Crypto Crash

[cky enthusiast]

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I cant knock anyone trying to survive late stage capitalism mang

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Yo but if you're actively making it worse? That sucks

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Anyone promising anything regarding it is lame but I mostly just see desperation under the false crypto bro bravado.

[close]

Both things can be true. It can be incredibly desperate and also incredibly stupid and craven

*see: opioid epidemic

[Mouth]

I've still got around 15% of my portfolio at play. The rest has been sitting on the sidelines since late November. This week could be nasty, if it is, I'll put it all back in and leave it for a while.

[PuffinMuffin]

Anyone thinking of investing in crypto should do themselves the due diligence of watching this:



The video is not purely about NTFS as there's a ton of info on crypto as well. There's been a lot of misinformation I've read from people who drank the coolaid on SLAP. For instance, Bitcoin being a banking solution for developing countries; a private form of payment; or useful for people born in an area of the world that doesn't grant its citizens government identification. These were all valid reasons to support crypto in its inception but never saw fruition. No undocumented people are using crypto for banking, as you have to have ID to sign up for exchanges. Now it's primarily a tool used to scam the socially inept and gullible.

[PAWL]

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The 'waste of energy' in regards to crypto will soon be solved (or at least gradually solved) as it shifts more towards proof of stake and away from the way more energy consuming proof of work model. Also, people love to tout electric cars as if its solving anything. where does the electricity come from that people are charging these cars with? Likely a polluting source at some level, not to mention the mining for the battery components. Crypto is not going anywhere, neither are NFTs and the metaverse. Adapt or be the boomer that never learned to use the internet/a computer.

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Welp my 2k of gainz evaporated bu I知 just gonna hold, no point to sell now

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Woops

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Ooof ya hate to see it. Couldn稚 be me, but ya hate to see it

Lol what do you keep your money in your mattress?

[PAWL]

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The 'waste of energy' in regards to crypto will soon be solved (or at least gradually solved) as it shifts more towards proof of stake and away from the way more energy consuming proof of work model. Also, people love to tout electric cars as if its solving anything. where does the electricity come from that people are charging these cars with? Likely a polluting source at some level, not to mention the mining for the battery components. Crypto is not going anywhere, neither are NFTs and the metaverse. Adapt or be the boomer that never learned to use the internet/a computer.

[close]

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Welp my 2k of gainz evaporated bu I知 just gonna hold, no point to sell now

[close]

Woops

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Think PAWL turned me onto HCMC stock. Evaporated too,still holding onto my 100,000 shares of worthless stock

Oi, yeah that one really didn稚 pan out sorry : /

*Mandatory I知 not a financial advisor*

[rawr1922]

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The 'waste of energy' in regards to crypto will soon be solved (or at least gradually solved) as it shifts more towards proof of stake and away from the way more energy consuming proof of work model. Also, people love to tout electric cars as if its solving anything. where does the electricity come from that people are charging these cars with? Likely a polluting source at some level, not to mention the mining for the battery components. Crypto is not going anywhere, neither are NFTs and the metaverse. Adapt or be the boomer that never learned to use the internet/a computer.

[close]

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Welp my 2k of gainz evaporated bu I知 just gonna hold, no point to sell now

[close]

Woops

[close]

Think PAWL turned me onto HCMC stock. Evaporated too,still holding onto my 100,000 shares of worthless stock

[close]

Oi, yeah that one really didn稚 pan out sorry : /

*Mandatory I知 not a financial advisor*

lol all good Pawl. Watching that stock exciting for awhile. Told a couple pals about HCMC. We never talked about it and pretend never happened

[Freelancevagrant]

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The 'waste of energy' in regards to crypto will soon be solved (or at least gradually solved) as it shifts more towards proof of stake and away from the way more energy consuming proof of work model. Also, people love to tout electric cars as if its solving anything. where does the electricity come from that people are charging these cars with? Likely a polluting source at some level, not to mention the mining for the battery components. Crypto is not going anywhere, neither are NFTs and the metaverse. Adapt or be the boomer that never learned to use the internet/a computer.

[close]

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Welp my 2k of gainz evaporated bu I知 just gonna hold, no point to sell now

[close]

Woops

[close]

Ooof ya hate to see it. Couldn稚 be me, but ya hate to see it

[close]

Lol what do you keep your money in your mattress?

Pretty bold of you to assume I have money.

#paycheck2paycheck gang.

[suomynona]

Turns out giving your money to assholes who just copied and pasted each other's code was a bad idea.

[PuffinMuffin]

Bad news bears for the crypto bros and sisters out there.

https://www.coindesk.com/policy/2022/01/24/biden-administration-to-release-executive-order-on-crypto-as-early-as-february-report/

GM, WAGMI!

[manysnakes]

I'm surprised to see that the Biden admin is going to make any moves in this regard. At this point, the market is so deep into crypto that it's basically too big to fail, sort of like Tesla. Billions or trillions of American's retirement savings would be wiped out if these pyramid schemes are allowed to go bust.

But if we learned anything from 2020, it should be that the market at this point is more or less completely detached from any productive use, and the government will move heaven and earth to make sure it always remains whole.

[sexualhelon]

The "crypto crash" isn't exactly a singular event right now. You're aware of the global economy, no?  In addition to all the current obvious reasons (Omicron, overvaluation, labor shortage, etc..) the recent prospect of a Russian attack on Ukraine quashed demand for riskier assets. Pretty much everything is crashing right now, not just crypto.

[essal]

oh you're telling me just about every index is also down while crypto is down? it's almost like peoples money somehow are connected whether it being stocks, savings or crypto

(also it's time to buy)

[artskool]

I just bought $100 worth of crypto based on this thread. See you suckers at the Lambo dealership in a year.

