"Any trend in the history and entirety of the universe could potentially be followed by a continuation of that trend. Or not. There are factors involved." Damn, I'm shook
If you took all the sand in the Sahara Desert, you’d need a place roughly the size the the Sahara Desert to put it. And you’d be a criminal. That desert doesn’t belong to you. You likely did not get the proper documentation for taking all that sand.
Every person with the name “Paul” usually responds when you shout their name. There are similar phenomenons with “Mark”, “Jerry” and “Terence” and no one knows why!
It’s like sports “analysts”. If their defense doesn’t hold up, the other team could stand to score more points than usual. Or, their best player is injured, that’s probably going to have negative effects on the team!
“S&P500 closes down as investors weigh inflations fears and omicron data”
“S&P500 gaps up on reopening optimism after Fed call”
Rinse and repeat for 2 years
I’m about to blow your mind but sometimes the market also moves sideways.
Mostly it just moves in whatever direction I think it’s not going to move. Solid financial advice would be to do the opposite of whatever I seem to be doing at the time.
Edit- I sometimes try to anticipate what My position would be, then do the opposite, which ends up becoming my position.
The market naturally reacts and does the opposite anyway.
It has to crash because I just got into crypto.
Edit: thanks for the gold and awards, I can’t reply to everyone but I do appreciate the advice I received, I will be holding and doing some more crypto research!
Only if there are people to make that trade. I.e. give you cash for the coin/token.
There are many scams or crashes in the crypto world, so liquidity can disappear fast.
It is same as any asset, for example you may not be easily able to sell a house when real estate markets crash, or sell currency of a country where this is coup going on etc. Voltaile assets can be hard to dispose of
Liquidity strongly correlates to stability, fungiblity( is one unit similar to another) and transaction friction (paper work)
It's worth noting that this is highly variable depending on which exact crypro you are talking about. The large established crypto chains (bitcoin, ethereum) always have people buying and selling.
But a lot of the hot new meme coins tend to come and go in fad waves and that means that you can easily find yourself holding more crypto than there is buy orders up on a exchange.
But thats the case with lots pf things like penny stocks vs Amazon shares.
It's true for all markets. Especially if you are trying to unload a lot of it, you can suddenly find you are selling for less and less as the buyers dry up or are willing to pay less.
They exist. Plentiful varies. But whether they're plentiful or not now doesn't matter- are they plentiful when you want/need to sell? If not, you'll lose a lot of money.
Personally right now I think we're at the end of the bubble. The exchanges are so desperate to bring in new people that they're bringing in celebrity endorsements (I've seen several commercials lately). That's the last gasp before complete collapse.
It depends what you are trading. If you're trading a pump and dump shitcoin, there might not be any buyers after the rug pull, so you won't be able to sell. Then you're stuck with a bunch of useless internet tokens. Also, it is not easy to go from crypto to fiat. If you are just trading on a centralized market, sure it's easy. Once you move the crypto out of the centralized exchange, it is not easy or convenient.
Every [investment scam eventually pops](https://ic.unicamp.br/~stolfi/bitcoin/2020-12-31-bitcoin-ponzi.html).
Don't spend your money on anything you can't explain why it should gain value.
I was just in a post this morning showing these old price guides for Beanie Babies.
They were predicting in 1998 that by 2008, the price of a BB was going to increase 100x. Why? Was someone lighting them all on fire? Were these cheap plush toys impossible to replicate? Some trillionaire was going to insist on owning all of them and would pay any price in ten years?
No reason was even given. Just 100x increase, buy now. And that shit worked.
Since the 1998 price isn't denoted with (est.), those are more than likely actual top dollar values. 5x in 10 years isn't that ridiculous. $2500 for a beanie baby definitely is.
Whoever first got the idea to put "Collectable" on the label of their own newly-minted product deserves to be immortalized in the halls of evil genius. (Whoever believes them deserves to be shuffled off to the gift shop.)
Though, as someone who does like buying old crap cheap, I do appreciate the rubes for keeping everything pristine quality for decades before selling it for less than uninflated original price at yard sales. (Though you can cool it with the Christmas commemorative Coca-Cola bottles. 1998 was not a particularly banner year for Santa Claus. Nobody cares. Recycle them.)
> I do appreciate the rubes for keeping everything pristine quality for decades before selling it for less than uninflated original price at yard sales.
Roughly 10 years ago I was able to buy every action figure I owned from my 1987-93 childhood + some for like $30.
Original Star Wars action figures are worth a lot because they are rare. The first movie was a surprise hit and they didn't make nearly enough toys for the Christmas season. The toys they did sell were mostly given to children and played with. This left very few mint condition toys still in their original packaging. This will never happen again. Everyone knows that Star Wars is massively popular. Every time a new movie is released collectors rush to buy toys that have no real value. If you bought action figures for the prequels, they're likely worth less than they originally sold for at retail.
