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

os2wiz

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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!)
Crypto like all other speculative vehicles is a way of creating wealth through ZERO USEFUL FUNCTION to society. Derivatives, crypto, puts, and calls ALL SHOULD ve banned!! Just another capitalist ripoff of wealth from the working class. I would hang all currency speculators as well as abolishing the monetary system.
 
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kirbyrj

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Crypto like all other speculative vehicles is a way of creating wealth through ZERO USEFUL FUNCTION to society. Derivatives, crypto, puts, and calls ALL SHOULD ve banned!! Just another capitalist ripoff of wealth from the working class. ZI would hang all currency speculators as well as abolishing the monetary system.

Again...ignorance must be bliss!
 

drop point

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Crypto like all other speculative vehicles is a way of creating wealth through ZERO USEFUL FUNCTION to society. Derivatives, crypto, puts, and calls ALL SHOULD ve banned!! Just another capitalist ripoff of wealth from the working class. ZI would hang all currency speculators as well as abolishing the monetary system.
Bitcoin is what allows the lowest of the working class of impoverished countries to have a store of value that isn't continuously eroded by hyperinflation.

People that complain that its boring are in a position of economic privilege. Some of these people don't have access to clean water.
 

defaultluser

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Bitcoin is what allows the lowest of the working class of impoverished countries to have a store of value that isn't continuously eroded by hyperinflation.

People that complain that its boring are in a position of economic privilege. Some of these people don't have access to clean water.

When you think about the hundreds of thousands required for custom mining ASICs for Bitcoin only the corrupt rich control any of it ( and they use it to fund a mix of criminals and support personnel at slave wages )

Where the fuck do you think the nation's poor can even buy Bitcoin? The Transaction fees are more tan most make in a month ( plus, you need electronics plus internet you can trust, or you will get hacked).

You are the one clouded by Your privilege....so much so, you are projecting it on others!
 

drop point

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When you think about the hundreds of thousands required for custom mining ASICs for Bitcoin only the corrupt rich control any of it ( and they use it to fund a mix of criminals and support personnel at slave wages )

Where the fuck do you think the nation's poor can even buy Bitcoin? The Transaction fees are more tan most make in a month ( plus, you need electronics plus internet you can trust, or you will get hacked).

You are the one clouded by Your privilege....so much so, you are projecting it on others!
https://www.businesswire.com/news/home/20210605005045/en/Strike-Drives-Bitcoin-Forward-as-El-Salvador-Becomes-World’s-First-Country-to-Adopt-Bitcoin-as-Legal-Tender
Strike’s mobile payments app launched in El Salvador in March and quickly became the number one downloaded app in the country.
Strike is a mobile payments app that allows users to send and receive money anywhere, instantly, for free.


Screen Shot 2021-06-06 at 1.12.14 PM.png

https://www.thecipherbrief.com/report-an-analysis-of-bitcoins-use-in-illicit-finance
 
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kirbyrj

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https://www.businesswire.com/news/home/20210605005045/en/Strike-Drives-Bitcoin-Forward-as-El-Salvador-Becomes-World’s-First-Country-to-Adopt-Bitcoin-as-Legal-Tender
Strike’s mobile payments app launched in El Salvador in March and quickly became the number one downloaded app in the country.
Strike is a mobile payments app that allows users to send and receive money anywhere, instantly, for free.


View attachment 363292
https://www.thecipherbrief.com/report-an-analysis-of-bitcoins-use-in-illicit-finance

"It's used for illegal activity" is just code for "I don't like it because I can't get a video card."

I view comments like that similar to someone saying, "Drug dealers use iPhones, so Apple is bad."
 

Aireoth

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an easily manipulated, completely unregulated, and so far stupidly voiltile asset will never become a defacto currency. Bitcoin or anyother coin has a long way to go and more hurdles than true believers will ever admit.
 

staknhalo

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"It's used for illegal activity" is just code for "I don't like it because I can't get a video card."

I view comments like that similar to someone saying, "Drug dealers use iPhones, so Apple is bad."

I mean in the dating world now if you try to use Google Voice instead of iMessage girls think you're sketch and a drug dealer or something and pass - yes, sometimes 'bad things' are just seen as 'bad things' by people and some people just don't like bad things ¯\_(ツ)_/¯
 

legcramp

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You should start jumping off right now before we're down to 10-20k BTC.
 

