An insight on Bitcoin

[Muzjhath]

Same guy that lost $3 million on fake Popke Cards.



If Voting for Biden will herald the promise of crypto bros losing more money.... he has my 2024 vote on Lock.

Also, I'm working on a new theory.
YouTube and Twitch is worse for Millennials than Leaded Gasoline was for Gen X.

Except jake Paul is gen z ...
Christ

[NED funded]

Same guy that lost $3 million on fake Popke Cards.



If Voting for Biden will herald the promise of crypto bros losing more money.... he has my 2024 vote on Lock.

Also, I'm working on a new theory.
YouTube and Twitch is worse for Millennials than Leaded Gasoline was for Gen X.

The Paul brothers are super big into crypto so its no surprise they are getting mad when personally affects their pockets. You can't expect self-centered people to care abt anything else

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Wait...they were promising nearly 20% annual returns and people just...believed them?

I'm beginning to think most folks in the crypto market aren't the brightest bulbs in the box...

Something fun to add here.

https://www.theblock.co/linked/14164...ting-on-friday

They had to stop offering their services to people in the US because ... they were found to be acting like banks without any of the regulation at hand

Billions of dollars invested into decentralized infrastructure and all that just to end up making crappier banks

[Edge-]

Something fun to add here.

https://www.theblock.co/linked/14164...ting-on-friday

They had to stop offering their services to people in the US because ... they were found to be acting like banks without any of the regulation at hand

Billions of dollars invested into decentralized infrastructure and all that just to end up making crappier banks

"It's not a bank, that's 'legacy tech' for idiots!"

*creates a digital non-bank for crypto*

"Great APY! Safe storage! No FDIC insurance!"

*gets reminded they're acting like a bank, just without any of the insurance or responsibilities of said bank*

"UwU please give us your money anyways, we still promise this isn't a scam."

Seriously, I feel like the overlap between crypto and MLM rubes is more of a circle vs. a Ven diagram.

Techbros already have a very bad habit of "reinventing" everything and somehow making it even worse (again, sup Juicero!), but cryptobros are just shameless with this while somehow being even less self-aware.

The Bitcoin Bux is still absolutely hilarious to me. They're innovating...money, a physical store of currency. Something which has existed for thousands of years. Except they put a chip in it this time because the value of said physical stores of currency is so wildly unpredictable and the need to track every single one so necessary that it defeats the whole purpose. Why carry around wads of Bitcoin Bux when you can just...use your phone?

You're not getting any of the normal benefits of paying with cash in that you avoid your purchase being directly tied to you (unless you use some kind of store rewards card or something) - or your wallet. It's just techbros thinking that if you slap some decent branding on something you can call it your invention because you're a dishonest fuck.

[Zan15]

The Paul brothers are super big into crypto so its no surprise they are getting mad when personally affects their pockets. You can't expect self-centered people to care abt anything else

Something fun to add here.


They had to stop offering their services to people in the US because ... they were found to be acting like banks without any of the regulation at hand

Billions of dollars invested into decentralized infrastructure and all that just to end up making crappier banks

One good thing about the crash this year is all of a sudden video card prices are dropping like a brick shot towards the ground from a cannon.



Chipotle, the popular Mexican-style fast-food restaurant chain, will now accept cryptocurrency payments through Flexa, a digital payments platform

Well at least by the end of the year people with bitcoin holding could afford a few nights out to eat.

[Strawberry]

Awesome dip. It's time to buy.

[Shadowferal]

Awesome dip. It's time to buy.

Celsius...as much as you can.

[Belize]

Awesome dip. It's time to buy.

Load up on Luna 2.0, it'll work out this time.

[gondrin]

Load up on Luna 2.0, it'll work out this time.

I thought the craze now was ugly pictures of bored monkeys in various outfits. I hope I am doing this right.

[Edge-]

I thought the craze now was ugly pictures of bored monkeys in various outfits. I hope I am doing this right.

No, that's still the craze, but a different craze. Seth Green did pay $300K to get his monkey back, through.

The new hotness is to fall for the same scam from the same guy a second time - either because you know it's a scam now and think you can beat the system, or because you honestly didn't learn anything the first time and need to put your hand on a hot pan 3-4 times before getting the message that it's hot.

[Calfredd]

During the Summer Games Fest was it Frostgiant's Stormgate that was advertised as having no NFTs? How sad is it that you have to put that in as a selling point these days?

