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re: Bitcoin below below 19K at the moment
Posted on 6/18/22 at 1:09 pm to Marquesa
Posted on 6/18/22 at 1:09 pm to Marquesa
quote:
ALBANY, N.Y. — The cryptocurrency markets are already in a meltdown. Now New York is the on verge of becoming the first state in the nation to partially ban some energy intensive Bitcoin mining operations.
The move would have no immediate effect. But it still puts Gov. Kathy Hochul in the middle of a fight between environmental activists supportive of the measure and crypto enthusiasts who are demanding she veto the bill.
Industry officials are also concerned about other liberal states following suit and pursuing limitations on digital currency mining.
“We’re watching Oregon and Washington very closely,” said Steven McClurg, chief information officer with Valkyrie Investments, which invests in Bitcoin and other digital assets.
“The success in New York, even just getting it through both houses, is certainly going to inspire others in similar states,” Olsen said. “It’s merely the introduction and the socialization between legislators who like to glom on to issues and are trying to make a name for themselves on certain pieces of legislation.”
NY looking to become 1st state to ban bitcoin mining
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Posted on 6/18/22 at 1:10 pm to Marquesa
I am a low to moderate risk investor at my age. I wish I understood this better but I would likely stay out of it even if I understood it. If was young and still working I would probably dip the toe in the water but I will just live with the missed opportunity if it takes back off.
Posted on 6/18/22 at 1:14 pm to Marquesa
Looks like we might see WikiTiger again
Posted on 6/18/22 at 1:18 pm to WreckinRams05
Unless he was smart enough to cash out, but he seemed to be an anarchotard that believed in the alt currency nonsense.
Posted on 6/18/22 at 1:28 pm to Ross
quote:
If I didn’t love what the technology aspired to accomplish
This logic I dont understand in crypto buyers. The technology will be stripped away from the coin, and simply become a sales push of a product in the future
You saw it happen with IBM already. They had the technology at their fingertips for home computing. That was stripped away from them and sold as the underlying technology by branded companies. People bought the product, not the technology
Crypto is a monetary coin in the publics eye, not a technology. They dont see the point in it. And unless you get the masses on board, other companies will benefit from the underlying technology first.
Posted on 6/18/22 at 1:36 pm to RobbBobb
Uh how do you de-couple bitcoin from technology? it literally is its own tech. There have already been large-scale adoptions and will continue to be so, if you can exchange goods and services with btc it will continue to be utilized. I am not sure about the correlation with the IBM example considering blockchain is open source.
Posted on 6/18/22 at 1:39 pm to ninthward
It’s a linked list homie, it’s not hard to decouple.
Posted on 6/18/22 at 1:41 pm to j1897
quote:Explain in context I am not talking about exchanges.
It’s a linked list homie, it’s not hard to decouple.
Posted on 6/18/22 at 1:51 pm to Marquesa
BTC value = $0.00
I feel bad for those holding to the end - and these groups that promoted crypto as viable long term investments should be held accountable.
I feel bad for those holding to the end - and these groups that promoted crypto as viable long term investments should be held accountable.
Posted on 6/18/22 at 1:58 pm to ninthward
quote:
According to Microsoft’s de Icaza, the computational power behind blockchain is the equivalent of what one could do in a centralized way with a $100 computer.
“We’re essentially wasting millions of dollars worth of equipment because we’ve decided that we don’t trust the banking system.”
Its blockchain technology. Any action is coded into the chain. Its almost impossible (yet it can be done) to insert a transaction into the chain at a later date
You dont need to invest in a "coin" to accomplish this
Posted on 6/18/22 at 2:05 pm to KillTheGophers
quote:
BTC value = $0.00
No, it's currently 18k
quote:
and these groups that promoted crypto as viable long term investments should be held accountable.
Not unless they intentionally deceived people. BTC is in a different class than the crypto's you're talking about. It's not created by companies that can mislead you.
There's BTC and then there's everything else.
Posted on 6/18/22 at 2:10 pm to j1897
quote:
It’s a linked list homie, it’s not hard to decouple.
I guess I don’t get the contention here though. If a company makes use of a blockchain it’s still centralized. They’d have complete control of the chain and can manipulate the recorded data to effectively prevent you from transacting or even defraud your account. So in that way, it’s a completely different product and in many ways inferior.
That was the motivation behind blockchain with the innovation of Bitcoin, and why the pitch for it would still exist even if some large company made their own chain. People wanted a secure, decentralized network with a scarce token that could be sent peer to peer. It’s why it initially gained popularity with many libertarians. They viewed it as the means of freedom from the traditional banking system. You’d have gained none of that with Apple coin or Tesla coin, so it’s really not the same thing.