Aireoth

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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.

You do know more technologies have failed than have succeeded? Just because billionaires are pumping crypto doesn't mean it will be successful, or that it is a worthwhile endeavor. It just means they have a new scheme to hoover up more money.

That being said, I have nothing against hustling, hustle away just don't become delusional.
 
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DejaWiz

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Crypto like all other speculative vehicles is a way of creating wealth through ZERO USEFUL FUNCTION to society. Derivatives, crypto, puts, and calls ALL SHOULD ve banned!! Just another capitalist ripoff of wealth from the working class. ZI would hang all currency speculators as well as abolishing the monetary system.

You've got that backwards.

Crypto came into popularity because it provided a means for any individual with a GPU to have the choice to mine it or not.
Many companies in capitalist economies adjusted their ways to accept crypto as a means of payment for goods or services...Even Newegg started advertising products on their website with Bitcoin price tags adjacent to the country currency years and years ago (although I don't think that practice lasted very long).

It was the socialist/communist government of China that started the practice of forcing shutdowns of the crypto exchanges in their own country and banned banks from accepting, paying, or transferring cryptocurrencies...which killed around 90% of Bitcoin trading on a global scale.

For the record, I have never been a proponent of cryptocurrency. But, I don't care that crypto is used as a method of payment - that's between private individuals and any businesses that they choose to engage with to determine the crypto value of any given product or service.
 

os2wiz

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You've got that backwards.

Crypto came into popularity because it provided a means for any individual with a GPU to have the choice to mine it or not.
Many companies in capitalist economies adjusted their ways to accept crypto as a means of payment for goods or services...Even Newegg started advertising products on their website with Bitcoin price tags adjacent to the country currency years and years ago (although I don't think that practice lasted very long).

It was the socialist/communist government of China that started the practice of forcing shutdowns of the crypto exchanges in their own country and banned banks from accepting, paying, or transferring cryptocurrencies...which killed around 90% of Bitcoin trading on a global scale.

For the record, I have never been a proponent of cryptocurrency. But, I don't care that crypto is used as a method of payment - that's between private individuals and any businesses that they choose to engage with to determine the crypto value of any given product or service.
I am extremely pleased China took the wind out of cryptos sails. I know it will go bust very soon. It is edging up for a few days now, but the negativity in the market to crypto currency is growing. Your statement supposedly debunking what I said about crypto being a purely speculative vehicle is absolutely correct and your points ONLY strengthened my conclusion. No krypto was designed to make " a speculative endeavor appear like an investment through the mining craze. Mining holds no positive for humanity. Does it feed the world, build housing for the homeless, educate the masses, does it entertain???? It is socially useless endeavor that syphons off the wealth that the industrial working class creates every day. It steals from the working class much in the way derivatives, puts and calls, and other speculative investment vehicles do. The billionaires who invest in crypto will corner the market and when it suits them they will cause it to crash and increase their control over this market and destroy the wealth that all these cretinous miners garnered for themselves. I have zero sympathy for useless zeros who try to get wealthy in this fashion just as I have zero use for the bankers and magnates who monopolize wealth and power. A real society rewards socially useful work and clamps down on all diversions from that model. if you want to call that communism so be it.
 

doz

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I am extremely pleased China took the wind out of cryptos sails. I know it will go bust very soon. It is edging up for a few days now, but the negativity in the market to crypto currency is growing. Your statement supposedly debunking what I said about crypto being a purely speculative vehicle is absolutely correct and your points ONLY strengthened my conclusion. No krypto was designed to make " a speculative endeavor appear like an investment through the mining craze. Mining holds no positive for humanity. Does it feed the world, build housing for the homeless, educate the masses, does it entertain???? It is socially useless endeavor that syphons off the wealth that the industrial working class creates every day. It steals from the working class much in the way derivatives, puts and calls, and other speculative investment vehicles do. The billionaires who invest in crypto will corner the market and when it suits them they will cause it to crash and increase their control over this market and destroy the wealth that all these cretinous miners garnered for themselves. I have zero sympathy for useless zeros who try to get wealthy in this fashion just as I have aero use for the bankers and magnates who monopolize wealth and power. A real society rewards socially useful work and clamps down on all diversions from that model. if you want to call that communism so be it.
Short it..... Guaranteed money if you "know" it'll bust soon.
 

