:cryptocurrency: :dumpster-fire: :porky-scared: :sicko-wholesome: :yes-hahaha-yes-l:
Ok, lets get silly, what are the chances that this could start a chain reaction type scenario like the housing market in 2007? Are we looking at a point and laugh at the small group of dumb dumbs crash, or a holy shit here we go again crash?
We're going to find out what is too big to fail, again. :porky-scared: :capitalist-laugh:
If Bitcoin is declared too big to fail and ends up being backed by US government bonds I will die of laughter.
I think there's a significant chance that this will actually happen in the future, perhaps even with a shiny new government agency that exists basically to legitimize the e-casino funbux.
Then it become a de facto Federal Reserve controlled security and all the cryptobros cry and try to start a new “real” crypto that will be revolutionary and free
the bank that tether uses is a bank with CIA connections
Deltec. There's literally most dirt about it in books than online because of how old it is.the e-casino funbux.
what is it with the prefix "e" for internet stuff circa 2016 or so?
we had "email" since the 90s, and that was like the ONE word that had it, (okay fine, also ebay) then 20 ENTIRE YEARS passed, and only then did people start using words like 'egirl' 'eboy' and everything else
I do that to mock the concept, because "crypto" said as one word by itself is too chummy for me.
As another example, esports as a concept have been around for quite some time and keeps persisting like a bad rash, complete with how culturally, ideologically, and socially irritating it tends to be.
Before treat-defenders froth at me again, I'm specifically referring to the "screaming slurs is just having a heated gamer moment, competitiveness permits everything" :heated-gamer-moment: attitude and related issues.
As another example, esports as a concept have been around for quite some time
yea, but the word "esports" has been up since at least 2004, according to Urban Dictionary
stuff like "egirl" and "eboy" started appearing out of younger genZ lexicon around 2016. Kinda weird
I think it's a deliberate nod to email and was just convenient and catchy thing to say for zoomers.
Probably because it specifically refers to people who both dress and present themselves a certain way, and who are terminally online. It's a phenomena that has possibly existed as long as people have used the internet, but it's easier to spend hundreds of hours online than it used to be, so it's a more common phenomena now that when the internet was new.
Not that I know what being terminally online is like. Haha.
I'd start preparing my tombstone now because it's probably going to happen.
What are the hard limits on the capability of the state to conjure the funds needed to bail out the next big crash? Is there a limit, or can the can be kicked indefinitely, do you think?
There is only a limit if the poors ask for society to improve somewhat. :brrrrrrrrrrrr:
Yes, this is how the ruling class would have it, but isn't it one of the inherent contradictions of neoliberal capitalism that even the emergency bail out monies have to be accounted for, which results in further austerity which is already at ridiculous levels?
Yeah it is. :doomer:
"Fiscally conservative" means "infinite money, but only for House Gryffindor, I mean the job creators"
They just handed like $50k in free money to every petite boug with a little roofing company 2 years ago and didn't bat an eye, I think they'll funnel every penny to the wealthy until the very moment this all collapses.
There was an article somewhere that stated that some homeowners were thinking of defaulting on their mortgage payments if the interest rates got too high, which it could since it's what Biden is doing to quell inflation. There was also like a random tiktok user recommending people to invest all their savings in bitcoin or whatever and use their yields to pay the monthly mortgage payments. Which is probably advice no one took, but it's worth considering that someone out there defaulted due to the BTC crash
You would have thought after 2008 that nobody would ever get an adjustable rate mortgage again, yet here we are 14 years later
I think we're looking at a "holy shit here we go again" crash, but I don't think it's caused by the crypto bubble popping. Rather, crypto is crashing because people are pulling out to cover their losses in every other kind of investment.
Hong Kong was down like 4% monday when the australian stock market was closed
subsequently ASX down 4.5% so far today
I know at least one freelance designer who hasn't been paid for a 3 month project because the company was overinvested in cypto and apparently can't make payroll this month. I know of two other companies that have suddenly shifted plans due to the drop - one that was opening a new office and another that was planning to take on about a dozen new staff. I've got a friend who joined a firm with a crypto-component in August and he's probably looking for a new job now.
