Wednesday, May 19th 2021
Cryptocurrency Market Bleeds Trillions in Less Than 24 Hours; Did the Bubble Pop?
The cryptocurrency market is experiencing another major shakedown in pricing, with the overall crypto market valuation dropping by more than a trillion dollars in less than 24 hours. As of time of writing, leading cryptocurrency by market cap Bitcoin has lost more than 30% in value, dropping to $31,000. Ethereum is down by 40% to $2,424, and memecoin Dogecoin has fallen by 45% - one would think a memecoin would have had its value dropped to zero from the instant of its conception, but that's not the world we live in.
As the market tries to staunch the bleeding, major cryptocurrency platforms Coinbase and Binance are down, citing "network congestion" issues stemming from the unexpected volatility. As investors see their attempts to sell neutered by these network congestion issues, this seems like a way to reduce the amount of cryptocurrencies available in the market, which would feed the descending value cycle even more. Whether or not this is the bubble popping, it's yet another foundational shock to the trust that was already achieved by these platforms and the cryptocurrency market as a whole. How this will affect market availability and demand for graphics cards and hardware is anyone's guess, but even if it does, it'll take some time until we see availability in the main and secondary channels.
As the market tries to staunch the bleeding, major cryptocurrency platforms Coinbase and Binance are down, citing "network congestion" issues stemming from the unexpected volatility. As investors see their attempts to sell neutered by these network congestion issues, this seems like a way to reduce the amount of cryptocurrencies available in the market, which would feed the descending value cycle even more. Whether or not this is the bubble popping, it's yet another foundational shock to the trust that was already achieved by these platforms and the cryptocurrency market as a whole. How this will affect market availability and demand for graphics cards and hardware is anyone's guess, but even if it does, it'll take some time until we see availability in the main and secondary channels.
136 Comments on Cryptocurrency Market Bleeds Trillions in Less Than 24 Hours; Did the Bubble Pop?
Even proof-of-stake seems to be toxic: it really is just formalizing the notion of "Those who hold this coin deserve to get more of this coin", which doesn't seem like a good system in my eyes. Its kind of true with proof-of-work (because the richer a group is, the more miners they can buy), but there's a level of indirection with PoW that seems more fair. Of course, the amount of wasted power is a problem, which makes both systems kinda suck IMO.
The new "ban" was just a reiteration of the past one. Literally no new laws at all. They literally just said "guys, it's still illegal."
You would think that people learned from the last time ... guess not. But I'm not gonna be shocked if this thing burns to the ground and resurfaces again in couple years. It's a nice tool for people who have a lot of money to make even more money on the back of the ignorant.
Do ransomware hackers ask for briefcases of cash? gold? NOPE! Whats that tell you?
When politicians are running farms you know the jig is up for the good-use-for-the-masses is long dry and far gone. Its quick-cash bucks now fueled with speculation and driven by some space-obsessed loony with no condom for his twitter-feed.
I hope this entire scheme burns-up quickly, fast, and can be limited soon.
Crypto does not force you to buy anything you already had.
Crypto does not force you to exchange crypto currency for fiat money.
Crypto is sophisticated algorithm with self regulation. One of it's task is punish lazy people(people trading on stock exchanges). Therefor people behind satoshi nakamoto spread the mining process over 132 years. They counted with many scenarios(what happens if, ...what happ. if...). I hope this will be enough time for peoplet to understand what is the real benefit of crypto, especialy BTC on first place.
What we will see in next several years(maybe tens of years) is more even distribution of btc among people. No goverment regulation can stop mining process, only switching internet OFF.
Oh no, not again!
Every worthless programmer started making his own cryptocurrency and it's become a joke, money laundering at best, and all those who got manipulated and lose their money deserve it.
Remember, I have the murder laundry. You cannot win.