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(CNN)   Bitcoin's terrible, horrible, no-good, very bad run continues as it drops to near $33,000 per share. Wow, at bargain prices like that I should just take out a home equity line and buy as much as I can   (cnn.com) divider line
    More: Spiffy, Federal Reserve System, Currency, Position, Monday, Stock, Week-day names, United States Department of Justice, Federal Reserve  
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1200 clicks; posted to Main » and Business » on 08 Jun 2021 at 12:35 PM (7 days ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



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2021-06-08 11:03:36 AM  
Bitcoin having no intrinsic value and no use value  is still over valued by 33 thousand times.
 
2021-06-08 11:14:30 AM  
Wall Street is swimming in the bitcoin pool now, and they LOVE it when things slosh around in a somewhat predictable fashion.  Bitcoin will be going up and down like a yo-yo for the foreseeable future.
 
2021-06-08 11:16:04 AM  

eurotrader: Bitcoin having no intrinsic value and no use value is still over valued by 33 thousand times.


Closer to 9428.57%, but who's counting.
 
2021-06-08 11:42:58 AM  
You Boomers just won't ever get it... brah.

Fark user imageView Full Size
 
2021-06-08 12:08:35 PM  
Fark user imageView Full Size


I keep my money (what little there is) in my credit union.
 
2021-06-08 12:17:35 PM  
FTA:

The value of bitcoin has tanked more than 40% over the last month during a torrent of bad news, including a move by one prominent former backer, Tesla (TSLA) CEO Elon Musk, to stop accepting the cryptocurrency as payment for cars.

LOL! Musk broke up with Bitcoin?

I missed that. How lulzy.
 
2021-06-08 12:24:30 PM  

NewportBarGuy: You Boomers just won't ever get it... brah.

[Fark user image image 850x1061]


The sleeve looks like the color coding for a resistor.
 
2021-06-08 12:27:07 PM  

Rev.K: FTA:

The value of bitcoin has tanked more than 40% over the last month during a torrent of bad news, including a move by one prominent former backer, Tesla (TSLA) CEO Elon Musk, to stop accepting the cryptocurrency as payment for cars.

LOL! Musk broke up with Bitcoin?

I missed that. How lulzy.


Hilarious that a guy who despises short sellers did just that.

SEC and DOJ just getting started investigating Elon's games.
 
2021-06-08 12:37:08 PM  
It's a pump and dump.
 
2021-06-08 12:39:34 PM  
Amateur, I'm going to a payday lender and take out the hugest loan I can and put it all on bitcoin.
 
2021-06-08 12:42:30 PM  

I am Tom Joad's Complete Lack of Surprise: Rev.K: FTA:

The value of bitcoin has tanked more than 40% over the last month during a torrent of bad news, including a move by one prominent former backer, Tesla (TSLA) CEO Elon Musk, to stop accepting the cryptocurrency as payment for cars.

LOL! Musk broke up with Bitcoin?

I missed that. How lulzy.

Hilarious that a guy who despises short sellers did just that.

SEC and DOJ just getting started investigating Elon's games.


Oh? I hadn't heard that part. I haven't tracked the WSB story recently either. Anything ever come of that?
 
2021-06-08 12:46:17 PM  
Not as secure and untraceable as we once thought, eh?
 
2021-06-08 12:47:24 PM  

pjbreeze: Amateur, I'm going to a payday lender and take out the hugest loan I can and put it all on bitcoin.


Pfft. Small potatoes. I know this guy Tony by the wharf that will give me straight cash.
 
2021-06-08 12:48:49 PM  
Doesn't help that it was revealed (via the Colonial Pipeline ransomware fiasco) that the The Man has the ability to track bitcoin and confiscate it whenever they want.
 
2021-06-08 12:49:59 PM  

Mega Steve: Not as secure and untraceable as we once thought, eh?


It is if you do it right (like those people who lost millions on locked drives). They got the guys password. I assume with a hammer casino style.
 
2021-06-08 12:50:57 PM  

stoli n coke: It's a pump and dump.


