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

[4matic]

With so many retail investors getting hurt institutions won’t touch crypto now. CFO’s never invested assets in it anyway. I wouldn’t be surprised if Fidelity backs away.

[MakersTeleMark]

I might get out of bed for a sub 20k btc.

[byates1]

This dude got rektd huge, his vid from today is entertaining.

[J. Barron DeJong]

I’m -predicting- we’re all going to find out that ‘top 10 cryptos’ fading into irrelevance isn’t exceedingly rare at all.

Seems like Terra failed the ‘possibility that it could occur is unknown’ black swan test pretty badly. Not only predicted it, but laid out how it would be done:



https://twitter.com/freddieraynolds/...v7SDEts4hsRLww

[billyk]

I might get out of bed for a sub 20k btc.

Might be there by morning? Under $27K at the moment.

[abraham]

Thought this thread could use a soundtrack

Bandcamp did an interesting history about them:

Chumbawamba is as punk as it GETS. No, really: Chumbawamba, the band that was on MTV and the radio every 37 seconds, the band that had the one-hit-wonder jam “tubthumping” about drinking whisky and getting knocked down, the band that was played at your junior prom, was actually rooted in anarcho-politics and wrecking the system the entire time that they enveloped pop consciousness. In fact, they had been pumping out the anarcho-punk tunes and supporting direct action measures for 15 years before their massive smash!

By blending elements of punk, folk, dance, and pop into a singular racket, they established a distinctive sound with disruptive appeal that snuck into the mainstream without anyone noticing their anarcho-punk bona fides before it was too late! And now, 2022 marks four decades since the band first began their radical mission and you can still hear “tubthumping” on the radio…and most people still don’t know about the band’s punk rock platform.

So, to mark the group’s 40th anniversary, Bandcamp spoke to Chumbawamba’s Dunstan Bruce, Danbert Nobacon, Alice Nutter, and Boff Whalley about the band’s early anarcho days.

https://daily.bandcamp.com/features/...amba-interview

[MontuckyFried]

Oof! Woke up this AM to a slew of notifications about all my various cryptos. All sunk hard last night. Guess it's a good thing I didn't put much in to begin with so it's still fun to watch and learn, but still. Ouch!

Either many of the cryptos other than BTC and a few others have had their run and the party's over, OR it's a crazy good time to dive in and throw more money into it. As for me, I'm just gonna sit tight and see what happens.

Sent from my Pixel 3 using TGR Forums mobile app

[schuss]

A top 10 crypto by market cap went to zero almost immediately with plenty of contagion. I'd say that exceeds six standard deviations.

Given how swingy crypto has been, doubtful. Crypto won't go to zero, but that doesn't mean it isn't stupid.

[Mustonen]

In 2008 major banks went to zero in days. 460 banks failed

I don’t quite understand the comparison being made here. Is it just that established things fail? Is it a different comparison than the one already made to stocks that can fail?

Not arguing, just read it three times and still didn’t get it.

Anyways, I don’t think the criticism of crypto is that it has the capacity to fail, rather that it has minimal capacity to NOT fail, and virtually all of that capacity is predicated on the greater fool theory.

[shera]

WTF

"Nubank, Brazil’s Largest Digital Bank, Launches Bitcoin and Ether Trading

Nubank has 53.9 million users in Brazil, Mexico and Colombia, according to its 2021 annual report. Last year, the bank reported revenues of $1.7 billion
...
In December, Nu Holdings went public at an initial valuation of $41.5 billion, making it one of Brazil's most valuable companies, though its market cap has since fallen to around $17.4 billion. As of February, Berkshire Hathaway owned about $1 billion worth of shares in the company, despite CEO Warren Buffett being famously critical of bitcoin and cryptocurrencies in general."

https://www.coindesk.com/business/20...ether-trading/

edit - here's the real kicker (Buffet holding bitcoin, lol) "Nu Holdings, Nubank's parent company, also said it is allocating roughly 1% of the cash on its balance sheet to bitcoin to show its belief in the cryptocurrency."

[shera]

Well I am walking into the bank today to make a wire transfer onto coinbase pro. I take that as a bottom indicator, hahaha, jk, fvck if I know.

[schuss]

Honestly the reason more banks haven't gotten more into crypto is that it's also a pain in the ass to deal with.
You have large cybersecurity risk as if someone uses a zero day on some piece of infrastructure your holdings could be gone in an instant, but at the same time it's a pain in the ass to transfer and rebalance due to gas fees and the general bloat blockchain has around transaction processing. So it's just a sticky pile of goo that ends up sticking to you when you least want it to. Just not doing it is way easier from a tech and general day to day ops perspective.

[shera]

That's ok, there are new outfits (like Celsius) willing to take on the task. Brick and mortar banks can go the way of the horse and buggy. There were plenty of people alive at the time that never stepped foot into a car, and probably their lives were better for it.

[Timberridge]

Well I am walking into the bank today to make a wire transfer onto coinbase pro. I take that as a bottom indicator, hahaha, jk, fvck if I know.

May as well go all in, and on your way you should try to cross paths with a black cat and walk under a ladder.

[Bunion 2020]

I hate to break it to you, but almost every fiat currency eventually goes to zero as well.

Where have I read that before?

