lol, lmao, heeeeeeeehaaawwwwww like a donkey
This isn't even retail investors. It's the banks that are liquidating.
Interest rates are going up, so you don't need to chase the Bitcoin dragon for a big annual yield anymore. You can buy I-Bonds at a guaranteed 9%.
Turns out the price of Bitcoin is subject to Keynesian Monetary Policy. Everything Libertarians believe isn't just wrong, its ass-backwards.
Libertarians frequently get cause and effect mixed up. It's why their analysis is mostly horseshit, and why libertarian writing can only ever be used to diagnose a problem in society.
Have been for a few weeks now. Even before the crypto crash started I think that the energy costs were greater than profits for over a month or so.
It's like I'm an ewok dancing as pieces of the Death Star's wreckage burn up in the atmosphere.
Hell yes. Been on integrated graphics since I built my PC late 2019 thinking I'd grab a card a month or two later, and then the thing happened.
Yeah. But you probably don't want a GPU that was used to mine as far as I understand.
It's a difficult healing process, but just like everyone else hurt by crypto bros, they deserve that chance.
You can easily find a new one. The issue before is they were getting bought up quickly, so often selling above msrp. Just the fact they're in stock and at msrp is an improvement.
they're roughly half the price now, depending on where you purchase, i regularly check the prices on a facebook group of hardware vendors, not on amazon.
Did you lose your imaginary money? Well I've got a solution for you!
It's CopeCoin! The new crypto currency sweeping the nation.
Using cost sinking technology encrypted by denial, you can avoid admitting you were wrong by investing in cope!
:cope:
you made a good joke but I'm sorry to announce that CopeCoin is actually real :bordiga-despair:
When all you have is commodification, every problem (and form of valid criticism) starts looking like cryptocurrency.
A lot of these people don’t have the money to lose and were tricked by celebrity Super Bowl ad endorsements and whatnot. There will be suicides over this. It makes me sad to see leftists celebrating.
The rich will be fine, like they always are, it’s the people with just a little tiny bit of disposable income who were looking for an investment similar to the houses their parents bought in the 80s, bought into the crypto hype, and got in too deep who are going to suffer and lose everything to the people who have more money than them. It’s just cash flowing out of the hands of the “middle class” and into the hands of the already rich.
This shit needs to die yesterday. Better for this to happen now than after several more years of innocent people getting sucked in.
yeah it's like an MLM in that it's very sad they were scammed but the only alternative to them losing their money is them roping in even more people.
Better for this to happen now
I've got some bad news for you
I agree, but it won’t die, bitcoin will drop like it always does, the rich will buy back in at low prices and the cycle will continue to fuck over regular people trying to plan for a very uncertain financial future.
Seeing as how crypto is starting to attack the left, I'm going to have to drop a fat miss on this one. Greedy assholes wanted to ruin the environment to make a quick buck, and now it's blowing up in their faces. Boo fucking hoo. There's a lot of things you can make the "they were just mislead" argument on, and this sure as hell isn't one of them. They knew going in what to expect but were too blinded by avarice to care. Nobody gets into crypto with the idea of just making ends meet; they all wanted to become fuck-you rich and didn't care who they'd have to step on to get to that point. Not a single honest person is 'holding the bag' right now and the only bad thing about this situation is the fact that the people who made money off the scheme are neo-Nazi pedophile terrorists.
They can cry me a river and drown in it as penance for buying into the most destructive pyramid scheme they could. Anything bad that happens to cryptobros is cool and jokes.
They aren’t all neo-nazi pedophile terrorists. You know this. Stop blaming people, we’re all trapped in this system and trying to survive. Most are normal people afraid of their financial future.
Those at the top (those actually making money off crypto) are.
EDIT: Having re-read it, that response comes across as extremely sussy.
Counterpoint; a lot of these people are right wing, Alex Jones type listening nutjobs because that was where much of the original bitcoin hype was cultivated before the market legitimized it. So we ended up with all these libertarian psychos who lucked themselves into becoming millionaires and have been using that money to fund a lot of the more prominent white supremacist shit we've seen these past few years. I know a guy living it up in Bali who is exactly that and he's not alone in his background and beliefs.
The right-wing nutcases mostly got in years ago, unfortunately. Most of the people who are in crypto bought in in 2021.
But are the people who got in in 2021 the holders of the majority of the coin?
No, but the 40% is of the total number of people, not the total number of coins.
We're just gonna go back and forth. I mean, I feel for the little guys but to me that just means we need that percentage to be higher.
I don't really disagree, I just think this is the wrong time to start celebrating. When it drops to under $100, so that we can be pretty sure even the Winklevosses are looking at a sea of red ink, then it's time to bust out the crabs. Right now, it's just the little people getting screwed.
Fair, so how do we crash this shit for good? Attack the marketplaces? 💁♂️
Major exchanges going down has historically caused crashes, but temporary ones. There are two things that would truly destroy crypto as we currently know it: a technological problem being found in the protocol of at least Bitcoin if not others, and a general understanding and acceptance by the public of the complete uselessness of crypto for anything other than essentially scamming people.
A worm that stole a few billion dollars' worth of crypto from all over the Internet has the potential to hit both of those points, I suppose.
A lot of these people don’t have the money to lose and were tricked by celebrity Super Bowl ad endorsements and whatnot.
oh boy do I have news for you, this only covers BTC traders, the people who got scammed by celebrities are altcoin traders. I assure you, the percentage of people who are underwater through altcoin trading is much more higher. Consider this: 90% of altcoins fall straight to $0 after mere months.
Yeah this is my take on it as well. These 40% aren't shitty libertarian ideologues, they're regular people desperately trying to find a way out of the gutter, and instead they've been scammed.
I’d argue that’s just a vocal minority of assholes on the internet. There are a lot of people who are just desperate due to the current economic conditions
Like the video about the problem with nfts mentioned, this is a war between the 5% and the 1%. Fuck them
It’s also people like public school teachers who are being offered O.25% interest on their bank savings account while inflation is 8-10%, but others are getting 20% from UST (before the crash)
People are desperate because there is practically no social safety net and they are terrified of how to pay future medical bills and sending their kids to college etc.
Maybe for those silly "investors" this will be the push they need to see that Capitalism has failed. I think this will lead more people to Communism than suicide.
I’m just saying that when it happens we should be welcoming them with open arms to our side rather than doing an end zone dance.
To paraphrase Michael Brooks, love the people, hate the system
And I’m saying we should welcome them with open arms rather than doing and end zone dance that’s all
could this start a spiral? ie, people hear that 40% of investors are underwater so fewer people buy in so the price gets lower so more people go underwater?
I don't know, went into a reddit thread about this and it was full of crypto dipshits saying "Oh so that means 60% are doing well? Great news!" And others who were excited to "buy the dip".
The most annoying part of crypto is definitely the inbuilt requirement to evangelize. Just row after row of people who desperately try to find a bigger sucker than them to rip off.
Oh, wait, they didn't mean it literally , you got me excited for a sec
The cryptobro drowning pools are still in beta. I'm going as fast as I can.
I think they'd like anything more than having to admit they were wrong and that cryptocurrency is stupid.
Yeah look at the BTC graph to figure out why, the price of BTC as per 1/1/2020 was at about $30K. The price of BTC as per today is at about $30K. HODLing is useless now, won't net you shit, and this is the only investing strategy that BTC investors know. The only way to extract any value from BTC is timing the market which is impossible if you're not some sort of insider, most daytraders are marks.
all that power pissed away to scam people out of their life savings
i hate this shitty world
I'm so proud of us in this thread knowing the pattern enough to satirize crypto bros perfectly in so many unique ways.