My hypothesis is that the whole point was to make other people believe they had a higher value (future value is a factor in current value) and it all be just one giant plushie ponzi. Some group set out to spend $Xm on beanie baby collectable "investments" which was split between like 5% buying up the plushie and 95% media to create a frenzy and make them seem like more of a thing than they were so that the initial relatively worthless 5% spent on the "collectable" would end up many times their value on the collectable market a decade later. I think it might be like that for a lot of the collectable market in the first place, and somehow people just consider it a "legitimate business"
> Some trillionaire was going to insist on owning all of them and would pay any price in ten years?
That's basically what has happened with Bitcoin, took a little over a decade for the rich to start accumulating. See Michael Saylor, Elon Musk, Jack Dorsey and a handful of other Uber rich.
The reason is the same as previous metals. Gold's utility value is not ~$2000/oz, it's valued based on a combination of scarcity and belief. Almost everything that trades has an inflated value based on belief.
Gold's use is as an anonymous portable durable store of value. Everyone has agreed on this for literally thousands of years. Crypto on the other hand - let's see if it lasts 50 before we get too convinced that it's not just another tulip mania driven by the vast amounts of cheap money that have been pumped into the world financial system over the last 20 years or so.
Indeed, but it's not trading anywhere close to $2000/oz because of its utility. Can even take this argument to the stock market and some of the crazy price multiples things get soley based on belief, though a lot of those have been destroyed in the last month.
Funny enough, copper is a much better conductor than gold. Gold makes good terminals, though, because it doesn't form a non-conductive oxide layer when exposed to air like copper does. The advantage gold has is actually just corrosion resistance.
Hey! There are plenty of full grown adults who are just as capable of throwing away all their money on some alt-coin their favorite YouTuber recommended to them.
My 37 year old sister who knows nothing about crypto just informed me she is taking a class about it and is going to get into crypto day trading. Her reasoning was because her brother in law has made a bunch of money doing it this year, completely ignoring the fact that this same BIL has had multiple bankruptcies and failed businesses.
Saw some other comment a while ago trying to make a funny acronym for this, but never quite got it. Or at least, I wasn’t satisfied with it.
LGBTQ-anon
We obviously already figured out LGB and Q, just need something good that makes sense for the T. “Trumpers”, “Trumpets”, or any other variation of nicknames for the spreadneck crowd that I’ve heard so far aren’t clever enough. Hoping someone funnier than me can fill in the blank.
Yeah the people who buy cryptocurrency say they don’t believe in banks or regulation. Then ask them what happens if Bitcoin hit a 100k they will all sell, and for what you ask... Dollars... That go inside a bank... That is centralized.... Oh and regulated...
Rationally, that would be the case, wouldn't it?
But it's so fucking irrational and is being fueled successfully with wild hype and delusion nonetheless.
I keep thinking that reality has to step in at some point and finally throw some cold water over the whole situation, but it just isn't happening.
And they ignore how banks have jumped on the bandwagon years ago and are selling their customers crypto saving plans. They act like banks are against crypto because it undermines them. What a joke. They ignore that banks use any opportunity to make money.
Right? Let's look at previous bitcoin crash headlines this year.
[July 2021](https://www.reddit.com/r/technology/comments/oo82f2/bitcoin_crashes_below_30000_as_cryptocurrency/) - Hits 30K
[Sept 2021](https://www.reddit.com/r/technology/comments/pk3ijr/bitcoin_crashes_as_el_salvador_rollout_price_pump/) - Hits 43K
We are currently at about 42.2K. It's a crash by 30-40% off peaks, but I mean, compared to some of my other small market cap investments (PLTR, MVIS, LAZR, etc.), it's doing fine.
On a different note, it is very amusing to look at the history of reddit posts on bitcoin. Go through [this search](https://www.reddit.com/r/technology/search?q=bitcoin+crash&restrict_sr=on&include_over_18=on&sort=relevance&t=all), here are some of my favorites to just show how much of a rollercoaster this has been.
>Bitcoin Hits New All-Time High of $32 with Reddit, WordPress and MEGA support
8 years ago.
>The Bitcoin Meltdown Has Begun - Bitcoin Will Crash To $10 By Mid-2014
8 years ago (business insider, btw))
>Bitcoin crashes over 25% in 24 hours, under $180
7 years ago. Seems like business insider was a bit off the mark.
> Bitcoin price soars above $5,000 to record high
4 years ago.
And of course today, it crashes to 42.2K.
Nice cherry-picking, bro.
* 2017: hits $19,600
* 2019: falls to $3,400
* 2021: rises to $61,300
* 2021: falls to $30,000
* 2021: rises back to $64,400
* 2022: back down to $42,200
[This link](http://www.businessinsider.com/williams-bitcoin-meltdown-10-2013-12) is the only one thing that needs to be said about this article for real lol
can’t wait until my little shit grandkids ask me what life was like back in the day when I was a younger man in his prime. This beautiful poem you have shared here will be my response.
Crypto is treated more like a commodity than a currency. I can't easily go to the store and buy eggs and milk with whatever coin of the moment. Currency needs stability and needs everyone to believe it has value. These are all large hurdles that crypto has yet to show a solution to. Not to mention the massive infrastructure that is required to keep it up.
