General Anyone follow cryptocurrencies (bit coin, ethereum, etc.) ?

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Hauler

Hauler

Been fallin so long it's like gravitys gone
Feb 3, 2016
45,734
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Bitcoin down another 3%, trading a tick below $33k. It's basically down half from previous highs in late 2021.

Part of the allure of crypto was its independence from conventional monetary establishments so why does it appear to be following the market?

Is this from people losing money on the market so they are selling their crypto for liquidity and that's what's driving it down?
 
M

member 1013

Guest
Hauler said:
Bitcoin down another 3%, trading a tick below $33k. It's basically down half from previous highs in late 2021.

Part of the allure of crypto was its independence from conventional monetary establishments so why does it appear to be following the market?

Is this from people losing money on the market so they are selling their crypto for liquidity and that's what's driving it down?
Click to expand...
it’s all BS bruv
 
M

member 3289

Guest
Hauler said:
Bitcoin down another 3%, trading a tick below $33k. It's basically down half from previous highs in late 2021.

Part of the allure of crypto was its independence from conventional monetary establishments so why does it appear to be following the market?
Click to expand...
More hedge funds and money managers have become active in crypto markets. It's not all individual investors like it used to be.
 
so long

so long

Posting Machine
Dec 16, 2015
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I wonder which way it will go. what do you think?

A. bitcoin gets stronger as states (e.g. the EU in total) battle against cash money. bitcoin grows as there's a limited number of units
B. goes down the toilet as governments want to insert their own cyber made up money and try to make bitcoin&co less attractive
C. this exactly makes it more desirable
D. just wait a couple of years till there's a boom period again and also the next bitcoin halving

Me I'm aiming to buying more. If it takes more than a year to go up no problem. 12 month holding period for me then the gains are tax free.

If I lose 100% of the bitcoin speculation money I will not be upset. at least I tried (to gamble big on people's greed and hype, I don't understand computer stuff one bit and I also believe that it is not anonymous but can be tracked. also it's ultra fucked up wallets get frozen etc). But if I did not try and later think I should have, I could not live with myself.

And just to add another flamboyant statement: I will try to own bitcoin longer than I own Euro/the Euro exists :D
 
Hauler

Hauler

Been fallin so long it's like gravitys gone
Feb 3, 2016
45,734
58,042
DER HÖRNCHENMEISTER said:
I wonder which way it will go. what do you think?

A. bitcoin gets stronger as states (e.g. the EU in total) battle against cash money. bitcoin grows as there's a limited number of units
B. goes down the toilet as governments want to insert their own cyber made up money and try to make bitcoin&co less attractive
C. this exactly makes it more desirable
D. just wait a couple of years till there's a boom period again and also the next bitcoin halving

Me I'm aiming to buying more. If it takes more than a year to go up no problem. 12 month holding period for me then the gains are tax free.

If I lose 100% of the bitcoin speculation money I will not be upset. at least I tried (to gamble big on people's greed and hype, I don't understand computer stuff one bit and I also believe that it is not anonymous but can be tracked. also it's ultra fucked up wallets get frozen etc). But if I did not try and later think I should have, I could not live with myself.

And just to add another flamboyant statement: I will try to own bitcoin longer than I own Euro/the Euro exists :D
Click to expand...
My thoughts? And this is coming from someone who knows NOTHING about crypto.

I think its crash mirroring the gov't-backed market hurts the idea of crypto. It was supposed to be the alternative - independent of the status quo - but it behaved just like any other investment. When the market tanked - so did crypto.

I think some people likely lost faith in crypto during this drop. Maybe? I don't know. I'd be interested to hear the thoughts of the resident expert on the matter. Splinty @Splinty
 
K

kaladin stormblessed

Nala fanboy
Apr 24, 2017
17,637
20,147
K

kaladin stormblessed

Nala fanboy
Apr 24, 2017
17,637
20,147
DER HÖRNCHENMEISTER said:
I wonder which way it will go. what do you think?

A. bitcoin gets stronger as states (e.g. the EU in total) battle against cash money. bitcoin grows as there's a limited number of units
B. goes down the toilet as governments want to insert their own cyber made up money and try to make bitcoin&co less attractive
C. this exactly makes it more desirable
D. just wait a couple of years till there's a boom period again and also the next bitcoin halving

Me I'm aiming to buying more. If it takes more than a year to go up no problem. 12 month holding period for me then the gains are tax free.

If I lose 100% of the bitcoin speculation money I will not be upset. at least I tried (to gamble big on people's greed and hype, I don't understand computer stuff one bit and I also believe that it is not anonymous but can be tracked. also it's ultra fucked up wallets get frozen etc). But if I did not try and later think I should have, I could not live with myself.

