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(CoinDesk)   The total cap of the crypto market fell by 11% in the past 24 hours, and has plummeted by over $1 trillion since peaking just 2 months ago   (coindesk.com) divider line
    More: Scary, Journalism, part of their compensation, Investment, Mass media, Money, digital assets, Debt, media outlet  
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590 clicks; posted to Business » on 22 Jan 2022 at 2:25 AM (16 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



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2022-01-21 8:44:17 PM  
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2022-01-21 8:48:37 PM  
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2022-01-21 8:49:24 PM  
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2022-01-21 8:55:42 PM  
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2022-01-21 8:58:28 PM  
Does this mean we won't have to settle for an RX 6500?
 
2022-01-21 9:07:51 PM  
Sell, Mortimer, sell!!!!
 
2022-01-21 9:26:12 PM  
Looking at my Beany Babies and laughing smugly at the rubes who threw their money away.
 
2022-01-21 10:00:25 PM  
"Show Your Work" math is NOT money or property.
 
2022-01-21 10:35:35 PM  
And yet even today my crypto friend was telling me to buy the dip...he stopped commenting when I said it sounded like a ponzi scheme...
 
2022-01-21 10:56:20 PM  

Demagog_Dog: And yet even today my crypto friend was telling me to buy the dip...he stopped commenting when I said it sounded like a ponzi scheme...


It's been pretty peaceful since I framed it as Mary Kay for dudes.

At least Mary Kay had some biatchin' eyeliner.
 
2022-01-21 11:57:53 PM  
Why is this Scary?
 
2022-01-22 1:01:59 AM  
Holy shiat, my entire DogeCoin empire... in shambles.
I've lost more imaginary money in a week than you people could ever

imagine.
 
2022-01-22 1:03:52 AM  

JZDave: Sell Buy, Mortimer, sell Buy!!!!

 
2022-01-22 1:55:19 AM  
But I was told crypto is the new gold standard and not just an unregulated non-governmental fiat currency.
 
2022-01-22 2:05:35 AM  

Demagog_Dog: And yet even today my crypto friend was telling me to buy the dip...he stopped commenting when I said it sounded like a ponzi scheme...


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2022-01-22 3:01:33 AM  
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Azz
2022-01-22 3:03:45 AM  

Squid_for_Brains: Demagog_Dog: And yet even today my crypto friend was telling me to buy the dip...he stopped commenting when I said it sounded like a ponzi scheme...

It's been pretty peaceful since I framed it as Mary Kay for dudes.

At least Mary Kay had some biatchin' eyeliner.


Obie Garbeau would approve
 
2022-01-22 3:10:01 AM  
Bitcoin can't hear Jimi
 
2022-01-22 3:33:07 AM  
I had a dumbass coworker last year. He kept showing me his phone: "Look, my Bitcoin is worth over $100 now!"

I'm sure this news will devastate him. Well, he's back in jail for drinking while on probation, so maybe he doesn't know. I should tell him.
 
2022-01-22 3:35:46 AM  
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2022-01-22 3:48:56 AM  

roddikinsathome: "Show Your Work" math is NOT money or property.


More like a printout of a power bill.
 
2022-01-22 4:07:15 AM  
So wait, the company that has said they are actively now paying reporters with Crypto is still a reliable source ?
 
2022-01-22 4:10:17 AM  
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2022-01-22 4:16:46 AM  

Spice Must Flow: I had a dumbass coworker last year. He kept showing me his phone: "Look, my Bitcoin is worth over $100 now!"

I'm sure this news will devastate him. Well, he's back in jail for drinking while on probation, so maybe he doesn't know. I should tell him.


So... He stands to lose, at the very most, that unrealized $100? I feel like he'd be far more concerned about being in jail
 
2022-01-22 4:20:53 AM  
Is this the big one? Not so sure, really. As far as timing goes, I am thinking that it is going to tank just before a major Putin and Russia offensive. All the crooked money will slosh out, and then perhaps slosh back in later after all the rubes have lost their life savings.

Or it will happen after a major stock crash or bubble burst. Money will slosh out from Wall Street and then slosh out as people find out how illiquid crypto is.

Hard to know whether it will go first, or just disappear in a general panic. But one thing I know.

10% in a day? Nah. That ain't the big one. 30% on Monday could be the start of something meaningful. 30% per day for three days in a row would make people start running for the exits. Of course then it will be much too late. Much too late. It will drop another 50% or 70% from there. Where will it end? Oh. Who knows? If Bitcoin dropped to 1% of its current value, who would argue that it could not drop more? Its intrinsic worth is, after all....