Only thing I know for certain is that the standard cadre of Bitcoin-lovers will be in here afterward claiming they bought last autumn right before the run-up, sold a couple months ago right at the tippy-top, and are buying again now that it's collapsed. And boy, aren't you a sucker if you don't do the same!
 
2021-06-08 12:51:03 PM  

Wireless Joe: Doesn't help that it was revealed (via the Colonial Pipeline ransomware fiasco) that the The Man has the ability to track bitcoin and confiscate it whenever they want.


All of your ransomware plans are foiled now, huh?


XD "The Man"
 
2021-06-08 12:51:34 PM  
Question: How is a country with an allegedly superior capitalist economy trillions of dollars in debt to a communist dictatorship?
 
2021-06-08 12:51:35 PM  

Mega Steve: Not as secure and untraceable as we once thought, eh?


Immutable transaction ledger out front shoulda' told you? I'm not sure there that's ever been a big "we".
 
2021-06-08 12:53:09 PM  

NewportBarGuy: You Boomers just won't ever get it... brah.

[Fark user image 850x1061]


That's a Terp jersey?  My memory is shot.  And yes, it is a Terp jersey, not Bengals or later.

/post-Len Bias terp
//how quickly the mighty fell
///this slashie hiding the booze
 
2021-06-08 12:54:18 PM  
We're at the dump phase of the Pump & Dump scam.

Unless there are new investors willing and able to replace the dumpers, the bloodletting will continue.

Not much different than boiler room Penny Stock scams.
 
2021-06-08 12:58:29 PM  
I guess they'll just have to generate that new batch of Tether to prop up the price again.
 
2021-06-08 1:01:16 PM  

GregInIndy: stoli n coke: It's a pump and dump.

Only thing I know for certain is that the standard cadre of Bitcoin-lovers will be in here afterward claiming they bought last autumn right before the run-up, sold a couple months ago right at the tippy-top, and are buying again now that it's collapsed. And boy, aren't you a sucker if you don't do the same!


They're not here yet because they're currently gaping in horror at their bitcoin positions that they bought 5 days ago, during "the dip".

Those with a few dollars left are contemplating doubling down on this latest dip, because when you're a degenerate gambler, you're always, ALWAYS overdue.
 
2021-06-08 1:06:37 PM  
It's value came from the fact that it could be used for criminal activity and not be confiscated. FBI just proved it could be traced and recovered without having to crack-a-lack the wallet directly. A lot of it's value just evaporated.
 
2021-06-08 1:10:29 PM  
It looks like you invest in Bitcoin when you don't live in a place that has legalized gambling. If you can't bet it all on red, then invest in Bitcoin.
 
2021-06-08 1:16:52 PM  

NewportBarGuy: You Boomers just won't ever get it... brah.

[Fark user image 850x1061]


So - time to unleash the dargon?
 
2021-06-08 1:17:00 PM  
Fark user imageView Full Size
 
2021-06-08 1:21:25 PM  

pjbreeze: Amateur, I'm going to a payday lender and take out the hugest loan I can and put it all on bitcoin.


indianz.comView Full Size
 
2021-06-08 1:21:58 PM  
Per share?
 
2021-06-08 1:24:45 PM  

GhostOfSavageHenry: It's value came from the fact that it could be used for criminal activity and not be confiscated. FBI just proved it could be traced and recovered without having to crack-a-lack the wallet directly. A lot of it's value just evaporated.


It could always be traced. That's the whole point of the blockchain -- every transaction is public, and saved forever.
What the FBI did was to use Colonial's ransom payment to discover the wallet ID. This allowed them to find the exchange that was handling the wallet, and use their persuasive powers to get the exchange to give up the wallet's private key. They didn't actually "crack" the wallet.
There's still no way to connect a wallet to a person without a cooperating exchange, and no way to crack the private key of a wallet unless you can persuade someone who knows it to give it up.
 
2021-06-08 1:28:44 PM  

GregInIndy: stoli n coke: It's a pump and dump.

