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Started By
Message
re: Why is crypto crashing?
Posted on 5/27/22 at 2:57 pm to TigerTatorTots
Posted on 5/27/22 at 2:57 pm to TigerTatorTots
quote:
hey are
digital property, they are settlement layers, they are decentralized application platforms, they are payments systems, they are interest bearing accounts.
They are nothing...their only value is people willing to buy it for more than you purchased it. It has no cash flows, it's not connected to any real assets...it's nothing but an online game.
3
Posted on 5/27/22 at 3:02 pm to cwill
quote:
They are nothing...their only value is people willing to buy it for more than you purchased it. It has no cash flows, it's not connected to any real assets...it's nothing but an online game.
I wonder when you’ll realize you were wrong. That you didn’t understand what was happening.
Posted on 5/27/22 at 3:09 pm to tenderfoot tigah
quote:You're mixing metaphors. Value of goods is an independent variable.
Your ability to buy food and gas with USD was cut in half in a year.
Pricing in currency can obviously be influenced by weakening/strengthening currency. But that is not at play here (w/ food and gas). E.g., Price of gas is up about 15% in USD since Oct. Price of gas is up about 33% in BTC since Oct.
Posted on 5/27/22 at 3:09 pm to DeathValley85
quote:
I wonder when you’ll realize you were wrong. That you didn’t understand what was happening.
He is too lazy to research or even read this thread. This thread alone provides plenty info. Only a moron or a troll sees no value in Ethereum.
Posted on 5/27/22 at 3:11 pm to NC_Tigah
quote:
You're mixing metaphors. Value of goods is an independent variable.
Pricing in currency can obviously be influenced by weakening/strengthening currency. But that is not at play here (w/ food and gas). E.g., Price of gas is up about 15% in USD since Oct. Price of gas is up about 33% in BTC since Oct.
Let me try this again. If we didn't print half the money in circulation within the past 2 years, what would gas and food prices look like?
Now do my next point.
This post was edited on 5/27/22 at 3:14 pm
Posted on 5/27/22 at 3:17 pm to tenderfoot tigah
quote:
Your ability to buy food and gas with USD was cut in half in a year.
And purchasing power using bitcoin got the same hit from inflation plus the crash from 66,000 to 28,000 in value!
Come on man
Posted on 5/27/22 at 3:25 pm to SlidellCajun
quote:
And purchasing power using bitcoin got the same hit from inflation plus the crash from 66,000 to 28,000 in value!
Come on man
But is also up 6,000,000x in 12 years.
You are the one who said USD was stable. I never claimed BTC to be stable. It's just as ridiculous as claiming USD is stable.
This post was edited on 5/28/22 at 10:14 am
Posted on 5/27/22 at 3:49 pm to tenderfoot tigah
quote:It's hard to say. So far any economic response has been incredibly muted. The USD is up 5%-15% vs every major world currency, and up slightly vs gold. Meanwhile, gas and food costs surged globally.
Let me try this again. If we didn't print half the money in circulation within the past 2 years, what would gas and food prices look like?
Posted on 5/27/22 at 3:54 pm to NC_Tigah
Sounds like fiat isn't very stable.
Posted on 5/27/22 at 3:56 pm to tenderfoot tigah
quote:Perceived stability is precisely why the USD is the global reserve currency. The instabilities you're citing are of goods valuation, and more related to supply/demand purchase-pricing issues.
You are the one who said USD was stable.
Posted on 5/27/22 at 3:58 pm to tenderfoot tigah
quote:Does it?
Sounds like fiat isn't very stable.
Based on what determinant?
Posted on 5/27/22 at 4:00 pm to NC_Tigah
quote:
Perceived stability is precisely why the USD is the global reserve currency. The instabilities you're citing are of goods valuation, and more related to supply/demand purchase-pricing issues.
Are you still ignoring the 1000% inflation I mentioned?
Posted on 5/27/22 at 4:02 pm to NC_Tigah
quote:
Based on what determinant?
Scroll up.
Go troll another thread.
Posted on 5/27/22 at 4:23 pm to tenderfoot tigah
quote:Nah.
Are you still ignoring the 1000% inflation I mentioned?
Go troll another thread.
You're conflating instability (wide flux in valuation) with stable (predictable) depreciation.
and FWIW, I don't troll.
Posted on 5/27/22 at 6:04 pm to cwill
quote:
They are nothing...their only value is people willing to buy it for more than you purchased it. It has no cash flows, it's not connected to any real assets...it's nothing but an online game.
All false. DeFi is all cash flow. That is the point of it.
Posted on 5/27/22 at 6:18 pm to tenderfoot tigah
quote:
Only a moron or a troll sees no value in Ethereum.
Again there is no more value than the willingness of another buyer to pay you more than you did. It has no other underlying value. There’s no cash flow, no hard asset, nothing. It’s a confidence game that you’ve tricked yourself into with elaborate explanations.
Posted on 5/27/22 at 6:25 pm to cwill
quote:
Again there is no more value than the willingness of another buyer to pay you more than you did. It has no other underlying value.
cwill, I'm not trying to give you a hard time, but please research the Ethereum project and what these guys are working on.
You're focusing entirely on the coin and not the ecosystem (i.e. decentralized finance, smart contracts, the Ethereum virtual machine, etc). That's his point.
quote:
There’s no cash flow, no hard asset, nothing.
This is demonstrably false for the Ethereum project. Please think for yourself instead of repeating Warren Buffet's opinions on crypto.
This post was edited on 5/27/22 at 6:35 pm
Posted on 5/27/22 at 7:50 pm to LordSaintly
Cwill's haughtiness combined with obliviousness is some of the worst posting I've ever seen on this board. I'm stunned by what I'm reading on a financial forum. It makes it even worse that I've given a simple breakdown in this thread that he was too lazy to read.
I'll break it down simply so everyone can understand how ridiculous Cwill's comments were:
Ethereum is the Apple App Store of crypto.
I'll break it down simply so everyone can understand how ridiculous Cwill's comments were:
Ethereum is the Apple App Store of crypto.
Posted on 5/27/22 at 7:58 pm to NC_Tigah
quote:
You're conflating instability (wide flux in valuation) with stable (predictable) depreciation.
If you have money in a bank account and you can purchase 7% less goods and services each year, that's stable to you?
Posted on 5/27/22 at 8:06 pm to cwill
quote:
They are nothing...their only value is people willing to buy it for more than you purchased it. It has no cash flows, it's not connected to any real assets...it's nothing but an online game.
Ethereum is flowing more than $2 billion per day. It's connected to hundreds of billions of dollars. Yes, there are metaverse and web3 games on Ethereum's network.
ETA, DeFi stands for decentralized finance.
This post was edited on 5/27/22 at 8:07 pm
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