Bitcoin Takes a Dive!

Bitcoin is a fraud.

I hope it collapses.

It always has a major "correction" this time of year.

I’m going into tulip bulbs.

Crypto is a Ponzi scheme.

For something that was (allegedly) supposed to usher the new era of more libertarian approach to finance, it sure looks like something not far removed from the regular financial system: most of it is concentrated in the hands of very few.

Bitcoin is a scam and I’m going to laugh my ass off when it finally crashes for good.

Try bitkub, the real investor behind it is infallible.

My poor mother worked the mines...

Buy low. Then hold. I wouldnt invest my life savings in it, but if I am going to spend $100 i would rather put it in bitcoin than uber eats or impulse buys from amazon

It's a living thing.

How do I buy it? I'm getting lot of messages from brokers trying to get me into it. But surely they're frauds right?

I think you best not, R11.

R11 If you are that hell bent on giving your money away at least consider donating some of it to me now.

R12, it happened before and skyrocketed all over again. This thread is an elderfag thread filled with Boomers who don’t even know what Bitcoin is. It’s not going anywhere.

It's anti-sovereign government, used mainly for money-laundering, blackmail and speculation, concentrated in a VERY few hands, and massively destructive of the environment.

Other than that, it's all good!

I do so love when the cryptobros go on about how it's a currency which can't be influenced by governments or bankers. Oh, so just Elon Musk's tweets then?

R11, you can buy bitcoin if you have a paypal amount. You can buy small increments, like $20 worth

* paypal account

You should read the post by R15 and when you are done follow it up with the patriot act.

Gotta hand it to everyone who bought into the ETF @ $40

I think it closed at like $25

Bitcoin can burn in hell!!!!

Fucking money grubbing manipulators.

r2 exactly. This is a sale. It dips Q1 then tops out in December. Buy the sale, hold on to it, then sell around Boxing Day.

[quote] Oh but such a great idea, what could go wrong?

Yes, OP. I'm sure the people the bought in while BTC was still less than $5k are devastated by this drop and resent their life choices.

I don’t like thinks that people have to oversell you.

R17 and where do I go to buy it or must I use a broker?

To the others telling me not to buy it, I'm not investing my life savings into it but the whole cryptocurrency thing is here to stay, and with the whole NFT and Metaverse coming, it's gonna be a fact of life. Even banks are creating infrastructure to be a part of it.

The government is getting into the act, and it is now taxable. Wasn't that part of the reason lots of folks talked it up as being some sort of new channel of value. At least tulips lasted for a while in a vase.

[quote]I don’t like thinks that people have to oversell you.

I'm at a point in my life where I don't like anything that has to be "sold" to me... Especially by white Americans, who only get into sales when it's something that doesn't have any true intrinsic value and just makes them a high commission.

Everything of value to me now is something that I have to seek out on my own, do my own research, etc. I can't even watch cable TV anymore because the loud commercials annoy the shit out of me with their endless parade of advertised products that I have absolutely no interest in.

Trading 20 chickens for 1 goat makes so much more sense than any of these currencies that claim to extract value from complex math problems.

took a dive today

down like 50% from when they launched the ETF

oops

Good time to buy

it's going down even more...

Bitcoin seems like it's built on castles in the air, knew a guy obsessed with it who lost everything on that fucking stupid football index site.

I would never invest more than I could afford to lose but I think it is better to spend money on bitcoin than uber eats or random stuff from amazon

Hackers steal $615M from Ronin in one of largest crypto heists on record

Blockchain project Ronin said Tuesday that hackers stole cryptocurrency worth almost $615 million from its systems, in what would be one of the largest cryptocurrency heists on record.

The project said that unidentified hackers on March 23 stole some 173,600 ether tokens and 25.5 million USD Coin tokens. At current exchange rates, the stolen funds are worth $615 million, but they were worth some $540 million at the time of the attack.

This makes it the second-largest crypto theft on record, according to blockchain analysis firm Elliptic.

Ronin is used to power the popular online game Axie Infinity, which uses non-fungible tokens (NFTs) and is the biggest NFT collection by all-time sales volume, according to NFT market tracker CryptoSlam.

Ronin said in a blog post that the hacker had used stolen private keys — the passwords needed to access crypto funds — to make off with the funds.

Ronin said it had discovered the hack on Tuesday. “We are working directly with various government agencies to ensure the criminals get brought to justice,” it said, adding that it was discussing with Axie Infinity how to ensure no users’ funds were lost.

Ronin’s users are unable to withdraw or deposit funds on the network, it said.

Ronin did not immediately respond to a request for comment sent via Twitter. It said it was working with major blockchain tracker Chainalysis to trace the stolen funds. Most of the funds are still in the hacker’s digital wallet, Ronin said.

Hacks have long plagued crypto platforms.

The cryptocurrency arm of Jump Trading said last month it had restored more than $320 million to crypto platform Wormhole after the decentralized finance site was hit with one of the largest crypto heists on record.

Last August, hackers behind likely the biggest ever digital coin heist returned nearly all of the $610 million-plus they stole from the DeFi site Poly Network.

In 2018, digital tokens worth some $530 million were stolen from Tokyo-based platform Coincheck. Mt. Gox, another Japanese exchange, collapsed in 2014 after hackers stole half a billion dollars of crypto.

Ronin is developed by Singapore-based game studio Sky Mavis, which owns Axie Infinity. Sky Mavis does not give contact details on its website. It did not immediately respond to a request for comment sent via LinkedIn.

All pyramid schemes crash at some point.

R35, it can take some time though. Look at how long Madoff was able to keep going.

Bitcoin fans are psychopaths who don’t care about anyone, study shows

Fuck Bitcoin to hell.

Retired nurse loses $43K life savings on bitcoin scam: ‘This is organized crime’

A retired nurse has lost $43,000 and her part-time job after bitcoin scammers took over her work computer.

The woman from Buffalo, New York, who asked ABC affiliate WKBW to withhold her identity from their report, said she was duped into sending scammers the money via wire transfer and “bitcoin ATM” to an unknown party after a computer pop-up told her to do it.

The fake ad was part of a common phishing scheme involving malware that purports to lock you out of your desktop and warn you that your finances have been hacked. The victim is told that the only way to save their money is to move it into a new location — one where you’re never given access.

The pop-up asked the woman to call a number, which connected her with someone who informed her that her bank credentials had been compromised and she needed to move her money in order to save it.

She lost a total of $43,130 in cash, wiring $13,700 to a bank in East Asia and depositing $29,430 into a bitcoin ATM, which converts your dollars to cryptocurrency and moves it into a digital wallet — ideally your own. In this case, the woman was provided a barcode and sent her money to somewhere in Kolkata, India.

Todd Maher, president of the financial crimes consultancy BitSource AML Solutions, stressed that there’s never a good reason to send your dollars or crypto directly to a third party or anyone you don’t know. “Zero percent of the time is that legitimate,” he told WKBW.

She was also blamed for giving the hackers access to her work computer, and was fired from her part-time job as a result.

“This is organized crime. She is up against a sophisticated criminal operation,” said AARP’s director of fraud prevention Kathy Stokes in a statement to WKBW. “They got the money, the time, the playbook, they have employees, and it’s us against them.”

Stokes warned that these criminals know how to target people when they’re most vulnerable.

“If you feel yourself getting excited or upset from an email, phone call or whatever, try and connect that with: ‘OK, I have to be skeptical here,’ because once [thieves have an in,] it’s hard to back out,” said Stokes, advising potential victims to avoid interacting with these mysterious pop-ups and see an IT expert as soon as possible.

Bitcoin ATM transactions are irreversible, Maher reminded, so it’s unlikely the woman will recoup her losses despite going to the police.

Those who believe they’ve been targeted by a scam or fraud should report it to their state’s consumer protection office, as well as to local law enforcement. The Federal Trade Commission also collects scam reports in all forms, though they cannot aid in investigation or retrieve losses.

[quote] and depositing $29,430 into a bitcoin ATM, which converts your dollars to cryptocurrency and moves it into a digital wallet — ideally your own.

Where are these Bitcoin ATMs?

R37 As someone who has watched their bf become consumed by the crypto boom, I am beginning to think this is correct.

R39, she was stupid to send that kind of money. End of. Cry me a river after you make a stupid mistake, but don't expect sympathy. It was a get rich quick scheme anybody with common sense would have seen through immediately.

Always remember two things when it comes to investing your money:

1 If it sounds like a deal that's too good to be true, then it's a scam.

2 Never put all your eggs in one basket.

Are r9 and r34 the same person or is that just some pro-bitcoin propaganda cut and paste job from a bot?

Damn I meant r9 and r33

Anybody wanna buy any tulips today?

R1, you got your wish!

This chrissssstian bitch Cathie Wood has to be THEY most brain-dead investment 'guru' in history. Her own fund has dropped by 75%, and she just invested in Coinbase, the company that said it may FILE BANKRUPTCY any day now.

Why won't Brandon save us?!

Buahahahaha! ALL SHALL PERISH IN DESPAIR!

Blood will rain from the skies! The dead will rise and devour the living! The end of the world is HERE!

