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(CNBC)   Bitcoin could plunge 70% suggesting Bitcoin still has 69% to fall. Nice   (cnbc.com) divider line
    More: Obvious, Federal Reserve System, Monetary policy, Investment, Standard Chartered Bank, Rally, Gold standard, Eric Robertsen, Capitalism  
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517 clicks; posted to Business » on 05 Dec 2022 at 10:05 AM (8 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



49 Comments     (+0 »)
View Voting Results: Smartest and Funniest
 
2022-12-05 9:35:24 AM  
Grumpy cat good.

Watching smug crypto bros cry makes me feel funny like climbing the rope in gym class did.
 
2022-12-05 9:37:43 AM  

SpectroBoy: like climbing the rope in gym class did.


Fark user imageView Full Size
 
2022-12-05 9:38:45 AM  
Nice.
 
2022-12-05 9:46:54 AM  
Fark user imageView Full Size
 
2022-12-05 9:54:53 AM  
If Bitcoin crashes down to tree fiddy, it will actually be worth something.  I'd buy that for a dollar.
 
2022-12-05 9:59:21 AM  
 
2022-12-05 10:08:17 AM  

flucto: SpectroBoy: like climbing the rope in gym class did.

[Fark user image 335x188]


Did you make a yummy sound?
 
2022-12-05 10:08:31 AM  
Zero.  It's going to zero.  Because that's what it's worth.
 
2022-12-05 10:12:15 AM  
y.yarn.coView Full Size
 
2022-12-05 10:12:15 AM  

mudesi: Zero.  It's going to zero.  Because that's what it's worth.


That's not exactly right. It enables bad people to be paid for the bad things they do, and other bad people to pay for bad things they do. They have to be purchased to enable those bad transactions so they do have value.

As an investment though? I guess there are worse ideas. Sticking your dick in a volcano for example.
 
2022-12-05 10:12:44 AM  
But but but Bitcoin could go to the moon. Or Hell.
 
2022-12-05 10:12:46 AM  

SpectroBoy: flucto: SpectroBoy: like climbing the rope in gym class did.

[Fark user image 335x188]

Did you make a yummy sound?


You seem to have a different memory of rope burns on the weener than I do.
 
2022-12-05 10:25:32 AM  
Ha HA!
It's up $25 already in the first hour today.
That's $400 a day
That's $80,000 per year.

If you bought fiddy tree thousand you will be up $160 Million at the end of the year!

It's simple math folks.  You can't lose
Buy lots (because I need it to rise to cover my margin call)
I'd swear that the only people who think it will go up are people hold large numbers of bitcoin.
Cuz they would Know!
 
2022-12-05 10:26:35 AM  

flucto: mudesi: Zero.  It's going to zero.  Because that's what it's worth.

That's not exactly right. It enables bad people to be paid for the bad things they do, and other bad people to pay for bad things they do. They have to be purchased to enable those bad transactions so they do have value.

As an investment though? I guess there are worse ideas. Sticking your dick in a volcano for example.


That may all be true, but there's a certain price where the cost of "mining" a coin will exceed the revenue, no matter where on Earth you set up your operation, in which case the incentive to keep these machines running disappears completely.

It's all going to come crashing down eventually.
 
2022-12-05 10:34:11 AM  

mudesi: flucto: mudesi: Zero.  It's going to zero.  Because that's what it's worth.

That's not exactly right. It enables bad people to be paid for the bad things they do, and other bad people to pay for bad things they do. They have to be purchased to enable those bad transactions so they do have value.

As an investment though? I guess there are worse ideas. Sticking your dick in a volcano for example.

That may all be true, but there's a certain price where the cost of "mining" a coin will exceed the revenue, no matter where on Earth you set up your operation, in which case the incentive to keep these machines running disappears completely.

It's all going to come crashing down eventually.


