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

staknhalo

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Can I just buy a GPU in stores again please, I haven't been able to really play a game since I sold my 2070super back in Aug 2020 lmao 🙃🔫
 

Krenum

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Can I just buy a GPU in stores again please, I haven't been able to really play a game since I sold my 2070super back in Aug 2020 lmao 🙃🔫
Yeah, no shit. I'm not jumping through any hoops to purchase a video card (Especially at these prices). If I can't drive/walk to a store and purchase one off the shelf. I'm not buying one.
 

Master_shake_

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Yeah, no shit. I'm not jumping through any hoops to purchase a video card (Especially at these prices). If I can't drive/walk to a store and purchase one off the shelf. I'm not buying one.
Got a 780 here reference card.

treefiddy
 

staknhalo

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Yeah, no shit. I'm not jumping through any hoops to purchase a video card (Especially at these prices). If I can't drive/walk to a store and purchase one off the shelf. I'm not buying one.

I scored a 5950x for MSRP from Amazon in Feb (wasn't delivered till April) after trying to get one everywhere since launch - that was my one and done I'm not going through that bullshit again for a GPU - I put myself on EVGA's list - that's the most I'm doing till things are normal again if they ever are at this rate
 

Xero717

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Bitcoin is an asset, not a currency. It's not built to handle the transactions and supply necessary to facilitate the world's economy. Other cryptos may in the future, but BTC never will.

I would not be surprised if one day the market cap of ETH surpasses BTC.
 

kirbyrj

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Bitcoin is an asset, not a currency. It's not built to handle the transactions and supply necessary to facilitate the world's economy. Other cryptos may in the future, but BTC never will.

I would not be surprised if one day the market cap of ETH surpasses BTC.

People here don't care about actually understanding crypto. They just claim to hate it because, "I can't get muh video card." If video cards were MSRP or below they would be indifferent instead of hostile.
 

wyqtor

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Crypto is only good for criminals like drug cartels and ransomware creators, as well as for rogue governments like North Korea, Iran, Venezuela and now Myanmar to bypass economic sanctions and stay in power. The civilized world believes in transparency and accountability (Glasnost, dare I say!)
 

kirbyrj

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Crypto is only good for criminals like drug cartels and ransomware creators, as well as for rogue governments like North Korea, Iran, Venezuela and now Myanmar to bypass economic sanctions and stay in power. The civilized world believes in transparency and accountability (Glasnost, dare I say!)

Ignorance must be bliss!
 
D

Deleted member 204526

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I just ordered a 5800x and a deepcool assassin. Paid with btc-gainz.

"get off my lawn" comes to mind reading this thread
Governments are either going to outlaw or co-opt it, so it will be forced completely underground—the currency of criminals in truth—or become no different than the regular currency we use now.

Blockchain as a utility will continue to grow and find its uses, but its future doesn't lie in being a currency . . . or at least as a currency functionally any different than we use now.
 

sharknice

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Governments are either going to outlaw or co-opt it, so it will be forced completely underground—the currency of criminals in truth—or become no different than the regular currency we use now.

Blockchain as a utility will continue to grow and find its uses, but its future doesn't lie in being a currency . . . or at least as a currency functionally any different than we use now.

Government can't print bitcoins or ethereum.
 
D

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Government can't print bitcoins or ethereum.
Governments have a monopoly on force, and there is no way under the sun they're going to allow cryptocurrency to undermine their control of fiscal policy. If they cannot control it, they'll outlaw it, or at the very least limit its utility unto uselessness.

And I *want* government to have full control over its fiscal policy.
 

jmilcher

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Government can't print bitcoins or ethereum.
But people have no problem taking it from other people. How many headlines have read major exchanges are stolen from? Yea I’d not say crypto is comfortably stable as any form of currency yet at least as far as security is concerned.
 

sharknice

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Governments have a monopoly on force, and there is no way under the sun they're going to allow cryptocurrency to undermine their control of fiscal policy. If they cannot control it, they'll outlaw it, or at the very least limit its utility unto uselessness.

And I *want* government to have full control over its fiscal policy.

That's right. A government is not going to willingly adopt cryptocurrency because they can't fully control it no matter what they do. That's the entire point of cryptocurrency.
More authoritarian governments will ban it, less authoritarian governments will eventually accept that they can't stop it. Cryptocurrency will inevitably overtake government currency at some point in the future.

Sure. No way a government could use super computers to mine coin at a scale that dwarfs everyone else.

You can combine every single supercomputer in existence and it's laughable compared to the computational power of every home computer combined.
 

legcramp

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Crypto is the future, betting against it is betting against technology. Hop on or just cry when you missed out, either ways things are just getting started.
 

sleepeeg3

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Crypto is only good for criminals like drug cartels and ransomware creators, as well as for rogue governments like North Korea, Iran, Venezuela and now Myanmar to bypass economic sanctions and stay in power. The civilized world believes in transparency and accountability (Glasnost, dare I say!)
First "lol" at applying "transparency and accountability" to government! Worldwide, socialist governments (i.e. the US) want to track everything you do. They only want transparency and accountability of their citizens so they can track and control them. Fitting you would mention a term used by Communists.