[BmillsSkier]

Not to shit on anyone's parade, but the moment I saw Matt Damon and LeBron James hyping Crypto.com and a fucking F1 race sponsored by it, I knew without a doubt that it had jumped the shark.

Come support us, retail investors, while we quietly bail ourselves out.

[hatchgreenchile]

[NakedShorts]

If these levels do not hold your support may be at the top of that little bump to the left.

Might sell all my coins and bring my funds back to FDIC banks to wait this storm out.



Sandcastle. This is.


We do live in a post Blockchain world. We created the internet with Kindergartners. Now we are using Math maticians. Don't get fooled into believing they are Economic Magicians though.

[schuss]

That's ok, there are new outfits (like Celsius) willing to take on the task. Brick and mortar banks can go the way of the horse and buggy. There were plenty of people alive at the time that never stepped foot into a car, and probably their lives were better for it.

You misread my point. BTC, for example, costs roughly 500,000x more to process than a typical financial transaction. How is it going to replace regular banks if the most basic unit of activity - a transaction, is orders of magnitude higher?
You can make some hand wavy magic about "legacy infrastructure" and "machines instead of people", but the reality is plenty of things still happen at actual bank locations, especially for cash driven businesses. Crypto 5 parts people sniffing their own farts, 3 parts techbros that don't understand tech, 2 parts scammers and 4 parts people wanting a winning lottery ticket.
Nowhere in there is actual operational rigor, which is 100% required to be a legitimate part of the day to day financial world.
Even middleware platforms like celsius can't avoid the transaction costs unless they're banking the crypto on your behalf and using internal apis to move stuff around. That's fine, but ultimately prone to stuff like we saw with Axie Infinity and metamask where people broke into the vaults and emptied them, or the current risks around coinbase where if they go bankrupt, you don't get your coins back necessarily.

[Mustonen]

Cash vs. cashless and the horse and buggy analogy may well be apt, to be fair. A lot of brick and mortar exists just because that’s what people are used to, and that alone will sustain brick and mortar for a really long time. And it’s not just old people, or even mostly old people. A 20 year old is just as if not more likely to want to sit in an office and talk to a person they can trust as a blue hair. Just look at checks - they don’t actually make any sense in the face of alternatives but damn if they aren’t doggedly sticking around if only to complicate things with frickin UCC laws. FIs still invest in check processing infrastructure because they have to. But none of that has a lot to do with crypto. I can go months without physically touching cash while living my life on US Dollars.

The other thing that sustains brick and mortar is trust and validation. The bitcoin bros scoff at fraud protections and the perils of immutability, but I don’t know why. That’s a problem that crypto needs to solve to not be at a severe disadvantage to traditional financial products that common folk use to live their lives.

[dunfree]

Lots of cryptos fade off into irrelevancy over a period of months to years. For a top 10 crypto to do it in matter of days is exceedingly rare. The closest analog is Bitconnect from 2018. But that was an order of magnitude or two smaller.

I hate to break it to you, but almost every fiat currency eventually goes to zero as well.

add black swan to the list of things staledildo the crypto pumper doesn’t understand. Just trash scammers top to bottom

[MontuckyFried]

Honestly the reason more banks haven't gotten more into crypto is that it's also a pain in the ass to deal with.
You have large cybersecurity risk as if someone uses a zero day on some piece of infrastructure your holdings could be gone in an instant, but at the same time it's a pain in the ass to transfer and rebalance due to gas fees and the general bloat blockchain has around transaction processing. So it's just a sticky pile of goo that ends up sticking to you when you least want it to. Just not doing it is way easier from a tech and general day to day ops perspective.

I'm not sure about that. I understand the fears around it and why banks would not want to deal with it from a logistical perspective. However, I was under the impression that crypto/blockchain tech literally CUTS all the bloat. Correct me if I'm wrong, but with standard wires, banking transactions, credit card transactions, and all the usual shuffling around of funds, aren't there a butt ton of "middlemen" along the way? It is asinine that in the very digital year 2022, that funds can take anywhere from 1 to several business days to officially complete. It all SHOULD occur within milliseconds no matter what you're doing. The techs there. The regulatory and processing burdens however impede that. I thought using BTC et al kind of eliminated some of that intermediary bloat. ESPECIALLY when dealing direct between parties (not using a 3rd party outfit). I could be wrong on this tho. Feel free to school me, friends.

Sent from my Pixel 3 using TGR Forums mobile app

[LeeLau]

A top 10 crypto by market cap went to zero almost immediately with plenty of contagion. I'd say that exceeds six standard deviations.

LUNA/UST was a well executed bear raid ala Soros on the British pound. It's been done before. It'll be done again

[4matic]

I don’t quite understand the comparison being made here. Is it just that established things fail? Is it a different comparison than the one already made to stocks that can fail?

Not arguing, just read it three times and still didn’t get it.

Anyways, I don’t think the criticism of crypto is that it has the capacity to fail, rather that it has minimal capacity to NOT fail, and virtually all of that capacity is predicated on the greater fool theory.

It was said that one failure was not indicative of other failures. It can domino. That was the point

[Mustonen]

It was said that one failure was not indicative of other failures. It can domino. That was the point

Ah, OK. That makes more sense.