[Edge-]

https://www.pcgamer.com/4-months-aft...ff-1100-staff/

Coinbase, that company that put out a Superbowl ad earlier, is laying off 1,100 employees, nearly 20% of their workforce.

Remember, their add was just basically the screensaver of the ball bouncing around your screen, but it was a QR code. It crashed their app because I guess a bunch of people who had no clue what it was scanned it and overloaded servers.

Not seeming like a very good investment in hindsight.

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Oh man, nothing says "Going straight to the moon." then laying off nearly 1/5 of your entire workforce.

EDIT: Already was posted before me.

https://www.engadget.com/coinbase-jo...150838290.html

I'm beginning to think that the, "Fake it 'til you make it" approach of spending massive amounts of capital to make it appear like you're a big, successful company in a big, thriving market is beginning may not be successful in the longrun. Seems like they're running out of money to "fake it" before they've "made it".

[gondrin]

https://www.pcgamer.com/4-months-aft...ff-1100-staff/

Coinbase, that company that put out a Superbowl ad earlier, is laying off 1,100 employees, nearly 20% of their workforce.

Remember, their add was just basically the screensaver of the ball bouncing around your screen, but it was a QR code. It crashed their app because I guess a bunch of people who had no clue what it was scanned it and overloaded servers.

Not seeming like a very good investment in hindsight.

Hmm, will this be dotcom boom and bust 2.0? I remember back in the late 90s where every idea for the internet had money thrown at it. Biggest one was Pets.com with their Superbowl commercial then shortly thereafter, the entire tech market went belly up.

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Ok, this need to be posted here as the main part of the article is about cryptotech companies.

https://www.msn.com/en-us/money/mark...0bf326d392ff72

Layoffs hit tech sector amid biggest downturn in 15 years

Many technology companies that expanded during the pandemic are now pulling back, laying off workers and retracting job offers as the U.S. economy slows.

On Tuesday, the cryptocurrency exchange Coinbase said it was cutting its workforce by 18%, or about 1,100 people, with CEO Brian Armstrong warning that "we appear to be entering a recession after a 10-plus year economic boom." He added that the publicly traded company, which has a market value of more than $13 billion, "grew too quickly" in 2021 as it scaled up to take advantage of the crypto craze.

The slump is affecting a wide range of companies. Coinbase's cuts come one day after cryptocurrency company BlockFi, which had grown nearly sixfold in 2021, announced it was laying off about 250 people. Privacy and marketing company OneTrust last week let go 950 employees, Stitch Fix cut 330 and identity-verification company ID.me dismissed 130. Transportation company Bird slashed a similar number, while PolicyGenius gave pink slips to 170. And that's just in the past two weeks.

"Those companies are suffering right now," said CBS News technology reporter Dan Patterson. After staffing up during the pandemic, many tech players are consolidating as they contemplate the labor market, he said.

So far this year, tech companies worldwide have laid off a total of 35,000 workers, according to Layoffs.fyi, which tracks job cuts in the industry. Many more are abruptly reversing their hiring plans, in particular formerly fast-growing cryptocurrency companies.

"A lot of these companies have not only stopped hiring — they've rescinded job offers," Patterson noted.

Before slashing staff, Coinbase earlier this month yanked job offers from about 300 incoming hires, according to reporting from Vice, which described one now unemployed tech worker losing a "life-changing" $300,000 job offer.

With the value of bitcoin, ethereum and other popular currencies dropping sharply, startups in the risky cryptocurrency space are at the forefront of layoffs. But the tech downturn is broad — the Nasdaq composite index has lost 30% of its value since January, the biggest drop in the tech-heavy stock index since 2007, when it fell 48%.

That's affecting even established tech industry stalwarts. Meta and Twitter have slowed or paused hiring plans, while Netflix, Peloton and Robinhood are laying off workers.

"Many technology startups that saw tremendous growth in 2020, particularly in the real estate, financial and delivery sectors, are beginning to see a slowdown in users," Andrew Challenger, senior vice president of outplacement firm Challenger, Gray & Christmas, said in a statement. Concerns about rising interest rates and inflation are spurring many of them "to cut costs and shore up capital," he said.

Tech company layoffs "exploded" last month, according to Challenger. In May, job cut announcements in tech were 10 times the number in the first four months of the year, the company calculated.