I have a small amount of money in crypto (money I'm not concerned about) but at this point I'm kind of morbidly rooting for the entire thing to collapse and everyone to kill themselves. I imagine this is why people vote Republican. I can see how it might be intoxicating.

It will go back up. Buy the month’s long dip.

[quote] It will go back up.

Same guy telling us in January not to worry about that drop because "it does that every year then goes right back up."

Luna, the sister cryptocurrency of controversial stablecoin TerraUSD, has collapsed to nearly $0.

R52, it does.

[quote] [R52], it does.

HAHAHAHAHAHAHAHAHAHAHAHA

Bitcoin is down over 50% from what it was before its January drop. Do you think there isn't actual data to show that a "temporary January drop" is not an actual thing in Bitcoin's history?

Now be the time to pick up a used low mileage fancy car.

Coinbase: Customers Could Lose Crypto If It Ever Went Bankrupt

Wasn't it always just a Ponzi scheme?

What makes you think Cardano, XRP, Bitcoin will not go back up?

The thing about crypto is the ones who hold the largest amount have the ability to manipulate the market, such as we are seeing now. The rich get richer. I do believe certain coins will go back to where they were hovering, price-wise, and if one were to buy now they could make a nice profit.

I thought bitcoin was supposed to return the power to the people?

I wonder how many people committed suicide at margin call.

All cryptocurrency should just eat shit and go away.

Here’s a cryptocurrency that has real world purpose and value. It’s long term prospects are better than most of the other ones out there.

Someone told me that you have to keep your cryptocurrency in a wallet with the keycode, or whatever it is called, and not store it at some service account like Coinbase which is only used for actual trading cryptocurrency.

Of course, the value of the digital currentcy fluctuates so much it's like a rollercoaster ride and like any ride it comes to an end.

I especially love how Let's Go Brandon cryptocurrency bombed, making the Deplorable investors look like fools who got scammed.

If everyone can make up their own money, then money has no inherent value. The end.

r66. We, the public, are the ones giving money its true value by using it. Without us, any government sanctioned currency would have no value at all no matter how many governments, banks or businesses push for it.

R67 And you as

The insular crypto bro crowd are making money. Some sit in front of screens all day studying charts and watching the move of every coin, similar to stock traders. An acquaintance turned 5k into 1.9 million a few weeks ago although after the past few days I don’t know where that still stands. My bf turned 20k into 450k at his highest and yes, some of it was off shit coins but he mostly got in when things like doge and shina ibu were a percentage of a cent. I actually got him into it reading a thread here on DL about crypto. Someone in the comments mentioned Cardano ADA and him being a numbers guy, thats all he needed to hear to pique his interest. Now he is obsessed.

Smart people can make money when they know their way around the trading business. The ones who fail are the overconfident and overeager amateurs who think they don't need to read a fucking book or do some proper research.

A) you must know your stuff and B) you stay alert and know what signs, reports, and overall market developments tell you to sell or buy.

R70 it’s all luck, leverage and timing. In other words. A crap shoot.

“ I do believe certain coins will go back to where they were hovering, price-wise, and if one were to buy now they could make a nice profit.”

If you buy this as authentic then you’re an idiot and not long for the 21st century.

R72 Can you explain why you don’t think they will? I do believe certain coins will go back to being above 70 cents.

It may not be until the end of the year or longer, but I believe it.

[quote] Smart people can make money when they know their way around the trading business.

...by convincing suckers to give them money for something worthless.

[quote] but if I am going to spend $100 i would rather put it in bitcoin than uber eats or impulse buys from amazon

Thank you, Captain False Opposition.

Will anything millennials cherish prove NOT to be idiotic?

I don't see why this should surprise anyone. The cost of living is going up and most of the world is entering a potentially years-long recession, people are going to need more money and selling assets seems like a logical choice. The stock market is going down too.

Oh, r78. Are saying that the drop in bitcoin is proportional to the drop in stocks?

Do you have a link or is this more loads of crap from these murky underground agenda trolls?

What are you talking about, R79? The falling stock market has been widely reported in the press.

Proportional, r80? Has the stock market lost HALF of its value in the last six months? Bitcoin has.

And why do you think that is?

Be greedy when others are afraid. Be afraid when others are greedy.

Keep selling your BTC...I did....

ahahahhahahahahhaha

Right, R15...and cash is not used for those purposes.....

R80 was asked a direct question twice and no answer. That is why you can’t trust the hard sell types. They have no answers and just want to tricking you into keeping the game going.

You have to corner the sales types like rats. Don’t let them out. Keep up the follow up questions. Depose these lying bastards.

Take investment advice from faceless troll at your own risk.

This was the huge dip most saw coming.

It will sky rocket and next year around this time it will be 90,000. OR more.

This is the ultimate scheme with no end of suckers in sight.

R90...but......but........many people have become vastly rich from it.

Its no more a scheme than any other commodity.

I’ve been on Wall Street for 30+ years. It’s a gambling den/confidence game. The idea that the “experts” know what will happen is a myth that has been propped by the 401k debacle that was pawned off on Americans. You can study every balance sheet, cash flow and comparable company - but lose your shirt. When you get into something like crypto - which has no correlation to any mathematical/scientific analysis - it’s gambling, period.

R92, actually, BTC is all about math. Basically, just math.

It is a security and is actually no different that the stock market..which is gambling....

R92, a call option is no different than gambling. Just like all stocks.

Bitcoin isn't a scam in my opinion, but other crypto currencies like ethereum are. They are centralized, and the guys in charge can easily inflate or deflate the number of coins that exist, to their personal profit. Some can even control how much that you have in your digital "wallet". So much more control than the government has with fiat. I think BTC will bounce back but the other coins will literally go out. I feel bad for the people who lost everything. Similar to stocks, you only give up what you're willing to lose. And bitcoins are more risky than stocks because they are still at an early stage. Its a mixing of technology and a social phenomenon, and you never know what will result.

R86 I asked you a question which you ignored.

Hi millennials,

I know you Bitcoin bros thought you would sit in mommy's basement and make millions doing nothing by "investing" in the new thing on the block.

Now you learned. Consider it tuition. Except unlike your useless and worthless "degrees" you got, this tuition will actually teach you something.

Bitcoin is the millennial Beanie Baby (google it).

In the future, here is your investment timeline:

Early money (lucky)

Smart money (hedge funds)

Big money (mutual funds, banks)

Retail lemmings (YOU).

Crash

Understand this now, and remember it well.

And yet, R98, many bitcoin bros became inordinately wealthy from crypto. lol.

[quote]And yet, [R98], many bitcoin bros became inordinately wealthy from crypto. lol.

Read "lucky" above

R100, as lucky as anyone that buys stock.

Most stocks are backed by something other than thin air.

R102 they are backed by psychology. What is fiat backed by?

Glad I never bought into this shit.

Stocks are backed by psychology? Not factories or products?

Ye gods!

R105, the products are not really what ppl are buying though when they buy stocks. The product can be GREAT, but if the CEO gets arrested, the stocks plummet. Has zero to do w the product.

Bitcoin's collapse is probably not as imminent as people hope. Cryptocurrency is mostly a Ponzi scheme wasteland at the moment, but as long as Bitcoin retains a veneer of respectability people will invest in it while "shitcoins" crash and burn. It'll be a volatile ride but every time it sharply rises, new converts will be born.

It's like an MLM that recruits not from a pool of aspiring #girlbosses stuck at home with toddlers, but from a sea of disaffected men, especially young and inexperienced ones without much to lose. Money's not its only allure, it appeals to the vanity of a particular demographic, outspoken contrarians who want to feel like they're part of a movement, and like they're smarter than everyone else. Guys like that are everywhere. This could continue for a long time, with crypto bros the new goldbugs.

Yes, I understand not all crypto investors fall into that category. But that's the group that can sustain it even through its lulls, the easy marks who will believe "this time it's different" when others jump ship.

Well said r107

Private equity has not beat the stock market since 2006. Get with the times. The only people who make money are hedge fund owners.

[post redacted because linking to dailymail.co.uk clearly indicates that the poster is either a troll or an idiot (probably both, honestly.) Our advice is that you just ignore this poster but whatever you do, don't click on any link to this putrid rag.]

Wasn't there some fairly recent shake up regarding stock manipulation of some indie tech stock being hyped by some rogue players?

[quote]I especially love how Let's Go Brandon cryptocurrency bombed,

Let's Go Bankrupt!

Fiat currency is backed by central government. Stocks are shares. Bonds are an obligation. Virtual currency is a con game.

For the poster who asked about Bitcoin ATMs, I live in a small town in Morris County, NJ. I have a small 7-11 type store called In N Out where the elders buy their lottery tickets and scratch-offs (the parking lot is littered with loser tickets.) They scratch the tickets off in their cars; losing tickets go out the window, winners get redeemed immediately for, you guessed it, more scratch-offs. Anyway, this store recently installed a Bitcoin ATM. They have a neon sign in the window right next to their regular ATM.

R72 I am awaiting your answer to my question.

Crypro bro iPods:

Whoopsiedoodle!