I agree that mining is going to become unattractive because how much it costs to find new coins. What that says to me is that there will ultimately be a fixed number of bitcoins out there and in theory that will create some price stability. The "need" for them will never go away, whether bitcoin specifically is the currency of choice, hackers are going to continue ransoming systems, perverts are going to perv, etc. Some means of anonymous payment will survive. If I could waive a wand and kill it I would. Governments around the world have tried to no avail because people want/"need" the value of them.
 
2022-12-05 10:53:35 AM  
I'm not sure subby did that well in math.
 
2022-12-05 11:35:07 AM  

flucto: I agree that mining is going to become unattractive because how much it costs to find new coins. What that says to me is that there will ultimately be a fixed number of bitcoins out there and in theory that will create some price stability. The "need" for them will never go away, whether bitcoin specifically is the currency of choice, hackers are going to continue ransoming systems, perverts are going to perv, etc. Some means of anonymous payment will survive. If I could waive a wand and kill it I would. Governments around the world have tried to no avail because people want/"need" the value of them.


The miners are the ones who validate transactions - ie. run the blockchain in itself. If it becomes unprofitable for them to mine (either generating new coins or transaction fees), a death spiral begins. Less miners -> fees go up -> fewer users / price drops -> less miners
 
2022-12-05 11:41:08 AM  

flucto: mudesi: flucto: mudesi: Zero.  It's going to zero.  Because that's what it's worth.

That's not exactly right. It enables bad people to be paid for the bad things they do, and other bad people to pay for bad things they do. They have to be purchased to enable those bad transactions so they do have value.

As an investment though? I guess there are worse ideas. Sticking your dick in a volcano for example.

That may all be true, but there's a certain price where the cost of "mining" a coin will exceed the revenue, no matter where on Earth you set up your operation, in which case the incentive to keep these machines running disappears completely.

It's all going to come crashing down eventually.

I agree that mining is going to become unattractive because how much it costs to find new coins. What that says to me is that there will ultimately be a fixed number of bitcoins out there and in theory that will create some price stability. The "need" for them will never go away, whether bitcoin specifically is the currency of choice, hackers are going to continue ransoming systems, perverts are going to perv, etc. Some means of anonymous payment will survive. If I could waive a wand and kill it I would. Governments around the world have tried to no avail because people want/"need" the value of them.


Csbs:

A guy called me this weekend, talking excitedly about Bitcoin. He said that because it's a fixed number of them, he wants to get some NOW. "They only have so many so in the future they will be worth MILLIONS"

Lol. He didn't know ANYTHING about crypto, Blockchain, mining, ftx or anything. He talked about some crypto invest investment meaning he held some bitcoins and asked me how to spend it. He's a computer guy so I told him to go set up a miner (walk into best buy and say you want a gaming PC) simply to learn more about crypto and wallets and to NOT, I repeat NOT "invest" any money in any crypto company. They are all scams.

I doubt he'll listen. They never do.

My dad called me too, asking with an audible sneer how are my crypto was doing. Apparently his local news had a segment on FTX. I told him about my solar panel setup, about using them for mining and not buying them, and I said his grandson sold them last year to pay for college. That shut him up lol. He's getting solar panels now, not to mine but for the free energy.
 
2022-12-05 11:43:23 AM  

trialpha: flucto: I agree that mining is going to become unattractive because how much it costs to find new coins. What that says to me is that there will ultimately be a fixed number of bitcoins out there and in theory that will create some price stability. The "need" for them will never go away, whether bitcoin specifically is the currency of choice, hackers are going to continue ransoming systems, perverts are going to perv, etc. Some means of anonymous payment will survive. If I could waive a wand and kill it I would. Governments around the world have tried to no avail because people want/"need" the value of them.

The miners are the ones who validate transactions - ie. run the blockchain in itself. If it becomes unprofitable for them to mine (either generating new coins or transaction fees), a death spiral begins. Less miners -> fees go up -> fewer users / price drops -> less miners


The user fees are independent of the number of miners. If a bunch of them shut down then the ones who remain will have a better chance of collecting the rewards from each new block. If every ASIC rig shut down it would fall back to people mining on GPUs at home.
 
