Do we know how much is locked up in these hard drives (and others that people cannot access?). I wonder what the current possible "rock bottom" is based on this.
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?
Yeah on the stock market we can beg to differ. "DCF analysis"? Ultimately it's a purely arbitrary made up formula that doesn't take into account multiple non-quantifiable metrics that would point to a company's true success/relative value. And as we all know the stock market really runs off emotion rather than anything else. When one person (let's say a Warren Buffett or an Elon Musk) can dictate gains or drops in the major composite indexes just from what they say, then let's be honest - it's a huge stitch up.
But let's just agree that cryptocurrency is an embarassing human experiment that hopefully doesn't end in too much pain and suffering (and the associated tragedies) for all the muppets that thought this was a way to get rich quick. Someones going to be left (I was going to say holding but that's not the case is it), with a bunch of 1 and 0's in cyberspace that are completely f-ing meaningless, and they would have given up real currency for the privilege. Very sad.
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?
Yeah on the stock market we can beg to differ. "DCF analysis"? Ultimately it's a purely arbitrary made up formula that doesn't take into account multiple non-quantifiable metrics that would point to a company's true success/relative value. And as we all know the stock market really runs off emotion rather than anything else. When one person (let's say a Warren Buffett or an Elon Musk) can dictate gains or drops in the major composite indexes just from what they say, then let's be honest - it's a huge stitch up.
But let's just agree that cryptocurrency is an embarassing human experiment that hopefully doesn't end in too much pain and suffering (and the associated tragedies) for all the muppets that thought this was a way to get rich quick. Someones going to be left (I was going to say holding but that's not the case is it), with a bunch of 1 and 0's in cyberspace that are completely f-ing meaningless, and they would have given up real currency for the privilege. Very sad.
It depends on a person's or organization's expectations. If we look at (25 to 50) year periods, equity performances correlation strongly with earnings. Emotions? Do you mean Human Behavioral Analysis?
Yeah on the stock market we can beg to differ. "DCF analysis"? Ultimately it's a purely arbitrary made up formula that doesn't take into account multiple non-quantifiable metrics that would point to a company's true success/relative value. And as we all know the stock market really runs off emotion rather than anything else. When one person (let's say a Warren Buffett or an Elon Musk) can dictate gains or drops in the major composite indexes just from what they say, then let's be honest - it's a huge stitch up.
But let's just agree that cryptocurrency is an embarassing human experiment that hopefully doesn't end in too much pain and suffering (and the associated tragedies) for all the muppets that thought this was a way to get rich quick. Someones going to be left (I was going to say holding but that's not the case is it), with a bunch of 1 and 0's in cyberspace that are completely f-ing meaningless, and they would have given up real currency for the privilege. Very sad.
It depends on a person's or organization's expectations. If we look at (25 to 50) year periods, equity performances correlation strongly with earnings. Emotions? Do you mean Human Behavioral Analysis?
in the short run the stock market is a voting machine but in the long run the stock market is a weighing machine (Benjamin graham once said, warren buffet’s mentor)
Duke University Senior Lecturing Fellow @JohnReedStark on the crypto markets: "It's Walking Dead-like anarchy. There's no regulatory oversight, no consumer protections... We have no idea what's going on inside of these entities." https://t.co/Jb7k9tfCFfpic.twitter.com/1HC4ZO0AS0
The bubble did already burst but there’s still some air left to be let out. It won’t be going back to $70k per the most popular sh*tcoin. During a time of this delusional mania in economic cycle and lot of money supply during pandemic etc, people struggling financially see other people make easy unrealized gains holding and trading intrinsically worthless junk, and if so their neighbors see this and will toss their own money at it in an attempt to do the same. Until the fools game runs out. it start with bank run and not enough fiat to liquidate and pay out the paper gains, shown on crypto trading website in stablecoin such as Tether or USDD which is theoretically supposed to be a 1:1 peg to USD but the truth is if any proper audit was ever done, the usd isn’t there for it to be. These crypto companies have no physical address and sometimes the people running them are in corrupt countries where they are nowhere to be found. The scam is marketing it as “decentralized,” so libertarian crypto cult bro think they are being rebellious against rich people/the establishment buying this stuff, when in reality they’re the ones being duped, duped by overseas crooks and sometimes VC and institutional investors holding crypto bro client funds to collect trading fees, sometimes betting against them and/or getting in and out). Quick and easy gains, even in products intrinsically worthless, continue to happen throughout human history, attract desperate people , so over time,this crypto one, just like tulips, beanie babies, etc. won’t be the last time in human history. since intrinsic value of all crypto pseudo asset is $0, the price it trades at (e.g. currently $16.5k for the popular sh*tcoin) should eventually go to $0. However, with delusion and grandiose thinking of crypto bro and institutional trader (who don’t actually believe in these “ assets” but just want to rip off delusional idiot), all sh*tcoins will probably trade hands at prices higher than $0 for quite some time. Since it’s very very difficult to predict the timing and because the environment is full of fraud and no transparency, I wouldn’t even try to short any sh*tcoins (For one thing the US dollar you use to make bet and short any particular shtcoin may be lost within the exchanges and within this totally unregulated space.).
as for why this space is still unregulated, there is a theme of technobabble bullsh*t that make common person, including Venture capital, pseudo tech marketing businessman without much knowledge of economics and computer science, think throughout 2020-2022 that this stuff is the “future of money.” Money for lobbying spent by crypto related business flow to politicians who allow it to be its own pseudo asset class and not treated as securities regulated by SEC mean it’s the 1920s and corrupt casino bucket shop all over again. And certain politicians who clearly don’t understand it promote it to people as a golden ticket to help people they serve lift their way out of lower financial position. Celebrities paid to be promoting it with zero disclosures to general public. Sad.
