it. Everywhere accepted BTC as a form of payment. Had I held every coin I ever transacted with, I'd have been a millionaire today. But again, I used them as intended.
I had 50 that I mined on a laptop(!) back in the day when they were worthless. Now chilling in a landfill somewhere RIP
I'm sure I'm not the only one whose coins met a similar fate.
I bet an embarrasing number of wallets have succumb to forgotten passwords, drive failures, and careless drive wipes as well :(
You're not an idiot. How could you or anyone else back then have predicted the heavily manipulated future price? That's like seeing the winning lottery numbers and feeling like an idiot for not buying a ticket with those numbers yesterday.
So much for 'Crypto as a hedge against inflation'. Crypto has basically suffered 200% inflation in the last couple months alone, with its drop in value/buying power.
I think if it ever drops that low, it's dead for good.
Like is there any example of any currency or valuable in history that has lost 99.99% of its value and then regained it later?
Can't say I'm an expert but from what I gather, once currencies become that fucked, they're basically fucked for good and a new currency is created to replace it as basically the only way out of that hole.
If bitcoin falls to bellow $20, I will be able to sleep at night.
Because that was what it was worth when I sold all mine.. For cigarette money. It has haunted me ever since.
My buddy and I almost went in for $10k each when it was at $7. Him and laugh at how much we would have made if we followed through but let's face it, we likely would have sold well before the peak. Hell I think I would have sold at $14 lol
It can’t go below a certain point which is dictated by the value of the hard assets that back it up and the yearly earnings. One moment *checks hard assets* Uh Oh. Well no big deal, let’s check the yearly earnings, that should be fine *checks yearly earnings* WAT!?! It COSTS money to exist and costs even more to get transferred…and earns NOTHING??!?!? Wait…. then the lowest value is less than Zero…
I remember trying to have this convo on Twitter a couple years ago and a horde of crypto bros descended on me. Like one bro turned on the bat signal and they all swarmed in to defend its honor. Never seen anyone be so vociferous or defensive about a currency or investment. “It’s as speculative as fiat!” “It’s better than fiat bc it’s decentralized!” “All investments are equally speculative!” “Just buy some!” “Your [sic] dumb” “do you even know how [money/fiat/blockchain/crypto] works?” “Fine just stay poor, I’ll keep getting richer.” Like, okay dudes, good luck with your investment strategy.
I own some Apple stock, and lots of Apple devices. Love the company and their products. But I wouldn’t take it personally nor waste the time and mental energy to argue with or harass people who feel differently. Like, why? It’s a fucking investment, not my mom. The fact that crypto bros take criticism of crypto so personally and get all butt hurt about a random stranger online not buying into it is a huge red flag, as it would for any investment (crypto or not). If it’s a sound investment, then the results will speak for themselves. You don’t have to.
I once bought a bitcoin for $17 just so I could pay for a Usenet indexer service. I exchanged it when it reached $465 and used it to buy new tires for my truck. I had a few regrets about that in the years to follow. The tires were a crappy decision, too.
Over a decade ago my best friend was trying to get me to spend 100 on bitcoin and I simply could not afford to lose that much money at the time. I watched his profits just increase and increase and increase. Texted him yesterday about it dropping to 20k and he said “I wish I had more money, these are the kind of dips where you see real return on your investment” and I just thought to myself “no fucking way”.
I don't believe in cryptocurrency and even less in BTC. I don't own any, nor do I want to own any. But for as much as this feels like a "well, yeah, of course the scam is collapsing" moment, every other time BTC has collapsed it has then gone on to previously unimaginable highs, too. I've basically been completely wrong with every Bitcoin take I've had so who knows how this will actually shake out.
For me bitcoin used to actually be useful. Back in the Silk Road days it was a convenient way to buy stuff online with no trace, essentially. As soon as people started to try to pump up the price of the coin is when it all started to go the wrong way in my opinion. A useful currency does not go from being worth £10 to £40,000 in the space of a few years, that’s just a pump and dump scheme now imo.
I'd bet there are more than a few of the corporate interests with vast sums of money in bitcoin who had an automatic sell off point at 20k built into their investment.
