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

[NakedShorts]

First rule of crypto is don't invest what you're not willing to lose completely. Second rule of crypto is not your keys, not your coins. Sometimes people find these out the hard way.

You know what also sucks? When a small group of unelected people can print money and devalue everyone's work/savings at will while simultaneously exacerbating inequality by driving up asset prices. The most vulnerable are the poorest among us. Meanwhile, many of the existing homeowners think they're geniuses because their home values have been increasing 20% each year while they've done absolutely nothing to earn it. This was made much much worse by the fed recklessly buying up MBS even while an obvious bubble was forming.

BTW Shitcoin does not solve this AT ALL!

[garyfromterrace]

At one point it bothered me that bitcoin mining was specially targeted for energy use, and not tumble dryers which use 10x the power of the bitcoin network. And don't even get me started on air conditioning in places where people shouldn't even live in the first place. Look at Dubai, look at it! But I don't mind anymore, holding feet to the fire is the way to effect change and if bitcoin miners are targeted, they will be forced to continue to respond. So shout your complaints from the rooftops, please.

As schuss said, this is pretty standard whataboutism, and certainly doesn't my assertion that making Bitcoin makes "nothing". Shera, I have no doubt that you're an awesome person, a great skier and we'd have a blast ripping down mountains together. Never mind the apres. But I gotta disagree with ya on this one. And I do not wish you financial duress. Far from it.

[LeeLau]

Some ppl in our circle have been talking bitcoin.... oh probably around the big push to 65+k. They are sort of non-conformists, live off the earth types. Not rich and, imho, not savvy. Bitcoin came up recently and I guess they got ultra defensive about it. The usual talking points about printing money, inflation, El Salvador, "corruption" and you own it - currency for the future!

I wonder about them. They are classic 'bag holders' dreamers. Given the timing of their bitcoin interest - I wonder how bad they are getting it. I could see them landlocked in Celsius type deal too... or worse.

I had friends who bought into the can't lose 20% or greater yield crypto. Despite my old man shaking fist at clouds saying there ain't no free lunch they put in money. Lots of money.

Don't really want to ask them how things are.

[bennymac]

The “money for nothing!” idea so prevalent in crypto certainly burned the LUNA hodlers

[LeeLau]

For those with long experience...where do you think the Bitcoin bottom is? Zero and worthless? $10K?

I think zero is possible. Back in the last cycle I thought the same but held my nose and bought more if only for the LOLZ.

In this cycle? My WAG is 15k and only upon the Margin calls of MSTR and the likes

[PNWbrit]

Where does the 10 times more power used by dryers statistic come from?

Edit: used by.

[4matic]

As I’ve said, where is the new buyer? It’s not change from couch cushions that’s gonna move it.

Former NYSE President Tom Farley and Far Peak Acquisition (NYSE:FPAC) SPAC leader said that he believes SPACs are done as an investment structure and he believes that capital markets are "completely dead" for now.

"They are going to disappear and on this show you won't utter the word SPAC, I suspect in 2024, more than once or twice," Farley said earlier in an interview on CNBC.

Farley highlighted that there have been four initial public offerings in June versus 91 in June of last year.

IPOs are "completely dead," Farley said. They will come back "but it's going to be a long time. People who think they are going public in the back half of this year are wrong."

"I think crypto looks more like capital markets than it does like SPACs," Farley added. "It's a painful moment. I think retail has been smoked. I don't think retail is coming back anytime soon and it's going to really impact some of the big business models in crypto that are oriented around retail and have been generating massive fees on retail."

Farley's comments came minutes before Coinbase Global (NASDAQ:COIN) announced it's cutting its headcount by 18% to manage its expenses and "to ensure we stay healthy during this economic downturn," CEO and co-founder Brian Armstrong in a blog post on Tuesday.

"It's going to take years to build back up the base of retail," Farley said.

Farley's comments about SPACs and crypto are noteworthy as Peter Thiel backed-SPAC Far Peak Acquisition (FPAC), which is led by Farley, announced a deal in July to take crypto-exchange Bullish public. At the time, the deal valued Bullish at $9 billion.

