An insight on Bitcoin

[Zan15]

Still the best performing asset of the previous decade by several orders of magnitude, and will continue its run as soon as the FED pivots, or when the next halving occurs. I'll take a 2year run from 3k to 69k to 9.9k over NASDAQ or the S&P any day of the week. You also conveniently forgot to mention that they have completely shit the bed as well.

strange picking a single crypto then compare it to an entire market. Why not look at crypto as a cumulative result of all of them if you are going to compare an entire market class to one another?

could have just invested in domino's pizza stock instead of bitcoin.

[Edge-]

https://www.pcgamer.com/crypto-ceo-b...ars-in-prison/

"A prison sentence of 40,564 years is sought for each of these 21 people, including Özer, as over 2,000 people are included in the indictment as complainants."

Man, rugpulls can come with some serious jailtime lol. Granted it was a $2.5B rugpull, but that's a lot of years.

[Poopymonster]

https://www.pcgamer.com/crypto-ceo-b...ars-in-prison/



Man, rugpulls can come with some serious jailtime lol. Granted it was a $2.5B rugpull, but that's a lot of years.

After browsing the article, this clip seemed relevant.

[Edge-]

https://www.digitalmusicnews.com/202...eptember-2022/

So how's the NFT game going?

According to a report from DappRadar, transaction volume on the NFT marketplace has dropped 99% from its record high in May. OpenSea processed around $5 million of NFT transactions on August 28, compared to $405.75 million on May 1 of this year. The trade volume on the platform has dropped 90% from the January 2022 peak of $4.85 billion.

Oh...so not great, then.

https://www.reddit.com/r/CryptoCurre...quidations_in/

And /r/cryptocurrency analysts are talking about the latest BTC price fall. I thought crypto was supposed to not be tied to/impacted by fiat currency so it's interesting seeing how the Fed meeting is still big news as moves by the Fed impact the crypto markets as well.

[gondrin]

https://www.pcgamer.com/crypto-ceo-b...ars-in-prison/



Man, rugpulls can come with some serious jailtime lol. Granted it was a $2.5B rugpull, but that's a lot of years.

Some countries don't mess around with people who con others unlike the US where unless you con rich people out of money, it is tough luck.

- - - Updated - - -

https://www.digitalmusicnews.com/202...eptember-2022/

So how's the NFT game going?



Oh...so not great, then.

https://www.reddit.com/r/CryptoCurre...quidations_in/

And /r/cryptocurrency analysts are talking about the latest BTC price fall. I thought crypto was supposed to not be tied to/impacted by fiat currency so it's interesting seeing how the Fed meeting is still big news as moves by the Fed impact the crypto markets as well.

I still say, until the crypto fanatics can explain to me why they care so much about how much BTC or whatever Crypto they like is valued at in fiat when they want it to replace said fiat, it is nothing more than a scam.

If it is supposed to be a new way of transacting things, or even taking over currency itself, then it's value in dollars shouldn't matter other than an exchange rate. You don't see people going around "Look how much the Sterling Pound is in dollars."

[Ripster42]

If it is supposed to be a new way of transacting things, or even taking over currency itself, then it's value in dollars shouldn't matter other than an exchange rate. You don't see people going around "Look how much the Sterling Pound is in dollars."

The only reason they don't is because it's pretty stable. The fact that the pound has been falling against the dollar has been making the news lately (Several links, from different time periods over the last year to give you an idea). Even then, it hasn't been falling 70% like dift crypto currencies have. If the pound had fallen 70% compared to the dollar, it'd be front page news in every english speaking country.

[Rasulis]

I have seen several television advertisements for Invesco QQQ lately. I don't think I have ever seen ETFs advertised on TV before.

[hellhamster]

Huge day for crypto today, and possibly the biggest in years. The Ethereum proof of stake merge is underway. The proof of work concept will be replaced by a much more energy friendly (99,95%) block validation architecture.

In layman's terms, instead of using GPUs to solve algorithms and validate blocks (ie. transactions), block validation will be based on random validators who will stake their own coins as collateral. The result is a much more energy friendly, environmental, fast and cheap method of transacting and validating, but also less decentralised and less secure, although it should be secure enough in theory. Practically, proof of stake hasn't been tested that long, but other coins have been doing it successfully for years now.