Apparently, Mark Cuban, Jim Cramer, Elon Musk (boo) and Cathie Wood aren't part of your definition of the "civilized world," because they use crypto? Instead of demonizing, you should try to better understand why people believe in crypto's utility or you may soon find yourself part of the uncivilized world...

Governments have a monopoly on force, and there is no way under the sun they're going to allow cryptocurrency to undermine their control of fiscal policy. If they cannot control it, they'll outlaw it, or at the very least limit its utility unto uselessness.

And I *want* government to have full control over its fiscal policy.
Government has full control over it's fiscal policy - it's called a budget and we elect people on both sides that choose not to set one.

I have been trying to figure out what government will do about crypto...
They can outlaw it, but practically they can't. Biden has said he will start taxing foreign exchanges in 2023, which likely means they won't be outlawing it anytime soon.
It's also rapidly gaining social acceptance. It's developing significant infrastructure (VISA, Mastercard, Chase, PayPal, Square, Robinhood, insurance companies, stocks).
Blockchain has technological utility that can replace banks and contracts (medical records, real estate, etc.) with 100% security.
My bet is the rich are getting richer by manipulating it, just like they do the stock market. That includes their friends in politics.
Government will try to enforce taxes on it, but just like happens now, the rich will dodge those taxes and the middle class will be penalized when they try to convert to fiat.
Those who hodl crypto through the manipulations and pay attention to changes will get wealthier.
Those who dismiss it will get poorer through inflation.
So wake up and join the winning side...
 
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noko

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Crypto US Dollar maybe closer then many would think:

https://news.bitcoin.com/fed-unveil-digital-dollar-prototypes/

If you can't beat them, join them. Now what form, how maintained, how private or not is to be seen. Looks to be open sourced which actually is a good thing. Will the public have ability to maintain it like other Crypto Currencies? US citizens or whoever wants to support it? How pervasive and controlling will it be, as in all your funds can be cancelled or put on hold in an instant, tracked and used against for what ever suits the government? The thing is, it will be competing with all the other Crypto out there which could actually win out in the end.
 

staknhalo

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Cryptocurrency will inevitably overtake government currency at some point in the future.

Will this be before of after the year of the Linux desktop?

Money is pretty much all digital with optional physical avatars today anyway. Just rebrand USD to USbtcn. Gold standard went out the window a while ago. USD is 'unoffically' backed by the US military since then. EZPZ. It will happen kinda I think, just not the way the idealists think. Never does. Nightmare version it up a little more. That's often how reality plays out.
 
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noko

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Will this be before of after the year of the Linux desktop?

Money is pretty much all digital with optional physical avatars today anyway. Just rebrand USD to USbtcn. Gold standard went out the window a while ago. USD is 'unoffically' backed by the US military since then. EZPZ. It will happen kinda I think, just not the way the idealists think. Never does. Nightmare version it up a little more. That's often how reality plays out.
Much more than just the largest most modern military, US government assets dwarfs the current debt, not to mention the largest stock pile of Gold in the World (which is a drop in a bucket compared to all the other assets the US Government owns), combine that with a good economical system/condition makes for a stronger dollar:

https://www.instituteforenergyresearch.org/fossil-fuels/coal/federal-assets-above-and-below-ground/
 

LukeTbk

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Much more than just the largest most modern military, US government assets dwarfs the current debt, not to mention the largest stock pile of Gold in the World (which is a drop in a bucket compared to all the other assets the US Government owns), combine that with a good economical system/condition makes for a stronger dollar:

https://www.instituteforenergyresearch.org/fossil-fuels/coal/federal-assets-above-and-below-ground/
I think in both account underestimate how much the US dollar is backed by tax payers.

In 2015:
https://en.wikipedia.org/wiki/State_tax_levels_in_the_United_States

state tax were of 916,488,050,000 at the federal level they were of 3.25 trillions, you have maybe municipal has well and others not listed.

That the very minimum floor of how many USD will be used has it is mostly have to be paid in USD, so everyone that has American tax to paid will be interested into getting their hands on dollars and that everyone living in the USA, everyone owning stuff like stocks on the american exchange and more, i.e. about everyone on earth with money has a direct and obvious use for it, creating a giant demand that is enforced by a very powerful law system.

The federal government having neutral or negative net asset and no military (but good police and law enforcement in general), I feel would still have a strong dollar.
 

staknhalo

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I think in both account underestimate how much the US dollar is backed by tax payers.

In 2015:
https://en.wikipedia.org/wiki/State_tax_levels_in_the_United_States

state tax were of 916,488,050,000 at the federal level they were of 3.25 trillions, you have maybe municipal has well and others not listed.

