Current Events > Wtf is going on with Bitcoin

(+) Yeah! (+)

JuanCarlos1 posted...

Stocks are pretty down as well. The sentiment is very negative regarding the economy and the fed having to raise the interest rates big time to slow inflation. I think people want cash in hand for when it all drops lower or simply get out of the volatility.

It's. Not. A. Stock.

Just because you can put it on a graph and make it look like a stock doesn't change the fact that Crypto is worthless bullshit propped up by pure speculative greed.

Crypto's collapse is inevitable. It may be days, months, years, who knows? But from its very onset it's been a huge waste of resources just to idiots could play digital roulette.

https://twitter.com/fredwimpy/status/1536366997256437760?s=21&t=RR7ytUCiSe5BdC1RXQ5PfQ

[LFAQs-redacted-quote]

Speculation and miners wanting to at least break even on their wasted electricity and e-waste hardware costs

[LFAQs-redacted-quote]

Bitcoin is like a variable savings account, with a limit of 21 million that can ever exist, theoretically leading to climbing prices over the years as more people buy in.

DarkRoast posted...

It's. Not. A. Stock.

Just because you can put it on a graph and make it look like a stock doesn't change the fact that Crypto is worthless bullshit propped up by pure speculative greed.

Crypto's collapse is inevitable. It may be days, months, years, who knows? But from its very onset it's been a huge waste of resources just to idiots could play digital roulette.

Lmao, I'm with you on that, but people will treat it like what they think it is. Also the marketing hyping digital currency will probably keep it alive for a good while. You also have "reputable" sources for finance tips telling people crypto should be a part of your investment portfolio even its a small part. And that includes big name financial institutions.

So even if its intrensical value is 0, I really dont see it going anywhere. It will just keep going up and down.

Pepys Monster posted...

Bitcoin is like a variable savings account

lmfao

Pepys Monster posted...

Bitcoin is like a variable savings account, with a limit of 21 million that can ever exist, theoretically leading to climbing prices over the years as more people buy in.

Yeah and so is my jar of M&Ms

Bitcoin lost over 90% of its value multiple times from its peak throughout its history, this is nothing new for BTC and no long time crypto trader would be surprised. Price movement is obviously based on pure speculation by whales, although there have been a few good uses for Bitcoin like for the people in Venezuela and other parts of the world where their state currency has an inflation rate even worse than the price fluctuations on BTC, people in those parts of the world have been able to retain more value for their assets by putting it in BTC or Monero than they would have if they just held their state currency. Bitcoin serves practically no use for the developed world though.

David1988 posted...

Bitcoin serves practically no use for the developed world though.

https://i.imgur.com/sfdY2qA.jpeg

Pepys Monster posted...

https://i.imgur.com/sfdY2qA.jpeg

Mmmm red herrings

Anyone got any links to crypto Twitter meltys? I need my fix.

DarkRoast posted...

Yeah and so is my jar of M&Ms

Now I want some of your M&Ms!

MarthGoomba posted...

It's okay, it's going to go back up now. Just sold off everything I had

Thanks for taking one for the team!

But honestly this is still a smaller sell off than when BTC died last time when it went from $19k to $4k.

Whales can manipulate markets, it is nothing new. Largest wallets have been buying during this "collapse"

You mean why would some totally made up "currency" with zero backing or security be taking? Huh, I wonder....

https://www.investopedia.com/terms/s/sell-in-may-and-go-away.asp

Interstella5555 posted...

You mean why would some totally made up "currency" with zero backing or security be taking? Huh, I wonder....

Obviously currency is a good investment which is why I buy money all the time in hopes of making more money from that money.

DarkRoast posted...

Obviously currency is a good investment which is why I buy money all the time in hopes of making more money from that money.

People actually do this all the time with foreign currency exchanges lmao

How long until we can start making Buttcoin jokes again?

Bitcoin is backed by the full faith and credit of thousands of sweaty social media hype-men.

Stock market crash is trending on Twitter but tc is so focused on Bitcoin #agenda #manipulativePeople

pick4six posted...

Stock market crash is trending on Twitter but tc is so focused on Bitcoin #agenda #manipulativePeople

Dow Jones last 6 months : down 15%

Bitcoin last 6 months : down 50%

I have a Vanguard account that I started at the same time I got into crypto in 2018, used to hold index funds. Vanguard account just went into a loss today. Crypto still up considerably.

pick4six posted...

