In reply to Steve_Jones :
Umm... no. It lost $1 Trillion in market VALUE.
That's like saying a company like GM has no value because it's not for sale.
In reply to Steve_Jones :
Umm... no. It lost $1 Trillion in market VALUE.
That's like saying a company like GM has no value because it's not for sale.
If it's an investment, then it's sitting on my balance sheet. It's an asset, which contributes to my net worth.
Somebody just lost $1 Trillion in net worth.
Well, they are "unrealized" gains and losses until you sell.
In reply to Robbie (Forum Supporter) :
That's correct.
The cryptocurrency market still lost $1Trillion in market value.
In reply to SVreX (Forum Supporter) :
/s usually means sarcasm. I was just beating the "experts" to the punch. I swear there's a script they all use, it's comical.
In reply to Steve_Jones :
Sorry. Missed that. Didn't know the abbreviation.
We agree.
I just heard one of the best quotes about crypto:
The main problem with crypto is the rabid fans that have great insight, but the inability to express those insights without writing a 10 page rant.
China is shutting down crypto currency miners and now they are migrating to Texas. Texas is still having all kinds of problems with the lack of capacity of their electrical grid. Lots of people moving to Texas and they are building subdivisions filled with single family homes that will also be connected to the grid. Anybody want to take bets on when this big mess comes crashing down all over us?
As for me, I'm off to Home Depot to look at a bigger generator before they all sell out.
https://www.chron.com/homes/article/Houston-suburb-single-family-homes-new-real-estate-16203483.php
In reply to Snowdoggie (Forum Supporter) :
I wonder if all of these things will wind up severely crippling Texas in a few years, and if there will then be a mass exodus to a new state with a grid connected to the rest of the nation.
Crypto currencies have been a wild rollercoaster ride this year so far. China cracking down has certainly led to a sharp downturn. With prices going down, mining profitability is way down, so some people are panic selling their mining equipment also (which means you might be able to buy graphics cards at an affordable price again some day soon). And of course people are panic selling their crypto right now. I'm guessing it'll continue down for a bit more, then perhaps we'll see a retracement rally that'll recover a good portion of it, then after that who knows.
infinitenexus said: ....And of course people are panic selling their crypto right now. I'm guessing it'll continue down for a bit more, then perhaps we'll see a retracement rally that'll recover a good portion of it, then after that who knows.
I thought that crypto might be a good hedge against inflation. I made the mistake of buying into some dips that WERE NOT DIPS. I have a good 'shotgun spread' across BTC, DOGE, and ETH now and I'm not going in any deeper. While I Hodl what's left in my market account, I'm back to investing in questionable project cars and motorcycles - a much more enjoyable way to lose money.
In reply to AAZCD (Forum Supporter) :
A friend of mine that's generally very wise when it comes to investments in general is buying more bitcoin and doge in small amounts every few days now that the price has dropped so far, effectively lowering his average buy price. He believes once this dip bottoms out, there will be another large rally, though possibly not as high as the most recent one of a few months ago. I'd like to buy my average cost down a bit but I want to wait until the price stops dropping. I'm hoping that once all this insane volatility smooths out a little, they'll be safer plays in the long term. It's really hard to say, crypto is still in its infancy, so while "experts" like to say this and that will happen, we really don't know. Many actual investment experts still predict that some cryptocurrencies like bitcoin and ethereum will be sky-high in the future, but right now we've had several large wrenches thrown in the spokes so all we can do is wait and see.
Thoughts on this?
Article begins:
Jackson Palmer, a developer who helped to create Dogecoin in 2013, took to Twitter to label cryptocurrencies "an inherently right-wing, hyper-capitalistic technology built primarily to amplify the wealth of its proponents through a combination of tax avoidance, diminished regulatory oversight and artificially enforced scarcity".
"The cryptocurrency industry leverages a network of shady business connections, bought influencers and pay-for-play media outlets to perpetuate a cult-like 'get rich quick' funnel designed to extract new money from the financially desperate and naive," Palmer wrote as part of a series of Tweets.