LOL But the brilliant Aaron Rodgers said he believes in Bitcoin! 😂

Following the Celsius announcement last night, there were a lot of tweets and message board posts like this one. People who didn't read the terms of service agreements expressing disbelief (and in some cases, anger) that their money could simply vanish. I also saw a couple guys who were in the process of being margin called but didn't quite understand what that meant.

😂🤣😄😆

I’m so glad I never fell for this horseshit.

Is it a million dollars yet??

Bitcoin go bye-bye!

Saw this on reddit:

"Wait till Bitcoin will be regulated and taxed. People actually think that there's a scenario whee this doesn't exist in the future. There is not a government on this planet that will sit by and watch as their tax income implodes because people start using Bitcoin."

Oh I’m so sad I’m a dinosaur and missed the boat on this one.

You just don't GET IT, Boomer @125!!! Move aside, gramps--it's the new paradigm!

I learned early on about Bitcoin’s bullshit. I lost 3 full coins when Mt. Gox failed, and despite years of lawsuits and searching, have still been unable to get it back. I paid maybe $200? At one point it was worth close 200k. I’ll never buy Bitcoin again. It’s for the black market and drug dealers.

And its down another 3% already today.

Buying it up. Sorry.

You think it has hit bottom?

I have a wee bit of Crypto on a hardware wallet. I liked learning of the technology from MIT open courseware classes and the like. I formally invested just a wee bit. Sold some for profit as well.

If any of you have a pal in Crypto or are in it yourself please get a hardware wallet by now. Trezor is a good one. Just Google that.

My crypto portfolio was basically the equivalent to the amount one would have as their utility bill in a large house for one month. That was as far as I felt like going just to diversify my investments a bit.

Coinbase is what I used and I truly think they're going to be screwed here before too long so I got the hardware wallet and took the bits of Bitcoin and such off the thing.

All of this hate always ends up looking ignorant.

BTC was a dollar. It ALWAYS drops. But then climbs exponentially.

The idiots panic sell.

The people that know about investment buys when it drops.

Next bull market will see it at 125,000.

Not a doubt.

[quote] It ALWAYS drops. But then climbs exponentially.

Do you think we can't see bitcoin's history for ourselves?

R133, it seems that way based on the absolute stupidity of the ignorant comments here, yes.

OP is unaware of the stock market. Same principal, idiot.

Bitcoin is never going away. The naysayers are just bootlickers and jealous that they never have any money to invest in something or are too scared to do so.

[quote] OP is unaware of the stock market. Same principal, idiot.

You really don't understand how the stock market works, do you?

R135, yes....these fossils here, every time it drops, come here and gloriously scream about what a con BTC is.

And, as it climbs up....silence.

These fools just don't see it. And yet...they have their money in stock market with the doltish question 'what backs bitcoin?"

What backs the market??? Psychology! Same fn principle.

R137, what happens when a CEO of a hugely expensive stock gets sick or is investigated?

Right. Its all psychology.

[quote] Bitcoin is never going away. The naysayers are just bootlickers and jealous that they never have any money to invest in something or are too scared to do so.

So instead of an argument as to why someone is wrong, just attack the person's character? That's a sign of not having an actual argument.

[quote] What backs the market??? Psychology! Same fn principle.

Not even remotely close.

Tell me how, R141. How they differ?

You've been told repeatedly. You even acknowledged the difference upthread before waving it away.

Bitcoin has nothing behind it. You own nothing but the "coin."

Stocks are ownership in businesses. You own a portion of the business.

Lol R130. No. It hasn’t hit bottom until it’s valueless.

R143, no I have not acknowledged it upthread. AND..there is NO difference. You also OWN BTC when you buy it.

Tell me the difference between stock and BTC.

I just did. I'm not going to engage with you if you aren't going to read the damn posts.

This is the post upthread I was referring to:

[quote] These fools just don't see it. And yet...they have their money in stock market with the doltish question 'what backs bitcoin?"

If that wasn't you, that poster was making the same argument you are making. And it's ludicrous. There is nothing behind a bitcoin. There is a business behind a stock. You own the success or failure of the business behind the stock. You own nothing behind the bitcoin.

R146, that WAS me, but my point is......BTC and the stock market are the same.

How many ppl here say what a con BTC is while putting money into the market?

It is the SAME thing. SAME.

R146, what I am asking you to do is to tell me how the stock market is not a con and BTC is?

I did. Twice.

R149, no..you did not. AT ALL.

Yes, I did. Twice.

People are getting wiped out. Real people I know who'd bought houses and Teslas last year during the boom.

And it's ludicrous. There is nothing behind a bitcoin. ----What is behind stocks?????

There is a business behind a stock. --------Right, and once that "business" undergoes a scandal or whatever spooks ppl, it drops like a lead balloon and ppl many times never recover.

You own the success or failure of the business behind the stock. --------Just like BTC. You own BTC and if it succeeds (and it always does, despite drops that always recover).....

You own nothing behind the bitcoin.----What do you OWN in a stock? You put money in it, and it drops. It grows. It drops, it grows. You dont really OWN anything. You actually OWN BTC. Blockchain has your property on ledger.

R152, many ppl that own a lot of stock are in the red. My friends grandfather works for the state and has his money tied up in an investment plan (florida state prof). He cannnot retire now because he has like HALF what he had 2 years ago.

The value of your stock changes based on the value of the company behind it.

The value of your Bitcoin changes based on...? The whims of Elon Musk? How many other people are convinced to buy bitcoin (btw, that's called a pyramid scheme)?

R155, Exactly. But its value is also based on psychology..which is the REAL value. How many stocks never recovered bc of scandal, despite how great the product? Look that up. You mention Musk......how do you think Tesla stock holders feel when that idiot tweets and brings the stock down? Tesla lost 126 billion dollars. NOT bc of the quality of the product. Stock is all psychology. Do you think you actually OWN tesla company when you have stocks? No, you really don't. That in itself is a con. The only thing tethering you to your money when you own stock is no scandals. No idiotic CEO and no spooks. Same w BTC. AND...when you own BTC.....You own BTC. BTC AND Stocks depend on human psychology,

[quote] Stock is all psychology.

If you really believe this, then there is no hope for you.

[quote] You own BTC

Which is nothing.

And if your argument is stocks and BTC are the same all your criticisms of stocks apply to bitcoin.

R157, how do you NOT believe it? OMG. Lol. You don't think that how humans FEEL about a stock matters? That is your retort? So, if its not psychology, what is it? It certainly is not the product. Because, a product can be GREAT, and yet the stock will crash. Why? Because shareholders lose CONFIDENCE in it (confidence is a psychological term). It has nothing to do w the product most times, but what the CEO is doing, saying.

BTC is actually something. That retort is proof that you know nothing about blockchain. When you own stock, you DO KNOW that your ownership is only THEORETICAL, right????!!!

You have not proven at all that there is a difference between stock and crypto. You have only said I know nothing lol. And yet..it is clear that you know nothing about crytpo, esp BTC. (I hope you do know that most BTC owners are also huge conglomerates).

Have a nice day, r158.

You too, R159.

ShitCoin!

You will both be giving $5 and a sleeve Ritz crackers blow jobs to homeless men when the Bitcoin AND the stock market crash

Cash is king baby

"Cash is king" becomes a lot more complicated in times of rampant inflation. I'm still holding onto a lot of it, though.

so many dumb cunts in this thread...

Bitcoin is still bleeding today...

I'm happy for those who bought bitcoin at like 500 bucks and made a killing. Hope they cashed out wasn't too greedy

wasn't there a poster on DL who bought bitcoin at like 6K? I remember he made a couple of threads telling people to buy...

R165 ya, and the stock market is booming.

R167, there are PLENTY of ppl that bought FAR below that price.

If you want to bring the stock market into it, crypto hucksters frequently tout it as something that won't move in tandem with stocks and bonds. But increasingly that is not the case, which further reduces its attractiveness to pragmatic investors.

R170, that is old timey theory. Since BTC became commercial in terms of huge multi-nationals buying it up........that is not the case any longer. And, ppl that know more than a fleeting iota about crypto....don't say this.

R170, who do you think the "whales" are in crypto? If you don't think that it is "pragmatic" investors....you know zero.

I laugh every time I see someone use the word "investing" when referring to Bitcoin. Bitch, you're speculating on air! And when you can't find a greater fool, you're fucked. That is not investing--it's speculative gambling. Snap out of it!

R173 posting from 1923

R174 is about to learn his first lesson on speculative bubbles! Watch and learn, babygirl. It's not different this time.

there is still lots of hacking going on in this area. Every other day, you hear about NFTs getting hacked as well.

R175, I bought in years ago when I was 14. It was less than 5.00.

I know all about it.

And, I only sold about 30 since I bought in.

R176, ever hear about banks getting robbed? Armed robbery? Fraud?

Ya. It not just crypto.

R177 Uh huh. And yet here you are crying on a Datalounge thread about BTC taking a giant shit instead of being out enjoying your non-existent riches. Gurrrrrl please.