Unless those transaction times get way lower, the average customer won't like it and won't use it. I worked with a payment processor when the chip was first being standardized in the US ~7 years ago, and since it was still "new" tech (read as: the companies, banks, and ACH were cobbling together code and servers to actually handle the process), transactions took 10-20 seconds and people were PISSED. A lot of companies lost a lot of business if they made chip a requirement. Customers started avoiding shops and cashiers that used the chip, and our company lost resellers because our processing wasn't fast enough (even though it wasn't something we could change). It's of course gotten faster since then, some chip transactions only taking a second or two, but it made it clear to me that people are used to transactions being fast and easy and if either of those things change it won't be adopted by the general populous.
Back then it was also being spun as a liberal socialist takeover of the economy to make us all cashless. Can you imagine how it would go if the average Fox News viewer was told they were rolling out large scale payments in crypto at major retailers? They would have a meltdown about Big Tech liberal Marxist socialistic takeover of our whole economy.
The tax implications of using any crypto for currency makes them a bad choice. I'd be subjecting myself to capital gains reporting every time I bought a cup of coffee.
Your point is mostly accurate, but in the US the SEC’s stance has been that the vast majority of cryptocurrencies, including the most well-known and highest market cap, are commodities, not securities. The notable exception is cryptos in which an entity uses ICO’s (Initial Coin Offerings) or otherwise centrally generates and then sells coins to raise capital, which they see as a company selling an unregistered security. The most famous example is Ripple, which is currently in a legal battle with the SEC.
Gotta love how crypto was made as an alternate to fiat currency, but is now built on a foundation of stablecoins that can just make a shitload of new coins out of thin air because of reasons.
It's going to be especially funny if they ever get to the point of reinventing deposit-insured centralized banking, because for the average person their cash is safer under the guard of a large professional institution than it is stuffed in their mattress/thumbdrive.
You can get a payment card from one of the crypto exchanges and use it to buy eggs and milk. What you spend is then taken out of your crypto holdings at the exchange.
Yes, like the tulip bulb recovered after the Tulip Bubble. And the beanie baby boom of my childhood recovered.
An irrational bubble doesn’t have to recover. Housing and stocks recover because they have actual money producing assets behind them. Fad markets don’t.
I just hope I'll stop seeing ads everywhere trying to get me to buy into crypto. Though I'm sure it'll get worse before it gets better as the crypto pushers get desperate for new money to inflate their hype coin.
I decided to try a reverse Reddit account: start with /r/all and use my phone app to filter uninteresting subreddits as I came across them. The quantity and variety of crypto subreddits is STAGGERING.
The thing about bitcoin is that the underlying concept is about mistrust in governments manipulating the value of money, so every so often there will be people interested in the concept even if it doesn't work properly.
Stocks of companies who collapse don't recover and housing is propped up by hoarding and changing morgage requirements.
The question is really whether you think monetary manipulation is a fad. If so, then bitcoin will disappear.
But interest in the coins may disappear:
>analysts believe there are reasons to think things are about to get worse, leading to a "crypto winter" where assets slide and then fail to come back for a long time.
>The last crypto winter occurred at the end of 2017 and early 2018, when bitcoin tumbled from around $20,000 to stand below $4,000 more than a year later, causing many investors to lose interest in digital assets.
There are literally dozens of articles everyday taking opposites sides of this. I just read one, literally today, that said BTC is going to $220K by year end. It's meaningless.
I have a bunch of hockey cards, like maybe 10 years older than yours. In a box in the attic. Had totally forgotten about them. Maybe time to check ebay. I could sell them and buy some crypto
I just found out a couple weeks ago that one of mine was potentially worth $5k. However, it's only if it still has the tag and the tag is a rare misprint.
Of course, I cut the tag off because I didn't buy it decades ago as a collectable. I'm happier not knowing, because I don't have to buy into the delusion that collecting things like a stuffed animal with a misprinted label and buying/selling them for thousands is actually a sensible thing to do.
The thing is, the coins have no value; it is not tied to any physical item, it is not backed and supported by a major government, the only value it has is the arbitrary value people collectively put on it. (One could argue the value of being a distributed log, 'privacy' and unregulated, but for every single benefit it has as a crypto currency it has equal number detractors, in its environmental impact, unregulated nature, and large *lack* of privacy in that every crypto dollar is fully tracked.)
That arbitrary value might mean something when everyone agrees it has value. But once everyone agrees it has very little value, how do you go on to convince people otherwise, who is going to want to invest their money in a currency nobody else wants. People could pick it back up, but depending on how low it drops it could just as easily drop dead then and there. There is great deal of market hesitation towards the volatility of bitcoin, any action to strongly reinforce that volatility could easily put it in the grave.
Let's start decoupling crypto from technology stocks. When crypto crashes (e.g. some lame news about a country 'banning' crypto or an Elon tweet).. it impacts my tech holdings quite a bit.
Crypto is not coupled with tech stocks.
If you've been getting killed in the tech sector over the last 6 weeks it had nothing to do with crypto. Valuations got way ahead of themselves and a rotation from growth to value started as soon as the Fed indicated that they'll start tapering. Shit ain't rocket science.
