Bitcoin is taking a dump with all the other shtcoins

How do you think El Salvador feels about it's bitcoin investment. Just a few months ago their average purchase price was $45K.

Thanksgiving 2021 dinner table discussion when the price was ~60k

&
Super Bowl Feb 2022 ads last year for FTX (bailed out today) & Coinbase back when the price was 42k

The difference is: Wright brothers plane has some potential utility (getting a person from point A to point B faster and safely) even before they got it to work, whereas crypto has no utility except whataboutisms of possible usefulness cases in hope that, in the meantime, number just go up and we are still early, WGMI and HFSP taunts, and hoping Jerome Powell and the rich elites lose and miss out on this new thing and everyone touching it is a lottery winner.

When I tried to use the internet at a corporation in 1995 I was like wow this is really really cool. Even when Lycos search engine, IE or Netscape browser took forever and visiting CocaCola’s website or downloading a 30sec .wav sound clip took 45minutes+ to download that 30 sec .wav clip. Growing up in the 90s and early 2000s school kids spent hours and hours online after school on AOL instant messenger. There was no need for household hard copy dictionary anymore. It was very clear to many early on there was utility to the service, even if Paul Krugman said something dumb comparing it to fax machine.

Price of most popular shtcoin (with tech that’s over 14 years old and still no use case) is down to 17k

is there enough liquidity?

But wait, can't I just roll on down to Costco and pay for my toilet paper with 0.00006 of a Bitcoin?

Dude I'm with you - I get that even the stock market as a whole is laughably constructed ponzi scheme of sorts, completely made up to make white men richer - but at least it ultimately deals in companies that create goods and services for which currency changes hands. The fact that a bunch of jilted pimple faced kids managed to successfully convince the world that they could outsmart the system by "doing it better" with a centralized electronic currency founded on something they decided was called a "blockchain" (what the f-ck even is that) that they told people was worth something AND it was believed, will surely will go down as one of the most embarrassing examples of how insanely desperate and stupid the human race has become.

I picture these idiots who bought their 50000 sqft warehouses in the middle of the Nevada desert running 6000 computers with fans cooling them down racing to "mine" "blocks", racking up $60k a month in electricity bills thinking their fake fortunes will cover it and just laugh. Kudos as well to all the NFL players that invested millions of dollars of their signing bonuses into crypto currency only to see that disappear by 60% - as if those guys need any further ways to blow their money that they get for running around chasing a piece of inflated leather and giving each other concussions.

What a world we live in.

Stock market not a Ponzi scheme. Using dcf analysis can calculate intrinsic value of a company producing actual goods and services and compare that to the price it trades at.

You’re right about the middle of nowhere shtcoin computers…what will the shtcoin factories in Nevada and Texas do? Why did Jared Polis and Ted Cruz bow down to the balls of Vitalik Buterin and other anti govt fruitcakes?

what will Miami Heat stadium be renamed to?

It’s a good day for shtcoin fans

The other annoying and frustrating thing is seeing pseudotech business sales people and marketing morons name drop “blockchain” and “decentralized” and “it’s the future” the same way they name dropped buzzwords of “data science” ~2-3 years ago. They still have no idea what the hell it even is. Blockchain is an entirely centralized glorified Excel spreadsheet

These are the annoying types able to put slick cover on a pile of dogsh*t, making ~100k-150k/year as mid level “marketing gurus”

Exactly right. The only use cases for Bitcoin are: Illegal transactions and speculation. All crypto use cases are limited to those areas. There's never any utility outside of the ability to make bets on other crypto projects or to facilitate ransomware or other illicit activity.

Bitcoin is useless as a currency because it's deflationary. People want to hold it (gamble/invest/speculate), not spend it. So while people may have gotten rich on crypto/blockchain, there's no fun activities (like the web) or other functionality it enables that normal databases don't do faster/better/cheaper/easier.

reuters.com

FTX turmoil causes deal concern, crypto prices slide

Selena Li,Tom Westbrook,Elizabeth Howcroft

Investors fretted on Wednesday about the financial health of major cryptocurrency exchange FTX with some questioning whether a rescue deal from bigger rival Binance would materialize.

Open link

Binance overseas crooks won’t bail out FTX hahahahahaha

”The Wall Street Journal on Wednesday reported that Binance will likely walk away from the deal, citing a source familiar with the situation.”

Also:

”In addition, the U.S. Securities and Exchange Commission is investigatingcrypto exchange FTX.com's handling of customer funds amid a liquidity crunch, as well its crypto-lending activities, a source with knowledge of the inquiry said on Wednesday. Bloomberg first reported the probe”

The way to control/make illegal a supposedly decentralized currency (one in which law enforcement is actually able to track pretty easily even though crypto libertarian bro think is “decentralized”)is to just cut off/make illegal the on-ramps and off-ramps to the real currency US dollar

How can a currency be deflationary?

Its quantity permanently limited If you want to create digital currency that works as means of payment, its growth needs to be the growth of nominal GDP. Otherwise get permanent deflation of goods and servce….listen at 9min:

HR personnel and Fortune 500 business execs eat that sh*t up though and hire and promote these pseudo tech quacks who make decent livings promoting bullsh*t terms as part of their consulting services branches

Haha yo. Biggest bank run in history was:

reuters.com

Crypto exchange FTX saw $6 bln in withdrawals in 72 hours

Tom Wilson,Angus Berwick

Crypto exchange FTX saw around $6 billion of withdrawals in the 72 hours before Tuesday morning, according to a message to staff sent by its CEO Sam Bankman-Fried that was seen by Reuters.

Open link

There's a fixed maximum quantity of bitcoin.

In English please

I see.

Wouldn't that work to drive the price of bitcoin up over the long run if it "catches on" as an alternate currency as it would become scarce?

Which would seem to be inflationary as to the price of Bitcoin itself.

Not sure what impact that would have on the overall economy.

By the way, what's the idea behind putting a cap on it?

Monetary policy centralized authority need to have ability to increase supply but If you read crypto bro white papers, supply is permanently fixed. Of that amount of fixed, some of the soon to be worthless coins is lost on hard drives located in a trash dump