Prices for cryptocurrencies have undergone multiple boom-bust cycles, together with ongoing entry by retail investors. To investigate the drivers of crypto adoption, we assemble a novel database (made available with this pape...
A new database of #CryptoExchange app adoption for 95 countries over 2015-2022 shows that when the price of #Bitcoin rises, more people download and actively use these apps. Most users invested in peak prices and have since lost much of their investment https://t.co/DkH4xkVQLspic.twitter.com/0zC9ioDouM
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?
When a currency becomes more valuable, that's deflation. When it becomes less valuable (it takes more $ to buy a gallon of gas) that's inflation.
I presume the cap was a misguided attempt to fight inflation by the original designers. Because that makes it a better vehicle for speculation than it is a currency.
BlockFi, financially entangled with the now-bankrupt FTX, is planning to lay off workers and exploring a bankruptcy filing itself, people familiar say.
The most ‘respectable’ of the crypto billionaires was just another fraudster. When will journalists stop hyping this industry? When will regulators protect consumers from getting ripped off by the next Ponzi scheme?
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?
When a currency becomes more valuable, that's deflation. When it becomes less valuable (it takes more $ to buy a gallon of gas) that's inflation.
I presume the cap was a misguided attempt to fight inflation by the original designers. Because that makes it a better vehicle for speculation than it is a currency.
US dollar is used and accepted by law as a medium of exchange, backed by us government and most powerful military in the world. Crypto and all cryptocurrencies/shtcoins nothing but a pseudoasset, not a currency/not a store of value/not an inflation hedge. Yes it still trades at absurd price as I post this (16k per the most popular shtcoin)even though intrinsically worthless.
there’s no real adoption of any shtcoin out there….Even when crypto is pseudo-used as a currency by a local mom and pop business, it is not really being used, as it is a mere marketing gimmick to libertarian anti-govt moronic shtcoin bro customer, since the good/ service the business is offering is priced in a relatively stable usd amount so as not to wreck the business profit margins, and an intermediary such as the shtcoin center Coinbase collects a transaction fee and ultimately gives the revenue to the business in USD!!! (not an unstable and unusable shtcoin).
A us dollar is more or less valuable relative to other currencies when comparing exchange rates. Eg strong dollar versus other currency etc
Normal inflation rate in healthy economic environment is ~2%, which means if you stick money under your mattress you can’t afford as much with it (less purchasing power) in future. economic conditions looked better this week because people imho are overly excited that usa inflation rate went from ~8% to ~7%. But inflation still persistent and time will tell what happens going forward
Bitcoin, according to its shtcoin white paper, can’t work as currency in a society because with permanently fixed supply you’d have permanent deflation. Some out there point to blockchain as the only non-worthless tech to come out of crypto shtspace, but basically blockchain isn’t going to be decentralized, as privacy is important to business, and if a business sets up a private centralized blockchain it is essentially a glorified excel spreadsheet
The most ‘respectable’ of the crypto billionaires was just another fraudster. When will journalists stop hyping this industry? When will regulators protect consumers from getting ripped off by the next Ponzi scheme?
“Crypto has none of that. So crypto as a whole is an asset which has absolutely zero intrinsic value. The only value it’s derived from is people’s faith in the fact that there’ll be another sucker who will buy it off of them for more than what they paid for it. That’s not a sustainable thing. So crypto as money failed. It doesn’t work. Ever since then, every six months, the industry has to come up with some sort of new story. It’s a “new version of the internet.” It’s a speculative investment that’s uncorrelated with the broader market. It’s a hedge against inflation. And all of these are wrong. None of them pass any kind of intellectual scrutiny. And they just keep coming up with new stories and new lies all over again, with the aim to bring more suckers from the public in to buy this stuff because they want to make money off of them. And that’s the big scam.”
“Crypto has none of that. So crypto as a whole is an asset which has absolutely zero intrinsic value. The only value it’s derived from is people’s faith in the fact that there’ll be another sucker who will buy it off of them for more than what they paid for it. That’s not a sustainable thing. So crypto as money failed. It doesn’t work. Ever since then, every six months, the industry has to come up with some sort of new story. It’s a “new version of the internet.” It’s a speculative investment that’s uncorrelated with the broader market. It’s a hedge against inflation. And all of these are wrong. None of them pass any kind of intellectual scrutiny. And they just keep coming up with new stories and new lies all over again, with the aim to bring more suckers from the public in to buy this stuff because they want to make money off of them. And that’s the big scam.”
Is there not anyone that is utterly floored by the cruel irony that FTX/crypto, billed as this outsider that "no one person" runs and is insulated from the threats that afftect Leahman/Wash Mutual (etc...), was in effect taken down by essentially... a run? We now hear about a charismatic person funneling the money to his own hedge fund (and useless chucky cheese coins)? How could this be any more similar to what affects traditional markets? Cruel irony. Zero sum game. Tech bubbles, contagions, pyramids, CDSwaps, too big to fail, great depression style run on the banks...it all never changes. Crypto is everything they said they were not. I had trouble fully grasping crypto until fairly recently, now I dont feel so much like im old and dont understand it. We didnt understand it for a reason.
The lending arm of crypto brokerage Genesis Global Trading suspended redemptions and new loan originations after an "abnormal" number of withdrawal requests that exceeded its current liquidity, citing market turmoil from the...