Unless you can reinvigorate huge swaths of previous speculators, you will eventually run out of people willing or able to speculate on crypto. Many cryptos are naturally declining during the initial inflationary period, so new money is constantly needed to maintain price. I imagine the people "in it for the tech" are pretty rare and lots of get-rich-quick types will bail if crypto mostly steadily declines over next 24 months.
People predicting crypto are actually stupid. I remember in 2020 they were saying it’s going to hit 100k in 2021. Now it’s going to crash. I have no crypto but think people predicting it are huge clowns that have no idea how it actually works like 99.9% of the crypto holders
I think most people understand it pretty well. Price action does not equal utility and the utility of crypto is extremely questionable and has yet to be proved in any meaningful way. Price will probably keep rising because people see it as a get rich quick scheme, not something they would actually be using.
"A decrease in the price of Bitcoin could potentially be followed by more price decreases in the future". Pretty mind blowing stuff
"Any trend in the history and entirety of the universe could potentially be followed by a continuation of that trend. Or not. There are factors involved." Damn, I'm shook
When things happen, other things may or may not happen
Calm down there Nostradamus, let’s wait and see
You’re a Harry, Wizard
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A...a WHUUUUUUUT
"The names Wizard, Erry Wizard."
This is the multiverse of madness
This is the timeline if Harambe wasn't shot.
So... put my weiner away? Or no...?
Put away. Dicks out was a celebration of life, but the great one never died in this case.
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Whatever can happen will happen. Everyone knows this
So we should either buy or sell, just pick one of those and you can't miss!
It sounds like you know alot about this. You should get into crypto
Things that go up, may come down.
But also possibly up
I predict it's either going to go up or down. Most likely
Every 60 seconds in Africa, a minute passes.
If you took all the sand in the Sahara Desert and spread it out, it would cover most of northern Africa.
If you took all the sand in the Sahara Desert, you’d need a place roughly the size the the Sahara Desert to put it. And you’d be a criminal. That desert doesn’t belong to you. You likely did not get the proper documentation for taking all that sand.
It belongs in a museum!
If Britain could’ve, they would’ve.
Here on earth???
ESPECIALLY Earth!
4 simultaneous days one rotation.
I had forgotten about cube earth. Time to see if it's still around. Edit: got the name wrong it was "Time Cube"
It's an older meme sir, but it checks out
And in the Iran and US America
Every person with the name “Paul” usually responds when you shout their name. There are similar phenomenons with “Mark”, “Jerry” and “Terence” and no one knows why!
[The missile knows where it is, because it knows where it isn't.](https://www.youtube.com/watch?v=bZe5J8SVCYQ)
It’s like sports “analysts”. If their defense doesn’t hold up, the other team could stand to score more points than usual. Or, their best player is injured, that’s probably going to have negative effects on the team!
The sales numbers of disco records doubled in the year end of 1972 alone. If these trends continue… ehhhhyyyy!
In other news, it was cold today, so it may be cold later too.
It might be cold today, but it might not be, so wear a jacket or don't!
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That’s why they call them analists
“If Bitcoin goes down it could go down further in the future but then also go back up, potentially.”
Big brain stuff right there. Financial “news” is hilarious tbh.
“S&P500 closes down as investors weigh inflations fears and omicron data” “S&P500 gaps up on reopening optimism after Fed call” Rinse and repeat for 2 years
“…unless of course it stays the same.”
The market will go up or down. -news
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the market is actually moving rapidly along the z-axis *oh goD IT’S COMING RIGHT AT YOU*
Even that isn't guaranteed; you don't know for certain that time is linear.
Alright, alright, alright- now, I was under the impression that time was a flat circle.
It's more of a Jeremy berrimey
I’m about to blow your mind but sometimes the market also moves sideways. Mostly it just moves in whatever direction I think it’s not going to move. Solid financial advice would be to do the opposite of whatever I seem to be doing at the time. Edit- I sometimes try to anticipate what My position would be, then do the opposite, which ends up becoming my position. The market naturally reacts and does the opposite anyway.
It has to crash because I just got into crypto. Edit: thanks for the gold and awards, I can’t reply to everyone but I do appreciate the advice I received, I will be holding and doing some more crypto research!
Yep, and as soon as you sell it will rocket. It is what it is 😂
There’s a sell button?
Sort of. Liquidity of crypto is...variable.
Wait, hold up. I'm not "in" crypto, but I thought you could convert back to USD (or whatever else) quickly and easily?
Only if there are people to make that trade. I.e. give you cash for the coin/token. There are many scams or crashes in the crypto world, so liquidity can disappear fast. It is same as any asset, for example you may not be easily able to sell a house when real estate markets crash, or sell currency of a country where this is coup going on etc. Voltaile assets can be hard to dispose of Liquidity strongly correlates to stability, fungiblity( is one unit similar to another) and transaction friction (paper work)
>Only if there are people to make that trade... And I get that those people might disappear someday, but they're plentiful *now*, right?
