Bitcoin value cut in half as cryptocurrencies tumble in weekend slide 05-24-2021

Randall Stephens

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and the slide downhill continues. Note in the article how China is cracking down on cryptocurrency in it's Country and that the US is going to be doing the same soon:

"Prices began to tumble last week as the US and China signaled potential crypto crackdowns" (from the same article)

https://www.foxbusiness.com/markets/bitcoin-dogecoin-ethereum-prices-tumble-in-weekend-slide
Hal, you gotta get your post count up on Evga, not here, if you want the “priority” access to the Ti stuff
 

drop point

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USA is going to make sure businesses report Bitcoin transactions. Like they already require me to do.

BTW coin tracker has been a godsend
 

Youn

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but hasn't it actually helped in places like Venezuela where their government controlled currency is crapping out left and right?
 

Mchart

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but hasn't it actually helped in places like Venezuela where their government controlled currency is crapping out left and right?
I find it dubious it would help in such a place where people are starving. Actual food, medicine, etc is what would be traded. It’s not like these people can take the Bitcoin and use it to fly somewhere else.
 

exiled350

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Another mainstream media blunder claiming the price of BTC is $32k. It's already gained $5k or so. ETH was up 30% yesterday rebounding some $600.
I don't see how anyone could call any price quoting a 'blunder' in any sense of the word when dealing with crypto. In the hours that it takes to go live with a story BTC could easily swing $5k either way, but I'm sure nobody would call out if it was over quoted.
 

drop point

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but hasn't it actually helped in places like Venezuela where their government controlled currency is crapping out left and right?
There are people in Venezuela that fed their families because I showed them how to use bitcoin. I can't ever step foot in that country.:D
Feels like 100 years ago.
 

kirbyrj

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I don't see how anyone could call any price quoting a 'blunder' in any sense of the word when dealing with crypto. In the hours that it takes to go live with a story BTC could easily swing $5k either way, but I'm sure nobody would call out if it was over quoted.

I guess at the time it was written (double checked to make sure) and posted it was accurate. Most stories I read about crypto and pricing are several days old both good and bad.
 

Verado

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I find it dubious it would help in such a place where people are starving. Actual food, medicine, etc is what would be traded. It’s not like these people can take the Bitcoin and use it to fly somewhere else.

bitcoin has been the main currency for the people of venezuela for a while now.
Also, you can pay for plane tickets with crypto with travala.com
This is not news.
 

Mchart

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bitcoin has been the main currency for the people of venezuela for a while now.
Also, you can pay for plane tickets with crypto with travala.com
This is not news.
Ah yes, I’m sure the average Venezuelan can just visit travala.com and purchase plane tickets to escape the brutal regime of the country using Bitcoin.

What you just said is absurd. It’s like giving someone in Somalia a computer with $1 mil in Bitcoin on it and pretending like they could exchange it for fucking water without being murdered for it if they even understood what Bitcoin even was and didn’t just burn the computer as fuel.
 

drop point

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Ah yes, I’m sure the average Venezuelan can just visit travala.com and purchase plane tickets to escape the brutal regime of the country using Bitcoin.

What you just said is absurd. It’s like giving someone in Somalia a computer with $1 mil in Bitcoin on it and pretending like they could exchange it for fucking water without being murdered for it if they even understood what Bitcoin even was and didn’t just burn the computer as fuel.

Cryptocurrencies: Why Nigeria is a global leader in Bitcoin trade

 

DejaWiz

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Good...it should have never been a thing in the first place.


NowComesThePart.gif
 

drop point

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You’re naive if you take this article at face value. Again, it’s highly dubious a normal Nigerian is capable of using this as a normal currency and operating free of the organized crime that is funneling this stuff through countries like Nigeria.
Africans were using bitcoin with mpesa for years.
 

sleepeeg3

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I find it dubious it would help in such a place where people are starving. Actual food, medicine, etc is what would be traded. It’s not like these people can take the Bitcoin and use it to fly somewhere else.
That's exactly what they can do with it. You think their Communist country is going to let them escape the country with gold bars? Their currency is also worthless. As volatile as Bitcoin is, it's magnitudes more stable than their own currency.
 
