Bitcoin....who's gotten into it?

[carpathian]

Question: Since China is cracking down on BTC mining, that would create at least a temporary shortage on the supply side of BTC so the price should go up... why is it going down instead?

[Timberridge]

^You serious?

[shera]

You know that hash rate dropping does lengthen block times which does reduce issuance, fractionally speaking.

Selling is coming overwhelmingly from leveraged speculators, is my guess though.

[MontuckyFried]

The chip shortage should ensure that computer equipment prices stay high for awhile...

For sure, BUT at least maybe now there's (hopefully) a light at the end of the tunnel. The GPU market's been annoying for getting close to a decade now. I seriously just gave up after a while.

[bennymac]

I think I just got an email from one of them last week.

[pureantigravity]

https://twitter.com/CoinbasePro

Their twitter feed could read like a guide on how to manipulate order books:

* Blocking deposits and enabling withdrawals (creating buy order bias and allowing insiders to sell).
* Not allowing market orders (create a front running opportunity).
* Having 'technical issues' that are 'region specific' (???).

How long before the SEC (or DOJ) invites them to a tea party? This won't end well.

[stalefish3169]

SCaMmerS oNLy UsE cRYPto

https://www.cbsnews.com/news/mobile-...-report-scams/

Complaints against some digital payment services and apps like Venmo, Cash App or Zelle are skyrocketing, according to a troubling new report...

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[pureantigravity]

Just doing some maths with the official charts here: https://coinmarketcap.com/charts/

Last time, the total mkt cap of all crypto dropped from $831 trillion (Jan 7th, 2018) to just $101 trillion (Dec 15, 2019).
Last time the full drop from peak to trough was - 87.8%.

This time, the total mkt cap of all crypto was $2.53 quadrillion (May 11, 2021) and has so far dropped to $1.18 quadrillion (today).
So far, this time the drop from peak to today is just - 53.3%.

If history repeats, then we are looking at another $871 trillion that needs to sell off the total crypto market cap in the next few years. That's about $112,000 for every person on earth right now.

[skaredshtles]

SCaMmerS oNLy UsE cRYPto

https://www.cbsnews.com/news/mobile-...-report-scams/

Complaints against some digital payment services and apps like Venmo, Cash App or Zelle are skyrocketing, according to a troubling new report...

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And in the *latest* news: water is wet.

[Skidog]

And in the *latest* news: water is wet.

Like hello.....

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[pureantigravity]

According to my charting method below, Ethereum's price in a few months is either going to be either $1,500 or $2,558 or $970 or $550 or $4,384 or less than $98 (if Tether is bust). Let's see how accurate my predictions are TGR *Remind me* Sept 1st, Dec 1st, Jan 1st and next June 22!

[pureantigravity]

Apparently what the unbanked need is more mud wrestling! I've met good friends through mud wrestling in India, Bangladesh, Myanmar and lots of places where people will testify how important mud wrestling is them and how it's improved their lives.

Mud wrestling out of poverty in India
https://www.bbc.com/news/world-asia-india-27250444

[bennymac]

[carpathian]

^You serious?

As serious as a clown having a heart attack! I already knew the answer, 'people get scared and sell and price goes down', but I was trolling for someone to explain how as an 'asset' BTC runs contrary to traditional supply and demand motives.

[jm2e]

So, I should keep hodling , right?


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[stalefish3169]

So, I should keep hodling , right?


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After the 2017 run BTC network activity plummeted. Conversely, it's going up now. Entire countries are on the path to BTC adoption with El Salvador leading the way and Tonga as well as Paraguay on deck. The Lighting Network is growing by leaps and bounds with Jack Mallers and Strike leading the way. China has decided to ban itself from Bitcoin which will likely be long-term bullish. For every retail noob that bought the top and is panic selling, strong hands like legendary investors like Billionaire Paul Tudor Jones and Ray Dalio are buying. The BTC mining reward will 1/2 in less than 3 years while the gold supply continues to inflate at about 2% a year. I'm continuing to dollar cost average.