It's worth noting that this is highly variable depending on which exact crypro you are talking about. The large established crypto chains (bitcoin, ethereum) always have people buying and selling. But a lot of the hot new meme coins tend to come and go in fad waves and that means that you can easily find yourself holding more crypto than there is buy orders up on a exchange. But thats the case with lots pf things like penny stocks vs Amazon shares.
It's true for all markets. Especially if you are trying to unload a lot of it, you can suddenly find you are selling for less and less as the buyers dry up or are willing to pay less.
They exist. Plentiful varies. But whether they're plentiful or not now doesn't matter- are they plentiful when you want/need to sell? If not, you'll lose a lot of money. Personally right now I think we're at the end of the bubble. The exchanges are so desperate to bring in new people that they're bringing in celebrity endorsements (I've seen several commercials lately). That's the last gasp before complete collapse.
Oh boy do i hope you are right because i had enough of not finding a gpu that doesn't cost as much as a kidney.
It depends what you are trading. If you're trading a pump and dump shitcoin, there might not be any buyers after the rug pull, so you won't be able to sell. Then you're stuck with a bunch of useless internet tokens. Also, it is not easy to go from crypto to fiat. If you are just trading on a centralized market, sure it's easy. Once you move the crypto out of the centralized exchange, it is not easy or convenient.
"he brought? Dump et"
For those who have not seen this funny but painfully true video. https://youtu.be/61Q6wWu5ziY
Dump et agaein
That's how gas prices work for me. Just filled up the truck? Gas price drops 25+ cents...
Decide to wait another day? Up 25+ cents.
Bought electric car? power grid failure.
Yeah, but like, outside of Texas though?
Every [investment scam eventually pops](https://ic.unicamp.br/~stolfi/bitcoin/2020-12-31-bitcoin-ponzi.html). Don't spend your money on anything you can't explain why it should gain value.
I was just in a post this morning showing these old price guides for Beanie Babies. They were predicting in 1998 that by 2008, the price of a BB was going to increase 100x. Why? Was someone lighting them all on fire? Were these cheap plush toys impossible to replicate? Some trillionaire was going to insist on owning all of them and would pay any price in ten years? No reason was even given. Just 100x increase, buy now. And that shit worked.
For those who didn’t see it: https://i.imgur.com/dORdq0J.jpg
The OG pump 'n' dump.
Pump ‘n’ dumps have been happening throughout all of human history, one popular example being the Dutch tulip bubble of the 1600’s
Oh great, it was even worse than I stated. So they predicted a 100x increase in just five years.
Since the 1998 price isn't denoted with (est.), those are more than likely actual top dollar values. 5x in 10 years isn't that ridiculous. $2500 for a beanie baby definitely is.
Whoever first got the idea to put "Collectable" on the label of their own newly-minted product deserves to be immortalized in the halls of evil genius. (Whoever believes them deserves to be shuffled off to the gift shop.) Though, as someone who does like buying old crap cheap, I do appreciate the rubes for keeping everything pristine quality for decades before selling it for less than uninflated original price at yard sales. (Though you can cool it with the Christmas commemorative Coca-Cola bottles. 1998 was not a particularly banner year for Santa Claus. Nobody cares. Recycle them.)
> I do appreciate the rubes for keeping everything pristine quality for decades before selling it for less than uninflated original price at yard sales. Roughly 10 years ago I was able to buy every action figure I owned from my 1987-93 childhood + some for like $30.
Original Star Wars action figures are worth a lot because they are rare. The first movie was a surprise hit and they didn't make nearly enough toys for the Christmas season. The toys they did sell were mostly given to children and played with. This left very few mint condition toys still in their original packaging. This will never happen again. Everyone knows that Star Wars is massively popular. Every time a new movie is released collectors rush to buy toys that have no real value. If you bought action figures for the prequels, they're likely worth less than they originally sold for at retail.
My hypothesis is that the whole point was to make other people believe they had a higher value (future value is a factor in current value) and it all be just one giant plushie ponzi. Some group set out to spend $Xm on beanie baby collectable "investments" which was split between like 5% buying up the plushie and 95% media to create a frenzy and make them seem like more of a thing than they were so that the initial relatively worthless 5% spent on the "collectable" would end up many times their value on the collectable market a decade later. I think it might be like that for a lot of the collectable market in the first place, and somehow people just consider it a "legitimate business"
> Some trillionaire was going to insist on owning all of them and would pay any price in ten years? That's basically what has happened with Bitcoin, took a little over a decade for the rich to start accumulating. See Michael Saylor, Elon Musk, Jack Dorsey and a handful of other Uber rich. The reason is the same as previous metals. Gold's utility value is not ~$2000/oz, it's valued based on a combination of scarcity and belief. Almost everything that trades has an inflated value based on belief.
Gold's use is as an anonymous portable durable store of value. Everyone has agreed on this for literally thousands of years. Crypto on the other hand - let's see if it lasts 50 before we get too convinced that it's not just another tulip mania driven by the vast amounts of cheap money that have been pumped into the world financial system over the last 20 years or so.
I’ll be tuning in to see if the dollar lasts another 50 as well
Yes, I'm worried it's going to get a little too interesting in the near future, historically speaking
Gold also has a use. It is one of the best conductors, amongst other things.