drop point

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I am extremely pleased China took the wind out of cryptos sails. I know it will go bust very soon. It is edging up for a few days now, but the negativity in the market to crypto currency is growing. Your statement supposedly debunking what I said about crypto being a purely speculative vehicle is absolutely correct and your points ONLY strengthened my conclusion. No krypto was designed to make " a speculative endeavor appear like an investment through the mining craze. Mining holds no positive for humanity. Does it feed the world, build housing for the homeless, educate the masses, does it entertain???? It is socially useless endeavor that syphons off the wealth that the industrial working class creates every day. It steals from the working class much in the way derivatives, puts and calls, and other speculative investment vehicles do. The billionaires who invest in crypto will corner the market and when it suits them they will cause it to crash and increase their control over this market and destroy the wealth that all these cretinous miners garnered for themselves. I have zero sympathy for useless zeros who try to get wealthy in this fashion just as I have zero use for the bankers and magnates who monopolize wealth and power. A real society rewards socially useful work and clamps down on all diversions from that model. if you want to call that communism so be it.
Have fun staying poor.

(thanks bitcoin!)
hfsp.png
 
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os2wiz

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Have fun staying poor.
You and the rest of the mining crowd will be poorer than me in a few months. Just like all the fools who bought houses and fixer uppers to flip in the real estate market during the last financial crisis when the bottom fell out. I carry no credit card debt and I have more than enough equity in my house to withstand a crash in the home market that will be coming next year.
 

Zarathustra[H]

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It is still making money mining. No reason to yet. I am not going to heavily invest into hardware or Bitcoin at this point.

Yeah, the people mining and immediately selling using existing hardware are not much at risk.

The #HODL crew may not be too happy though.
 

DejaWiz

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I am extremely pleased China took the wind out of cryptos sails. I know it will go bust very soon. It is edging up for a few days now, but the negativity in the market to crypto currency is growing. Your statement supposedly debunking what I said about crypto being a purely speculative vehicle is absolutely correct and your points ONLY strengthened my conclusion. No krypto was designed to make " a speculative endeavor appear like an investment through the mining craze. Mining holds no positive for humanity. Does it feed the world, build housing for the homeless, educate the masses, does it entertain???? It is socially useless endeavor that syphons off the wealth that the industrial working class creates every day. It steals from the working class much in the way derivatives, puts and calls, and other speculative investment vehicles do. The billionaires who invest in crypto will corner the market and when it suits them they will cause it to crash and increase their control over this market and destroy the wealth that all these cretinous miners garnered for themselves. I have zero sympathy for useless zeros who try to get wealthy in this fashion just as I have zero use for the bankers and magnates who monopolize wealth and power. A real society rewards socially useful work and clamps down on all diversions from that model. if you want to call that communism so be it.

Did you forget that crypto is now a taxable income in many countries, with little to no loopholes?

That should appeal to someone that supports coerced taxation social reward government programs.
 

Verado

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You and the rest of the mining crowd will be poorer than me in a few months. Just like all the fools who bought houses and fixer uppers to flip in the real estate market during the last financial crisis when the bottom fell out. I carry no credit card debt and I have more than enough equity in my house to withstand a crash in the home market that will be coming next year.

Short it, larp.
 

kirbyrj

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You and the rest of the mining crowd will be poorer than me in a few months. Just like all the fools who bought houses and fixer uppers to flip in the real estate market during the last financial crisis when the bottom fell out. I carry no credit card debt and I have more than enough equity in my house to withstand a crash in the home market that will be coming next year.

Saving this post for later.
 

auntjemima

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You and the rest of the mining crowd will be poorer than me in a few months. Just like all the fools who bought houses and fixer uppers to flip in the real estate market during the last financial crisis when the bottom fell out. I carry no credit card debt and I have more than enough equity in my house to withstand a crash in the home market that will be coming next year.
Anyone who DIDN'T buy a house during the last crash is an idiot. Yeah, I also hate buying 400k homes for 50k. So much. I really really hated the 800% value increase in mere years. Hated it.
 

pfc_m_drake

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Anyone who DIDN'T buy a house during the last crash is an idiot. Yeah, I also hate buying 400k homes for 50k. So much. I really really hated the 800% value increase in mere years. Hated it.
Not arguing your point, but I always wondered how differently the last crash would have played out had the Government not put a moratorium on treating the debt forgiven during the short selling/foreclosure process as taxable income. When did that moratorium go away...2013ish???
 