ZERO. Absolutely zero. And considering transaction costs, it will be worth zero long before it gets to zero.

People will tell stories about this for a hundred years. It will be spectacular.

Anyone who believes that can happen does not own crypto today. So. What does that tell you?
 
2022-01-22 4:29:09 AM  
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files.explosm.net
 
2022-01-22 4:34:52 AM  
Groovy. When can I buy a video card?
 
2022-01-22 4:55:54 AM  
Wonder how the banks are doing.
 
2022-01-22 6:08:44 AM  

ox45tallboy: Groovy. When can I buy a video card?


nah.  Go for a Betamax you can't lose.
 
2022-01-22 6:44:11 AM  
Meh. It'll be back up to 70,000 next fall then back to 30,000 next year and on and on whipsawing out the unlucky and proving the very lucky to be geniuses of timing until they get whipsawed on the next "dip" they buy.
 
2022-01-22 7:52:05 AM  

ox45tallboy: Groovy. When can I buy a video card?


Lucky for you - CPU/GPU prices have a forecast to get another price increase this year. Scalpers in the online marketplaces should also eventually shift to a higher price point as well with the 1099-K reporting changes now kicked in. Gotta cover the overhead on the tax that'll eat into their profits.
 
hej
2022-01-22 8:51:44 AM  
How much is that in real money?
 
2022-01-22 9:24:16 AM  

ox45tallboy: Groovy. When can I buy a video card?


Going by the last bubble, I'd estimate '23. Might be longer with the whole...everything going on, but I doubt it'll be soon.

Might get some clapped-out mining cards flooding eBay at some point, just like the last couple times, but I think it'll have to dive harder for miner's to call it quits for a while.
 
2022-01-22 9:38:53 AM  
And the Dutch grew tired of tulips and moved on to their next toy...
 
2022-01-22 9:47:17 AM  
Nothing of value was lost.
 
2022-01-22 10:11:48 AM  

Nullav: ox45tallboy: Groovy. When can I buy a video card?

Going by the last bubble, I'd estimate '23. Might be longer with the whole...everything going on, but I doubt it'll be soon.

Might get some clapped-out mining cards flooding eBay at some point, just like the last couple times, but I think it'll have to dive harder for miner's to call it quits for a while.


I dunno, while the used market could help, I think the GPU manufacturers are getting accustomed to prices being ridiculous high.  There will always be a significant chunk of people dedicated to buying the latest and shiniest cards.

(Those would be the same people buying 3090s at scalper prices, so they can get 50 more fps on fortnight low settings.)
 
2022-01-22 10:19:58 AM  
When Bitcoin started advertising everyone should have known that was the end. Good investments don't have to advertise. Next week tune in for my advice on an easy litmus test for restaurants.
 
2022-01-22 10:21:47 AM  

2fardownthread: Is this the big one? Not so sure, really. As far as timing goes, I am thinking that it is going to tank just before a major Putin and Russia offensive. All the crooked money will slosh out, and then perhaps slosh back in later after all the rubes have lost their life savings.

Or it will happen after a major stock crash or bubble burst. Money will slosh out from Wall Street and then slosh out as people find out how illiquid crypto is.

Hard to know whether it will go first, or just disappear in a general panic. But one thing I know.

10% in a day? Nah. That ain't the big one. 30% on Monday could be the start of something meaningful. 30% per day for three days in a row would make people start running for the exits. Of course then it will be much too late. Much too late. It will drop another 50% or 70% from there. Where will it end? Oh. Who knows? If Bitcoin dropped to 1% of its current value, who would argue that it could not drop more? Its intrinsic worth is, after all....

ZERO. Absolutely zero. And considering transaction costs, it will be worth zero long before it gets to zero.

People will tell stories about this for a hundred years. It will be spectacular.

Anyone who believes that can happen does not own crypto today. So. What does that tell you?


Meh - my crypto holdings while moderately impressive were all mined years ago - never splashed cash for any of it. If it all went to 0 tomorrow, ob-la-di, ob-la-da. It's been a fun coaster ride, no hard feelings.
 
2022-01-22 11:24:11 AM  
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2022-01-22 11:35:22 AM  

2fardownthread: Is this the big one? Not so sure, really. As far as timing goes, I am thinking that it is going to tank just before a major Putin and Russia offensive. All the crooked money will slosh out, and then perhaps slosh back in later after all the rubes have lost their life savings.

Or it will happen after a major stock crash or bubble burst. Money will slosh out from Wall Street and then slosh out as people find out how illiquid crypto is.

Hard to know whether it will go first, or just disappear in a general panic. But one thing I know.