That the very minimum floor of how many USD will be used has it is mostly have to be paid in USD, so everyone that has American tax to paid will be interested into getting their hands on dollars and that everyone living in the USA, everyone owning stuff like stocks on the american exchange and more, i.e. about everyone on earth with money has a direct and obvious use for it, creating a giant demand that is enforced by a very powerful law system.

The federal government having neutral or negative net asset and no military (but good police and law enforcement in general), I feel would still have a strong dollar.

US taxpayers are backed by the US military too (globally)
 

noko

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I think in both account underestimate how much the US dollar is backed by tax payers.

In 2015:
https://en.wikipedia.org/wiki/State_tax_levels_in_the_United_States

state tax were of 916,488,050,000 at the federal level they were of 3.25 trillions, you have maybe municipal has well and others not listed.

That the very minimum floor of how many USD will be used has it is mostly have to be paid in USD, so everyone that has American tax to paid will be interested into getting their hands on dollars and that everyone living in the USA, everyone owning stuff like stocks on the american exchange and more, i.e. about everyone on earth with money has a direct and obvious use for it, creating a giant demand that is enforced by a very powerful law system.

The federal government having neutral or negative net asset and no military (but good police and law enforcement in general), I feel would still have a strong dollar.
I agree, belief, faith, habit, pursuing course of life to get $'s etc. all adds to the equation. Compare that to a given Crypto Currency, cough cough.

There is another aspect that is important, wealth is created by many means, from building homes/buildings/farming and the list is endless. If I buy a piece of dirt or property with nothing on it, which maybe worth $5000. Put work into it, landscape it, build a very nice home, pool etc. It can now be worth $250,000 or let say 100 town coins or even more that did not exist before. If I lived in a small town that had a fixed currency, let say Bitcoin like which can never go beyond 21 million coins and the town kept growing, as more assets are built. The currency would have to deflate (value goes up to represent the wealth in the town) to make it work in the town with it being spread thinner and thinner as the population grows. The house and other stuff value in town currency would then go down as time goes on, everything would. My house would now fetch let say 50 town coins. The issue is if your currency is worth more and more, you would horde it, not spend it and make houses etc. -> Driving the economy to the ground or just plain stall out. If the currency value always goes up, why would you not hold it as long as possible? Why would anyone waste time building stuff that will be worth less and less in coins? This in the real world would never work, BTC would never work long term.
 

LukeTbk

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US taxpayers are backed by the US military too (globally)
Indirectly I guess, everything that make the situation stable enough for people to gain and pay tax (and able to be enforced to pay them) would count there, but the direct line, is US dollar is backed by US tax payers, pretty the biggest demands and most certains demand for something in the world.
 

sharknice

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Will this be before of after the year of the Linux desktop?

Money is pretty much all digital with optional physical avatars today anyway. Just rebrand USD to USbtcn. Gold standard went out the window a while ago. USD is 'unoffically' backed by the US military since then. EZPZ. It will happen kinda I think, just not the way the idealists think. Never does. Nightmare version it up a little more. That's often how reality plays out.

It doesn't have anything to do with it being digital. It has to do with control. The government controls it's own currency. Cryptocurrency like bitcoin and ethereum cannot effectively be controlled by the government. The government can't just print out more bitcoins, or pay anyone with bitcoins it doesn't have.

Who knows when it will happen, but at this point it just seems inevitable. Bitcoin is 12 years old, Ethereum is only 5 years old and look how popular they are already. It's extremely popular in places with poorly controlled government currency like Venezuela. Eventually it will be the de facto world currency.
 

ZodaEX

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It doesn't have anything to do with it being digital. It has to do with control. The government controls it's own currency. Cryptocurrency like bitcoin and ethereum cannot effectively be controlled by the government. The government can't just print out more bitcoins, or pay anyone with bitcoins it doesn't have.

Who knows when it will happen, but at this point it just seems inevitable. Bitcoin is 12 years old, Ethereum is only 5 years old and look how popular they are already. It's extremely popular in places with poorly controlled government currency like Venezuela. Eventually it will be the de facto world currency.

How do you know this?
 

sharknice

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How do you know this?

That's how it mathematically works. Bitcoin and etherium are open source and you can see how they work, there are also plenty of articles and youtube videos that explain the math.
 

HockeyJon

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https://finance.yahoo.com/news/bitcoin-drops-musk-tweets-breakup-073633894.html

Bitcoin fell Friday after Tesla CEO Elon Musk put out a cryptic tweet hinting at a breakup with the largest cryptocurrency.

I guess the lesson here is that Bitcoin is a rock solid inflation hedge that will retain its value because it is digital gold and scarce due to there only being 21 million that can be made, unless Elon Musk tweets something, then we sell it for whatever reason and convert it to "worthless fiat".
 

Krenum

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Crypto is the future, betting against it is betting against technology. Hop on or just cry when you missed out, either ways things are just getting started.
If it is to be the future, it has one fatal flaw. Its entire value is based on notes. Countries simply won't let its value outpace their currency.
 
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