Endgame

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Anyone who DIDN'T buy a house during the last crash is an idiot. Yeah, I also hate buying 400k homes for 50k. So much. I really really hated the 800% value increase in mere years. Hated it.
You must live in an different area of the country than I did at the time. Prices in Colorado basically stayed flat during the whole “crash”. 250k house dropped to… 235k. Big savings there!
 

auntjemima

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You must live in an different area of the country than I did at the time. Prices in Colorado basically stayed flat during the whole “crash”. 250k house dropped to… 235k. Big savings there!
I'm from Canada and I bought in Arizona.
 
D

Deleted member 204526

Guest
The flexing about crypto-made riches in this thread is cringey. The reason many of us who are aware of what mining is don't mine is because we don't need or care about the money. As I related here before, I was one of the very first bitcoin miners, and I have an old hard drive somewhere in my unlived house with coins on it. I don't remember exactly how many, but it was a handful anyway. If I could find the hard drive and actually access the wallet, it's probably worth over $100k. Hell, could be much more than that. Even so, I can't be bothered to try and find it beyond one cursory search a couple of years ago.

No I'm not what most would call rich, but I'm doing well enough that I can avoid cryptomining, which for me is a wasteful, desperate and sullying activity that would make feel only one step removed from a meth dealer.
 

Randall Stephens

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You must live in an different area of the country than I did at the time. Prices in Colorado basically stayed flat during the whole “crash”. 250k house dropped to… 235k. Big savings there!
Same. My house only lost 15% before I bought it. Up 80% since then. Fuck my taxes.
 

ManofGod

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The flexing about crypto-made riches in this thread is cringey. The reason many of us who are aware of what mining is don't mine is because we don't need or care about the money. As I related here before, I was one of the very first bitcoin miners, and I have an old hard drive somewhere in my unlived house with coins on it. I don't remember exactly how many, but it was a handful anyway. If I could find the hard drive and actually access the wallet, it's probably worth over $100k. Hell, could be much more than that. Even so, I can't be bothered to try and find it beyond one cursory search a couple of years ago.

No I'm not what most would call rich, but I'm doing well enough that I can avoid cryptomining, which for me is a wasteful, desperate and sullying activity that would make feel only one step removed from a meth dealer.

Well, for you, I would call it foolish to not cash in on what you have or at the very least, give it to someone who could use it and known what they would be doing with it. (Assuming you could find the hard drive, actually.) Otherwise, you are just trying to sound like you are better than others here, in so far as the mining craze goes. If it is worth that much, cash it in and call it a day.
 

biggles

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Well I have tried reading many articles explaining what cryptocurrency is but could not understand all of the details. Way too complex for the average Joe. Someone needs to write a book or article "Crypto for dummies."
 

defaultluser

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The flexing about crypto-made riches in this thread is cringey. The reason many of us who are aware of what mining is don't mine is because we don't need or care about the money. As I related here before, I was one of the very first bitcoin miners, and I have an old hard drive somewhere in my unlived house with coins on it. I don't remember exactly how many, but it was a handful anyway. If I could find the hard drive and actually access the wallet, it's probably worth over $100k. Hell, could be much more than that. Even so, I can't be bothered to try and find it beyond one cursory search a couple of years ago.

No I'm not what most would call rich, but I'm doing well enough that I can avoid cryptomining, which for me is a wasteful, desperate and sullying activity that would make feel only one step removed from a meth dealer.
Agreed, but more specifically, getting involved in Crypto feel like a second job. Getting involved in mining requires you to be paranoid about coin prices - I already hate gambling, so why the fuck should I try to guess what all the major coins will be worth next week?

Figuring out which real dollar exchanges are trustworthy, which mining groups will optimize your returns, along with creating and managing your own wallet all feels like I'm signing-up for a part-time sales position (all before you've ever mined a cent of ETH)!
 

drop point

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Well I have tried reading many articles explaining what cryptocurrency is but could not understand all of the details. Way too complex for the average Joe. Someone needs to write a book or article "Crypto for dummies."


21 million bitcoin. Assets will be valued in bitcoin.

Infinity over 21,000,000.
 