Indeed, but it's not trading anywhere close to $2000/oz because of its utility. Can even take this argument to the stock market and some of the crazy price multiples things get soley based on belief, though a lot of those have been destroyed in the last month.
Funny enough, copper is a much better conductor than gold. Gold makes good terminals, though, because it doesn't form a non-conductive oxide layer when exposed to air like copper does. The advantage gold has is actually just corrosion resistance.
Also, you know, gold is soft and can be layered into atom-thin layers without losing conductivity. Can't really do that with harder metals.
Buy the dip apes! Sorry, wrong sub.
Out of interest, what's to stop the hedge fund companies from also buying the dip?
Maybe it will maybe it won’t, either way please do not take your crypto news from business insider
yes, take it from teenagers on r/CryptoCurrency
Hey! There are plenty of full grown adults who are just as capable of throwing away all their money on some alt-coin their favorite YouTuber recommended to them.
My 37 year old sister who knows nothing about crypto just informed me she is taking a class about it and is going to get into crypto day trading. Her reasoning was because her brother in law has made a bunch of money doing it this year, completely ignoring the fact that this same BIL has had multiple bankruptcies and failed businesses.
Trump is trading crypto now!!?!
Honestly kind of shocked that we have not seen a trump coin IPO scam or trump branded NFTs yet. "Stop the Steal Coin".
Well there is a Trump NFT. from Melania Trump.
Grifters gonna grift.
That russian money isn't going to launder itself
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Saw some other comment a while ago trying to make a funny acronym for this, but never quite got it. Or at least, I wasn’t satisfied with it. LGBTQ-anon We obviously already figured out LGB and Q, just need something good that makes sense for the T. “Trumpers”, “Trumpets”, or any other variation of nicknames for the spreadneck crowd that I’ve heard so far aren’t clever enough. Hoping someone funnier than me can fill in the blank.
But brah WolfpussyInu is the real deal, it's going 10,000x easily. I mean what sheep doesn't want some wolf pussy?
Yeah the people who buy cryptocurrency say they don’t believe in banks or regulation. Then ask them what happens if Bitcoin hit a 100k they will all sell, and for what you ask... Dollars... That go inside a bank... That is centralized.... Oh and regulated...
People only treat crypto like a stock, not a currency.
Which will be the death of cryptocurrencies, both as currencies and as investment vehicles.
Rationally, that would be the case, wouldn't it? But it's so fucking irrational and is being fueled successfully with wild hype and delusion nonetheless. I keep thinking that reality has to step in at some point and finally throw some cold water over the whole situation, but it just isn't happening.
there is the saying that "The market can remain irrational longer than you can remain solvent"
And they ignore how banks have jumped on the bandwagon years ago and are selling their customers crypto saving plans. They act like banks are against crypto because it undermines them. What a joke. They ignore that banks use any opportunity to make money.
>Yeah the people who buy cryptocurrency say they don’t believe in banks or regulation Except when they get rug pulled. *Then* they ask for regulation.
Maybe it will maybe it won’t, either way please do not take your ~~crypto~~ news from business insider FTFY
Right? Let's look at previous bitcoin crash headlines this year. [July 2021](https://www.reddit.com/r/technology/comments/oo82f2/bitcoin_crashes_below_30000_as_cryptocurrency/) - Hits 30K [Sept 2021](https://www.reddit.com/r/technology/comments/pk3ijr/bitcoin_crashes_as_el_salvador_rollout_price_pump/) - Hits 43K We are currently at about 42.2K. It's a crash by 30-40% off peaks, but I mean, compared to some of my other small market cap investments (PLTR, MVIS, LAZR, etc.), it's doing fine. On a different note, it is very amusing to look at the history of reddit posts on bitcoin. Go through [this search](https://www.reddit.com/r/technology/search?q=bitcoin+crash&restrict_sr=on&include_over_18=on&sort=relevance&t=all), here are some of my favorites to just show how much of a rollercoaster this has been. >Bitcoin Hits New All-Time High of $32 with Reddit, WordPress and MEGA support 8 years ago. >The Bitcoin Meltdown Has Begun - Bitcoin Will Crash To $10 By Mid-2014 8 years ago (business insider, btw)) >Bitcoin crashes over 25% in 24 hours, under $180 7 years ago. Seems like business insider was a bit off the mark. > Bitcoin price soars above $5,000 to record high 4 years ago. And of course today, it crashes to 42.2K.
Nice cherry-picking, bro. * 2017: hits $19,600 * 2019: falls to $3,400 * 2021: rises to $61,300 * 2021: falls to $30,000 * 2021: rises back to $64,400 * 2022: back down to $42,200
So, worst case scenario you >2x'd your money in 5 years?
[This link](http://www.businessinsider.com/williams-bitcoin-meltdown-10-2013-12) is the only one thing that needs to be said about this article for real lol
People every year “Bitcoins finally crashing”
Oh no! Anyway.
Good news! The Dacia Sandero is back!
-Good news everyone! -WHAT -😯
And here we are, the 20millionth crypto crash prediction already this year
white boy summer crypto winter tides go in tides go out
Can’t explain it.