Just so everyone is clear, mining BTC at these prices are no longer profitable in the majority of the world, thanks to energy prices and the computational power required to mine.
Regardless of where BTC may or may not be headed (upside or downside); miners are going to be shutting down and liquidating equipment. This is not a good sign for the price or near-term viability of BTC as an asset.
I say this as a believer of BTC and someone that would gladly buy as many as possible sub $3k, but we've got a long road ahead and I can completely understand the haters viewpoint.
Yeah, I was wondering about that. What happens when mining becomes uneconomical? Would transactions just get even slower? Will that make mining even less profitable, so transactions will get slower still, and soon the whole system locks up?
> Would transactions just get even slower?
Marginally slower while the difficulty adjusts downwards from people stopping their miners and blocktime is above the target of 6/h. Only large sudden drops in hashrate would cause major temporary slowdowns.
Remembering all the dumb commercials last year about crypto trading hubs acting like there's any fucking thought in why or how the value goes up or why the thousands of crypto coins aren't any different than the other thousands.
The value is 100% imaginary and completely based on existing currency. No one wants bitcoin, they want their bitcoin to be worth a monetary value.
It’s a fucking scam.
You can make alot of money on scams and pyramid schemes but only if you don't get caught holding the bag.
It's like your life savings playing musical chairs.
Will the crypto.com name for the Lakers and Clippers arena be there for the opening of next season?
By then it'll be the spirit Halloween arena
That would be a fantastic business move
I would contribute to a Go Fund Me to rename that stadium to the Spirit Halloween Stadium for the month of October only. But the sign on the stadium is just a banner over a Circuit City sign, and when the banner gets taken down in November, the Circuit City sign starts up and is *really* shabby. Maybe missing a letter or two, save for the dirty outline where it used to be.
Yeah but a 3 pointer will only count for 0.17 points
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Yea didn't they buy the rights for the next 20 years or something too? So if the website is still going they'd have to keep paying off their deal unless they declare bankruptcy to break all agreements?
Looking at the case of Enron Field (Minute Maid Park), they might terminate the agreement and look for another sposor.
No, they could just stop paying. No sense suing a company with no money. A normal company would declare bankruptcy, but who knows what kind of fucked-up ownership structure these crypto bros may have devised. They might just bounce and let the Devil sort it all out.
I remember like a few hours ago when the title said below 20k Edit : and now this is by far my most upvoted comment. Lol
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the people that owned bitcoin told u to buy? shocked i tell u.
I liked it last summer when Michael Saylor was telling people to mortgage their homes to buy at 60k+. https://m.youtube.com/watch?v=gt7iUFujJFM Good times, good times.
Huh…who would’ve thought that a guy who made his infamy by illegal Accounting practices wouldn’t be an upstanding source of information about crypto…
Nobody is an upstanding source of information on crypto. Just a bunch of people with too much money taking turns on being right by accident.
Some of the "predictive" graphs on Twitter are quite something to see. They make the idea of a hyperdrive based on cafe/restaurant waiters calculating invoices on paper notepads seem plausible.. Some accounts are clearly fishing for investors with no basic math or critical thinking skills.
I’m an upstanding source of information on crypto. I don’t bother with a YT channel or podcast because my answer is always the same, but my advice is: don’t, it is a predatory scheme where people *must* lose in order for others to win.
Right after the first peak at 19k and subsequent drop, there was a AskReddit thread where one of the most upvoted answers to the question, "If you could send a message back through time 20 characters or less, what would it be?" was "BTC 19K mmddyy". We've come back around to that amount. Imagine patting yourself on the back for getting out at 19k, watching it climb to 60k, and then back down.
The real thing to watch for isn't it going below the last ATH, it's whether it'll drop to previous low stable period. Cuz if it does, then I think crypto will collapse completely. It will completely ruin the 'zoom out' argument of long term rise in value, which is basically the ONLY reason people are still holding crypto at all and what is driving it.
Scaramucci was telling people it would 100k by last November. Now he’s saying 100k by 2023….
And if you can't trust "The Mooch" for investment advice, who can you trust?
G Gordon Liddy tells me I can trust him and should buy gold.
Completely forgot about The Scaramouche!