Tech companies are often seen as a bellwether for the broader economy. Investors in tech need a relatively high risk tolerance, as these startups can take a long time to turn a profit. When the economy is expanding, these investors are often willing to forgo profitability for growth, but that calculus changes when borrowing becomes more expensive — such as when interest rates rise — or when the economy looks less rosy.

The latest tech rout is drawing comparisons to the dot-com bubble of the late 1990s, which saw the Nasdaq lose two-thirds of its value between November 1999 and May 2002. Scott Miners, chief investment officer at Guggenheim Partners, predicted that the tech index could fall as much as 75% over several years. Legendary value investor Jeremy Grantham said the broad S&P 500 index could drop 40%.

"A lot of companies probably will disappear," Credit Suisse chairman Axel Lehmann said at a CNBC event last month.

[uuuhname]

mmmm,mmmm? why does this dip taste like ash in my mouth?

[Rasulis]

Hmm, will this be dotcom boom and bust 2.0? I remember back in the late 90s where every idea for the internet had money thrown at it. Biggest one was Pets.com with their Superbowl commercial then shortly thereafter, the entire tech market went belly up.

I think the article confused the trees for the forests. Tech employment and job posting are both still going up.

CompTIA Tech Jobs Report

Unemployment within the tech industry is 1.36%. Well below the nation's average of 3.6%.

The 2000 dot.com bust was bad. However, both Apple and Microsoft started paying dividend after the event. Which was good for investors. Oracle also started paying dividend after the 2008 recession. I am hoping Alphabet and Meta will start doing the same after this. Maybe Amazon? I would not hold my breath on that happening within my lifetime.

[Edge-]

https://cryptoslate.com/ethereum-min...perfect-storm/

Etherum mining is no longer profitable. This is the first time it hasn't been profitable since...2022. Not exactly a good track record.

Using a single Nvidia 3090 overclocked to generate 130mh/s will cost miners around $1.85-$2.13 per day in electricity. The Ethereum reward for the same GPU is just (0.001625 ETH) $2.03 at today’s price. Therefore any miner paying more than $0.245 for electricity is now paying more for electricity than the value of Ethereum being mined.

[Zan15]

https://cryptoslate.com/ethereum-min...perfect-storm/

Etherum mining is no longer profitable. This is the first time it hasn't been profitable since...2022. Not exactly a good track record.

inc cheap 3090's on ebay?

[Edge-]

inc cheap 3090's on ebay?

I doubt they're gonna start liquidating cards (not that I'd want a card that's been used for mining with all the use it's seen) and will probably do the industry standard HODL DIAMOND HANDS for as long as they can. Gotta protect that initial investment!

[Twdft]

I doubt they're gonna start liquidating cards (not that I'd want a card that's been used for mining with all the use it's seen) and will probably do the industry standard HODL DIAMOND HANDS for as long as they can. Gotta protect that initial investment!

Used mining cards are not the worst, yes they run a lot but miners make sure of very stable conditions. They get resold way before failure, if they don't break on miners within the first month of operation you can safely use them another couple years at home.

Maybe the absolute insane power draw reported of next gen 4000 series Geforce will make mining with them unprofitable from the very start.

[Rasulis]

Was there something about crypto being a hedge against inflation?

All kidding aside. For me, this is a good time to pick up Meta, Alphabet, Apple, Amazon, Disney and Microsoft stocks.

[gondrin]

I doubt they're gonna start liquidating cards (not that I'd want a card that's been used for mining with all the use it's seen) and will probably do the industry standard HODL DIAMOND HANDS for as long as they can. Gotta protect that initial investment!

Mining cards are just fine as they tend to undervolt them by quite a bit to keep them as stable as possible. However, any serious crypto miner isn't using graphics cards anyway. They are using ASICs CPUs to do it. Far more efficient, and while power hungry, have a much higher ROI. Some ASIC mining rigs do in the TH/s range.

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Used mining cards are not the worst, yes they run a lot but miners make sure of very stable conditions. They get resold way before failure, if they don't break on miners within the first month of operation you can safely use them another couple years at home.

Maybe the absolute insane power draw reported of next gen 4000 series Geforce will make mining with them unprofitable from the very start.

The 4090 is already reported to be 600+W and from some rumors, could easily hit around 900W.