An insight on Bitcoin

[jonnysensible]

funny that the jenga stack is dropping. All the talk of millions and billions was always virtual money that never existed. looks like real money (aka dollars) has dried up.

Cant wait for tether to go.

[Zan15]

Crypto right now is in freefall, no one knows where the bottom ends and there's a lot of volatility down macro wise.

i think the bottom is around 6 figures.

999.993

[Belize]

Schadenfreude is a sign of sociopathic behavior.

It's not schadenfreude when you've (as in cryptobros in general, not you specifically) been repeatedly told your fake pyramid scheme casino money with no value was an inherently unstable speculative asset based on the premise that there would always be bigger idiots that would buy at higher prices.

Now that people need cash that can actually be exchanged for goods, you're seeing the whole crypto system collapse. "I told you so" isn't sociopathic, it's simply pointing out the obvious.

NOW, if you would like, we could psychoanalyze cryptobros. But it wouldn't paint a flattering image.

[Edge-]

It's not schadenfreude when you've (as in cryptobros in general, not you specifically) been repeatedly told your fake pyramid scheme casino money with no value was an inherently unstable speculative asset based on the premise that there would always be bigger idiots that would buy at higher prices.

Now that people need cash that can actually be exchanged for goods, you're seeing the whole crypto system collapse. "I told you so" isn't sociopathic, it's simply pointing out the obvious.

NOW, if you would like, we could psychoanalyze cryptobros. But it wouldn't paint a flattering image.

It's totally schadenfreude, but the implication that any schadenfreude is "sociopathic" is hilarious. It reads more like salt because you're (the royal you) on the wrong side of the schadenfreude for once.

I have zero qualms laughing as a lot of people who spent years being told this was all a hilariously transparent house of cards while they acted like arrogant asshats repeatedly telling us, "You just don't get it, man! Crypto is actually really useful and also a good investment!"

They had every warning and opportunity to get out before they wasted any actual money or made financial decisions with the assumption that their crypto assets were the same as liquid currency. They chose to ignore them all in favor of their fantasy where crypto runs the world and, as early adopters, they'll be the new money in town.

[jonnysensible]

ngl if you invested in magic beans whose only purpose is to waste electricity and you lost all your real money you deserve to be laughed at

[Zan15]

ngl if you invested in magic beans whose only purpose is to waste electricity and you lost all your real money you deserve to be laughed at

but i was always told as a kid that beans beans were a magical fruit that the more you invested in the more you shit the bed with your savings....

[Edge-]

https://www.theblock.co/post/153048/...ng-the-country

Cryptoworld ain't looking good, the creators of Terra are banned from leaving South Korea as the country investigates the chain.

And that Celcius chain?

https://www.cnbc.com/2022/06/20/cels...al-freeze.html

Still fucked, company is still trying to unfuck it as withdrawals are still halted due to "extreme market conditions".

Oh, and remember how Solend basically said, "We're taking the crypto you're liquidating, or you're going to give it to us." to that one whale crashing the currency? And the guy voluntarily agreed?

https://www.theblock.co/post/153011/...-whale-account

Well, everyone else on the chain said "no, this violates the ethos of decentralized cryptocurrency and we actually want our crypto to become worthless" and reversed the decision. The Solent team is going to have a second go at it, trying to invalidate this decision.

Phew, that's a lot of bad news. For something a bit lighter - https://www.cryptonicle.com/crypto-i...t-getting-job/

COUCH - A retail cryptocurrency investor has recently revealed that he has started thinking about getting a job.

"I've been asking myself for the past year 'wen moon' but recently all I've heard is my mom asking 'wen rent'," one investor told us.

"I thought one of my coins would have mooned by now," he continued.

Increases in the price of instant ramen coupled with the stagnant cryptocurrency market have made many retail investors reconsider their career choices.

One employer claimed that they'd recently had an influx of candidates applying with no job history from the past 12 months and a serious lack of social skills.

"We've had to put the new guys in the back, they kept talking to the customers about cryptocurrency," one store owner said.

The Bureau of Labor Statistics estimates that up to 350,000 frustrated cryptocurrency retail investors could re-enter the workforce over the next month.

The satire is pretty good, at least. I appreciate that the article was written from the Couch.

[jonnysensible]

Oh, and remember how Solend basically said, "We're taking the crypto you're liquidating, or you're going to give it to us." to that one whale crashing the currency? And the guy voluntarily agreed?

https://www.theblock.co/post/153011/...-whale-account

Well, everyone else on the chain said "no, this violates the ethos of decentralized cryptocurrency and we actually want our crypto to become worthless" and reversed the decision. The Solent team is going to have a second go at it, trying to invalidate this decision.

https://amycastor.com/2022/06/20/the...solends-money/

read this about it, funny tbh. All such an obvious scam.

probably the FEDs fault!

[Edge-]

probably the FEDs fault!

The Fed is the crypto worlds Newman.

[Rasulis]

https://amycastor.com/2022/06/20/the...solends-money/

read this about it, funny tbh. All such an obvious scam.

probably the FEDs fault!

I don't understand a single thing in the article that you linked. That's the entire problem with crypto in a nutshell.

[Edge-]

I don't understand a single thing in the article that you linked. That's the entire problem with crypto in a nutshell.

Good news: Neither do most of the folks trying to convince you that crypto is actually a good investment.

[Zan15]

[url]

Still fucked, company is still trying to unfuck it as withdrawals are still halted due to "extreme market conditions".

Oh, and remember how Solend basically said, "We're taking the crypto you're liquidating, or you're going to give it to us." to that one whale crashing the currency? And the guy voluntarily agreed?