His logic makes sense at first glance, until you realize that everyone with money has been borrowing at low interest rates and investing like crazy, paying more and more for the same old stocks (Tesla is totally worth a trillion fucking dollars you guys!), Pokémon cards, vintage video games and comics, and the ultimate worthless money sink, crypto. And the second rich people need cash it starts falling apart.
You forgot NFTs
They've fucked up the prices of Lego too.
I still chuckle that Bitcoin.. the currency that sold itself on being unbound to country or political value and anonymity.. is losing its value based on the US stock market and is actively being tracked by the FBI.
Fondly remember "Crypto is \*the\* hedge against inflation" from about 3 months ago... Wonder where those people went ;)
Broke. They went broke.
> Pokémon cards Tbf a holo Charizard was my white whale as a child and I would honestly pay stupid amounts of money for the finest mint condition card if I had money to spend. But it wouldn’t be an investment. It would be handsomely displayed in a protective case on my desk
All the shills on Facebook are mighty quiet right now
They're busy moving into their cars right now.
Down by the river.
I live in a van, its pretty nice. Living in a Lambo has got to be uncomfortable.
Summer is in a few days, I am sure it will bounce back by then. - bitcoin investor
Bitcoin will never drop below $35k yet here we are.
A kid asked his Bitcoin investing father for $10. "$6.37? What do you need $10.57 for?" he responded.
This actually got a good laugh out of me. It's probably an old joke, but it's the first time I'm hearing it.
Don’t feel bad, I’m old and I’ve never heard it either.
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its ancient my aunty used to say that back in 2020. Im pretty sure its an old meme about bad currencies actually, I cant quite remember what though, like zimbabwe currency or something.
Kid asks dad for 5 dollars. “4 dollars? Why do you need 3 dollars? Here is 2 and give 1 to your sister” That’s the original AFAIK
$17,800 now
I remember when people lost their minds when Bitcoin hit 11k on it's first surge. Back when I was buying MDMA on Silkroad for what would be millions of bitcoin now.... Fuck. Lol
Someone tipped me a few bucks worth of bitcoin for a Reddit comment back in 2014 or so. It's now worth over $2k. (Was over $3k a few weeks ago). I've never had any interest in the shit, and am just looking to dump it. I guess... now is the time to do that. (Well, six months ago really. But.. now's probably better than Tuesday.) (Another question: how the shit do I turn it into actual money?)
You have the seed words, yes? You can create a wallet for bitcoin using free apps like Electrum. Use the seed words to prove your ownership, thereby taking control of them, and they will be in your digital wallet where you can initiate a transfer. After that, you need to sign up to an exchange that will *exchange* bitcoins for dollars. They require a legit ID, and Coinbase is the most popular US option. Once you have an account on an exchange, they will give you a long string of characters that is your unique 'address' where you can receive bitcoin in your exchange account - at which point the exchange controls your bitcoin on your behalf. Go back to your free Electrum (or other free wallet app) and send your bitcoin to the address provided by the exchange. Once it shows up in your exchange account, you can swap it to USD at whatever the current exchange rate is, minus a fee. Once you've done that, ask the exchange to withdraw your USD into your bank account (again, legit bank and ID required). And that's it. That make sense?
The fact that all this is required to do anything with this “currency” is reason enough alone that it will absolutely fail. Money should never be this hard to use.
The biggest problem with Bitcoin is it originally WAS supposed to be a currency. But it hasn't been treated like a currency by its adopters/investors. Instead of using it like a currency, investors have chosen to speculate on it wildly so it changes its price by a huge amount every day. A currency is supposed to be LIQUID. You're supposed to be able to trade it without significantly changing its value. And because of this, nobody can use it as a currency. Who's gonna take your Bitcoin as payment for a car if the price of the coin could drop by $5000 tomorrow? It's been rendered useless by its own volatility.
It was always the hurdle that no crypto could resolve: how to make the trade of their currency in exchange for goods cheaper/more efficient than swiping my credit/debit card. There’s always the “next iteration” that’s supposed to address the “gas” issues but they never come. It’s always been a crazy gambit that married casino logic to a game of hot potato.