R178, honey. your bank accounts are insured up to a certain amount...even if banks get robbed, you don't lose money. Not the same with bitcoin and NFTs.

R78, you are so fucking stupid.

I meant to say R178 is so fucking STUPID. sorry not R78.

Typo.

The whales are manipulating the market. They want people to drop so they can gobble it all up before it’s regulated. The rich get richer in this world and this is no different.

Wonder how much Musk lost and if this isn't the real reason he's pretending he needs to get a troll count on Twitter. He doesn't have the money to buy Twitter.

[quote] The naysayers are just bootlickers and jealous that they never have any money to invest in something or are too scared to do so.

You’re right about one thing: I’m too scared.

And I’m too stupid to understand it. A bird in the hand is worth two in the bush. I’m smart enough to understand that, at least.

I’m also old enough to have seen people lose their fortunes and property. I’ve seen some grow rich, too. I’d rather be comfortable and secure than take the risk.

Coinbase is laying off 1,100 employees, according to a new filing. That's 18% of its workforce. It hired 30% of its current staff in Q1, thinking the party was going to go on forever.

I do a lot of freelance writing and I’m very good at explaining things. I was hired to write about 10 articles on bitcoin and it still makes zero sense to me!

Warren Buffett’s investment strategy is what I live by: if you don’t understand what the company does or what it produces, don’t invest in it.

Bitcoin was *supposed* to be a currency that governments and banks couldn't control - a libertarian's wet dream. Unfortunately almost nobody (only drug dealers, traffickers, money launderers and other criminals) actually uses it as a currency and it's hopelessly bad at that - slow and expensive. It can't even handle the transactions 1 mid sized supermarket does.

Instead Bitcoin became co-opted as something hordes of people saw as a way to 'get rich' instead of actually using it as a currency to trade with. Since it isn't functional as a currency, and governments are increasingly cracking down on it (taxing it, restricting the mining of it for environmental reasons), bitcoin basically relies on getting more suckers to invest. Meanwhile because the sphere is largely unregulated it's awash with scams like Tether which prints money in tandem with the exchange Binance in order to manipulate the rigged casino and indeed get more and more of the money into the hands of a few people. It's likely when either they run out of more suckers to buy in or Tether is finally cracked down onto that the whole thing will blow properly.

I bought in when it was at $300. Buying now seems absurd but it’s not ridiculous to those of us who got in on the ground floor.

R188 But it sounds like that you bought it to make money, not to actually use it as a currency. The problem is that not everyone can get rich off something that produces almost no real world use. It's a ponzi scheme - at some point there won't be new money coming in to make everyone rich from it. And there will be a *lot* of losers even as some get rich off it.

"Next bull market will see it at 125,000. "

Rupies, yes...but not dollars.

Fuck cryptocurrency and all the annoying asshats who won't STFU about it.

[quote]Next bull market will see it at 125,000. Not a doubt.

Not a doubt, huh? So there's zero risk and only upside? Sounds incredible! I assume you're 100% all-in then? You've mortgaged your home and have hit up all of your friends and family members for $$$ to load up on BTC? If not, what are you waiting for??

Everything is taking a major dive, not just crypto.

The rumors that 3ac is toast appear to be true, so the drama continues this evening for crypto speculators. A big story to keep an eye on is Tether. Some crypto watchers think weirdness was going on behind the scenes with Tether trying to help keep Celsius solvent. Wall Street Journal reported this evening that Celsius has retained a restructuring lawyer.

Not the housing market, R193, it will go up FOREVER!!!!

What's that--scams going on behind the scenes in a scammy industry? Why I never in all my life!

R195 Also those evicted homeless can get work cleaning my new houses - mwa ha ha ha!!

Another oddity about Tether is that, starting about May 12th, they stopped printing money and instead have been reducing their market cap in blocks. It makes me wonder if they think the party is over and want to reduce legal liabilities if the US comes after them for printing coins that aren't backed by real dollars.

US federal prosecutors used the Patriot Act to shut down Costa Rica-based Liberty Reserve in 2013 so it seems possible.

If you're planning to buy a house, hold off until next year. Prices could plummet by as much as 40%

40% only takes us back to 2020 prices. Let's aim for 50-60%.

There's a separate housing market thread here -

[quote]40% only takes us back to 2020 prices. Let's aim for 50-60%.

Works for me!

My dad left me some uncirculated gold coins. I think I may buy more when the price drops a bit more.

I bought $25 of shiba so its is no big loss for me. I know people who invested everything in crypto and lost most of their money.

Shitcoin is OVAH!

[post redacted because linking to dailymail.co.uk clearly indicates that the poster is either a troll or an idiot (probably both, honestly.) Our advice is that you just ignore this poster but whatever you do, don't click on any link to this putrid rag.]

GURL DOWN!

Die, die!

R194 Check out this thread alleging that 3AC stole $1m from a trader's account held with them.

Holy shit. Bitcoin is copycatting the stock market

Which proves its acolytes were full of shit when they claimed it’s value isn’t tied to external economic factors.

Flop, flop, flop, flop!

Did they prevent selling again after it dropped another $2000?

Great thread, R209! The Celsius Network subreddit is an increasingly grim read, with many speculators still in denial that it was a Ponzi scheme. I'd like to see what's happening on the Tether subreddit but it's restricted as of a few months ago.

As crypto critics have noted, if Celsius is Bear Sterns, Tether is Lehman Brothers. If it falls (and it's currently quite wobbly), everything comes down with it. Bitcoin scammers would hype it as a once-in-a-generation buying opportunity, a message aimed at speculators who aren't savvy enough to study its five-year price history.

What dope would have bought into this shill game? This is the 'Latest' thing. Like Kimme's new improved Spanx, or the latest sneakers. Silly children just waiting to be scammed. Give me your real money to buy some of this virtual money, its on trend, Think how cool you will be.

A fool & his money is soon parted. Especially when it is make believe money. The dopes would have been better off buying monopoly money, at least you can hold that in your hand.

[quote] but if I am going to spend $100 i would rather put it in bitcoin than uber eats or impulse buys from amazon

I’d go with Amazon buys any day. At least I get something for it.

Cryto crush continues...

Bitcoin falls 70% from Nov highs...

I'm fucked.

I never hold coins. I profit off pump, and dump selling, and speculation trades. Shorting this market has been pretty profitable for me.

I made enough to pay off my house when Luna went down the shitter!

Every scam can point to success stories. SOME people made money investing with Bernie Madoff or Lula Roe.

New this afternoon: Finblox, a crypto lending service like Celsius, is tightening restrictions and massively limiting what users can withdrawal. Finblox had ties to 3AC.

I know that I'm somewhat risk averse but I think it's insane putting large amounts of money in unregulated companies. One guy replied this to Celsius:

"@KingcadenAustin

I just lost 450k

Girl friend list 400k

Mom lost 140k

Sister lost 117k

Cousin lost 100k

Your reckless antics have destroyed my family’s financial security. I feel responsible for all their losses because I introduced them to your scam site and trusted you."

R220 did you invest in Luna2? When it was listed that first day it was obvious there would be a big burst of activity - I bought some at $5 and then sold later that day at $11 (I think it peaked that first day around $16, so I missed that, oops). Made a nice profit.

Of course now it's something like $1 or $2.

R219 have you got a suggestion for guides on short selling?

I'm glad I got out of Bitcoin last year. I lost 11.33

Short selling is just as risky in unregulated markets because they are manipulated. If you like gambling, sure.

So is Peter Thiel, r218 (speaking of self-loathing fascists).

I think all stocks are gambling now, but I do get the difference, r227. I have purposely avoided teaching myself about short selling because I am somewhat risk averse. But I don't think you have to bet big to make money each time.

Hiw quaint that in OP’s post, Bitcoin at 42,000 was considered a “crash.” It’s 21,000 today.

This made me laugh -

[quote]@NBCNews Anna Sorokin, known for taking hundreds of thousands of dollars from friends and businesses while posing as a German heiress, says she's trying to move away from the "scammer persona" and plans to launch a collection of NFTs.

I hate to say I told you so, but...I TOLD YOU SO, I TOLD YOU SO!!!

LOL this is glorious.

I do NOT recommend speculation, if you don't know what you're doing, you WILL loose all your money. It's more involved than anything I could tell here.

Remember Jack Dorsey kept telling us how wonderful Bitcoin is?

Fox Business says that they have been told that the SEC is opening an investigation into insider trading on cryptocurrency exchanges.. one to watch if true.

R233 That's why I was asking if there were any recommended places to learn about it. I know very well what it involves and the risks, and I also know enough that I have avoided it intentionally for that reason. But I'm also not five years old and in danger of touching a hot stove. This isn't the Garden of Eden, either. And lastly, you weren't the person I was asking.

R235 that's been coming for awhile. They have been so blatant about all the insider trading - even Coinbase, who you'd think would know better, has had some pretty fishy examples of it.

Unrelatedly, Kraken is the only exchange that is crowing about how they aren't laying anyone off, and are in fact still hiring, unlike most of the other exchanges. Curious what they did differently.

And to think people were putting this trash in their retirement funds! Y'all done lost ya mothafuckin' minds.