Stock market crash is trending on Twitter but tc is so focused on Bitcoin #agenda #manipulativePeople

Market down 15% over the year
Bitcoin down 15% over the day

https://gamefaqs.gamespot.com/a/user_image/9/5/8/AAeEwGAADVnO.jpg

It just keeps falling

Are you new to keeping track of BTC price? These sorts of swings are par for the course over the ~15 year history of BTC. Its also nonsensical to compare the swings in Bitcoin to that of the market when its already been established Bitcoin isnt even in the same category of stocks or other regulated financial instruments

We've certainly come a long way since this, haven't we

https://gamefaqs.gamespot.com/a/user_image/0/1/9/AATEuDAADVoL.jpg

DarkRoast posted...

Obviously currency is a good investment which is why I buy money all the time in hopes of making more money from that money.

Because currency trading isnt a thing?

What is your deal with BTC? You seem like a generally smart person but have this weird thing about crypto where you really dont know what you are talking about but keep posting. I thought it was just trolling at first but posts like the one quoted make it seem more like its not trolling which is weird.

All the back and forth about bitcoin on CE decided to make me take a look more and after all the videos and topics I just dont understand it:

https://gamefaqs.gamespot.com/a/user_image/1/4/6/AAW4eUAADVqK.jpg

10k at the end of 2020.

Theres a clear anomaly where a ton of money was put into Bitcoin, going up nearly 7x in value before starting to fluctuate back and forth.

theres no doubt someone making a killing, and early adopters prior to 2020 clearly did well.

but as of now it makes no sense to me how people think this is normal. Can someone explain the whole idea about whats behind this market volatility aside from what seems like clear pump and dumps?

Did anyone expect it to endlessly go up? Smart people sell off after they've doubled and tripled their money, assuming they weren't one of the lucky ones to get on super early

People hoping to 10x their buy in on something that's been around for a decade now are greedy as fuck

Zeeak4444 posted...

clear pump and dumps?

That's really all there is to it.

haloiscoolisbak posted...

Did anyone expect it to endlessly go up? Smart people sell off after they've doubled and tripled their money, assuming they weren't one of the lucky ones to get on super early

People hoping to 10x their buy in on something that's been around for a decade now are greedy as fuck

Its easy to say that in retrospect. Most BTC buyers dont think that $69k is the highest it will ever go. If its an asset worth buying long term, studies always show that time in the market beats timing the market. Selling at $60k may look smart now, but it might not in 5 years. I know I didnt get in just to double or triple my investment and get out.

DarkRoast posted...

https://gamefaqs.gamespot.com/a/user_image/9/5/8/AAeEwGAADVnO.jpg

It just keeps falling

By Grabthat's hammer, what savings!

Zeeak4444 posted...

All the back and forth about bitcoin on CE decided to make me take a look more and after all the videos and topics I just dont understand it:

https://gamefaqs.gamespot.com/a/user_image/1/4/6/AAW4eUAADVqK.jpg

10k at the end of 2020.

Theres a clear anomaly where a ton of money was put into Bitcoin, going up nearly 7x in value before starting to fluctuate back and forth.

theres no doubt someone making a killing, and early adopters prior to 2020 clearly did well.

but as of now it makes no sense to me how people think this is normal. Can someone explain the whole idea about whats behind this market volatility aside from what seems like clear pump and dumps?

That's just the thing, it's not really a market. And due to the lack of regulation, pumping and dumping is both easier to accomplish and less likely to be punished.

EndOfDiscOne posted...

Its easy to say that in retrospect. Most BTC buyers dont think that $69k is the highest it will ever go. If its an asset worth buying long term, studies always show that time in the market beats timing the market. Selling at $60k may look smart now, but it might not in 5 years. I know I didnt get in just to double or triple my investment and get out.

That's rational logic, except for the part where cryptocurrency isn't an investment, especially a long-term one. And that's the fundamental flaw with crypto investors - they use the logic of stock investing in what is probably the most textbook example of a speculative bubble that has ever existed since tulip bulb mania. We already know that crypto has basically been abandoned as a currency because it's too volatile, and the cost of transactions has become so high that small volume trading is drying up. Bitcoin miners are leaving in droves because the cost of energy is way outpacing Bitcoin mining profits. And in the midst of all that, what exactly is a Bitcoin useful for? Does it have any other use besides speculation at this point?

And that doesn't even bring up the issue of cryptocurrency investors discovering that they can suddenly no longer have access to withdrawing or trading their various coins on the whims of a handful of companies that control all the trades.

Hopefully I can build a new computer when the 4xxx series comes out XD

I'm not into crypto and only have $5 in it for giggles.

This crash is looking like a corrections. It shot up ridiculously in 2020 going from 10k to 40+

https://gamefaqs.gamespot.com/a/user_image/6/9/7/AAeEwGAADVyx.jpg
https://gamefaqs.gamespot.com/a/user_image/6/9/8/AAeEwGAADVyy.jpg

Down it goes, when it'll stop nobody knows

People can say things like "Oh is it your first crypto crash?" and things like that, but there are elements of this one that feel different.