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[Skidog]

After the 2017 run BTC network activity plummeted. Conversely, it's going up now. Entire countries are on the path to BTC adoption with El Salvador leading the way and Tonga as well as Paraguay on deck. The Lighting Network is growing by leaps and bounds with Jack Mallers and Strike leading the way. China has decided to ban itself from Bitcoin which will likely be long-term bullish. For every retail noob that bought the top and is panic selling, strong hands like legendary investors like Billionaire Paul Tudor Jones and Ray Dalio are buying. The BTC mining reward will 1/2 in less than 3 years while the gold supply continues to inflate at about 2% a year. I'm continuing to dollar cost average.

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So, like what, the 3 or so countries you mentioned are the population of a bit less that NY State combined, but they are the hotbed of our collective "new monetary world"?.

Keep dreaming bud. Make your money, don't kid yourself.

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[stalefish3169]

So, like what, the 3 or so countries you mentioned are the population of a bit less that NY State combined, but they are the hotbed of our collective "new monetary world"?.

Keep dreaming bud. Make your money, don't kid yourself.

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2010 - No one uses it
2012 - Only computer nerds use it
2013 - Only drug dealers use it
2014 - Only money launderers use it
2017 - Only gamblers use it
2019 - Only a small % of the population use it
2020 - Only small companies use it
2021 - Only small countries use it

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[MultiVerse]

El Salvador's decision to coerce sellers to accept bitcoin means BTC is proceeding alongside government force. So much for freedom.

[bennymac]

Lame. The nerds, drug dealers, gamblers, and money launderers all started using it at the exact same time. They are the “small population”. It’s transparent when shit gets exaggerated like this for effect. Weak sauce.

But this is where you call me a racist, or say I just want you to fail, or where you say you’re just trying to help mags, or where you complain about a troll that victimized you by deleting his posts.

Or this is where you tell us about how much $ you’ve made and how that justifies your inability to entertain criticism of your chosen religion.

You can be better. If anything it’s other mags here trying to help you out - but it’s clear they are losing patience.

[stalefish3169]

Lame. The nerds, drug dealers, gamblers, and money launderers all started using it at the exact same time. They are the “small population”. It’s transparent when shit gets exaggerated like this for effect. Weak sauce.

But this is where you call me a racist, or say I just want you to fail, or where you say you’re just trying to help mags, or where you complain about a troll that victimized you by deleting his posts.

Or this is where you tell us about how much $ you’ve made and how that justifies your inability to entertain criticism of your chosen religion.

You can be better. If anything it’s other mags here trying to help you out - but it’s clear they are losing patience.

Guess what some of the biggest applications of the early internet were... pornography and gambling. How'd that turn out?

Claiming a country has a small population isn't racist. Claiming that all of Central America is full of drug lords and people roaming the streets with guns is. Those were especially cluelessness comments considering where the vast majority of cocaine goes and how much of a gun violence problem the USA has.

I'm never claimed PG victimized me. He's a tool and probably butt hurt that he was into crypto early and missed out on a fortune. Now he tries to make up for it by slinging shit. Bottom line is that deleting posts and editing others replies is shady and goes against the best interests of the entire forum. Lots of us have been posting here for well over a decade and that type of weak sauce dilutes the integrity of this place.

I'm not asking for your help or anyone else's and I'm honestly baffled by how much time some of you spend in here. What is your goal of posting in this thread anyway? You need to help grown ass men who choose to spend their own money a certain way? Get over yourselves. If you're losing patience then don't click the thread; it's that simple.

You dudes can point fingers at me all you want, but I think people that refuse to entertain the idea that crypto is here to stay are equally crazy.



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[Mazderati]

[LeeLau]

I'm never claimed PG victimized me. He's a tool and probably butt hurt that he was into crypto early and missed out on a fortune.

Nope. He's a stark raving imbecile and a troll. And you bite. Again and again.

[CirqueScaler]

If anyone in this thread thinks the price of Bitcoin will be lower in five years than it is today, can you please explain why? Not why it's bad by whatever metric but why you think the price will be lower.

[MultiVerse]

The issue isn't the price. The issue is the cost. A Bitcoin mining firm just raised $105 Million to restart a coal powered plant in Western Pennsylvania. The plant will burn the dirtiest coal possible, waste coal or coal refuse, and of course they're selling it with the stranded energy/good for the environment narrative. 85 tons of toxic waste ash per every 100 tons of coal waste burned will spew over cities along the East Coast. This sort of thing will happen more and more as long as the price remains high.