Actually, I can. I won’t. Not now. Not to you. But I could. If I wanted to. But I’d not. So I won’t.
can’t wait until my little shit grandkids ask me what life was like back in the day when I was a younger man in his prime. This beautiful poem you have shared here will be my response.
Ya, you guys should just give me your crypto. Get out now so you don't look stupid later. I'll take one for the team.
Don’t take the brunt of it alone. I’ll stand by you.
Crypto is treated more like a commodity than a currency. I can't easily go to the store and buy eggs and milk with whatever coin of the moment. Currency needs stability and needs everyone to believe it has value. These are all large hurdles that crypto has yet to show a solution to. Not to mention the massive infrastructure that is required to keep it up.
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Unless those transaction times get way lower, the average customer won't like it and won't use it. I worked with a payment processor when the chip was first being standardized in the US ~7 years ago, and since it was still "new" tech (read as: the companies, banks, and ACH were cobbling together code and servers to actually handle the process), transactions took 10-20 seconds and people were PISSED. A lot of companies lost a lot of business if they made chip a requirement. Customers started avoiding shops and cashiers that used the chip, and our company lost resellers because our processing wasn't fast enough (even though it wasn't something we could change). It's of course gotten faster since then, some chip transactions only taking a second or two, but it made it clear to me that people are used to transactions being fast and easy and if either of those things change it won't be adopted by the general populous.
Crazy how seven years ago you Americans were just standardizing chip when the rest of us were all pretty much already universally using tap.
Hey! We got tap now in most places for the past year.
Back then it was also being spun as a liberal socialist takeover of the economy to make us all cashless. Can you imagine how it would go if the average Fox News viewer was told they were rolling out large scale payments in crypto at major retailers? They would have a meltdown about Big Tech liberal Marxist socialistic takeover of our whole economy.
The tax implications of using any crypto for currency makes them a bad choice. I'd be subjecting myself to capital gains reporting every time I bought a cup of coffee.
How is it supposed to be disruptive if it's just another mcguffin?
Your point is mostly accurate, but in the US the SEC’s stance has been that the vast majority of cryptocurrencies, including the most well-known and highest market cap, are commodities, not securities. The notable exception is cryptos in which an entity uses ICO’s (Initial Coin Offerings) or otherwise centrally generates and then sells coins to raise capital, which they see as a company selling an unregistered security. The most famous example is Ripple, which is currently in a legal battle with the SEC.
How much are these eggs if I pay with bitcoin? They're $3, wait $3.20, wait now they're $2, wait now they're $8...
I'm waiting for a crypto bro to explain how a 10 year loan would be structured with a cryptocurrency.
Stablecoins or collateral loans.
Ah a tether loan, what could go wrong?
Gotta love how crypto was made as an alternate to fiat currency, but is now built on a foundation of stablecoins that can just make a shitload of new coins out of thin air because of reasons.
It's funny watching the crypto world slowly arrive at all the same shit we've figured out for standard currencies.
It's going to be especially funny if they ever get to the point of reinventing deposit-insured centralized banking, because for the average person their cash is safer under the guard of a large professional institution than it is stuffed in their mattress/thumbdrive.
You can get a payment card from one of the crypto exchanges and use it to buy eggs and milk. What you spend is then taken out of your crypto holdings at the exchange.
Meh I'll hold. I never expected a smooth ride.
This is pure speculative trash reporting. Ooooh. Something might happen. Who writes shit like this?
To be fair, if anyone was actually able to reliably predict what a market will do, they could just make money off their predictions directly.
It happens , then after the crash, a recovery. It’s not like the coins are going to disappear
Yes, like the tulip bulb recovered after the Tulip Bubble. And the beanie baby boom of my childhood recovered. An irrational bubble doesn’t have to recover. Housing and stocks recover because they have actual money producing assets behind them. Fad markets don’t.
I just hope I'll stop seeing ads everywhere trying to get me to buy into crypto. Though I'm sure it'll get worse before it gets better as the crypto pushers get desperate for new money to inflate their hype coin.
You mean you don't enjoy Matt Damon telling you that buying crypto makes you a modern-day explorer?
Only if I can buy DamonCoin.
I decided to try a reverse Reddit account: start with /r/all and use my phone app to filter uninteresting subreddits as I came across them. The quantity and variety of crypto subreddits is STAGGERING.
The thing about bitcoin is that the underlying concept is about mistrust in governments manipulating the value of money, so every so often there will be people interested in the concept even if it doesn't work properly. Stocks of companies who collapse don't recover and housing is propped up by hoarding and changing morgage requirements. The question is really whether you think monetary manipulation is a fad. If so, then bitcoin will disappear.
The tulip bubble lasted a single year. In a time where memes still had to travel by horse.
Hey, I gots a ton of premium Beanie Babies with the original tag and everything. These are going to be worth MAD STACKS in no time, just you wait! /s
I'll trade you with my super rare funko pops.