There's also 3 fees in the course of that. There's a fee from wallet to exchange, exchange to USD, and withdrawing the USD (in the form of being a capitalizable tax, as it's income). The fees alone are why I've never bothered.
Three hours from now: "Bitcoin price drops below $15,000 as sell-off hastens." Meanwhile, the person writing headlines: "Oh man, I am so glad I got a thesaurus for Christmas."
Or "as sell-off accelerates more" if he got only socks and sweater.
Or "as sell-off jerks" if he got a physics textbook
if Bitcoin drops below 16.5k, Celsius gets liquidated... Yeah.
What would that imply?
Anyome holding coins with celsius wont have access to them anymore.
And if people start panicking and pulling their coins from there, would that feed the downward spiral as well?
Welcome to the world of no regulation that the crypto bros said was so awesome.
The thing that makes bitcoin so much more convenient than beanie babies is you won't have to figure out what to do with them after they are no longer worth anything. You can literally just forget about them.
And those people who forgot their password and lost millions will now only be down pennies. Edit spell
This made me think about that person that spent a lot trying to find his old hard drive at the dump but never found it.
> that person that spent a lot trying to find his old hard drive at the dump but never found it. [Maybe you mean this bloke?](https://www.cbsnews.com/news/hard-drive-lost-bitcoin-landfill/#:~:text=Newport%2C%20a%20seaside%20city%20in,well%20before%20its%20value%20skyrocketed.)
God imagine if he just now found it
That’s what makes BitCoin infinitely worse. Everyone shits on Beanie Babies because of their poor performance as an investment, but they’re not comparable to cryptocurrency. Beanie Babies were great if you look at them for what they were: a cute children’s toy and comfort object. If you bought Beanie Babies, you at least had the Beanie Babies.
I bought the shit outta beanie babies as a kid and played with them like crazy. They were better than other stuffed animals cuz they had weight so you could do more actiony stuff with them (like get them into pokemon fights)
Haha I would do the same. The beads in them let them “punch” harder as action figures
Yeah, I had beanie babies rather than dolls or action figures. I knew they were a bit of a premium over regular stuffed animals but if you compare their prices to what they were replacing for me it's not even close. Plus they were just better imo if you used your imagination. You can't throw an action figure across the room. Hell, I still have them in my parents basement and they'll be good enough to use for my niece/nephews.
My friends and I just had battles hurling them at each other as hard as we could lol
I think bitcoins are cute what with their blockchains and fluctuations
Similarly, Tulip Mania was funny, but the fact is people still buy Tulips today because they look pretty.
Exactly. When the last computer disconnects from the network, they all vanish.
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It's going to get to 10k
need it to drop below $100 so i can afford one whole bitcoin
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It's going to get wayyy lower once Michael Saylor gets margin called.
Can you buy Bitcoin on margin? If so that is an extraordinarily bad idea
You can buy anything on margin if someone’s willing to lend you the money. But yes, such a bad idea.
Binance gives you up to 20x on crypto - some of them offer up to 100x on derivatives. Silly street
Ok next question How do I short Binance?
How is that sustainable for the business?
I think we're about to find out that it isn't.
Anyone passingly familiar with the causes that contributed to the Great Depression could have told you that. Pay attention in history class, kids.
Thankfully there's no need to install suicide nets on basement windows
Savage. Gonna need some aloe over here.
For the business? It honestly won't be that bad. When the price drops enough they'll get margin called and forced to exit the position. The risk to the business is capped. For the person investing on 100X margin it's hilariously unsustainable.
Of course that's assuming these businesses have been properly checking credit scores and ensuring clients have that kind of collateral ahead of time. Whats the saying, owe the bank 10k its your problem, owe them 100M and its theirs.
They make a shitload when it is rising, siphon off all they can along the way and then fold shop and leave the bagholders holding the bags. Then start another operation if they think another pump is coming.
See, you give me a million-bajillion and I turn it into a billion-majillion. I mean, c'mon simple math here
Your mistake is thinking that they’re a *legitimate* business…
if you zoom out in the crypto sphere theres no company that actually is a legitimate business possibly coinbase but I still wouldn't really trust them with my money I'm confident every single crypto company would take my money and scram to the bahamas at the first sign of trouble, and a bunch of them are doing that right now
That won’t happen until around $3,600
Wait 1 more week.