Your "y'all" is noted, r238.

Your snobbery is noted, R238

It's not snobbery, r240. Gay people have picked it up from black women on Twitter and apparently think it's cute to use "y'all" everywhere, but it isn't and its use should be discouraged everywhere.

The only time it's appropriate is when you are a black woman on Twitter making a general statement that will go viral about how Things Should Be, often about how a "real man" should treat you, or how fast you are to excise toxic people from your life. That way you can be safely muted or blocked when one of your gay friends retweets the viral tweet.

I propose, for the rest of the people who say "y'all" who aren't Southern with the full accent, that they be rounded up and sent to mandatory re-edication camps, with full use of electroshock avoidance therapy, and other things like, I dunno, rooms filled with tarantulas or something.

[quote]Unrelatedly, Kraken is the only exchange that is crowing about how they aren't laying anyone off, and are in fact still hiring, unlike most of the other exchanges. Curious what they did differently.

I would guess they're still hiring in part due to turnover problems because Jesse Powell's a kook.

Bitcoin will recover just in time for some good ol’ regulatory oversight! When all the suicides level off, cryptocurrencies will still exist, but they’ll hold the value of a dollar.

Bitcoin keeps flirting with 20,000. Once it breaks that psychological barrier, there will be a massive sell-off and another enormous drop.

While that article seems to go out of its way to paint him as a look, he sounds like a reasonably logical (if obnoxious) thinker who doesn't see a reason for coddling people. He also offered a very generous buyout program to anyone who didn't like it, so I expect he was able to clear out the dead weight that way.

The world's companies could use less of people like this, frankly:

[quote]Others have accused him of fostering a hateful workplace and damaging their mental health.

Like if they're so fragile that some comments from the CEO make them feel "unsafe" and damaged their mental health, then I think perhaps they should work in a less cutthroat industry than finance. I'm not a fan of libertarian politics but that is the predominant political philosophy amongst most tech CEOs, even though some take more pains to hide it.

After looking at his Twitter feed, I would probably disagree with him on many political issues, but I think his reasoning for clearing out the deadwood and the drama queens from his company is sound. He does seem somewhat autistic though, heh. I think the main part of that NYT piece (it does seem like a hit piece frankly) that talks about his comments on modern women are the part where he probably should have said, "eh, maybe I shouldn't say this".

I like how the company's culture isn't to "forbid offensiveness".

He's definitely an idealist, though. Still, he's managed to turn Kraken into a large successful company so he must be doing something right.

Bitcoin was always a volatile asset. I bought some at 14K and some at 40K. I've probably lost half of my $20,000 investment. But that's 20K that I knew was at risk. Anyone who put 400K into it should have millions in assets. If not, it was a reckless investment.

Yeah that's my viewpoint on it r246, don't bet (and it is betting) what you can't afford to lose.

I also wouldn't talk my friends and family into investing in it, either, like some of these guys seem to have done.

Again! You cannot use "bitcoin" and "investment" in the same sentence! Does not compute. Bitcoin was not and is not an investment. It is a speculative gamble. Do you"invest" when you put a quarter in a slot machine?? No.

[post redacted because linking to dailymail.co.uk clearly indicates that the poster is either a troll or an idiot (probably both, honestly.) Our advice is that you just ignore this poster but whatever you do, don't click on any link to this putrid rag.]

^^This gives me a 2008 Lehman Brothers feel (but on a much smaller scale, obv.) These ‘crypto lending platforms’ seem so shady.

ShitCoin was only for suckers.

R245 I think it's terrible working practice even if you keep the discriminatory nature of it out. For example, why would you want to alienate half the population (women) by denigrating them? Wouldn't you want to cast as broad a net for talent or just employees as you can get?

And we'll see if Kraken really is 'better' than other exchanges. I mean, these companies are all great until they're not, and it can happen very quickly.

Thanks for playing!

Bitcoin has just broken a symbolic $20k. It was touch and go whether 'they' would decide to pump it back up or not but it seems like not.

To put it in perspective, here’s the 2 year graph (click on it to see the full graph.) BTC is back to where it was in Dec. 2020, right before it took off to 60,000+. All those crazy gains, gone.

The meltdown continues- took out $19,000 too. Currently $18,500 and still falling (apparently BTC trades 24/7?)

The whole crypto ecosystem is crashing. Crypto hedge funds, lenders, stablecoins, the whole lot.

Don’t forget that the biggest speculators and gamblers in the market are market makers themselves. Last year, the financial system nearly collapsed, because some hedgefunds were 100% confident GamesStop (a small company with a tiny float) would go to zero.

Well at least Puerto Rico will stop being inundated by tax dodgers!

Are you masturbating R112?

[quote] I do a lot of freelance writing and I’m very good at explaining things. I was hired to write about 10 articles on bitcoin and it still makes zero sense to me! Warren Buffett’s investment strategy is what I live by: if you don’t understand what the company does or what it produces, don’t invest in it.

Words to live by. If I can’t explain i to you, or even myself, then why are i handling over money? Seems like a recipe for disaster (I currently invest in groceries!)

It’s down almost $2,500 today alone!

I like the idea of NFTs, which is the digital equivalent of a unique physical copy of a product or artwork. It could help artists, who can’t get a foot in the traditional art world, make money with their art.

Do we have confirmed crypto suicides?

Ahem.

I still want to know why Tether has stopped printing their digital dollars. If you look at their market cap they were printing Tethers all the way through the last couple of years but then stopped in May, not long after the start of Bitcoin's slide, which I find hard to see as a coincidence...

Jake Paul is broke.

How can he be broke if it's still at $19,000 a share?

[quote]How can he be broke if it's still at $19,000 a share?

If his debts outweigh his assets, then he's broke.

Can you imagine being the literal biggest fool who bought this shit at its peak of $68,789.63?

[quote] Jake Paul is broke.

Party at Jake's house until it gets foreclosed, y'all!

“Shitcoins,” lol. This guy is the chief Economist at Atlas Capital and an NYU professor of economics.

(BTC fought and clawed its way up from a low of $17,774 to $20,000 where it’s currently barely hanging on for dear life.)

The sad thing is that objectively Bitcoin is a shitcoin as well. Sure, it was the first one but it's utility is just as awful and all it does is use up a lot of electricity and has spawned this awful scam of an economy.

*Its, not it's

Dumb question, but say someone bought bitcoin years ago, how the hell do you sell or get rid of it?

I know it's a "crypto" currency, so do you have to pay capital gains on the profit?

R275 I've never used it but from what I understand you can directly send it to another bitcoin user's wallet or you can use an exchange to sell it for fiat or other shitcoins.

Does fiat mean like US dollars?

Yes, like US dollars, and you do typically have to pay tax if you make profits from cryptocurrency like with stocks.

R275 People who don’t understand it shouldn’t buy it.

didn't a country made bitcoin their national currency? LOL

More trouble in the cryptoworld:

"Crypto exchange @Hoo_exchange has joined fellow Hong Kong-based crypto platforms @finblox and @BabelFinance in restricting user withdrawals due to market volatility and liquidity constraints."

Translation: we don't have the money to pay out...

Basically a run on the bank 1929 tyle!

NFTs are not quite as big a scam as crypto--but NFTs are not worth even one percent of the prices they were initially being sold.

Bloomberg says that at current prices El Salvador has lost more than half of what they spent on Bitcoin. It especially sucks what that idiot president is trying to do when El Salvador is very poor. There have been anti-Bitcoin protests there.

This month S&P Global Ratings downgraded El Salvador to CCC+ this month - to put in context how bad that is, that's on par with Ukraine.

my screen is acting up, the sentences are moving and the side thread is a white and blue background. but the text is moving and shadows shapes in the white background

^^^^^^^^^

Put down the drink…

R145 Do btc holders/owners have the ability/right to attend “shareholder” meetings, where they learn about the company, the execs, new products, the future, etc., and vote in various elections?

India's largest exchanges CoinDCX and Coinswitch Kuber have both shut down withdrawals.

CoinDCX for weeks now, citing 'ongoing maintenance'. Kuber citing 'strengthening KYC'.

Crypto DeFi platform Bancor also in trouble: "Due to hostile market conditions, Bancor’s Impermanent Loss Protection is temporarily paused. IL protection will be reactivated on the protocol as the market stabilizes."

Bancor even gave out condoms with that on it.... well, I guess condoms fail sometimes.

Lol, check out this story of a whale ransacking a fattened DeFi protocol.

It’s been teeeetering right around $20,000 for days now…exactly where it was in Dec. 2020, right before it took off. Anyone who bought BTC between Dec. 2020 and June of this year has lost $$. Bummer.

Were people not able to withdraw back in Dec. 2020 like they can't now? Can't see the no withdrawing thing instilling great faith in new investors.

I have noticed more people saying that they'll move their coins onto cold storage (risky in itself because it means that you have to be your own bank - can't lose your passwords or have it stolen/lost).

I think things will really hit the rocks if one of the big exchanges like Coinbase, Binance or the big stablecoins like Tether or USD Coin (USDC now has a market cap of $56bn, USDT $67bn) become insolvent. No idea if that's likely soon or not but at some point there will be a reckoning.