Only thing I know for certain is that the standard cadre of Bitcoin-lovers will be in here afterward claiming they bought last autumn right before the run-up, sold a couple months ago right at the tippy-top, and are buying again now that it's collapsed. And boy, aren't you a sucker if you don't do the same!


Wait. Are you implying that there are people who didn't do exactly that.

What foolish people without the ability to see into the future.

It's down what, 40% from it's it's peak in early May. If you bought in watching it skyrocket, that's a hell of a hit.
 
2021-06-08 1:33:38 PM  

Gubbo: GregInIndy: stoli n coke: It's a pump and dump.

Only thing I know for certain is that the standard cadre of Bitcoin-lovers will be in here afterward claiming they bought last autumn right before the run-up, sold a couple months ago right at the tippy-top, and are buying again now that it's collapsed. And boy, aren't you a sucker if you don't do the same!

Wait. Are you implying that there are people who didn't do exactly that.

What foolish people without the ability to see into the future.

It's down what, 40% from it's it's peak in early May. If you bought in watching it skyrocket, that's a hell of a hit.


Like ancient cultures I threw some virgins into the Bitcoin volcano in hopes its magic would bring me better crops...like ancient cultures all i got was less virgins
 
2021-06-08 1:35:14 PM  

Rev.K: FTA:

The value of bitcoin has tanked more than 40% over the last month during a torrent of bad news, including a move by one prominent former backer, Tesla (TSLA) CEO Elon Musk, to stop accepting the cryptocurrency as payment for cars.

LOL! Musk broke up with Bitcoin?

I missed that. How lulzy.


He flip-flops regularly. Hard to tell where he stands on any given day. It probably depends on which strain of weed he has smoked most recently.
 
2021-06-08 1:36:47 PM  

allears: GhostOfSavageHenry: It's value came from the fact that it could be used for criminal activity and not be confiscated. FBI just proved it could be traced and recovered without having to crack-a-lack the wallet directly. A lot of it's value just evaporated.

It could always be traced. That's the whole point of the blockchain -- every transaction is public, and saved forever.
What the FBI did was to use Colonial's ransom payment to discover the wallet ID. This allowed them to find the exchange that was handling the wallet, and use their persuasive powers to get the exchange to give up the wallet's private key. They didn't actually "crack" the wallet.
There's still no way to connect a wallet to a person without a cooperating exchange, and no way to crack the private key of a wallet unless you can persuade someone who knows it to give it up.


You're expressing a lot of confidence in SHA-2 encryption.  I *generally* agree (for now anyways) but state actors, especially those who measure their computing resources in acres and have been playing around with quantum-ish computers, might be the exception.
 
2021-06-08 1:39:48 PM  

allears: There's still no way to connect a wallet to a person without a cooperating exchange, and no way to crack the private key of a wallet unless you can persuade someone who knows it to give it up.


That really isn't all that much of a burden for governments. At some point, you're going to want to convert bitcoin to actual useful money, which has to go through an exchange. And those exchanges have to cooperate, lest they be shut down for money laundering.
 
2021-06-08 1:40:00 PM  
Far
Fark user imageView Full Size
k confuses me.....
 
2021-06-08 1:43:22 PM  
Not that it matters to most anyone here, but I'm waiting for the $30,000 mark to reinvest. Coindesk is in the next tab.
 
2021-06-08 1:44:48 PM  
Now slightly under $32k. Keep in mind that in an article about bitcoin today "cryptonews" claims, "The price is showing bearish signs and it could slide further if there is a close below USD 32,000."

But coming from a site that is about cheerleading crypto, take their 'expertise' with a grain of salt.
 
2021-06-08 1:45:28 PM  

Kelwen: Gubbo: GregInIndy: stoli n coke: It's a pump and dump.

Only thing I know for certain is that the standard cadre of Bitcoin-lovers will be in here afterward claiming they bought last autumn right before the run-up, sold a couple months ago right at the tippy-top, and are buying again now that it's collapsed. And boy, aren't you a sucker if you don't do the same!

Wait. Are you implying that there are people who didn't do exactly that.

What foolish people without the ability to see into the future.

