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Thread: Bitcoin

  1. #2641
    Super Moderator DonorGlobal Moderator whispous's Avatar
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    Quote Originally Posted by Maximillian View Post
    Bitcoin now appears to be the biggest bubble in financial history - beating out both the 1929 Wallstreet crash and Tulip mania.
    After inflation calcs?



    Quote Originally Posted by teds :D View Post
    locking again cos you're all getting weird and being autists about tyres

  2. #2642
    The Pube Whisperer Maximillian's Avatar
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    Quote Originally Posted by whispous View Post
    Quote Originally Posted by Maximillian View Post
    Bitcoin now appears to be the biggest bubble in financial history - beating out both the 1929 Wallstreet crash and Tulip mania.
    After inflation calcs?
    As a % fall from the peak. 77% for Bitcoin so far.


  3. #2643
    Dee Jiensai's Avatar
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    Quote Originally Posted by Maximillian View Post
    Quote Originally Posted by whispous View Post
    Quote Originally Posted by Maximillian View Post
    Bitcoin now appears to be the biggest bubble in financial history - beating out both the 1929 Wallstreet crash and Tulip mania.
    After inflation calcs?
    As a % fall from the peak. 77% for Bitcoin so far.
    "... mind you, Apple *does* make some usefull things, unlike Bitcoin."
    Nice burn, bro!

  4. #2644

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    Wonder how much actual money is in that valuation, I have the impression that most of the bitcoin "value" is just sitting on some forgotten wallets as unused coins someone mined way back?

  5. #2645
    VARRAKK's Avatar
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    Quote Originally Posted by depili View Post
    Wonder how much actual money is in that valuation, I have the impression that most of the bitcoin "value" is just sitting on some forgotten wallets as unused coins someone mined way back?
    Estimates around 1/3rd
    Why is it called earth, when it is mostly water???

  6. #2646

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    And for reference way back at a demo party around 2k bitcoins were handed out, one for each visitor, and I think just about all of them ended up in the thrash. And I admit there have been points of time where I wish I would have kept at least the one handed to me, but hindsight is always so powerful.

  7. #2647
    Movember '12 Best Facial Hair Movember 2012Donor Lallante's Avatar
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    Surely Tulips fell by more than 77%???

    Also I think Bitcoin has more to go, should be sub 10k by jan

  8. #2648

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    Blockfi also going bankrupt, will surely make the prices rise, right?

  9. #2649

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    On November 28, BlockFi filed for bankruptcy. Their filing estimates they have more than 100,000 creditors (the maximum option on the form), between $1–10*billion in assets, and between $1–10*billion in liabilities.
    That's an impressive margin of uncertainty.
    They have no fucking idea do they ?
    Last edited by Itiken; November 28 2022 at 07:42:00 PM.
    technology can’t solve economic and political problems

  10. #2650
    Keckers's Avatar
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    There are going to be some very weary auditors after all this
    Look, the wages you withheld from the workmen who mowed your fields are crying out against you. The cries of the harvesters have reached the ears of the Lord of Hosts. You have lived on earth in luxury and self-indulgence. You have fattened yourselves for slaughter.

  11. #2651
    Super Moderator DonorGlobal Moderator whispous's Avatar
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    Quote Originally Posted by Keckers View Post
    There are going to be some very weary auditors after all this
    Rich*



    Quote Originally Posted by teds :D View Post
    locking again cos you're all getting weird and being autists about tyres

  12. #2652
    The Pube Whisperer Maximillian's Avatar
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    The reason most RL currencies don't collapse to zero is because you can pay your debts to Government with it.

    The Lebanese Lira is a good example. It has lost around 90% of its value compared to the USD but you can still use it to pay the Lebanese Government. What is fucking Lebanon is the fact that they import almost everything. So people want to get USD or Euro not Lira.

    One of the points you can tie the death of the Western Roman empire to is when the Government stopped taking its own coinage to pay taxes. The economic collapse became irreversable at that point.

    Cyrpto has two bottom points. The first is when the value falls to the point that the electricity to mine new coins exceeds those coins in value. The second terminal point is when the electricity used to process the blockchain costs more than the transaction.