Exchange CoinFlex has paused withdrawals:

"Due to extreme market conditions last week & continued uncertainty involving a counterparty, today we are announcing that we are pausing all withdrawals. We fully expect to resume withdrawals in a better position as soon as possible. We will fully communicate with you as we find out more."

AEX Global limiting withdrawals:

"Due to the short-term liquidity of the platform, we previously limited the daily coin withdrawal amount for a single account (currently 600U per account per day) and expected to return to normal within 90 days."

NFTs look like they're being used for money laundering. Sales like these don't make a lot of sense otherwise -

Bored Ape #9518 — purchased April 30, for $525,520 (186 ETH). A week and a half later, they sold for half of that price — $227,360 (112 ETH).

Bored Ape 3158 — An ape with rainbow suspenders and a mohawk sold for $202,000 (88 ETH) on May 11. Two weeks later, it sold for a tenth of the price — $20,680 (10 ETH).

There's been a rebound, most of it in the alt-coin market.

Another 'hack' where $100m in crypto has been stolen, this time from Horizon/Harmong. I'm always suspicious of those 'hacks' - could be an inside job or an excuse for losses.

Miners could be coming under pressure since many have loans to repay.

Miners get loans to buy crypto mining components from crypto banks. Banks lend customer deposits. At some point, those deposits are converted into filthy fiat to buy goods and services.

I'm sure this has happened:

InvestorX buys crypto with fiat > InvestorX deposits crypto in BankY > BankY lends crypto to MinerZ > MinerZ sells crypto to InvestorX for fiat (again) > InvestorX deposits crypto in BankY

This is kind of sustainable as long as InvestorX is putting new money into the system and BankY can convince InvestorX to accept some shitcoin as interest on their deposit.

You can make quite a lot of profit swing-trading. Most people become greedy and don’t realise their profits. Never go long on any crypto.

R229 LOL! The people that ever believed in investing in this horseshit were idiots!

The thing that I found interesting was how many shysters were bragging about it, and making fun of people who are cautious or dubious.

I used to work with a smug asshole who got into some MLM. He got our manager into it. They’d sit there and pressure the other two people in our group to join them in their “investment”. When it became absolutely clear that we were not going to join their little club, they’d tak loudly about how they were going to retire soon and leave the rest of us idiots behind. I don’t need to tell you the rest.

But the “you’re going to miss the boat!” attitude is the same, MLM or Bitcoin. Of course some people make money - that’s who they point to when they’re recruiting suckers. Bernie Madoff made some people wealthy, too.

I had a similar experience with a coworker who was VERY into the Landmark Forum.

R304, had one of those, too! Just don’t get me started on THAT shit. Have we done a thread on that?

Yes, the tactic is the same. I’m very sensitive to it, after having that experience. You’re missing out. You’re old-fashioned. You’re a prude. We’re having this great time and you’re not. Yep.

It’s fallen, and it CAN’T GET UP!

R306 😂😅😄🤣

R299, the current thinking is that North Korea (admittedly a convenient villain) was behind the hack.

Did the persons who invented bitcoin and the other cryptocurrencies either hire someone (or do it themselves) to make up an extremely difficult mathematical equation (like what is "pi" to the millionth decimal point), for example, to somehow be in cohoots with electric companies while hiring someone to draw up pictures of bitcoin and other coins and saying, oh, by the way, there are only 100,000 or whatever amount they say. While knowing all the time this all bullshit and something they made up. People don't have to mine their money to get it from the bank. They just need to present id at the bank when seeing a teller or give a password at the ATM. Why do they need to make it so difficult to mine these pseudo-coins?

That's why I don't invest in this shit. If it's too hard to understand, stay away.

It's basically a large decentralized database "the blockchain" and the artificial way you earn coins is by "mining" them, which means you solve complex mathematical equations to reveal one of the twenty one million Bitcoin addresses.

So you are burning energy and time and resources in return for the rewards given for uncovering these addresses. The rewards given are reduced as the number of addresses grows less and less and the computations get harder and harder (I don't know why they are reduced).

When you make a transaction on the blockchain, it goes out to multiple computers who then validate the transaction and get paid a tiny amount of Bitcoin in return. That is called a "gas fee" and it's what the person making the transaction pays in order to make it. The fees change depending on how active the network is (congested). Considering large banks charge percentages to move money through their networks, the Bitcoin gas fee can mean you can transfer millions of dollars for just a few bucks, when a bank would have charged you thousands or more. Bitcoin uses the "proof of work" model which is what the solving equations bit is about. There's also "proof of stake" which uses far less energy. Bitcoin will likely not move to proof of stake, Ethernet is attempting to.

Since becoming desynchronized from gold, fiat money has basically been just paper based on how trusted the nation is that issues it. It's just artificially-crrated scarcity. Of course that system is much more stable, usually, but I'm not an economist.

Bitcoin transactions are not private so people can see where specific addresses are sending money. Ethereum seems more useful because it's leaned into the database aspect and also allows things like "smart contracts" which are just programs that run on the ethernet system. Lots of "alt coins" are built using smart contracts running on the Ethernet network. Due to the way Ethernet is designed though, the gas fees are ridiculously high right now and the network is very congested.

At least that is how I understand crypto. There is a lot more involved!

Too damn complicated. Anyone can say a photo of a pecan is a coin and dub it Pecancoin and say there are only 50,000 of them in existence, hire someone from MIT to make an extremely complicated mathematical equation and say get them while they're hot, before you miss out. I call BS.

I never understood it. I researched it and "got" the general premise but can't say that I truly understand crypto. Didn't Coinbase - a crypto exchange - announce yesterday that it was selling tools to law enforcement to help find people who are using crypto for illegal purposes. I thought this probably wouldn't help crypto currencies.

R311 all of the things you just said are actually more difficult in practice. But those are altcoins, most are run via smart contracts some of the other networks that allow them, like Ethernet, or they have their own like Bitcoin.

R312 there's a burgeoning industry in analyzing the Blockchain to find financial criming. Type of digital forensics.

And yeah the centralized exchanges like Coinbase are functioning as unlicensed banks, and they are adding more and more of the safety protocols that banks have in place as time progresses. It's moving from the Wild West of Crypto to whatever comes next.

I'm no expert, but weeks ago here's what someone post on Reddit about why bitcoin, etc., will eventually tank.

"Wait till you start talking about BtC trading and transactions will be regulated and taxed. People actually think there is a scenario where these don't exist in the future. There is not a government on this planet that will sit by and watch as their tax income implodes because people start using Bitcoin."

Then some idiot commented: "Too bad they don't have a choice."

And the OP replied: "Please explain how people are supposed to buy things without paying taxes from a shop when the shop owner needs to report revenue in order to pay taxes and keep his license to operate? Show me a way that bitcoin solves this problem for the buyer and the seller."

Crickets.

^^^...about HOW BTC trading...^^^

R415 Crypto trading is already taxed. Whoever wrote that doesn't know what he's talking about. I'm sure some people don't pay taxes on their Bitcoin gains, but they are the ones who get investigated by the IRS eventually. Traders who don't want to go to debtor's prison pay taxes.

What's annoying is that the traders make money by using trading bots, and they end up with thousands of small transactions that have to be logged and entered into tax software. Although I guess if you make enough at it you can pay someone to handle it for you.

All the major crypto exchanges implemented "Know your Customer" (KYC) several years ago so whenever the crypto is turned back into fiat, or traded for other crypto, it is tracked and reported to the relevant tax authorities by the exchanges.

The only way it stays completely off the books is if you mined the coins yourself and you never transfer them off the Bitcoin or other crypto network. So that guy who was on here awhile ago saying he had mined 2,000+ Bitcoin back in 2013 likely isn't paying taxes on his coin holdings until he sells some to get fiat money to fund his hedonistic lifestyle. Of course if you find a vendor that takes Bitcoin as payment you can buy goods and services without paying taxes on them, but again it isn't entirely safe unless your Bitcoin address isn't associated with an exchange or other way you have used to put in or extract fiat currency from the coins.

The guys who think crypto will solve/take down the financial dominance of the banks are clueless. That is not going to happen, despite the dreams of the libertarians behind crypto.

Another one bites the dust.

Voyager Digital has halted withdrawals, deposits, and trading “temporarily”.

(Likely translation: We're insolvent; good luck getting your money back.)

"This decision gives us additional time to continue exploring strategic alternatives with various interested parties while preserving the value of the Voyager platform we have built together. We will provide additional information at the appropriate time."

Meaning: we're getting our money out of this sinking ship ASAP, and you other assholes who were stupid enough to get involved with this hairbrained scheme will just have to wait to get your money. But good luck with that, we (and your money) will be long gone by the time you realize you've been fucked over royally since there will be nothing left. See ya round, suckers.

When the high wears off and reality dawns on a cryptobro. I can't feel sorry for these people because they spend so much of their time trying to get others in on the scam.