ZeqOBpf6

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The flexing about crypto-made riches in this thread is cringey. The reason many of us who are aware of what mining is don't mine is because we don't need or care about the money. As I related here before, I was one of the very first bitcoin miners, and I have an old hard drive somewhere in my unlived house with coins on it. I don't remember exactly how many, but it was a handful anyway. If I could find the hard drive and actually access the wallet, it's probably worth over $100k. Hell, could be much more than that. Even so, I can't be bothered to try and find it beyond one cursory search a couple of years ago.

No I'm not what most would call rich, but I'm doing well enough that I can avoid cryptomining, which for me is a wasteful, desperate and sullying activity that would make feel only one step removed from a meth dealer.
Who is the cringey poster trying to flex in here again? lol
 

staknhalo

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Same. My house only lost 15% before I bought it. Up 80% since then. Fuck my taxes.

My prop taxes prob gonna double this year almost lol (I'm expecting the worse based on what some places are selling for in my area, in reality prob around 40% increase) 🙃🔫
 

auntjemima

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Who is the cringey poster trying to flex in here again? lol
Right? I have some Bitcoin SOMEWHERE.. ONLY LIKE A HANDFUL LIKE 100K.. so 3.

I don't think you will find many people on this planet that are willing to stick their nose in the air over 100k like it's nothing, even fewer going online and acting holier than thou afterwards.
 

kirbyrj

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Agreed, but more specifically, getting involved in Crypto feel like a second job. Getting involved in mining requires you to be paranoid about coin prices - I already hate gambling, so why the fuck should I try to guess what all the major coins will be worth next week?

Figuring out which real dollar exchanges are trustworthy, which mining groups will optimize your returns, along with creating and managing your own wallet all feels like I'm signing-up for a part-time sales position (all before you've ever mined a cent of ETH)!

I've been mining for years, and I have never once been paranoid about coin prices. The reason is because I'm not purpose buying cards just to mine on. Every card that mines does double duty as someone else's card. My wife, my brother, my father, and two of my computers all mine in their spare time. I am not in debt from buying cards, so I don't care what prices look like. I can sell if the price is high or hold for later.

You're trying too hard with your second paragraph. First, Coinbase is trustworthy. It might not give you the best transfer rates, but it's easy to use, and now is subject to additional scrutiny being listed in Nasdaq. Second, you can get a pretty good rate of return using Nicehash without fishing around for the highest profit pool this week. It's been around for several years, and once again, might not give you the absolute best rate, it's still easy to use and then also deposits your earnings into Coinbase via a free transfer. If you never want to manage your own wallet, you don't have to. I transfer some of my BTC to Blockfi.com and make interest on the BTC I hold there.

In 5 months this year, I made $5k mining and not spending a lot of time on it doing exactly what I just said above. $1000 a month isn't too shabby as bonus money. I'm already prepared for tax season because I use taxbit.com to categorize transactions and it will give you the forms to import into Turbotax.
 

Randall Stephens

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Well, for you, I would call it foolish to not cash in on what you have or at the very least, give it to someone who could use it and known what they would be doing with it. (Assuming you could find the hard drive, actually.) Otherwise, you are just trying to sound like you are better than others here, in so far as the mining craze goes. If it is worth that much, cash it in and call it a day.
Cash out? It’s worth more stuck on that HDD. Shits going to the moon, don’t you read Reddit?

/s
 

kirbyrj

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Right? I have some Bitcoin SOMEWHERE.. ONLY LIKE A HANDFUL LIKE 100K.. so 3.

I don't think you will find many people on this planet that are willing to stick their nose in the air over 100k like it's nothing, even fewer going online and acting holier than thou afterwards.

Mining from the beginning and only has 3 BTC on a hard drive? Back then it was 50 BTC per block and there were individual miners doing it before pools. Even winning one block would be something like, 50 x $36,000 = $1.8 Million.

So either the guy is lying or he's just stupid for not caring about $1.8 million+
 

auntjemima

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Mining from the beginning and only has 3 BTC on a hard drive? Back then it was 50 BTC per block and there were individual miners doing it before pools. Even winning one block would be something like, 50 x $36,000 = $1.8 Million.

So either the guy is lying or he's just stupid for not caring about $1.8 million+
HEY CUT IT OUT. STOP BEING CRINGEY.
 
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