And just to add another flamboyant statement: I will try to own bitcoin longer than I own Euro/the Euro exists :D
Click to expand...
I lean towards B as government makes their own crypto

But that's a shame. The mining of crypto so as to maintain the block chain burns aloooooot of energy. Like a ridiculously high amount

As an example, every bitcoin transaction burns the equivalent amount of energy as 6 weeks of electricity for someone's home

So imo, crypto can get fucked. The costs are way too high
 
K

kaladin stormblessed

Nala fanboy
Apr 24, 2017
17,637
20,147
Hauler said:
How is this even real?
Click to expand...
Take it with a grain of salt because I'm not well versed in crypto. But I've heard this often and read about it a few times

And it makes sense

- Crypto is built off the block chain
- block chain is verified through running algorithms on servers
- ergo, huge energy consumption

That's why most data mining is done in places like China. It's been done places like upstate NY, but they had to ban new crypto mining servers since it drove up the local price of electricity
 
Hauler

Hauler

Been fallin so long it's like gravitys gone
Feb 3, 2016
45,734
58,042
kaladin stormblessed said:
Take it with a grain of salt because I'm not well versed in crypto. But I've heard this often and read about it a few times

And it makes sense

- Crypto is built off the block chain
- block chain is verified through running algorithms on servers
- ergo, huge energy consumption

That's why most data mining is done in places like China. It's been done places like upstate NY, but they had to ban new crypto mining servers since it drove up the local price of electricity
Click to expand...
Are we talking about a 20x20 room with 600 120v outlets and mass laptops all running at the same time?

I'm like Will Smith's parents. I just don't understand.
 
K

kaladin stormblessed

Nala fanboy
Apr 24, 2017
17,637
20,147
Hauler said:
Are we talking about a 20x20 room with 600 120v outlets and mass laptops all running at the same time?

I'm like Will Smith's parents. I just don't understand.
Click to expand...
It started out with inviduals mining the crypto. But once rich people became aware that it was a thing, they took over the mining by setting up mining shops of massive servers dedicated towards mining crypto

Mining crypto is a misleading term. It's not necessarily finding crypto per se like we think of in terms of mining a physical metal

Crypto currency is supported by a block chain which is a decentralized ledger off all transactions

So people like that since it's not run by a government or big business clearing houses like NYSE, Nasdaq, DTC, etc

But a major problem is that the block chain methodology is much more expensive in terms of energy costs

Algorithms solve puzzles so as to confirm the authenticity of transactions and add them to the block chain (or something like that). But basically, that's what "mining" is

Not sure why its called mining tbh. Maybe because miners are often paid in crypto

That actually leads into an interesting takeaway right now. Miners are often paid in a specific number of bitcoin. So as the price of bitcoin drops, their revenue per mining operation goes down

Meanwhile, energy costs right now are going up.

So miners are being hit with lower revenues and higher costs

I am not sure if that impacts the market price of bitcoin tho. I don't think so. But I might be missing something
 
Last edited:
Hauler

Hauler

Been fallin so long it's like gravitys gone
Feb 3, 2016
45,734
58,042
kaladin stormblessed said:
It started out with inviduals mining the crypto. But once rich people became aware that it was a thing, they took over the mining by setting up mining shops of massive servers dedicated towards mining crypto

Mining crypto is a misleading term. It's not necessarily finding crypto per se like we think of in terms of mining a physical metal

Crypto currency is supported by a block chain which is a decentralized ledger off all transactions

So people like that since it's not run by a government or big business clearing houses like NYSE, Nasdaq, DTC, etc

But a major problem is that the block chain methodology is much more expensive in terms of energy costs

Algorithms solve puzzles so as to confirm the authenticity of transactions and add them to the block chain (or something like that). But basically, that's what "mining" is

Not sure why its called mining tbh. Maybe because miners are often paid in crypto

That actually leads into an interesting takeaway right now. Miners are often paid in a specific number of bitcoin. So as the price of bitcoin drops, their revenue per mining operation goes down

Meanwhile, energy costs right now are going up.

So miners are being hit with lower revenues and higher costs

I am not sure if that impacts the market price of bitcoin tho. I don't think so. But I might be missing something
Click to expand...
You could have written that in Chinese and it would have made just as much sense to me.
I appreciate the effort, but...

 
BeardOfKnowledge

BeardOfKnowledge

The Most Consistent Motherfucker You Know
Jul 22, 2015
60,551
56,275
Hauler said:
How is this even real?
Click to expand...
Long story short, it's not really.

Because there's now a massive network of people all working on the same blockchain math problem at once, so they're counting all of those people and then pretending that many individuals is a requirement. It's similar to when people would claim that a Prius has a larger carbon footprint than an H2.
 
BeardOfKnowledge

BeardOfKnowledge

The Most Consistent Motherfucker You Know
Jul 22, 2015
60,551
56,275
kaladin stormblessed said:
Take it with a grain of salt because I'm not well versed in crypto. But I've heard this often and read about it a few times

And it makes sense

- Crypto is built off the block chain
- block chain is verified through running algorithms on servers
- ergo, huge energy consumption

That's why most data mining is done in places like China. It's been done places like upstate NY, but they had to ban new crypto mining servers since it drove up the local price of electricity
Click to expand...
China mostly uses surplus energy last I had heard.
 
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