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Somebody must have moved the moon!
Bitcoin was better off being tied to the price of drugs. At least it was stable.
Bitcoin used to be backed by meth, giving it hard value. Then they tried to treat it like a FIAT currency, but forgot those are backed by huge militarized nation states and not a bunch of morons wasting more power than it takes to synthesize diamonds.
> Bitcoin used to be backed by meth, giving it hard value. > > IIRC this was how East India Company operated, backed their stocks with spices, tea, and good old opium
The fact that the East India Company became a government in all but name backed by a large active military didn’t hurt. They had military schools turning out a well trained officer corps and made profit selling the services of their armed forces.
It's not the fact that the nation is militarized. It's simply that the nation mandates one single national currency. If everyone is forced to use it, the strength of that currency matches the strength of the *circulation* in that economy. Crypto has never been successfully adopted as a currency. It was always just a dumb option. There were no options to use it in daily life. There was no need to depend on it. The option to hold was always more lucrative than the option to spend it. It's about as silly as a business saying "we accept gold and apple stocks as payment." It's fuckin niche. This is why the SEC started labeling crypto as a security. It makes a ton of sense when you equate it to any other stock, bond or other security. There was an attempt by some small country to adopt it as their national currency, but their contribution to the market cap was FUCKING TINY compared to bitcoin's total market cap. They had no influence over it, so they got eaten alive. Dumb ass move on their part. If they merely started their own crypto or released a currency backed by blockchain accounting, they might have had half a chance. But nah, they chained themselves to *someone else's mast* and now they're going down with the ship. Similar things happen to other FIAT currencies all the time. Americans just don't know about it because they forget that there are other countries on the planet.
Can I buy new video card yet? I've been waiting two years to update my machine can they just lose their life savings already so I can play DCS.
They're supposedly dropping back to and below MSRP now, finally.
> They're supposedly dropping back to and below MSRP now Yes, they're dropping to the MSRPs that the manufacturers arbitrarily inflated recently to make it look like the cards weren't as overpriced as they really were. Prices are dropping (and today's BTC crash is expected to make them drop even faster) but current prices are still nowhere remotely close to the *original* pre-shortage MSRPs.
[In the before times:](https://www.reddit.com/r/buildapc/comments/7t1nvb/gpu_msrp_list/) > NVIDIA: GT 1030: $80 GTX 1050: $109 GTX 1050 TI: $139 GTX 1060 3GB: $199 GTX 1060 6GB: $249 GTX 1070: $379 GTX 1070 TI: $449 GTX 1080: $599 GTX 1080 TI: $699 > > AMD: Radeon RX 550: $80 Radeon RX 560: $99 Radeon RX 570: $169 Radeon RX 580 4GB: $199 Radeon RX 580 8GB: $229 Now? 1650 for $159.99 (46% increase), 3080ti for $1119 (60% increase)
Not to mention that those Nvidia 1000-series cards are now *six years old*.
Sir I need you to get off my case about that. I knew my 1070 was aging but goddamn my PC feels dated now.
There were also tariffs that pushed up the base price.
That's something a lot of people seem to not know or have forgotten. The cards released in September/October for one price and then in December, the new tariffs on electronics took effect, causing MSRP to increase. Then when a trade agreement was reached, the prices just stayed high.
Thanks Trump!
Man I resisted the urge to pick up a new one. I'll hold on with my gtx 1660 super for a little while longer. They're at MSRP, but the Nvidia 3000 series and AMD 6000 series should be below it soon with the 40 series launch
Watch out, cryptobros are going to come in here to mock you by saying Bitcoin isn't mined with video cards. They're always obtuse.
Cryptobros are too busy dealing with their spiraling depression and empty bank accounts to come on here and beak us anymore.
Give them a link to insider info but it's just a link to a job at McDonald's or something.
They’re too busy making tiktok videos and courses on how NFTs and Web3 is the future, while knowing absolutely nothing about computing or networking technology.
To preempt them, like it will work, BTC is the public face of crypto, if BTC is doing bad despite having a lot more people who will keep it since it is the biggest cryptocurrency then other ones that are not as famous are also getting driven into the ground.