[quote]It’s eating me up inside … I can’t take it…. It’s all I think about; every single waking moment my mind is hijacked by the Celsius situation… it’s damaging my relationships, my sleep, my mental clarity, my routine, my work, everything… I’m having dark fantasies; so dark, in fact, but I can’t even begin to describe them, as I’m sure this post would get banned…

[quote]I really don’t know how much longer I can stand all of this. It’s eating me up inside and there’s nothing I can do about it. I can’t stop thinking about the moment I almost withdrew all my funds after I saw Matthew Kratter‘s video on YouTube back in May, when he was warning everybody to get out of Celsius – I was almost there, I bought the hard wallet and everything… And then I just didn’t withdraw because I thought it was FUD…. It’s like a nightmare that replays in my mind, over, over, over, and over again… I think I’m getting PTSD.

[quote]I feel like I’ve royally fucked up and my life has taken a turn for the worse. There seems to be no clear answers, mostly people saying “it’s over.” I know there are many of you out there like this, like me, walking zombies, barely able to concentrate. I know it’s eating you up inside. I want you to know that you’re not alone.

I love how Bernie Madoff 'only' offered 12% for his ponzi but most of these crypto ponzis offered significantly more. I guess it's simply a lack of education. But why didn't the media call it out? It's been obvious to anyone remotely educated from the beginning. But the mainstream media has been pathetic on this while it's mostly been left to random anons on twitter or reddit or medium to call crypto out. I have definitely lost more respect for the media as a result.

The media was slow to report on the QAnon phenomenon as well, but they eventually got there. These things have to balloon to a certain degree in order to get on the media's radar.

I look at the old "Money" magazine which still has a website, and on their main webpage is devoted about 25% to cryptocurrency and NFTs -- I mean, WTF!

R322, the information people needed to make a reasoned judgment about crypto has always been out there. It’s highly unlikely that crypto true believers would have believed anything “the media” told them anyway. They would have taken it as just another sign that they were right.

Crypto brokerages, crypto hedge funds, crypto lenders…it’s a clusterfuck and the whole ‘ecosystem’ seems to be circling the drain. So these places are just closing down and anyone who had $$ in them is S.O.L?

Suckers.

Coin-head media is growing ever more hysterical. Today they’re crowing about the SQOTUS decision that eliminated the EPA’s ability to regulate carbon emissions. Because that’s good for those who “hodl,” and fuck the planet.

The Communist Party in China put out the following quote in their news print:

"Bitcoin is nothing more than a string of digital codes, and its returns mainly come from buying low and selling high. (…) In the future, once investors’ confidence collapses or when sovereign countries declare bitcoin illegal, it will return to its original value, which is utterly worthless."

I've never thought I'd agree with the communists of China, but this is pretty spot on.

Bitcoin's taken more dives than Steve Irwin

I find those who make wild predictions - which are clearly gleeful wishes - that the entire industry is "circling the drain" are just as wrong as those who predict that Bitcoin is going to $100k in the next year or two.

Here's a hint - if your post reads like you're masturbating furiously to something, it's a dead giveaway that what you are saying is perhaps a bit biased!

"@allyversprille

Per @SecYellen’s schedule today: President’s Working Group on Financial Markets—in addition to the Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, and the Consumer Financial Protection Bureau—meeting to discuss stablecoin risks/regulation.

Admin official tells me that Treasury is using the meeting to encourage financial regulators to work with @RepMaxineWaters and @PatrickMcHenry on their forthcoming stablecoin bill."

If that happens, crypto which is largely propped up by fraudulent stablecoins will be even more fucked. Haha. (You cannot tell me that they aren't lying about how much of their coins are backed by real money - otherwise they would have produced one of their much promised audits, plus Tether has already been fined for lying about their dollar reserves.)

Bitcoin has gone down more than Keanu Reeves auditioning for a part in the 80’s.

Bitcoin is bottoming out more than Dawson in one weekend.

Another domino. Peter Thiel-backed Vauld, a crypto lending and exchange startup, has suspended withdrawals, trading and deposits because of 'financial challenges'. And they're looking to engage restructuring experts.

FYI they offered fairly obvious ponzi yields of 12.68%. And not long ago they were assuring everyone that everything was fine and that they weren't going to be part of the contagion. Classic.

Looks like the ShitCoin fad is OVAH!

Not properly over yet. I think it will take a big exchange and/or stablecoins to fall for that. Shitcoin is still a ridiculous $19-20k.

Bitcoin is going down faster than a Dollar Store dinette set.

^ Please stop this.

R338 Please stop going ^^^^^^

It’s a perpetual volatility device. If you get in and out at the right moment on a continuous basis, you can make a lot of money. Just don’t hold too long. Sell everything every now and then.

R340 Brilliant advice if you ignore the environmental consequences of cryptocurrency as well as that every rich person made their money from people who didn't get out at the right time.

[quote]You really don't understand how the stock market works, do you?

It fluctuates. It’s a gamble. It will rise again.

Bitcoin is going nowhere. Governments are already making their own.

R343 I agree that Bitcoin will probably be here forever but it has virtually no useful real world use. As for 'governments making their own' - you realise that this means basically the same thing as dirty fiat currencies. So what's the difference even? Even if government digital currencies take off, they will be controlled by uh, central banks and governments. So it's pretty much redundant don't you think? Bitcoin was supposed to be a libertarian dream that bypassed governments, taxes, regulations and so on. Look at how that's working out that people like you think it's a good argument to make that 'governments are making their own Bitcoins'!

[quote]Bitcoin is going nowhere. Governments are already making their own.

Uhh…which basically means it will be restricted and regulated. Kind of defeats the purpose.

Douche bro son of a neighbor claimed he was worth $40 million in bitcoin. Paid no taxes, libertarian.

His mom says he has to sell the Tesla and moving back in. He he he.

Anything that costs Peter Thiel billions is cause for celebration.

R346 Was she really stupid enough to believe him when he told her that nonsense?

The value has been steadily crashing this year but it's worth over 900 percent of what it was worth five years ago.

But the thing I really don't get is the NFTs. They're such an insane concept to me, things that are unique but do not exist outside of computer software.

In concept, being able to buy a whole house in exchange for pieces of paper and metal circles is pretty wacky, and those are not even used anymore; it's really all imaginary money.

r349 NFTs are a product in search of a reason for existing, or something. Just buying a digital picture of an artwork is silly.

However! I think they have found a reason. They actually have use as a form of a ticket/receipt that ties to things in the real world. That seems to be where they are most popular and useful - they are digital representations of club membership (in the case of Bored Apes), in others they are used to represent other physical events and items.

[quote] They're such an insane concept to me, things that are unique but do not exist outside of computer software.

Actually the bizarre thing about NFTs is the exact opposite. They are computer files so can be infinitely copied. For free. But the value is based on the ludicrous fiction that owners alone have ownership of the files.

The funniest thing about the people most fervently engaged in NFTs is, they’re the same people stealing music and video for free when it’s owned and sold by the creator or other owner. They’re masturbating to porn pirated on porn tube. But then they turn around and claim that some piece of shit cartoon sketch can be discreetly owned only by those who invest in it.

I mean, it’s not like I can post an image of one here without owning an interest in it or anything. 👇👇👇

r351 see r350. The "rights to a picture of a JPG" thing is stupid, and the good NFTs have function beyond that. Bored Apes eventually became a status symbol and could be used for entry into exclusive parties and clubs and trips.

They're most useful as representations of ownership of something in the physical world, or membership in something, a ticket for an event, etc.

Some traders appear to be working to keep Bitcoin above $19,500, perhaps to encourage more gullible buyers to take the plunge. It’s thought that if Bitcoin falls below that mark, it will just keep falling.

Coinloan, which claims to not be affected at all, is restricting withdrawals now. You're only allowed to withdraw $5,000/day now from Coinloan. How long before it's $0 a day...

the whole idea of make believe money.. Brings to mind. A fool & his money is soon parted.

I've read that Gemini (the exchange started by the Winklevoss twins of Facebook infamy) is also exposed.

I had Gemini, R356. What are you reading?

R357 I can't remember where I saw it but it was a list of exchanges-that-also-invest/do other things with people's deposits that could be exposed to dropping coin prices. I was surprised to see if there with Celsius and the others.

I have a Gemini account too, but not enough in it to care about as I just set it up last month.

Gonna drop faster than a prom dress.

what about metaverse?

Bitcoin is yesterday, ladies.

Someone tip us off to the next big scam so we can get in on the ground floor and jump out of a 60th-story window once the schmucks of the Internet have caught up!

[quote] Brilliant advice if you ignore the environmental consequences of cryptocurrency as well as that every rich person made their money from people who didn't get out at the right time.

Market makers count on people being greedy and waiting too long to realise their profits, whether it’s stock, options or cryptos.

The majority of people who bought over the last year will be down on their investment - the big question is whether there will be another bull run or not. I could be wrong but I'm erring on the side of that there won't be - inflation, likely recession means less easy money; most people have heard of cryptocurrency by now so there are probably fewer new buyers who would go for it; the negative publicity of companies going insolvent, rug pulls making people warier; increasing regulatory attention from the EU, US, and others.

Hopefully it's regulated out of existence before the next bull run.