[schuss]

Where does the 10 times more power than dryers statistic come from?

It's also massive in how it can't be compared. Most people have dryers. Most people do not have bitcoin miners, so you're comparing power usage for something that has broad adoption to something that does not. It's like saying people spend way more in power to light their homes - probably correct in aggregate! However, scale is waaaaaaaaaaaayyyyyy different.

[Dantheman]

Returning to this seems practical:

[J. Barron DeJong]

Returning to this seems practical:

Worthwhile trade off if it frees up the power needed to keep the mining rigs running.

[JimmyCarter]

Worthwhile trade off if it frees up the power needed to keep the mining rigs running.

So you’re saying crypto is really driving the green revolution!

[CarlMega]

Worthwhile trade off if it frees up the power needed to keep the mining rigs running.

Perhaps the machines could run off human batteries living in a simulation?

I'm sort of nostalgic for the laundry line times.

[J. Barron DeJong]

So you’re saying crypto is really driving the green revolution!

I was actually contemplating that earlier today. Like, have any solar farms or the like been built to power mining that could then provide actual useful energy when Bitcoin collapses? Potential silver lining?

[shera]

I think zero is possible. Back in the last cycle I thought the same but held my nose and bought more if only for the LOLZ.

In this cycle? My WAG is 15k and only upon the Margin calls of MSTR and the likes

Saylor has been eerily silent.

As schuss said, this is pretty standard whataboutism, and certainly doesn't my assertion that making Bitcoin makes "nothing". Shera, I have no doubt that you're an awesome person, a great skier and we'd have a blast ripping down mountains together. Never mind the apres. But I gotta disagree with ya on this one. And I do not wish you financial duress. Far from it.

I do like skiing, and apres.

[J. Barron DeJong]

Saylor has been eerily silent.



I do like skiing, and apres.

Not completely silent:

[LeeLau]

Worthwhile trade off if it frees up the power needed to keep the mining rigs running.

eh - BTC will fund Russia autarky which will embolden them to strike with nukes which will counteract global warming which will result in more pow.

Small price to pay for more pow I say

[MakersTeleMark]

I was actually contemplating that earlier today. Like, have any solar farms or the like been built to power mining that could then provide actual useful energy when Bitcoin collapses? Potential silver lining?

I've personally seen two. There must be more.

[J. Barron DeJong]

eh - BTC will fund Russia autarky which will embolden them to strike with nukes which will counteract global warming which will result in more pow.

Small price to pay for more pow I say

I like the way you think. It’s like I’ve been missing the forest for the trees. (By the way, are we going to have trees after the nukes, or do we just ski open bowls?)

[schuss]

Not completely silent:

How to spot a narcissist.

[LeeLau]

I like the way you think. It’s like I’ve been missing the forest for the trees. (By the way, are we going to have trees after the nukes, or do we just ski open bowls?)

Glaciers. So many glaciers. BTC will make the glaciers great again

[JimmyCarter]

Glaciers. So many glaciers. BTC will make the glaciers great again

Less crowded probably too

[stalefish3169]

This.

https://twitter.com/saifedean/status...28183494856704

[J. Barron DeJong]

This.

https://twitter.com/saifedean/status...28183494856704

Cool. What do the next five years look like?

[neckdeep]

This.

https://twitter.com/saifedean/status...28183494856704

Shit, why not go back to 2013? Looks even better....but it's cold comfort to the millions who got bamboozled by Matt Damon.

Wave bye-bye to that crop of suckers and realize there will NEVER be another marketing push like the one that ended with the Superbowl. Did you see last night's NBA game? Crypto barely had a whimper of a presence. "Crypto is dead, long live crypto." Yeah, good luck with that one... Face facts, the supply of greater fools has dried up. Better keep buying that dip, stale. Its up to you to defend the $10,000 line.

[dunfree]

This.

https://twitter.com/saifedean/status...28183494856704

a white dude with a red laser forehead dot? Seems a but redundant with the laser eyes, but cut n paste is the coinbro twat way