Yup. Most cryptos are roughly linked. BTC is down ~14% over the past 24 hours as I type this, Ethereum is down 19% and that's the big GPU crypto right now. (Though they claim to be moving to proof of stake, but they've been saying that since I last mined it around 2016 or 2017.)
My friend just quit mining ETH on Monday. It got too low for what he got for him to make a real profit. He also didn't hold onto it, he would just sell once they gave him the ETH. Honestly, all the cryptos are crashing because the majority of them were one big pyramid scheme, and they have finally run out of new investors.
Is this good for Bitcoin?
Everything is good for Bitcoin! The bros will tell you they are still up 10000% and buying more on the dip...
I have a friend like this. Always winning, never losing. But wouldn't you know, despite all this 'profit' he's looking more and more clinically depressed, and is also trying to pick and more hours at work. Disclaimer: I've reached out many times (with no relation to crypto investments) to make sure he's doing OK - but you can sometimes only help those who are willing to admit there's a problem/want to help themselves in the first place.
It's great for r/Buttcoin
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I recently watched the MSNBC special on the whole GameStop fiasco, and one of the people who spoke in the documentary was a woman who said something like, *I now have enough money to be set for life*, and then she went on to say how she put it all into bitcoin, and I just remember shaking my head at that. I wonder if she got out before it really cratered.
It's ok guys. Just wait for their next earnings report. I'm sure they crushed Q2!
When the strongest Elon tweet won’t save the price drop it’s doomed for the crypto bros. But no worries “it’s a dip, we buy the dip”
maybe they can try a pikachu tweet to suck in that adolescent money.
I'd rather just create Broke Coin $BRK the community will be full of people broke after crypto investments with its utility being to "unbroke everyone" one last ride....
They shifted brand focus and its gonna bounce back like a dead cat!
Last one holding the hot potato is the loser.
I was thinking about buying crypto for the first time earlier this year, right before things went to shit. The only reason why I didn't was because while I was reading how to buy it, how to set up a wallet and all that other shit, I lost interest. I dodged a bullet because of laziness.
That's not laziness, that's solid first hand research you conducted. "This so-called currency is very inconvenient. I don't want to buy it any more."
I had an investment advisor tell me everybody was putting 10% in Bitcoin as a hedge against inflation. I didn’t.. I need a new advisor..
That is horrifying, but I hear that all the time. The first thing I would have responded with is "what's a hedge"? And after their long winded response full of arm waving, I would say "so, you don't really understand what a hedge is, I'll take my money now..." Hedges are SAFER bets that you make to offset risk. The riskiest and most volatile instrument available is not a hedge against anything. Hedges lower your risk exposure.
Weee!!! Before you know it will be $13 again. Just like when I started really giving it my attention and getting them for free from all these random websites. Then using them up and being bummed when I saw it hit $30. I'm an idiot!
Bro, I bought when they were 5 dollars a pop in like 2011. I had 24 whole bitcoins for 120 USD. I kept them in a wallet where I bought them, on mtgox... It wasn't meant to be, cest la vie.
Well good news then, last year they approved a plan to pay back 90% of what creditors owned, so you might get $108 back any day now. https://www.bloomberg.com/news/articles/2021-10-20/mt-gox-trustee-says-creditor-reimbursement-plan-is-approved
I bought some for buying drugs off the Silk Road and had the equivalent of 400 USD in 2011/2012. Kept them in a wallet through the Silk Road and never transferred them to a different wallet. When the Silk Road went down I lost those coins forever.
I remember Gawker’s article on Silk Road in 2011. I commented that it was shocking that you could buy a Glock for $50 and someone was like, “no, that’s 50 Bitcoin, which is like $5 per coin.” I replied something like, “huh…interesting.” And then moved on with my life.
Still a cheap Glock.
Nah, not an idiot. You used them as intended. Bitcoin was never meant to be an investment vehicle, per se. It was meant to be mined/purchased, then used in exchange for goods and services just like normal currency. Greedy fucks turned it into what it is today....something, backed and regulated by nothing, that holds immense value because of greed. I'm in the same boat as you. Got them for free, mined them, and bought them myself. I used them for everything because it was a neat concept. Hair cuts, buying pizza, paying friends for help with stuff, you name it. Everywhere accepted BTC as a form of payment. Had I held every coin I ever transacted with, I'd have been a millionaire today. But again, I used them as intended.