2022-12-05 11:52:18 AM  

flucto: SpectroBoy: flucto: SpectroBoy: like climbing the rope in gym class did.

[Fark user image 335x188]

Did you make a yummy sound?

You seem to have a different memory of rope burns on the weener than I do.


Don't kink shame me!
 
2022-12-05 11:53:15 AM  

Ivo Shandor: trialpha: flucto: I agree that mining is going to become unattractive because how much it costs to find new coins. What that says to me is that there will ultimately be a fixed number of bitcoins out there and in theory that will create some price stability. The "need" for them will never go away, whether bitcoin specifically is the currency of choice, hackers are going to continue ransoming systems, perverts are going to perv, etc. Some means of anonymous payment will survive. If I could waive a wand and kill it I would. Governments around the world have tried to no avail because people want/"need" the value of them.

The miners are the ones who validate transactions - ie. run the blockchain in itself. If it becomes unprofitable for them to mine (either generating new coins or transaction fees), a death spiral begins. Less miners -> fees go up -> fewer users / price drops -> less miners

The user fees are independent of the number of miners. If a bunch of them shut down then the ones who remain will have a better chance of collecting the rewards from each new block. If every ASIC rig shut down it would fall back to people mining on GPUs at home.


The miners would also be sold off to lowest cost operators, ones who energycosts are lowest. And since difficulty adjustment would have dropped they are imcentivized to plug in. Same thing when China banned. Miners sold off, difficulty down, those machines got plugged right back in. Miners are under pressure right now. The ones on the margin will go out of business. Those rigs will be liquidated and plugged in somewhere else.
 
2022-12-05 11:54:33 AM  
Unless it falls 100%, you can always fall a further % of the current value.

/math, how does it work?
 
2022-12-05 11:55:56 AM  

flucto: As an investment though?


It technically lets you invest in the drug cartels and helping murder school children.
 
2022-12-05 11:56:39 AM  
The impotent rage butters have towards SBF right now is comedy gold. No one cared what ftx was doing when line went up.

You done unbanked yourself, bros, that's what you get
 
2022-12-05 11:57:29 AM  

AsparagusFTW: Those rigs will be liquidated and plugged in somewhere else.


Phew, I thought we were going to stop burning a small county worth electricity daily for nothing. Let the waste for nothing go on.
 
2022-12-05 11:59:44 AM  

flucto: As an investment though? I guess there are worse ideas. Sticking your dick in a volcano for example.


Pretty sure that's what China is going to do to El Salvador's Bukele when the time comes.
 
2022-12-05 12:00:59 PM  

Ketchuponsteak: I'm not sure subby did that well in math.


Probably works at Alameda
 
2022-12-05 12:05:55 PM  

Intrepid00: AsparagusFTW: Those rigs will be liquidated and plugged in somewhere else.

Phew, I thought we were going to stop burning a small county worth electricity daily for nothing. Let the waste for nothing go on.


Just shut down the electrical grid of those small countries. Problem solved.
 
2022-12-05 12:17:54 PM  

trialpha: flucto: I agree that mining is going to become unattractive because how much it costs to find new coins. What that says to me is that there will ultimately be a fixed number of bitcoins out there and in theory that will create some price stability. The "need" for them will never go away, whether bitcoin specifically is the currency of choice, hackers are going to continue ransoming systems, perverts are going to perv, etc. Some means of anonymous payment will survive. If I could waive a wand and kill it I would. Governments around the world have tried to no avail because people want/"need" the value of them.

The miners are the ones who validate transactions - ie. run the blockchain in itself. If it becomes unprofitable for them to mine (either generating new coins or transaction fees), a death spiral begins. Less miners -> fees go up -> fewer users / price drops -> less miners


It's also literally secured by how difficult the mining is. As miners drop out, that difficulty also adjusts down.