Also great news for gamers, video card demand will subside, if the merge is successful that is. Gas fees, which are required to validate blocks and make transactions, have been insanely high due to Ethereum's price climb of the last few years, which was over 400.000%. This has been Ethereum's biggest problem, they didn't anticipate this increase in demand that consequently increases the costs of validating. This was the main reason for the merge, and is absolutely necessary for Ethereum's growth.

Edit: merge was successful!

[crewskater]

Huge day for crypto today, and possibly the biggest in years. The Ethereum proof of stake merge is underway. The proof of work concept will be replaced by a much more energy friendly (99,95%) block validation architecture.

In layman's terms, instead of using GPUs to solve algorithms and validate blocks (ie. transactions), block validation will be based on random validators who will stake their own coins as collateral. The result is a much more energy friendly, environmental, fast and cheap method of transacting and validating, but also less decentralised and less secure, although it should be secure enough in theory. Practically, proof of stake hasn't been tested that long, but other coins have been doing it successfully for years now.



Also great news for gamers, video card demand will subside, if the merge is successful that is. Gas fees, which are required to validate blocks and make transactions, have been insanely high due to Ethereum's price climb of the last few years, which was over 400.000%. This has been Ethereum's biggest problem, they didn't anticipate this increase in demand that consequently increases the costs of validating. This was the main reason for the merge, and is absolutely necessary for Ethereum's growth.

Edit: merge was successful!

It's as if millions of voices were suddenly silenced about hating crypto. This is only the beginning of something bigger. Something something pYaRaMiD sChEmE hur dur.

[Zan15]

I have seen several television advertisements for Invesco QQQ lately. I don't think I have ever seen ETFs advertised on TV before.

oh lord for years on bloomberg and cnbc they always had them advertised. couldn't get away from them.

You also see them in the barrons and IBD publications out the ass.

[Muzjhath]

So, now the people who decide if a transaction etc happens or new coins are actually minted are the whales ?

Yeah that's just great

[hellhamster]

It's as if millions of voices were suddenly silenced about hating crypto. This is only the beginning of something bigger. Something something pYaRaMiD sChEmE hur dur.

Yeah, the merge just proves all those voices were just butthurt pc gamers who couldn't afford a videocard because apparently it's crypto's fault, not the card manufacturers fucking with supply lol.

- - - Updated - - -

So, now the people who decide if a transaction etc happens or new coins are actually minted are the whales ?

Yeah that's just great

Not exactly, there are weighted preferences but the selection is pretty much random. You have a point though, we will have to wait and see how it develops. I'm honestly kinda afraid governments will try and amass validators to control supply.

[Edge-]

Yeah, the merge just proves all those voices were just butthurt pc gamers who couldn't afford a videocard because apparently it's crypto's fault, not the card manufacturers fucking with supply lol.

Because there's an infinite supply of materials needed to create processors and GPU's? Because there's no demand for those materials from other industries? Because a sudden skyrocketing of demand by folks looking to get rich quick while doing nothing didn't impact the market?

This is some absolute fantasy stuff. We can celebrate GPU's returning to normal pricing even if we weren't impacted by the GPU shortage. I've got a 3070 so I'm sitting pretty, but I'm thrilled at this news all the same. Less enthusiast hardware wasted by losers, more of it available for folks to actually enjoy.

Not exactly, there are weighted preferences but the selection is pretty much random. You have a point though, we will have to wait and see how it develops. I'm honestly kinda afraid governments will try and amass validators to control supply.

Because the whales aren't already doing this on various blockchains?

Why are folks always so afraid the government is gonna do what people are already doing?

[Jastall]

Because there's an infinite supply of materials needed to create processors and GPU's? Because there's no demand for those materials from other industries? Because a sudden skyrocketing of demand by folks looking to get rich quick while doing nothing didn't impact the market?

This is some absolute fantasy stuff. We can celebrate GPU's returning to normal pricing even if we weren't impacted by the GPU shortage. I've got a 3070 so I'm sitting pretty, but I'm thrilled at this news all the same. Less enthusiast hardware wasted by losers, more of it available for folks to actually enjoy.



Because the whales aren't already doing this on various blockchains?

Why are folks always so afraid the government is gonna do what people are already doing?

You don't get it, when people screw you over now it's the free market so it's fine. When government may screw you over sometime in the future that's not the free market so it's bad.