It's down what, 40% from it's it's peak in early May. If you bought in watching it skyrocket, that's a hell of a hit.

Like ancient cultures I threw some virgins into the Bitcoin volcano in hopes its magic would bring me better crops...like ancient cultures all i got was less virgins


fewer.
 
2021-06-08 1:48:00 PM  

Subtonic: pjbreeze: Amateur, I'm going to a payday lender and take out the hugest loan I can and put it all on bitcoin.

Pfft. Small potatoes. I know this guy Tony by the wharf that will give me straight cash.


Honestly, I think Tony probably has more reasonable terms than a payday lender.
 
2021-06-08 1:52:56 PM  
To The Moon!!!

/No idea what that means
//but its been all over reddit for months
///I invest in traditional stocks. Not unhappy.
 
2021-06-08 1:54:46 PM  

Ivo Shandor: Rev.K: FTA:

The value of bitcoin has tanked more than 40% over the last month during a torrent of bad news, including a move by one prominent former backer, Tesla (TSLA) CEO Elon Musk, to stop accepting the cryptocurrency as payment for cars.

LOL! Musk broke up with Bitcoin?

I missed that. How lulzy.

He flip-flops regularly. Hard to tell where he stands on any given day. It probably depends on which strain of weed he has smoked most recently.


I think it's more fair to say it depends what he's holding.

No Bitcoin, crash the price and buy
Lots of Bitcoin, announce Tesla will accept it and pump the price.
 
2021-06-08 1:57:07 PM  

keldaria: Subtonic: pjbreeze: Amateur, I'm going to a payday lender and take out the hugest loan I can and put it all on bitcoin.

Pfft. Small potatoes. I know this guy Tony by the wharf that will give me straight cash.

Honestly, I think Tony probably has more reasonable terms than a payday lender.


Lower interest rates, but you're putting up your kidneys and other assorted organs as collateral.
 
2021-06-08 1:57:35 PM  
I'm buying an older second home on an acre of buildable land at the fringes of a growth area instead.   Going to rent it out at an amount equal to my mortgage payments.  When the mortgage is paid off I'll tear it down and flip the new home or just sell it to a builder.
 
2021-06-08 2:04:44 PM  

dothemath: Question: How is a country with an allegedly superior capitalist economy trillions of dollars in debt to a communist dictatorship?


Because we don't use slave labor, have environmental standards, don't manipulate currency, and we don't have a wealthy country to dump our cheap crap into.
 
2021-06-08 2:15:08 PM  

Ivo Shandor: keldaria: Subtonic: pjbreeze: Amateur, I'm going to a payday lender and take out the hugest loan I can and put it all on bitcoin.

Pfft. Small potatoes. I know this guy Tony by the wharf that will give me straight cash.

Honestly, I think Tony probably has more reasonable terms than a payday lender.

Lower interest rates, but you're putting up your kidneys and other assorted organs as collateral.


Jokes on them, by the time they come to collect I'll have HIV.
 
2021-06-08 2:15:37 PM  
It's crashed down to this level 3 times in the last month and recovered to 38-42k each time.  This isn't news.

The rule of thumb is whenever this thread appears, it is a good time to buy.

I keep a record, and if you buy bitcoin whenever a  'bitcoin has crashed' thread appears, you will make money.  23/25 times over the last 4 years, you would have been at a 20% profit within a month.  Solid odds.
 
2021-06-08 2:16:00 PM  
I'm mildly surprised that a certain Farker hasn't shown up to nerdsplain to us how Bitcoin is the future and blah blah blah.
 
2021-06-08 2:17:00 PM  
These cyrpto doom threads are amusing. You know it's still up like 1000% YoY, right?
 
2021-06-08 2:17:27 PM  

Warthog: I'm buying an older second home on an acre of buildable land at the fringes of a growth area instead.   Going to rent it out at an amount equal to my mortgage payments.  When the mortgage is paid off I'll tear it down and flip the new home or just sell it to a builder.


Housing prices are stupid high right now. Ordinarily I'd say that can be a solid investment but now you have me questioning your sanity.
 
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