Starting around when it's dropped to half the peak, it becomes vulnerable to a 51% attack from the same specialized hardware that used to be mining, and which has no other purpose. And it gets easier the further it drops. Somebody will eventually put a pile of decommissioned mining hardware back online just long enough to pull that off.
 
2022-12-05 12:21:06 PM  

Wine Sipping Elitist: I told him about my solar panel setup, about using them for mining and not buying them, and I said his grandson sold them last year to pay for college.


He sold the solar panels to go to college?
 
2022-12-05 12:28:51 PM  

Intrepid00: flucto: As an investment though?

It technically lets you invest in the drug cartels and helping murder school children.


But enough about Bank America.
 
2022-12-05 12:29:41 PM  

Rev.K: Wine Sipping Elitist: I told him about my solar panel setup, about using them for mining and not buying them, and I said his grandson sold them last year to pay for college.

He sold the solar panels to go to college?


Door to door. Encyclopedias is so 1970's.
 
2022-12-05 12:37:41 PM  

trialpha: Less miners -> fees go up -> fewer users / price drops -> less miners


Two out of three Baratheons disapprove of this post.

Fark user imageView Full Size
 
2022-12-05 1:15:56 PM  

SpectroBoy: Grumpy cat good.

Watching smug crypto bros cry makes me feel funny like climbing the rope in gym class did.


Blockchain goin away.

No doubt about it

Snicker
 
2022-12-05 1:17:22 PM  
Back in summer 2021 I was working on a copier and heard two of the crypto kids talking about their investment and the one was going on how his was worth over $50,000 from his initial investment and he was just going to ride it up. In my head I was just thinking "SELL SELL SELL!". Last I heard he has pretty much lost it all and him and the other crypto kids are not looking as happy lately.
 
2022-12-05 1:19:14 PM  

mudesi: Zero.  It's going to zero.  Because that's what it's worth.


Hey
Can i borrow your crystal ball for a bit??

Lolzz
 
2022-12-05 1:25:09 PM  
It would be nice if the article was right, but not holding my breath.

There are a lot of idiots out there.
 
2022-12-05 1:33:15 PM  

groppet: Back in summer 2021 I was working on a copier and heard two of the crypto kids talking about their investment and the one was going on how his was worth over $50,000 from his initial investment and he was just going to ride it up. In my head I was just thinking "SELL SELL SELL!". Last I heard he has pretty much lost it all and him and the other crypto kids are not looking as happy lately.


Like every other crypto investor in the internet, you can be sure that they wisely sold at the top for a huge gain and are currently just waiting for the next dip to buy some more.

Also, you should buy some crypto right now.  It's an incredible time to be buying crypto.  Please buy crypto.
 
2022-12-05 1:35:30 PM  

Linux_Yes: SpectroBoy: Grumpy cat good.

Watching smug crypto bros cry makes me feel funny like climbing the rope in gym class did.

Blockchain goin away.

No doubt about it

Snicker


You can do whatever you like with blockchain. Go bonkers with the ledger. Make Linux penguin NFTs or something and have a blast. Just keep it the hell away from finance.

Every statement or prediction on cryptocurrency you've ever posted here has been met with reasonable counterpoints to which you have no response, and basic questions which you cannot answer.

But if you have a lead on some sick electric guitar NFTs please let me know.
 
2022-12-05 1:49:15 PM  

mcreadyblue: Intrepid00: flucto: As an investment though?

It technically lets you invest in the drug cartels and helping murder school children.

But enough about Bank America.


 HSBC is your traditional hard drug bank.
 
2022-12-05 1:52:29 PM  
"Robertsen said the somewhat extreme scenarios "have a non-zero probability of occurring in the year ahead, and ... fall materially outside of the market consensus or our own baseline views."

oh a non-zero chance? damn, should I be worried?
 