Well, everyone else on the chain said "no, this violates the ethos of decentralized cryptocurrency and we actually want our crypto to become worthless" and reversed the decision. The Solent team is going to have a second go at it, trying to invalidate this decision.

.

Decentralized...

into a single person i guess...


In this vote, 88% of the voting power came from a single address.


" “Code is law” only applies until the big boys might lose money."


LOL this story keeps getting funnier

One yea voter (a SLND whale) provided 1 million votes out of the 1.15 million votes in favor. In fact, they moved a million governance tokens into their account, voted, and moved them back out again — not the greatest example of corporate governance. Users had only six hours to vote, and the voting site was down for three hours during the voting. Solend claims the Solend core team did not vote. Just some random person who borrowed 98 percent voting power.

one
voter.
borrowed voting power...

man if this is all not proof a few very rich people control the fate of almost all crypto currency i don't know what does.

- - - Updated - - -

a little late....


https://www.cnbc.com/2022/06/20/proshares-is-launching-a-short-bitcoin-etf-this-week.html


Eight months after establishing the first U.S. bitcoin futures ETF, ProShares plans to launch the first short bitcoin-linked ETF on Tuesday in the U.S.
The ProShares Short Bitcoin Strategy is designed to give investors a way to profit from declines in the price of the cryptocurrency.
Bitcoin fell to new a new 2022 low over the weekend of $17,601.58, after six months of declines amid the broader sell-off in risk assets.

[stevenho]

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

Ah the benefits of decentralized crypto, where a single whale can literally risk the network.

The solutions?

- Let it fly, and hope it doesn't all come crashing down.
- Have Solend Labs literally take the whales crypto and liquidate via OTC with "smart contracts" that aren't as smart as they once seemed to be

The user apparently voluntarily agreed to hand their crypto over.

I'm sure this is all somehow actually the fault of the Fed and not that crypto is just a den of grifters who built chains and networks on the premise of perpetual growth and seemingly never considered the consequences.

Also, crypto seeming a lot less decentralized than I've been told it was for all these years.

I feel like a while ago there was a discussion about how many whales existed in crypto and how they were functionally able to control markets by themselves, while being assured that such a thing was never possible with the decentralized crypto networks.

I swear, it's like watching cryptobros re-learn markets and basic economics and why regulation can actually matter, but because these are techbros who are also reinventing paper (cloth) money and banks this is all brand new for them.

Seriously, /r/cryptocurrency is the best place to be if you're just wanting to watch dumpster fire after dumpster fire.

In some good news - https://www.digitaltrends.com/comput...-crypto-crash/

GPU prices might be returning to normal as crypto markets collapse and there's less demand for mining, including seeing some chains become literally unprofitable to mine. Great news overall, hopefully it means that GPU makers have to spend less effort trying to make newer cards less attractive to mining use and frees up more supply for everyone else that just wants to play some pretty videogames.

But again, I'm sure that all these problems are somehow all caused by the Fed, who apparently literally control the global markets!

I can see you are pretty new to this. Precisely the same kind of uninformed FUD was flooding reddit 4 years ago.

Anyway, saying that "crypto bad cause Solana" is like saying "Internet bad cause child porn". Just makes you look stupid.
Not to mention the proposal was reversed by a vote later.

[hellhamster]

I can see you are pretty new to this. Precisely the same kind of uninformed FUD was flooding reddit 4 years ago.

Anyway, saying that "crypto bad cause Solana" is like saying "Internet bad cause child porn". Just makes you look stupid.
Not to mention the proposal was reversed by a vote later.

Take a look at this thread, 90% of all posts are negative about crypto because people can't play video games due to GPU prices. I'm pretty sure they don't understand that if crypto takes over and banks and their 20th century technology become obsolete, they can buy 2 GPUs due to how better a decentralised global economy can operate than having a handful of people or entities controlling 90% of wealth.

[Verdugo]

Not to mention the proposal was reversed by a vote later.

Yes, buy a guy buying over million votes.

Decentralised my ass.

[Muzjhath]

Take a look at this thread, 90% of all posts are negative about crypto because people can't play video games due to GPU prices. I'm pretty sure they don't understand that if crypto takes over and banks and their 20th century technology become obsolete, they can buy 2 GPUs due to how better a decentralised global economy can operate than having a handful of people or entities controlling 90% of wealth.

Because whales don't control more than 90% of crypto and all the exchanges etc.
And crypto isn't suffering from lack of liquidity in the system at all.

[hellhamster]

Because whales don't control more than 90% of crypto and all the exchanges etc.
And crypto isn't suffering from lack of liquidity in the system at all.

That only happens to shit coins that won't survive the market.

[jonnysensible]

. I'm pretty sure they don't understand that if crypto takes over and banks and their 20th century technology become obsolete, they can buy 2 GPUs due to how better a decentralised global economy can operate than having a handful of people or entities controlling 90% of wealth.

Thats a pretty big IF (as in never going to happen because crypto is useless for such things). Not to mention concentration of wealth is worse in crypto than in fiat.

[Twdft]

Take a look at this thread, 90% of all posts are negative about crypto because people can't play video games due to GPU prices. I'm pretty sure they don't understand that if crypto takes over and banks and their 20th century technology become obsolete, they can buy 2 GPUs due to how better a decentralised global economy can operate than having a handful of people or entities controlling 90% of wealth.

Crypto is over a decade old now. When do you think it will take over and make banks etc obsolete?

Also crypto too is in the hands of a handful of people, how can you say otherwise with a straight face? Do you actually believe what you wrote or is this just some cope to justify your investment to yourself?

[stevenho]

Decentralised my ass.

Not sure what your definition of "decentralized" is. I suggest looking up a nice write-up on the subject by Vitalik himself, I'm sure it will help explain the concept and its variations, advantages, drawbacks etc.