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re: Why is crypto crashing?
Posted on 5/15/22 at 8:50 pm to arcalades
Posted on 5/15/22 at 8:50 pm to arcalades
quote:
fear and the undeniable fact it has no true value. neither does currency
Intrinsic value of currency hasn't been the basis of an economy since the 1700s. Currency has whatever value society accepts, that goes for crypto and the dead trees in your wallet. It's no less real than bartering a sheep for wheat.
1
Posted on 5/16/22 at 3:49 am to SlidellCajun
Posted on 5/16/22 at 7:14 am to tigerpawl
Every thing in that article is a producing asset. There is fundamental difference between the items in that article and crypto.
Crypto produces nothing. For those that fail to see and understand that, the fall to zero will be painful for them.
Crypto produces nothing. For those that fail to see and understand that, the fall to zero will be painful for them.
quote:
The very device you're looking at right now (PC, Laptop, Cellphone) was predicted to be a failure. Your bedtime reading: 10 Inventions No One Thought Would Be a Success
Posted on 5/16/22 at 7:42 am to KillTheGophers
quote:
Crypto produces nothing. For those that fail to see and understand that, the fall to zero will be painful for them.
Do you even EVM, bro?
This post was edited on 5/16/22 at 7:45 am
Posted on 5/16/22 at 8:10 am to KillTheGophers
Bitcoin miners produce a network that facilitates peer to peer transactions of a scarce token without the need of a trusted intermediary
You value that network at 0, others do not
You value that network at 0, others do not
This post was edited on 5/16/22 at 8:12 am
Posted on 5/16/22 at 8:13 am to KillTheGophers
quote:
Crypto produces nothing.
I don't think you've done much research then. Many chains have real world usage and products.
If you want to learn more and have some time to kill, this recent discussion has a lot of eye opening uses for the future of crypto. The 21:10 timeframe gets into the meat of it.
Posted on 5/16/22 at 8:40 am to KillTheGophers
quote:
Crypto produces nothing. For those that fail to see and understand that, the fall to zero will be painful for them.
LOL!!!
What do you not understand about these words:
IT
PAYS
ME
REAL
USD
DAILY!
READ THIS TOO:
I LITERALLY PURCHASED MY WIFE'S BIRTHDAY PRESENT WITH CRYPTO!
That produced a great NIGHT of FUN!
Posted on 5/16/22 at 9:16 am to AMS
quote:
i think people get too hung up on the alternate currency part of crypto. its only been around for 13 years, and hasnt even been on the radar until like 5 years ago. its waaaay too soon to assume it would behave that way out of its infancy.
fiat came around about a millenia ago and didnt really see popularization until 700-800 years later and US didnt adopt until about 50 years ago.
The problem with crypto is that you have to build a currency up to where people have trust in it. With the BitCoin model you have scarcity in that there is only so much BitCoin that will ever exist, but:
A) There are people out there with huge amounts of it in supposedly inactive wallets that could crash it at any time
B) Scarcity alone doesn't create faith in a currency. The US Dollar was originally just an exchange mechanism for Gold. Then it was backed by gold dollar for dollar. Then it was backed partially by gold with some/most of it being essentially on credit. Now we are off the gold standard entirely. Point being there was a lot of evolution in the process of the USD becoming what it is, because people built up faith in it over time.
With the Ethereum model the scarcity isn't even there so as a currency I don't see it (but Ethereum has uses that Bitcoin doesn't have).
Right now all coins run off one of these two models in one sense or another.
The play isn't to invest in crypto and hoping it becomes a currency, the play is to invest in crypto that people are going to use for NFTs, smart contracts, stuff with meta verses, etc. Bitcoin is a unique example where you don't have those uses, but you can still make money on it if people keep adopting it and using it like they have been.
Posted on 5/16/22 at 11:17 am to emanresu
The reality is that crypto has an identity crisis.
No legit currency swings as much as it does... so it's not a currency.
It's not backed by any hard assets and it doesn't produce anything.
I always felt if anything... it's closer to a derivative, but I'm not sure what it derives its' value from.
Maybe it's more like a work of art... in that it has no intrinsic value, but the value is completely determined by market forces.
If everyone hated Van Gogh, the value of his art would go to zero.
No legit currency swings as much as it does... so it's not a currency.
It's not backed by any hard assets and it doesn't produce anything.