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Mchart

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That's exactly what they can do with it. You think their Communist country is going to let them escape with gold bars? Their currency is also worthless.
You know, I wrote more in response to this, but it's such an idiotic statement that i'm not going to bother. Just read what you wrote.
 
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idiomatic

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Lets imagine all Bitcoin transactions were in Venezuela for a bit. A country of 30 million people only uses 350k transactions per day?

Horseshit.
 

auntjemima

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Not so different, both are selfish and greedy opportunists with no regard for tomorrow.
I still don't see how crypto miners are selfish. Or, I guess, why more selfish than people who invest in the stock market. You put money into something in the hopes for a return.
 

THRESHIN

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Let's see...a completely imaginary currency that is not widely accepted and requires a stupid amount of energy to obtain when the world is trying to reduce carbon footprint....and you're saying it's a volatile investment? Would never have guessed!
 

kirbyrj

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I still don't see how crypto miners are selfish. Or, I guess, why more selfish than people who invest in the stock market. You put money into something in the hopes for a return.

The argument always boils down to the environmental impact. But these same people disregard the fact that China produces a lot of their goods with virtually no regard for the environment or the human rights issues of its citizens.
 

auntjemima

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The argument always boils down to the environmental impact. But these same people disregard the fact that China produces a lot of their goods with virtually no regard for the environment or the human rights issues of its citizens.
It's easier to complain than to suggest solutions.
 

auntjemima

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Let's see...a completely imaginary currency that is not widely accepted and requires a stupid amount of energy to obtain when the world is trying to reduce carbon footprint....and you're saying it's a volatile investment? Would never have guessed!
You say imaginary, but the US dollar is no different. I would say the cost of printing money can be just as poor of a way to create something.

Bitcoin in the news every single day and the average Joe buying it kinda makes it widely accepted. When companies accept it for payment (some do) and the government wants to regulate it, it's no longer imaginary and unaccepted.
 

drop point

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Lets imagine all Bitcoin transactions were in Venezuela for a bit. A country of 30 million people only uses 350k transactions per day?

Horseshit.
Liquidity providers can post a single bitcoin transaction verifying the thousands upon thousands of transactions within that liquidity provider's pool.
Paypal doesn't physically move bitcoin every time someone buys twenty dollars of it. That would be stupid.
 

OFaceSIG

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Look do what you want in this world. My issue is they are contributing to scarcity problems for people who actually want to use the products for what they were originally designed for.
 

kirbyrj

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Look do what you want in this world. My issue is they are contributing to scarcity problems for people who actually want to use the products for what they were originally designed for.

Except they were originally designed to crunch numbers which is exactly what they are doing. They just aren't rendering the results in something measured in FPS.
 

Youn

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Doesn't the US, like, go to war because of USD? Then there's the IRS, credit card companies, etc... Kind of an impact on the environment, eh?
 

N4CR

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Doesn't the US, like, go to war because of USD? Then there's the IRS, credit card companies, etc... Kind of an impact on the environment, eh?
Look at the list of countries with a 'non kosher' central bank in last two decades, then you'll understand why all the 'dictators' are ' bad'. Aka if the eternal Rothschild don't control your country money inflation you're fucked.
Which is sad because I support crypto against those shadowy parasites and their system. What I don't like is when wasteful, primitive coins chew up gpu supply.

And always told crypto buddies that govt regulation was more important than price of pump of the week.
 

idiomatic

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Liquidity providers can post a single bitcoin transaction verifying the thousands upon thousands of transactions within that liquidity provider's pool.
Paypal doesn't physically move bitcoin every time someone buys twenty dollars of it. That would be stupid.
Why would it be stupid? Payment processors of other currencies are able to confirm actual transactions immediately.

Oh yeah it costs $60 per transaction. Can't wait to buy my coffee with bitcoin.
 
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