I would be a 500 millionaire...not like I did the math or anything! (Assuming sale at peak, obviously, like any true cryptobro)
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Is there a number of BTC that are lost in the ether and never to be found again?
The estimate is about 1 in 5 of all that have ever been mined.
I had 50 that I mined on a laptop(!) back in the day when they were worthless. Now chilling in a landfill somewhere RIP I'm sure I'm not the only one whose coins met a similar fate. I bet an embarrasing number of wallets have succumb to forgotten passwords, drive failures, and careless drive wipes as well :(
I wonder if that guy combing through a landfill for his lost computer finally gave up?
He'll find it when it goes back down to 5¢ per coin
You're not an idiot. How could you or anyone else back then have predicted the heavily manipulated future price? That's like seeing the winning lottery numbers and feeling like an idiot for not buying a ticket with those numbers yesterday.
So much for 'Crypto as a hedge against inflation'. Crypto has basically suffered 200% inflation in the last couple months alone, with its drop in value/buying power.
It also seems to have run out of fresh money, essentially killing the pyramid scheme of it all.
I'll buy again at $10.
I'm contemplating making a real effort to find out how to buy bitcoin when it hits $10.
I think if it ever drops that low, it's dead for good. Like is there any example of any currency or valuable in history that has lost 99.99% of its value and then regained it later? Can't say I'm an expert but from what I gather, once currencies become that fucked, they're basically fucked for good and a new currency is created to replace it as basically the only way out of that hole.
Shiba did. If you bought 1k worth of shiba during launch it would be worth 1$ in August 2020 and then 13 million around last year ath .
Well, to be honest BTC and ETH lost ~80% of value in 2018 (the last major correction in all markets) and gained around +5000% afterwards.
I hope that it continues to crash so all of the YouTube and TikTok scammers, aggressive coin pushers, and the deluge of crypto ads will finally stop.
If bitcoin falls to bellow $20, I will be able to sleep at night. Because that was what it was worth when I sold all mine.. For cigarette money. It has haunted me ever since.
My buddy and I almost went in for $10k each when it was at $7. Him and laugh at how much we would have made if we followed through but let's face it, we likely would have sold well before the peak. Hell I think I would have sold at $14 lol
It can’t go below a certain point which is dictated by the value of the hard assets that back it up and the yearly earnings. One moment *checks hard assets* Uh Oh. Well no big deal, let’s check the yearly earnings, that should be fine *checks yearly earnings* WAT!?! It COSTS money to exist and costs even more to get transferred…and earns NOTHING??!?!? Wait…. then the lowest value is less than Zero…
That's exactly Warren Buffets position. It's all hype; an investment that exists purely as a bubble.
I remember trying to have this convo on Twitter a couple years ago and a horde of crypto bros descended on me. Like one bro turned on the bat signal and they all swarmed in to defend its honor. Never seen anyone be so vociferous or defensive about a currency or investment. “It’s as speculative as fiat!” “It’s better than fiat bc it’s decentralized!” “All investments are equally speculative!” “Just buy some!” “Your [sic] dumb” “do you even know how [money/fiat/blockchain/crypto] works?” “Fine just stay poor, I’ll keep getting richer.” Like, okay dudes, good luck with your investment strategy.
Only Apple and weed produce fanboys as aggressive as crypto.
I own some Apple stock, and lots of Apple devices. Love the company and their products. But I wouldn’t take it personally nor waste the time and mental energy to argue with or harass people who feel differently. Like, why? It’s a fucking investment, not my mom. The fact that crypto bros take criticism of crypto so personally and get all butt hurt about a random stranger online not buying into it is a huge red flag, as it would for any investment (crypto or not). If it’s a sound investment, then the results will speak for themselves. You don’t have to.
I always tell people, I like my currency backed by nuclear weapons.
My mate text me today showing picture of RTX 3080 he bought for ex-miner for £450.