If the argument is that a better version of BTC emerges, I guess I’d just point to the amount of mining done for the Bitcoin network and say that whatever this other network is, it has a hell of a long road to become as secure as the BTC network.
This post was edited on 6/18/22 at 2:16 pm
Posted on 6/18/22 at 2:24 pm to cwill
Sorry you missed the boat, loser.
Posted on 6/18/22 at 2:26 pm to Diamondawg
I don’t understand any of it. I would just buy 50 bucks of random shitcoins when they’re cheap and hope one hits
Posted on 6/18/22 at 2:29 pm to gobnugget
quote:
Sorry you missed the boat, loser.
Posted on 6/18/22 at 2:35 pm to Marquesa
A pretty big concern with the this is drawing a watchful eye of on if Tether will de-peg in any meaningful way, which in practice would likely occur due to an over abundance on "bank runs", wanting fiat back from USDT. A collapse would have major unknown liquidity problems, not just for Crypto Exchanges, but any assets tied to them. Many Crypto exchanges use USDT as base of trading liquidity.
Obviously, many in the Crypto world have been concerned about what assets Tether holds (as opposed to actual USD). Some of that is in commercial paper tied to debt from corporations and is generally unsecured. Due to this concern, not only from regular people.. it has also drawn the concern and watchful eye of Federal Reserve and US Treasury department and likely other large banks who are also dealing with a flood of other debt instruments that they are holding.
The US treasury department had released a report back in November of 2021 on Stable Coins. US Treasury Report on Stable Coins Nov 2021 - pdf link
Since that time in November, we have seen a major collapse of Luna and Terra USD, an algorithmic Stable coin that violently lost it's peg and many people lost quite a bit over collapse.
Tether also claims to be concerned with "coordinated groups trying to take them down", as mentioned in a recent article on vice.com
Tether Claims 'Coordinated' Conspiracy Is Trying to Take It Down - Vice.com
A collapse in Tether (USDT) would lead disruptions of Crypto falling and causing liquidity issues with any assets tied to it.
Bank runs on Tether or just about any currency is a threat to existence and stability.
Obviously, many in the Crypto world have been concerned about what assets Tether holds (as opposed to actual USD). Some of that is in commercial paper tied to debt from corporations and is generally unsecured. Due to this concern, not only from regular people.. it has also drawn the concern and watchful eye of Federal Reserve and US Treasury department and likely other large banks who are also dealing with a flood of other debt instruments that they are holding.
The US treasury department had released a report back in November of 2021 on Stable Coins. US Treasury Report on Stable Coins Nov 2021 - pdf link
Since that time in November, we have seen a major collapse of Luna and Terra USD, an algorithmic Stable coin that violently lost it's peg and many people lost quite a bit over collapse.
Tether also claims to be concerned with "coordinated groups trying to take them down", as mentioned in a recent article on vice.com
Tether Claims 'Coordinated' Conspiracy Is Trying to Take It Down - Vice.com
A collapse in Tether (USDT) would lead disruptions of Crypto falling and causing liquidity issues with any assets tied to it.
Bank runs on Tether or just about any currency is a threat to existence and stability.
Posted on 6/18/22 at 2:47 pm to Marquesa
quote:
Helluva ride for those carrying that investment
I bought at $4k when the Fed announced money printer
Posted on 6/18/22 at 3:08 pm to evil cockroach
It will bottom at 12,000 - I’m going to buy a crap load of btc eth and Ada - I’m still holding from the last few years - when bull hits in a few years it will be fun times.
A very wealthy friend and adviser to me is buying the crap out of crypto right now. He isn’t stupid. This is how the wealthy get rich by going against the masses.
A very wealthy friend and adviser to me is buying the crap out of crypto right now. He isn’t stupid. This is how the wealthy get rich by going against the masses.
This post was edited on 6/18/22 at 3:22 pm
Posted on 6/18/22 at 4:10 pm to Marquesa
I don’t understand crypto much at all. I thought it was to be an alternate currency. Why did it evolve into an investment tool? Is this where things went sideways? When the Fed transitions to crpto it should work as envisioned, for better or worse, I suppose.
Posted on 6/18/22 at 4:11 pm to NashvilleTider
quote:
will bottom at 12,000 - I’m going to buy a crap load of btc eth and Ada - I’m still holding from the last few years - when bull hits in a few years it will be fun times.
A very wealthy friend and adviser to me is buying the crap out of crypto right now. He isn’t stupid. This is how the wealthy get rich by going against the masses.
I am going to buy more eth but I believe we haven't found the floor.
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