10% in a day? Nah. That ain't the big one. 30% on Monday could be the start of something meaningful. 30% per day for three days in a row would make people start running for the exits. Of course then it will be much too late. Much too late. It will drop another 50% or 70% from there. Where will it end? Oh. Who knows? If Bitcoin dropped to 1% of its current value, who would argue that it could not drop more? Its intrinsic worth is, after all....

ZERO. Absolutely zero. And considering transaction costs, it will be worth zero long before it gets to zero.

People will tell stories about this for a hundred years. It will be spectacular.

Anyone who believes that can happen does not own crypto today. So. What does that tell you?


Ehh, I don't think Bitcoin will go to zero. Will it hit 10k or even 1k? Maybe but somehow the world has been convinced that an invented internet token has potential value, and as such I  don't expect it to disappear.

I have only marginally more confidence that Bitcoin will hit $1 or less than I have confidence that Bitcoin will go to the moon (1,000,000). In reality I expect it will continue to seesaw until it falls into a gold like rhythm somewhere between 10-20k where it will become a "technological age" equivalent of a gold like asset. Not traded nearly as much as gold and not near golds theoretical "market cap".
 
2022-01-22 11:41:11 AM  

Ivo Shandor: Demagog_Dog: And yet even today my crypto friend was telling me to buy the dip...he stopped commenting when I said it sounded like a ponzi scheme...

[i.redd.it image 850x807]


i.redd.itView Full Size
 
2022-01-22 11:52:44 AM  
Not surprising, gains and losses in the traditional markets are amplified in the crypto market.  The markets are all currently adjusting to anticipated actions by the Fed, so it's going to be bumpy for a while.  It'll bounce back later on.
 
2022-01-22 12:14:08 PM  

hej: How much is that in real money?


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2022-01-22 3:26:11 PM  
My daughter put $50 into Dogecoin a while back. I encouraged her to sell it when it hit $650. She listened to me when it dropped to $300.
 
2022-01-22 4:45:42 PM  
Crypto is dead.
Long live crypto.
 
2022-01-22 6:53:47 PM  

ThomasPaineTrain: Does this mean we won't have to settle for an RX 6500?


The whales are so invested that there isn't enough liquidity to completely cash out. The perma pump and dump is here to stay unless it gets greatly regulated.

Thanks to religious and conservative indoctrination, there will always be a healthy population of people who believe in the magic of the free market so the pump and dump can keep going. Yes this is obviously an oversimplification, but without those two mental viruses, people would be starting out sightly more able to critically analyze these systems.
 
2022-01-22 6:58:21 PM  

Ghastly: But I was told crypto is the new gold standard and not just an unregulated non-governmental fiat currency.


No, it's inherently hyperdeflationary. It's the worst of all worlds.
 
2022-01-22 11:35:44 PM  
I was thinking late last year that crypto was hitting the "stripper buying 3 houses with no money down" stage of the bubble. A new age guru/ antique dealer I know went into it big, as did an HVAC guy and a Marxist carpenter I know. I mean these three are all good friends of mine but not what you'd call whiz kids.
 
2022-01-23 12:23:55 PM  

2fardownthread: Is this the big one? Not so sure, really. As far as timing goes, I am thinking that it is going to tank just before a major Putin and Russia offensive. All the crooked money will slosh out, and then perhaps slosh back in later after all the rubes have lost their life savings.

Or it will happen after a major stock crash or bubble burst. Money will slosh out from Wall Street and then slosh out as people find out how illiquid crypto is.

Hard to know whether it will go first, or just disappear in a general panic. But one thing I know.

10% in a day? Nah. That ain't the big one. 30% on Monday could be the start of something meaningful. 30% per day for three days in a row would make people start running for the exits. Of course then it will be much too late. Much too late. It will drop another 50% or 70% from there. Where will it end? Oh. Who knows? If Bitcoin dropped to 1% of its current value, who would argue that it could not drop more? Its intrinsic worth is, after all....

ZERO. Absolutely zero. And considering transaction costs, it will be worth zero long before it gets to zero.

People will tell stories about this for a hundred years. It will be spectacular.

Anyone who believes that can happen does not own crypto today. So. What does that tell you?


Yep, I listened to people like you in 2017. Didn't buy bitcoin at $3000. Screw you.
 
2022-01-23 12:27:43 PM  

Shakin_Haitian: Ghastly: But I was told crypto is the new gold standard and not just an unregulated non-governmental fiat currency.

No, it's inherently hyperdeflationary. It's the worst of all worlds.


Dafuq you think you're saying? U hV da smurt?
 
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