"Financial exploitation undoubtedly existed before cryptocurrency, but cryptocurrency is almost purpose built to make the funnel of profiteering more efficient for those at the top and less safeguarded for the vulnerable."
The third paragraph is the probably the best answer I've seen so far to my question of "what value does crypto add?"
At the last peak of crypto one of my co-worker's sons took his winnings from the market and bought a new Tesla. He put hours of work into it almost every day for about a year. Meanwhile I put 10 minutes into it a couple times a week and lost about 1/2 my gamble. ...so far.
Robbie (Forum Supporter) said:Thoughts on this?
Article begins:
Jackson Palmer, a developer who helped to create Dogecoin in 2013, took to Twitter to label cryptocurrencies "an inherently right-wing, hyper-capitalistic technology built primarily to amplify the wealth of its proponents through a combination of tax avoidance, diminished regulatory oversight and artificially enforced scarcity".
"The cryptocurrency industry leverages a network of shady business connections, bought influencers and pay-for-play media outlets to perpetuate a cult-like 'get rich quick' funnel designed to extract new money from the financially desperate and naive," Palmer wrote as part of a series of Tweets.
"Financial exploitation undoubtedly existed before cryptocurrency, but cryptocurrency is almost purpose built to make the funnel of profiteering more efficient for those at the top and less safeguarded for the vulnerable."
The third paragraph is the probably the best answer I've seen so far to my question of "what value does crypto add?"
I disagree with the right wing part, and on the hyper capitalistic part I have reservations on it (and I'm not sure that it is good or bad or purple if it is hyper capitalistic).
Otherwise it sounds pretty accurate to my understanding.
In reply to mtn :
Smart ambitious people figure out ways to gain from financial instruments and use it to their benefit. Pork bellies, Dogecoin, or AMC stock. Good for them. Is that the hypercapitolism thingie? I don't see it as making the people bad or the Dogecoins bad. Or good. They are just there doing what they do.
AAZCD (Forum Supporter) said:In reply to mtn :
Smart ambitious people figure out ways to gain from financial instruments and use it to their benefit. Pork bellies, Dogecoin, Ponzi schemes, or AMC stock. Good for them.
I updated your statement. Do you still agree? If not, I think we have identified "hyper-capitalism".
Robbie (Forum Supporter) said:AAZCD (Forum Supporter) said:In reply to mtn :
Smart ambitious people figure out ways to gain from financial instruments and use it to their benefit. Pork bellies, Dogecoin, Ponzi schemes, or AMC stock. Good for them.
I updated your statement. Do you still agree? If not, I think we have identified "hyper-capitalism".
I see Ponzi schemes as a method of taking advantage of people. If it is seen as an element of capitalism, it's a perverted version of it.
I see Pork bellies, Dogecoins and AMC stock as elements that have a perceived value that can be traded.
Maybe I'm too simple.
I see Dogecoin's value like baseball cards, Pogs, or 50 year old stamps that have already been used as postage. Worthless to many, but still of value to people who want to trade in them. I could trade a collection of baseball cards to fund a college degree, evade taxes, buy drugs, or fund a well for a village in Africa.
In reply to AAZCD (Forum Supporter) :
And simply put, I think Palmer is saying that crypto is a method for taking advantage of people, rather than an element of value.
Sorry to sidetrack, really to me the interesting thing here is that Palmer flipped his standing on crypto. I genuinely wonder why?
In reply to Robbie (Forum Supporter) :
Reading the article, I think he feels that his joke that was poking a finger in the eye of what he saw as an evil became what he saw as an instrument evil. (Proper definitions of capitalism aside.)
And now it's worthless. Like nft's.
it was mostly an Elon musk pump and dump scheme to prop up his unprofitable car maker. What a swindler.
was searching for an old Amy thread but found this. Man I'm sad.
There are two sides to the swindler coin (pun intended)...you've also got to have a swindlie.
Fiat currencies are gonna do what they do. It's only a matter of time.
Fiat cars are gonna do what they do: 
In reply to Fueled by Caffeine :
Good thing I got out when I did. Made a buttload off of ~$100-150 invested.
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