I always felt if anything... it's closer to a derivative, but I'm not sure what it derives its' value from.
Maybe it's more like a work of art... in that it has no intrinsic value, but the value is completely determined by market forces.
If everyone hated Van Gogh, the value of his art would go to zero.
Posted on 5/16/22 at 11:55 am to Ross
quote:or a mindless, partisan, tyrannical Government to really screw things up. It is impervious to the craziness.
Bitcoin miners produce a network that facilitates peer to peer transactions of a scarce token without the need of a trusted intermediary
Posted on 5/16/22 at 5:20 pm to LSUFanHouston
Well put. 
Posted on 5/16/22 at 5:30 pm to tigerpawl
What exactly are the hurdles to true mass adoption as currency? For, say, Amazon or Walmart to begin accepting certain coins for payment. Seems a simple corner to turn where’d we’d never debate crypto as a fad or phase again
Honest question, by the way
Honest question, by the way
Posted on 5/16/22 at 7:17 pm to LSUFanHouston
quote:
It's not backed by any hard assets and it doesn't produce anything
When you say "crypto", do you mean Bitcoin or the industry as a whole?
Ethereum (and other EVM chains) run applications, the best of which are decentralized and permissionless. Those applications drive value similar to any digital business. This is in its relative infancy.
Posted on 5/16/22 at 7:50 pm to Hulkklogan
The critics tend to lump they all into the word “crypto” when a few minutes of research would have them understand there’s a few coins with utility…and then there’s “crypto”
Posted on 5/16/22 at 9:30 pm to Stagliano
quote:
What exactly are the hurdles to true mass adoption as currency? For, say, Amazon or Walmart to begin accepting certain coins for payment. Seems a simple corner to turn where’d we’d never debate crypto as a fad or phase again Honest question, by the way
Price stability. The USD is down 9% YoY and it’s causing people to lose their mind in the broader market - imagine if it was priced in BTC instead.
Also, most companies that “accept Bitcoin” sell it immediately for USD.
Lastly, the price stability concern flows both ways. If no one is using your currency because you’re having major upward pricing pressure, you’ve still got a very large problem.
Posted on 5/16/22 at 9:37 pm to LSUFanHouston
quote:
everyone hated Van Gogh, the value of his art would go to zero.
But you would still have a historical beautiful painting that you can hang on your wall and pass down throughout your family lineage.
Luna went to zero and all those ppl literally have nothing.
It's much closer to gambling.
Posted on 5/16/22 at 9:51 pm to cable
And as both the Canadian and US government has proven, they can freeze all of these assets if they decide you’re an enemy of the state.
I’m pretty sure just being on this site gets you red-flagged, so good luck.
I’m pretty sure just being on this site gets you red-flagged, so good luck.
Posted on 5/16/22 at 11:45 pm to Hulkklogan
quote:
When you say "crypto", do you mean Bitcoin or the industry as a whole?
He doesn't know the difference.
quote:
Ethereum (and other EVM chains) run applications, the best of which are decentralized and permissionless
He has no idea what this means. Like most vocal opponents of crypto, they are hopelessly uninformed and just parrot decade-old talking points.
The notion that the Ethereum Virtual Machine produces nothing is laughable.
Posted on 5/17/22 at 4:20 am to MyRockstarComplex
quote:the only way the Canadian and US government can freeze and seize my bitcoin assets is if they arrive at my house and beat me with a wrench until I give them my 24 word pass phrase. Otherwise, they cant touch it. Any dummy leaving their shite on exchanges are vulnerable. Storing in cold storage should be standard procedure for everyone
And as both the Canadian and US government has proven, they can freeze all of these assets if they decide you’re an enemy of the state
This post was edited on 5/17/22 at 7:27 am
Posted on 5/17/22 at 10:04 pm to LSUFanHouston
quote:
The reality is that crypto has an identity crisis.
That’s a good point
It’s “supposed” to be a currency. It trades unlike a currency which is part of the reason that it is a questionable investment.
Imagine if you bought a 10,000 piece of art with crypto. The day after you purchased it, the value of the crypto went down 25%. The art seller would be highly pissed off. Conversely, imagine if it shot up 25% the next day. The buyer of the art would be highly pissed off.
I don’t have that issue with the dollar, or the euro or the yen. It’s going to remain stable.
So is crypto really a currency? Do people feel comfortable taking it as a form of payment?
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