It might not be 2008 but it's having real consequences out here.
BTC blew way past the 30k barrier, so this might really be it. We might really see the end of bitcoin this year. I mean it'll still stick around and it'll still fleece out some morons, but we will never see the fabulous growth it used to have again. Ever.
I'm reminded of some capitalist ghoul who knew it was time to get out of stocks and margin trading when he heard his shoe shiner talk about what stocks he was in in the late 20s. As soon as people saw the superbowl ad and regular people talking about bitcoin, that should've sent massive distress signals that it's time to get out of any speculative investment.
But of course, people were true believers that crypto was really the currency of the future - so I guess they believed that regular people getting into it was just the way things were supposed to go.
if it can go back to being the internet drug currency, I'd be happy.
:freedom-hater: :feinberg-sicko: :party-sicko: :sicko-beaming: :sicko-biker: :sicko-blur: :sicko-charging: :sicko-crab: :sicko-hyper: :sicko-hippie: :sicko-hexbear: :sicko-hazmat: :sicko-hair: :sicko-flipped: :sicko-fem: :sicko-crowd: :sicko-intrigued: :sicko-jammin: :sicko-jpeg: :sicko-laser: :sicko-luna: :sicko-mega: :sicko-ness: :sicko-pog: :sicko-yes: :sicko-wholesome: :sicko-surveillance: :sicko-spin: :sicko-speeeeen: :sicko-specter: :sicko-radiant: :sicko-queer: :sicko-zoomer: :sickomogus: :xicko:
Tesla has to book $40 million in Q2 losses for every $1k drop in Bitcoin value below ~$33k. So around $450 million so far.
Elon buy Bitcoin because Bitcoin wastes a lot of energy. Also, cryptobros loved that, so they bought Tesla stock when it was like $800. Whooops!
I don't really understand (or care) much about this stuff, but the idea that an exchange will simply stop you from selling your investment seems crazy to me. Don't they leave themselves open for a huge class action lawsuit if BC drops significantly during that time?
Nah Robin Hood suspended buying GME but did not suspend selling it, thus forcing the price downward. They faced no consequences for this.
Robinhood = retail investors. Institutional investors don't buy through Robinhood, so they were able to buy at a discount, while retail investors were forced to sell. Sometimes literally, since Robinhood just liquidated their positions to "protect the investors" lmao.
The kind of person who uses an app to trade stocks with their own money rather than owning a hedge fund comprising the money of rich morons.
Not everyone trades through Robin Hood, just a large portion of the small time investors
The exchanges own it, you get an IOU from them for the value of the tokens. And they really have no obligations to you. The biggest stablecoin even has "we can abscond with the money" clause in their terms & conditions, lmao.
I mean that is hilarious, I do struggle to see how that's not an investment though
Remember seeing a crypto ad recently making fun of people claiming the end of crypto in the past.
All I'm saying is that they may be reaping what they've sown.
Fortune favors the brave(sic). :so-true: :cryptocurrency: :dumpster-fire:
https://www.youtube.com/watch?v=9hBC5TVdYT8
Ehh, I'm not seeing it
https://m.youtube.com/watch?v=BH5-rSxilxo
Yeah I saw it again within 10 minutes of posting this lol. And the first time I saw it was one of the earlier rounds in the playoffs. Crypto has gotten its hands all over the sports world. Not shocking since pro sports (and increasingly college sports) is one of the biggest vehicles for marketing.
ya, the whole fantasy sports league stuff is basically like the taste from the gambling dealer, and crypto is just another angle on that shit
you like doing stats research for ball sport games? now you can feel like a cool wall street bro and do the same thing with token assets, you'll have a fancy car and a house like a real wealth dude any minute!
The crypto island people just released a new ad the other day too lol
There will be no legal consequences, as usual. Rich white men with :libertarian-approaching: connections don't experience consequences.
Should there be legal consequences for bitcoin advertising? Like I dont even think a homeless dude would experience consequences for taking part in an add campaign for crypto.