    Cyrpto really isn't cash, nor is it an asset like stocks. Few legal transactions are made in crypto so the chokepoint is converting crypto back into cash. But unlike the Stockmarket crypto transactions are usually not between a buyer and a seller with a broker charging a facilitaion fee. Instead an exchange buys the crypto and then resells it as well as taking a transaction fee on top. This - apart from the rampant thievery - is why all the exchanges fail when there is a sustained drop in value. Everyone wants to sell but few want to buy. Exchanges watch the value of their crypto holdings plunge and don't have the cash to make payments. The whole thing is then sucked up its own arsehole with the few insiders fleeing to an extradition haven with whatever cash is left.

    Basing any type of financial product on something so volatile is either a scam or insane.

    Crypto will stay simply because of its usefullness in criminal activity and scams.
    Last edited by Maximillian; November 29 2022 at 04:35:38 AM.

  13. #2653
    Movember '12 Best Facial Hair Movember 2012Donor Lallante's Avatar
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    Quote Originally Posted by Itiken View Post
    On November 28, BlockFi filed for bankruptcy. Their filing estimates they have more than 100,000 creditors (the maximum option on the form), between $1–10*billion in assets, and between $1–10*billion in liabilities.
    That's an impressive margin of uncertainty.
    They have no fucking idea do they ?
    No those are just the relevant tickboxes on the form which is the only public information at this stage

  14. #2654
    The Pube Whisperer Maximillian's Avatar
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    If their assets and liabilities include large Crypto holdings then the valuation could be changing minute to minute.

  15. #2655
    VARRAKK's Avatar
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    Crypto isn't dying or going anywhere.
    It is a victim of the world situation. An incredible amount of crypto owned have been from traders and investors.
    But it is nothing of physical value.

    With the war, market being unstable as it is. Everyone wants to have their money invested into something more physical.
    Shares in a company, resources etc. Once shit calms down, interest will spike again. Probably not to the high point of BTC for a very long time to come.
    Why is it called earth, when it is mostly water???

  16. #2656
    Jori McKie's Avatar
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    Quote Originally Posted by Maximillian View Post
    Bitcoin now appears to be the biggest bubble in financial history - beating out both the 1929 Wallstreet crash and Tulip mania.
    You know what happened with those Tulips? Actually back then they invented futures "investing" in Tulip tubers, we all know how that ended.
    Does a population have informed consent when that population is not taught the inner workings of its monetary system, and then is drawn, all unknowing, into economic adventures?

  17. #2657

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    Quote Originally Posted by Lallante View Post
    Quote Originally Posted by Itiken View Post
    On November 28, BlockFi filed for bankruptcy. Their filing estimates they have more than 100,000 creditors (the maximum option on the form), between $1–10*billion in assets, and between $1–10*billion in liabilities.
    That's an impressive margin of uncertainty.
    They have no fucking idea do they ?
    No those are just the relevant tickboxes on the form which is the only public information at this stage
    I'm pretty sure they have no fucking idea how much of other people's money they have lost.
    technology can’t solve economic and political problems

  18. #2658
    Movember '12 Best Facial Hair Movember 2012Donor Lallante's Avatar
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    Quote Originally Posted by VARRAKK View Post
    Crypto isn't dying or going anywhere.
    It is a victim of the world situation. An incredible amount of crypto owned have been from traders and investors.
    But it is nothing of physical value.

    With the war, market being unstable as it is. Everyone wants to have their money invested into something more physical.
    Shares in a company, resources etc. Once shit calms down, interest will spike again. Probably not to the high point of BTC for a very long time to come.
    lol copium

    crypto has an incredibly niche legitimate purpose. 99% of crypto activity is speculative, in support of speculative positions (i.e. the biggest holder of a coin forcing others to use it to transact with them), or for illegal activity.

    The 'true underlying inherent value' of crypto is still a tiny fraction of the current crypto market cap. There's a long way yet to fall and realistically no chance of a recovery.

  19. #2659
    evil edna's Avatar
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    Which is what people have said every bear market

  20. #2660
    Keckers's Avatar
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    This feels more like the collapse of an industry than the collapse of a market
    Look, the wages you withheld from the workmen who mowed your fields are crying out against you. The cries of the harvesters have reached the ears of the Lord of Hosts. You have lived on earth in luxury and self-indulgence. You have fattened yourselves for slaughter.

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