[post redacted because linking to dailymail.co.uk clearly indicates that the poster is either a troll or an idiot (probably both, honestly.) Our advice is that you just ignore this poster but whatever you do, don't click on any link to this putrid rag.]

Also, crypto and NFTs aren't immune to going down when stock market goes down; among other things, it was promoted as being independent of market forces, but it turns out it's not.

Some Silicon Valley guys will save, or repossess, it to turn it into heir own market value system which they fully control. Sooner or later they will move away from traditional Forbes' measurement of success, prosperity, and value of tech start-ups to prop their industry up even more, making them trillionaires with even greater power in the process. Peter Thiel being one of them, I'm sure.

If militias cut the Internet, people need to think about that.

[quote] or membership in something, a ticket for an event, etc.

No, that’s not it. A ticket or membership entitles you to something others don’t have. Owning a part of a shitty digital ape cartoon is literally meaningless.

[quote]If militias cut the Internet, people need to think about that.

White gays are so obsessed with blacks. ^

Libertarian tears are delicious.

Following up on Facebook dropping their attempts to get in on crypto, it's kind of funny seeing companies and celebs arriving at the NFT craze too late and trying to release one when the market has tanked.

Chevy tried to auction off their first NFT last month which at least even came with a free 2023 Corvette Z06 car but there were ZERO bids. They tried extending the bid time but again, zero bids.

NFTs are an interesting concept in theory, updating (intellectual) property rights in the social media age. However, it's still a bitch to sue anyone who uses your intellectual property, unless you're some big company like Disney. Imagine owning the original "Sure, Jan" meme and having to send out cease and desist letters to all the users who use it against your permission (aka not paying you for it). And, I believe, that's what NFTs were supposed to be heading (commercializing original content, turning it into a trading market).

For example, Chris Crocker sold his property rights to the original copy of "Leave Britney Alone".

[quote] Crocker added that the money made from the sale would go primarily towards helping their grandmother, but any additional funds will be put towards their gender transition surgery.

[quote]White gays are so obsessed with blacks.

Black WOMEN. They talk like them, copy their mannerisms and appropriate their lingo.

So what is crypto? This decade's dot.com bubble?

[quote] Imagine owning the original "Sure, Jan" meme and having to send out cease and desist letters to all the users who use it against your permission (aka not paying you for it)

R374 Wouldn't you still have to do that even if you owned the NFT?

[quote] Wouldn't you still have to do that even if you owned the NFT?

Indeed. It would be like Giphy demanding users to, say, pay for a membership in order to be able to use their memes and gifs in social media posts (and Giphy sending the money, or a share of it and Giphy keeping its cut, to the owner of the gifs being shared based on Giphy's user log). Basically the Spotify model for music.

R378 Re-read your post and I think I misread it, sorry. But yeah, that seems like a pain and not much different from someone who doesn't have a NFT. Blockchain gets hyped but it's essentially just a ledger and regular ledgers mostly work just as well, or even better.

[quote]If militias cut the Internet, people need to think about that.

You’re trying to hard white gay man, let it go^.

Not sure why people are mocking that. Military people have been warning that it is a possibility. You can sever cables or force ISPs to shut off access. However, if that happens, it definitely wouldn't just be limited to cryptocurrency.

People usually worry about someone taking the electric grid down. That's far more damaging that taking the intertubes down.

But crypto douches gonna douche.

Exactly, I’m just asking what will happen to all these NFTs, and meta, and crypto if militias cut the Internet, which they can do.

R384 Agreed but I feel it's a little redundant because if they cut the internet, that would screw up fiat transactions as well because pretty much everyone uses online banking now.

Wait, militias are taking the grid down someday, rather sooner than later (RIGHT NOW!!!!!!!)? Is that sort of fearmongering trolling new?

I thought we were just patiently waiting for some solar flare to take care of things?

Militias are getting more and more galvanized. I’m just saying, be cognizant of it happening.

R386 Again, I don't get why you're mocking this. It's already part of modern warfare - cutting off internet access means cutting off people's independent information about what's happening.

For example:

Egypt - On January 28, 2011, 88% of the internet across the country was shutdown. This was because the government owns the main service provider; Telecom Egypt and with the large protests at the time over then-President Hosni Mubarak, the government decided it would be the best course of action.

Syria - On May 7, 2013, Syria had a country-wide internet blackout for 20 hours, apparently due to a severed internet cable but many believe it was done by the government to stifle revolt.

The Maldives - In 2004, Maldivian president Abdul Gayoom cut the entire country’s access to the Internet after protests rose against his regime.

Some nations have their own internet closer to that of an intranet including North Korea with Kwangmyong.

[quote] [R386] Again, I don't get why you're mocking this.

Conspiracy theorist fearmongering? You can bet your ass I'm gonna mock.

R389 I gave you a bunch of examples of it actually happening and you think I'm a conspiracy theorist?

[quote]Conspiracy theorist fearmongering? You can bet your ass I'm gonna mock.

Don’t bother anymore, R388.

This will mean dramatically more sex for us fatties. Twinks are going to have to turn somewhere for extra cash during the apocalypse :)

[quote] [R389] I gave you a bunch of examples of it actually happening and you think I'm a conspiracy theorist?

Of course, because you think social media and company moguls like Zuckerberg, Dorsey, Bezos and companies like smartphone producing Apple just pack their bags and go "well, it was fun while it lasted!".

R393 That has nothing to do with it at all. You need to understand that the internet needs PHYSICAL infrastructure to work. And that can be vulnerable to militias. Do Zuckerberg, Dorsey, Bezos and co have physical armies? No, they don't. Physical power by rogue military forces can absolutely do this.

[quote] Do Zuckerberg, Dorsey, Bezos and co have physical armies?

Probably not, but I am sure they have enough matches to light a fire under Joe Biden's ass to get the National Guard involved. Like, seriously. You think some random militia force is just taking over some building or part of the infrastructure and not a single official government office is doing anything?

R395 Um yeah because countries do invade other countries. It is possible.

R395 Not to mention that military forces *within* the country could do it. Amies have historically conducted many, many coups.

Jesus Christ, the trolls are really getting more stupid. Is it all just a sad attempt to distract from their precious bitcoins becoming worthless that they have to go with that militia distraction?

[quote] You’re trying to hard white gay man

Oh dear.

*too hard

This really shows the age of posters here. Bitcoin is a great investment to get a quick turnaround and profit. It's just as real as the stock market, that is, not real at all.

That said, anyone can do it. It will eventually collapse, any honest investor will tell you this. Still good for anyone to invest for at least another 5 to 8 years.

I give you Exhibit A^

Hey R401, I've got these magic beans & also a hen that lays golden eggs..Call me ASAP!!!

R383 the way crypto works is that it is a giant distributed database. Pieces of it and whole copies live on many computer hard drives all over the world. You might be able to shut down some part of the internet, say, one of Amazon's Virginia data centers, but that would just make people unable to access the information stored on and served by those servers.

It would take something akin to a global EMP to shut down some of these coins and even then it's highly likely a lot of it will live on in underground, EMP-resistant storage facilities that cover the globe.

Yes a country could be thrown off the internet with some high percentage of success, but that doesn't mean the internet goes away.

[quote] It's just as real as the stock market, that is, not real at all.

Completely wrong. The stock market is made up of businesses who actually produce things and value.

R405 I'm not that poster but the value of a company's stock is no longer based in reality. I can't remember exactly when it was but the laws changed at some point and the stock market of today is not based on the same fundamentals as it was originally, when it was more grounded. Now it's a lot like gambling which does make it closer to crypto.

R406 Maybe some companies but you're still dead wrong. Try telling Warren Buffet that companies like Coca Cola don't have fundamentals.

That isn't what I said, but thank you for playing, r407.

The price of perpetual profit was our humanity.

R408 Nuh-uh, you couldn't even explain what you're talking about.

And now a new Troll added to DL, the Bitcoin Trolls trying to get us to buy in & prop up their investment. Only if you buy stock in my bridge in Brooklyn.

R411 some people on the DL have crypto investments, it isn't that outlandish. Some of us have made nice amounts of money from them. I don't think we have any of the die-hard traders here, but expressing the thought that crypto isn't Satan's codpiece does not a crypto troll make. Yes there's been a few who post here who are fanatics, but I don't think that is common.

Crypto humor:

Wasn't there a tv series "Tales from the Crypto"? It might need to be updated soon.

Something similar is here, r414:

This could explain part of the big price crash:

"@CryptoKaleo

TSLA [Tesla] sold 75% of their Bitcoin for an average price of $28,888 - nearly a 9% discount from their average entry of $31,620.

That price also happens to coincide with the breakdown of the initial support level that led to cascading liquidations across the market in mid-June."

It's on the rise again. My insufferable co-worker was going on about it again.

Get in now before you're priced out forever!!!!

If you want to buy bitcoin, buy it on a massive red day and sell it immediately when it’s up 15-20%.

r417 If go to the biggest crypto subreddit, you'll see the normies aren't trusting this rise at all. They see it as a scheme by some rich players to cash out before it all goes bust.