[PuffinMuffin]

I just bought $100 worth of crypto based on this thread. See you suckers at the Lambo dealership in a year.

Can't wait for your crypto Lambo music video to drop. In the meantime we'll have to make do with this:



  YO CRYPTO FAM IS SO COOL! It's not at all a MLM scheme for dudes.

[cky enthusiast]

america rules

[Abyss1]

Anyone thinking of investing in crypto should do themselves the due diligence of watching this:



The video is not purely about NTFS as there's a ton of info on crypto as well. There's been a lot of misinformation I've read from people who drank the coolaid on SLAP. For instance, Bitcoin being a banking solution for developing countries; a private form of payment; or useful for people born in an area of the world that doesn't grant its citizens government identification. These were all valid reasons to support crypto in its inception but never saw fruition. No undocumented people are using crypto for banking, as you have to have ID to sign up for exchanges. Now it's primarily a tool used to scam the socially inept and gullible.

Also, Johnny Harris did a pretty good video on crypto.  Found it really to be one of the best videos on this shit

[artskool]

The line between real life and satire has been completely erased in our culture.

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I just bought $100 worth of crypto based on this thread. See you suckers at the Lambo dealership in a year.

[close]

Can't wait for your crypto Lambo music video to drop. In the meantime we'll have to make do with this:



  YO CRYPTO FAM IS SO COOL! It's not at all a MLM scheme for dudes.

[Deputy Wendell]

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I just bought $100 worth of crypto based on this thread. See you suckers at the Lambo dealership in a year.

[close]

Can't wait for your crypto Lambo music video to drop. In the meantime we'll have to make do with this:

"why, i can't hardly calculate what i'm looking at"

[DaleSr]

The "crypto crash" isn't exactly a singular event right now. You're aware of the global economy, no?  In addition to all the current obvious reasons (Omicron, overvaluation, labor shortage, etc..) the recent prospect of a Russian attack on Ukraine quashed demand for riskier assets. Pretty much everything is crashing right now, not just crypto.

"folks Enron is totally cool and not a scam, just because the rest of the economy has crashed doesn't mean that Enron isn't a good investment!"

[IUTSM]

anyone watch the show Ozark? I just started watching the most recent season. Protagonist, Marty Byrde, is a wunderkind accountant and money mover who ends up moving drug money. His family starts a foundation to launder the money. The family has "political" aspirations. While it may be hyperbole, the first few episodes of this season really lay down a picture of political corruption and money laundering that's relatable to the current USA. Check it out and maybe you'll think "oh boy, that's really what's going on."

[Abyss1]

anyone watch the show Ozark? I just started watching the most recent season. Protagonist, Marty Byrde, is a wunderkind accountant and money mover who ends up moving drug money. His family starts a foundation to launder the money. The family has "political" aspirations. While it may be hyperbole, the first few episodes of this season really lay down a picture of political corruption and money laundering that's relatable to the current USA. Check it out and maybe you'll think "oh boy, that's really what's going on."

Yea the part when the kid is like "dad you know Im worth 6 figures" and Marty is like "yea but its all tied up in crypto so heres a little lesson on liquidity" 

[IUTSM]

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anyone watch the show Ozark? I just started watching the most recent season. Protagonist, Marty Byrde, is a wunderkind accountant and money mover who ends up moving drug money. His family starts a foundation to launder the money. The family has "political" aspirations. While it may be hyperbole, the first few episodes of this season really lay down a picture of political corruption and money laundering that's relatable to the current USA. Check it out and maybe you'll think "oh boy, that's really what's going on."

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Yea the part when the kid is like "dad you know Im worth 6 figures" and Marty is like "yea but its all tied up in crypto so heres a little lesson on liquidity"

I wasn't even thinking about that, more so the blatant purchasing of politicians and creation of laws/regulation through their foundation. but that's a good point. all in all, anything to do with markets, while working folks 401K or retirement is tied up in there, it's all a money laundering scheme and it's becoming increasingly unstable during this later stage of global capitalism.

[Alan]

I found this conversation between Evgeny Morozov and Adam Tooze interesting. IMHO, it goes into a bit more depth than what I usually run across re: crypto. I'm not a crypto guy so maybe this is all dumb or old news, but Tooze is a an excellent economic historian so to me it carries more weight than the constant dunking and counter-dunking that often comes with any conversation on crypto.

https://adamtooze.substack.com/p/chartbook-74-crypto-and-the-politics

[h00man]

okay so wait...if you invest in crypto, and own like....100k in bitcoin or whatever the fuck....how do you pull it out and spend it on real shit in real life?

[rawbertson.]

if you held short positions then you would have made money yesterday, just had to be paying attention

[PuffinMuffin]

if you held short positions then you would have made money yesterday, just had to be paying attention

Ah, so I take it you made enough money yesterday to finally buy those skeleton key shirts?

[Freelancevagrant]

Skelecoin

[cky enthusiast]

if you held short positions then you would have made money yesterday, just had to be paying attention

stop DMing my daughter your shitty financial advice

[Abyss1]

okay so wait...if you invest in crypto, and own like....100k in bitcoin or whatever the fuck....how do you pull it out and spend it on real shit in real life?

the ones who made money, sold their coins to other people before bubbles pop

[DaleSr]

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okay so wait...if you invest in crypto, and own like....100k in bitcoin or whatever the fuck....how do you pull it out and spend it on real shit in real life?

[close]

the ones who made money, sold their coins to other people before bubbles pop

Ding ding ding

If anything goes south in a big way, you're gonna be left holding a bag of air