2022-12-05 2:21:10 PM  

Linux_Yes: mudesi: Zero.  It's going to zero.  Because that's what it's worth.

Hey
Can i borrow your crystal ball for a bit??

Lolzz


I'm waiting for your usual crying and moaning about banksters.

The people in charge of various deregulated crypto products are just banksters, but usually without the decades of experience, and always without laws, oversight, audits, accountability.

When will you learn that when there are no rules, human GREED will win every time?
 
2022-12-05 2:50:10 PM  

ChibiDebuHage: Linux_Yes: mudesi: Zero.  It's going to zero.  Because that's what it's worth.

Hey
Can i borrow your crystal ball for a bit??

Lolzz

I'm waiting for your usual crying and moaning about banksters.

The people in charge of various deregulated crypto products are just banksters, but usually without the decades of experience, and always without laws, oversight, audits, accountability.

When will you learn that when there are no rules, human GREED will win every time?


Rules were in place in 2008 yet over 5 Trillion in home equity went bah bye.  Banksters got bailed out and their christmas bonuses too.

Where were your rules then??

Btw
1 Trillion seconds is almost 32,000 years
 
2022-12-05 2:51:59 PM  

ChibiDebuHage: Linux_Yes: mudesi: Zero.  It's going to zero.  Because that's what it's worth.

Hey
Can i borrow your crystal ball for a bit??

Lolzz

I'm waiting for your usual crying and moaning about banksters.

The people in charge of various deregulated crypto products are just banksters, but usually without the decades of experience, and always without laws, oversight, audits, accountability.

When will you learn that when there are no rules, human GREED will win every time?


Fark user imageView Full Size
 
2022-12-05 2:52:49 PM  

ChibiDebuHage: Linux_Yes: mudesi: Zero.  It's going to zero.  Because that's what it's worth.

Hey
Can i borrow your crystal ball for a bit??

Lolzz

I'm waiting for your usual crying and moaning about banksters.

The people in charge of various deregulated crypto products are just banksters, but usually without the decades of experience, and always without laws, oversight, audits, accountability.

When will you learn that when there are no rules, human GREED will win every time?


Fark user imageView Full Size
 
2022-12-05 2:54:27 PM  

Eddie Hazel's E string: Linux_Yes: SpectroBoy: Grumpy cat good.

Watching smug crypto bros cry makes me feel funny like climbing the rope in gym class did.

Blockchain goin away.

No doubt about it

Snicker

You can do whatever you like with blockchain. Go bonkers with the ledger. Make Linux penguin NFTs or something and have a blast. Just keep it the hell away from finance.

Every statement or prediction on cryptocurrency you've ever posted here has been met with reasonable counterpoints to which you have no response, and basic questions which you cannot answer.

But if you have a lead on some sick electric guitar NFTs please let me know.


Fark user imageView Full Size
 
2022-12-05 5:33:38 PM  

Linux_Yes: SpectroBoy: Grumpy cat good.

Watching smug crypto bros cry makes me feel funny like climbing the rope in gym class did.

Blockchain goin away.

No doubt about it

Snicker


As long as there's money that needs laundering, bLoCkChAiN will never die.
 
2022-12-05 7:30:26 PM  
How is it "under priced by the market" if the MARKET price is what's falling? How is that even possible? Wouldn't "under priced" mean it's prices BELOW the market price?
 
2022-12-05 11:58:01 PM  
Wine Sipping Elitist: I told him about my solar panel setup, about using them for mining and not buying them, and I said his grandson sold them last year to pay for college. That shut him up lol. He's getting solar panels now, not to mine but for the free energy.

Oh. You have one of those families too! I have a special place for family members who will give their two cents on how you or your children should do this and that, but offer little support in whatever course they deem worthy.

Or, let's just say that people get a lot less judgmental when they have to pay for their judgments of others.
 
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