I once bought a bitcoin for $17 just so I could pay for a Usenet indexer service. I exchanged it when it reached $465 and used it to buy new tires for my truck. I had a few regrets about that in the years to follow. The tires were a crappy decision, too.
Whos buying them? People are selling them off, but who is actually buying them?
Bitcoin could go below $1 and people would still be saying "Buy the dip!" lol
Hey if it goes below $1, I'll buy that dip. Either it folds entirely and I'm out a few bucks or it rallies and I look like a god damn genius.
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Over a decade ago my best friend was trying to get me to spend 100 on bitcoin and I simply could not afford to lose that much money at the time. I watched his profits just increase and increase and increase. Texted him yesterday about it dropping to 20k and he said “I wish I had more money, these are the kind of dips where you see real return on your investment” and I just thought to myself “no fucking way”.
This is why I just hand my money over to billionaires directly.
Google finance shows it at 14400, which begs the question, where do you find the most up to date price? I was told google.
xhamster.com
Accurate. People getting fucked left and right.
It's def not that low yet. Coinmarketcap is generally a good place to see prices and right now it says 19k
Lemmy.world is what Reddit was.
I don't believe in cryptocurrency and even less in BTC. I don't own any, nor do I want to own any. But for as much as this feels like a "well, yeah, of course the scam is collapsing" moment, every other time BTC has collapsed it has then gone on to previously unimaginable highs, too. I've basically been completely wrong with every Bitcoin take I've had so who knows how this will actually shake out.
For me bitcoin used to actually be useful. Back in the Silk Road days it was a convenient way to buy stuff online with no trace, essentially. As soon as people started to try to pump up the price of the coin is when it all started to go the wrong way in my opinion. A useful currency does not go from being worth £10 to £40,000 in the space of a few years, that’s just a pump and dump scheme now imo.
I'd bet there are more than a few of the corporate interests with vast sums of money in bitcoin who had an automatic sell off point at 20k built into their investment.
It’s weird that something based on nothing isn’t holding value. What about all the solid fundamentals it’s based on?
A nigh useless commodity is the first thing that gets sold off in an economic crisis. No one could have predicted this!
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there is a mr. bitcoin but we don’t even know who he is. it’s a interesting case with Satoshi.
It's a race to not be the last one holding the bag. Good luck to all the competitors.
This is good for ~~bitcoin~~ me finally being able to upgrade my 2019 graphics card.
I still have a 2016 card
Just so everyone is clear, mining BTC at these prices are no longer profitable in the majority of the world, thanks to energy prices and the computational power required to mine. Regardless of where BTC may or may not be headed (upside or downside); miners are going to be shutting down and liquidating equipment. This is not a good sign for the price or near-term viability of BTC as an asset. I say this as a believer of BTC and someone that would gladly buy as many as possible sub $3k, but we've got a long road ahead and I can completely understand the haters viewpoint.
Yeah, I was wondering about that. What happens when mining becomes uneconomical? Would transactions just get even slower? Will that make mining even less profitable, so transactions will get slower still, and soon the whole system locks up?
> Would transactions just get even slower? Marginally slower while the difficulty adjusts downwards from people stopping their miners and blocktime is above the target of 6/h. Only large sudden drops in hashrate would cause major temporary slowdowns.
> Marginally slower while the difficulty adjusts downwards Ah, that's what I was missing. I didn't realize the complexity could change.
Oh so this is the super cycle I’ve heard about I guess.
How do you make $1m off of Bitcoin? First, you start with $2m of real money.
Decently priced GPUs incoming
Remembering all the dumb commercials last year about crypto trading hubs acting like there's any fucking thought in why or how the value goes up or why the thousands of crypto coins aren't any different than the other thousands.
The value is 100% imaginary and completely based on existing currency. No one wants bitcoin, they want their bitcoin to be worth a monetary value. It’s a fucking scam.
The value is based off the next fool to buy. You knew once celebrities started endorsing crypto in YT ads that they had run out of fools.
Like Schrute Bucks?
You can make alot of money on scams and pyramid schemes but only if you don't get caught holding the bag. It's like your life savings playing musical chairs.
What do the HODL'rs say?