[hellhamster]

You don't get it, when people screw you over now it's the free market so it's fine. When government may screw you over sometime in the future that's not the free market so it's bad.

The difference is that one adjusts and evolves based on consumer input, and the other is a few old and out of touch men thinking the world revolves around the whims of a central banking system that is ideologically over 100 years old. It's like the carriage companies in the early 20th century, yelling that cars are dangerous and horses are the way to go.

I don't mind government interference, as long as it doesn't screw over the consumer or other "competing" countries. Evidenced by the state of the world right now, it has done enough damage already. I had to flee my country due to government and EU "interference" or I'd end up on the street.

[Jastall]

The difference is that one adjusts and evolves based on consumer input, and the other is a few old and out of touch men thinking the world revolves around the whims of a central banking system that is over 100 years old.

I don't mind government interference, as long as it doesn't screw over the consumer or other "competing" countries. Evidenced by the state of the world right now, it has done enough damage already.

Consumer input, yeah right. If there's on market where what 99% of "consumers" do doesn't fucking matter because it's actually controlled by barely more than a handful of mega-whales, it's crypto. The "out of touch" guys might actually do less damage because they don't know how to actively game the system to advantage them.

[hellhamster]

Consumer input, yeah right. If there's on market where what 99% of "consumers" do doesn't fucking matter because it's actually controlled by barely more than a handful of mega-whales, it's crypto. The "out of touch" guys might actually do less damage because they don't know how to actively game the system to advantage them.

Every single market is controlled by mega-whales. This isn't anything new, nor it will ever change. Crypto is still the wild west for now, and people know exactly what is going on, for the most part. There will always be idiots who will put their life savings on a crypto called "Pregnant Butt" or "Harry Potter obama sonic", you can't change human nature. The vast majority just likes that volatility that the other markets can't provide.

Take Luna for example. It went from like $120 to $0.000000000001 and back to $7. That volatility is pure adrenaline for most people.

But that's not even the important thing, it's just gambling. The important thing is the technology behind it, and that is a step forward.

[Jastall]

Every single market is controlled by mega-whales. This isn't anything new, nor it will ever change. Crypto is still the wild west for now, and people know exactly what is going on, for the most part. There will always be idiots who will put their life savings on a crypto called "Pregnant Butt" or "Harry Potter obama sonic", you can't change human nature. The vast majority just likes that volatility that the other markets can't provide.

That kinda sounds like you agreeing with me that there's not much of a difference between said market controllers and the government then, aside from the fact the former are better and far more experienced at screwing over said consumer, and have more interest in doing so as well.

If "people" knew what was going on no one would fall for shitcoins or buy even the less shit ones when they're high... but tons do. That's how the entire market works, the endless search for the bigger fool. Without those fools crypto as an asset is virtually useless. And yes, before you say so the same is true of a bunch of stocks, but at least not all of 'em. And stocks are, y'know, regulated.

[hellhamster]

That kinda sounds like you agreeing with me that there's not much of a difference between said market controllers and the government then, aside from the fact the former are better and far more experienced at screwing over said consumer, and have more interest in doing so as well.

If "people" knew what was going on no one would fall for shitcoins or buy even the less shit ones when they're high... but tons do. That's how the entire market works, the endless search for the bigger fool. Without those fools crypto as an asset is virtually useless. And yes, before you say so the same is true of a bunch of stocks, but at least not all of 'em. And stocks are, y'know, regulated.

I have a few bridges to sell to you if you think stocks are regulated. Surely, it's better regulated than crypto, but come on now.

I don't even wanna get started on the literal cartel that is the commodities market, or the absolute clusterfucks that are the derivative or debt markets that are one hair width away from ruining the entire global economy with one misstep.

[jonnysensible]

hellham why cant you just be honest. You can say :

I would like to invest £1 in monkeycoin and after 6 months it be 'worth' £1,000,000 without me having to work or do anything.

You would quickly stop this nonsense about not trusting banks if you wanted to actually have convert crypto into something useful like uhh for instance real fiat money that you can spend on things to improve your life.

All this bullshit about technology or decentralization is just that, bullshit. Its 2022 the jig is up.

You want to chill out and not work for a living and have capital to do that like everyone else, its not about anyones liberation but your own. Why keep pretending?