It's gambling with extra steps and there are legal consequences for gambling where it's illegal, and even where it's legal there's consequences (on paper) for luring minors into gambling, for example, so yes I'd like that. It won't happen, but I'd like that.
What minors have the funds to buy crypto? I didn't think that was a thing
In 2016 I turned $100 cash from high school job into funny internet money (via prepaid gift card) and bought drugs.
The same ones that have the same access to funds to do the same thing with mobile games with coercive and predatory monetization methods. Some kids blow thousands of dollars that way, using their parents' money. The overlap between mobile games and e-casinos is pretty wide already.
Setting up a crypto wallet takes a ton of proof of ID in the places I've used. Its a lot harder than getting your moms credit card. I dont think its plausible that a minor could set up a binance account at all. Idk I really think the crypto bros aren't children.
I used to buy my crypto (like everyone else here, I assume, for internet drugs) using a sketchy service that let me send cash for crypto to some random guy in SEA via moneygram. Teens are clever when it comes to acquiring drugs.
Reputable exchanges require ID but there's a number of ID-less swap sites. They're very sketchy and charge like 20% fees, because it's a common way to drain stolen credit cards. I don't do crypto on mobile but the worst apes do and I think Trustwallet might offer such a service through MoonPay: https://trustwallet.com/buy-bitcoin/.
I can tell I touched a nerve about your internet funbux, but I'll stand by what I said: yes, I think gambling schemes, cryptocurrency included, should be regulated the same way other gambling methods are, especially since so many HODLers are eager to cry for help when something goes wrong. The government in a saner world should bind as well as protect, at least idealistically.
It isn't actually that hard to pull parents in, no matter how hard you claim it is for kids to get suckered into cryptocurrency.
https://www.cnbc.com/2021/08/31/kid-siblings-earn-thousands-per-month-mining-crypto-like-bitcoin-eth.html
https://money.cnn.com/2018/05/14/pf/crypto-kids/index.html
a friend of mine in highschool invested 20k into some shitcoin that crashed to basically zero, all from an afterschool job he had for years
yeah but those extra steps also make it not illegal.
morally yeah it's encouraging gambling and self destruction but the law isn't morality it's a bunch of rules
Yes, and some rules protect people and prevent harm that would otherwise happen. I don't see the conflict there, outside of :libertarian-approaching: selfishness.
yes obviously society needs a set of rules we all follow or we're back to using blood feuds to solve our problems due to a lack of other ways of arbitrating disputes. but those rules aren't perfect and often allow things they shouldn't or prohibit things they shouldn't
the law doesn't enforce what's just or fair it enforces the rules
Larry David commercial timing was perfect
I can hear the curb music start playing after the ad ends
you got me excited. a large portion of Celsius whales might be on the path to suicide. but general crypto isn't that bad yet. I'm gonna buy once /r/bitcoin stickies the suicide hotline again
does anyone remember that guy on hexbear a few weeks ago who said we shouldn't be doing victory laps about the collapsing crypto market? lmaooo. I tried to read that post but it was taken down before my browser could load it
there's something to be said about it if you look at it under the lens of gambling and proles just trying to find increasingly desperate ways to climb the social ladder a bit. but I mean it's still funny lmao. people getting scammed in general I think is shitty, but crypto dudes really were just begging for it
If religion is the opiate of the masses, grifts like crypto are the Krokodil.
It does suck when the emotionally and/or mentally vulnerable get pulled into a grift targeting their vulnerability.
That said, way, way, way too many cryptobros around me offline have mocked service workers, bus drivers, you name it, all while boasting about how they themselves aren't "wagecucks" and are already building imaginary castles in the sky where they rule the future. Those bazinga brains deserve mockery.
I've known dipshits who invest only a couple hundred dollars in crypto and just think their responsible because they've invested money
That was a blur but I do believe I notified Comrade Amogus at the time. :sus-soviet:
Bitcoin will crash to the point that 1 cent will buy hundreds of bitcoins, and then crypto bros will STILL be saying "buy the dip!"