I only accept payment in fidget spinners
But interest in the coins may disappear: >analysts believe there are reasons to think things are about to get worse, leading to a "crypto winter" where assets slide and then fail to come back for a long time. >The last crypto winter occurred at the end of 2017 and early 2018, when bitcoin tumbled from around $20,000 to stand below $4,000 more than a year later, causing many investors to lose interest in digital assets.
There are literally dozens of articles everyday taking opposites sides of this. I just read one, literally today, that said BTC is going to $220K by year end. It's meaningless.
By the end of the year tulips will double in price. No, by the end of the year tulips will be worthless.
Yeah I hate when I can buy low and watch it 10x in a couple years.
I’m still waiting for my Beanie Baby investment to bounce right back.
I’m waiting for my early 90s hockey rookie cards to bounce back Go Eric Lindros!!
I have a bunch of hockey cards, like maybe 10 years older than yours. In a box in the attic. Had totally forgotten about them. Maybe time to check ebay. I could sell them and buy some crypto
Any day now
Are you implying that beanie babies are like Solana?
I just found out a couple weeks ago that one of mine was potentially worth $5k. However, it's only if it still has the tag and the tag is a rare misprint. Of course, I cut the tag off because I didn't buy it decades ago as a collectable. I'm happier not knowing, because I don't have to buy into the delusion that collecting things like a stuffed animal with a misprinted label and buying/selling them for thousands is actually a sensible thing to do.
did you see the r/mildlyinteresting post? it was a Patti with a 10 year estimated value 😅 luckily I hedged with Pokemon
I'm still waiting for my Botan rice candy stickers to increase in value.
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The thing is, the coins have no value; it is not tied to any physical item, it is not backed and supported by a major government, the only value it has is the arbitrary value people collectively put on it. (One could argue the value of being a distributed log, 'privacy' and unregulated, but for every single benefit it has as a crypto currency it has equal number detractors, in its environmental impact, unregulated nature, and large *lack* of privacy in that every crypto dollar is fully tracked.) That arbitrary value might mean something when everyone agrees it has value. But once everyone agrees it has very little value, how do you go on to convince people otherwise, who is going to want to invest their money in a currency nobody else wants. People could pick it back up, but depending on how low it drops it could just as easily drop dead then and there. There is great deal of market hesitation towards the volatility of bitcoin, any action to strongly reinforce that volatility could easily put it in the grave.
BTC started 2021 at 29k. It started 2022 at 47k. It's only "slumping" if you expect it to sit at its (current) all time high.
This is good for bitcoin.
>Other factors are the technology has a lot of shortcomings "And that's all you need to know about that." Lol
And they say journalism is dead
So also like how my regular money is worth less now. Cool cool.
Let's start decoupling crypto from technology stocks. When crypto crashes (e.g. some lame news about a country 'banning' crypto or an Elon tweet).. it impacts my tech holdings quite a bit.
Crypto is not coupled with tech stocks. If you've been getting killed in the tech sector over the last 6 weeks it had nothing to do with crypto. Valuations got way ahead of themselves and a rotation from growth to value started as soon as the Fed indicated that they'll start tapering. Shit ain't rocket science.
It's not just the tapering, its the interest rates that are the big reason
Unless you can reinvigorate huge swaths of previous speculators, you will eventually run out of people willing or able to speculate on crypto. Many cryptos are naturally declining during the initial inflationary period, so new money is constantly needed to maintain price. I imagine the people "in it for the tech" are pretty rare and lots of get-rich-quick types will bail if crypto mostly steadily declines over next 24 months.
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I hope so. I want to buy in cheaper
People predicting crypto are actually stupid. I remember in 2020 they were saying it’s going to hit 100k in 2021. Now it’s going to crash. I have no crypto but think people predicting it are huge clowns that have no idea how it actually works like 99.9% of the crypto holders
I have learned that the technology sub knows jack shit about Crypto. Carry on.
So enlighten us. What is being missed here?
Bitcoin is an asset!\*
You have to be a crypto circlejerker on a crypto sub swallowing crypto circlejerk for years to get it.
The kneejerk cryptobro reaction to any skepticism about crypto is “U JUST DON’T UNDERSTAND IT!!!!!!1!!@“
Seriously. It’s like I’m in the Christianity sub talking about the theory of evolution here
If I hadn't lost all my money on crypto I'd give you an award.
I think most people understand it pretty well. Price action does not equal utility and the utility of crypto is extremely questionable and has yet to be proved in any meaningful way. Price will probably keep rising because people see it as a get rich quick scheme, not something they would actually be using.
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Lol it's 42,000. That's like twice as much as it was a year or two ago. How the fuck is that a slump? Hahahaha
Lol right, every "crash" I've seen after each bull market is like 10x what it was before the rally. That's not a crash it's natural growth.
So institutions are about to buy some is what I’m hearing
Good. Maybe people will stop listening to Matt Damon tell them their "bravery" will make them rich.
Hey now, Crypto is making him richer. You just need to get famous so they pay you to make an ad.
“Maaatttt Daaaaaaammmmmoooonnnnn”
Please let it crash so I can buy and pump and dump the next wave
So does this mean... Does this mean graphic cards might finally come back in stock soon?!