The crypto market has all the hallmarks of something that will have documentaries about all the lives ruined and money lost in a decade.

The culture around it is what concerns me. There's a toxic positivity, a tendency to see every negative thing as somehow positive, and then to only register the positives, to view anyone urging caution as anywhere from ignorant to actively malicious, to tend toward irrational techno-optimism and conspiratorial thinking, to wrap up involvement in the market with personal identity and virtue (staying in despite all logic is being an ape/good, pulling out is weakness), to tie crypto to vaguely anti-capitalist sentiments while participating in a libertarian hypercapitalist space etc.

Seems very very icky to me.

Anteaterking posted...

People can say things like "Oh is it your first crypto crash?" and things like that, but there are elements of this one that feel different.

Honestly, the biggest difference this time is that this one is fueled by the collapse trust in the underpinnings of the Crypto system itself. Terra Luna was just the warning shot - but finding out that you can suddenly lack the ability to sell or trade your coins because not only is the blockchain itself bloated and slow, but also because the exchange networks themselves are unstable and controlled by a few individuals of dubious trustworthiness.
There was a false belief that Crypto was self-sustaining and resistant to the influence of a small number of big investment firms (unlike the stock market, which is heavily regulated but also favors those firms). As it turns out, virtually everything about the "investment" side of Crypto can grind to a halt when a handful of companies decide that things are going south - and that's alarming.

legendary_zell posted...

The crypto market has all the hallmarks of something that will have documentaries about all the lives ruined and money lost in a decade.

The culture around it is what concerns me. There's a toxic positivity, a tendency to see every negative thing as somehow positive, and then to only register the positives, to view anyone urging caution as anywhere from ignorant to actively malicious, to tend toward irrational techno-optimism and conspiratorial thinking, to wrap up involvement in the market with personal identity and virtue (staying in despite all logic is being an ape/good, pulling out is weakness), to tie crypto to vaguely anti-capitalist sentiments while participating in a libertarian hypercapitalist space etc.

Seems very very icky to me.

And THAT is why I am so obsessed with bringing this stuff to light.

Crypto is toxic. It's practically a cult - and people have lost their life savings in this weird culture of somehow spinning everything into a positive (or a conspiracy, if things go south).

Half of the topics on Terra Luna's reddit are just a bunch of polls about burning coins to save Luna Classic. It's absolutely fucking nonsense, but people actually believe this shared delusion because the few people who attempt to fight back / inject expertise are immediately ostracized or banned from these communities.

Which means these communities are sitting ducks for manipulative pump-and-dumpers, and that's why you see Twitter filled to the brim with what I call "Bullish Bots" that convince people to buy worthless shit so the Bot owner can dump coins when the price goes up.
s
These people are being scammed. And the culture of "smugly boast about how much money you made as loudly as possible" has created an entirely false image of how many people have actually made money in this system.

The community definitely reminds me of those cults from the 70s lol.

DarkRoast posted...

And THAT is why I am so obsessed with bringing this stuff to light.

Crypto is toxic. It's practically a cult - and people have lost their life savings in this weird culture of somehow spinning everything into a positive (or a conspiracy, if things go south).

Half of the topics on Terra Luna's reddit are just a bunch of polls about burning coins to save Luna Classic. It's absolutely fucking nonsense, but people actually believe this shared delusion because the few people who attempt to fight back / inject expertise are immediately ostracized or banned from these communities.

Which means these communities are sitting ducks for manipulative pump-and-dumpers, and that's why you see Twitter filled to the brim with what I call "Bullish Bots" that convince people to buy worthless shit so the Bot owner can dump coins when the price goes up.
s
These people are being scammed. And the culture of "smugly boast about how much money you made as loudly as possible" has created an entirely false image of how many people have actually made money in this system.

Is there any overlap between crypto and Q Anon believers?

Ruvan22 posted...

Is there any overlap between crypto and Q Anon believers?

https://gamefaqs.gamespot.com/a/user_image/3/8/3/AAeEwGAADV9f.jpg
https://gamefaqs.gamespot.com/a/user_image/3/8/4/AAeEwGAADV9g.jpg
https://gamefaqs.gamespot.com/a/user_image/3/8/5/AAeEwGAADV9h.jpg
Susceptibility to completely irrational social media influence.

https://gamefaqs.gamespot.com/a/user_image/6/2/4/AAeEwGAADWBQ.jpg

Apparently several major crypto firms can't meet margin calls at 19,000ish, so things are not looking good.

BTC is down 30% in 3 days with no end in sight.

https://gamefaqs.gamespot.com/a/user_image/8/6/4/AAeEwGAADWUo.jpg

Yikes

https://gamefaqs.gamespot.com/a/user_image/5/9/2/AAJHVqAADWQY.jpg