Cryptocurrency Market Bleeds Trillions in Less Than 24 Hours; Did the Bubble Pop?

[R-T-B]

PoW allows anyone to get involved. E.g. you can start with your gaming rig, which you've already paid for, and simply go from there. The lowest cost of entry is the current price of a used beat-up RX470 8G or GTX1060 6G. Not having a $100K budget on hardware does not prevent you even from solo-mining for the sake of participating and supporting the network.

Coinbase also allows free staking with any coin amount. But I do agree the entry limit should be lower.

PoS on the other hand, doesn't seem to solve the problem at all. How does one determine the difference from "ETH2.0-mainstream" vs "ETH2.0-attacker" chains?

Most funds staked. I mean it isn't rocket science.

 

[dragontamer5788]

Most funds staked. I mean it isn't rocket science.

Which blockchain do you use to determine the number of funds staked?

In PoW: you choose the longer blockchain. Its unambiguous (but the threat of a 51% attack forces everyone to constantly waste electricity). In PoS, you have a circular logic: you need to trust a blockchain before you can calculate the number of funds staked.

 

[R-T-B]

Which blockchain do you use to determine the number of funds staked?

I suppose that'd come down to a vote of participating nodes on what is correct.

Either way good point.

 

[The red spirit]

Those were the days

And the legendary video:

Crazy thing is that you could beat that overclock with overclocked FX 6300 and you only need Cooler Master Hyper 103 air cooler.

 

[Jism]

Ethereum Price Today - ETH to US dollar Live - Crypto | Coinranking

View the Ethereum (ETH) price live in US dollar (USD). Today's value and price history. Discover info about market cap, trading volume and supply.

coinranking.com

False alarm?

I remember i mined quite a while, to finally sell out 24 ETH coins for around 2000 euro. Lol. If i would have waited to this day i was looking at 24x 2400$.

But who gives a nut. BTC and everything around it is based on a bubble. All we know tesla pulled the perfect trick out of the hat with a classic pump and dump.

 

[micropage7]

about for 2 months ago, i just feel like it's going too much and it will pop soon. but in here many just don't give a damn at all

 

[R0H1T]

In other not so shocking news

China’s Setting up a Hotline for Snitching on Cryptocurrency Miners

The Blockchain Scare

www.tomshardware.com

but in here many just don't give a damn at all

Probably because not many, like me, are personally invested in crypto? I've never, dont plan to, nor looking forward to ever investing in crypto. That of course doesn't mean I support our "free money (i.e. debt) for all" printing system of today!

 

[Legacy-ZA]

The market is bleeding heavily.

 

[lexluthermiester]

Cryptocoin is tanking even faster than the last crash. Very interesting!

 

[medi01]

Trading stuff with ZERO INTRINSIC VALUE eh?

Cryptocurrency bubble - Wikipedia

en.wikipedia.org

 

[Why_Me]

This pyramid scheme can't die soon enough.

 

[Gmr_Chick]

 

[R-T-B]

In other not so shocking news

China’s Setting up a Hotline for Snitching on Cryptocurrency Miners

The Blockchain Scare

www.tomshardware.com

Probably because not many, like me, are personally invested in crypto? I've never, dont plan to, nor looking forward to ever investing in crypto. That of course doesn't mean I support our "free money (i.e. debt) for all" printing system of today!

A lot of our users invest in crypto. Don't fool yourself.

 

[lexluthermiester]

A lot of our users invest in crypto. Don't fool yourself.

Yeah, kind sad really... No offense to those of you who are..

 

[R-T-B]

None taken (at least from me). The whole thing is outragously bizzare. I'm just playing the field I was dealt.

 

[lexluthermiester]

None taken (at least from me). The whole thing is outrageously bizarre. I'm just playing the field I was dealt.

Fair enough.

 

[64K]

The billions of dollars spent is mind numbing

 

[lexluthermiester]

The billions of dollars spent is mind numbing

Not to mention what's been lost in the last few days...

 

[Deleted member 205776]

Good, screw Crypto, hope it dies.

 

[dragontamer5788]

Probably because not many, like me, are personally invested in crypto? I've never, dont plan to, nor looking forward to ever investing in crypto. That of course doesn't mean I support our "free money (i.e. debt) for all" printing system of today!

Which makes Tether / USDT so interesting to me. Because I assume most people who support BTC / crypto / whatever are doing so because they don't like money printers. (I mean, I disagree with that, but whatever. We're all allowed to have our own opinions about optimal money systems and how society should work).

But anyway, Tether just printed another $1 Billion USDT. https://whale-alert.io/transaction/...8b7c942baabaa47d5466ade64d457153121d396a2e6e0

These people come to forums discussing all the problems of "printing money" or whatever with the US Fed system (which is strictly regulated to ensure that banking participants make no more than a certain % of their official reserves). Then they turn around and buy USDT, which as far as I can tell, can decide to print literally a $Billion overnight without anyone so much as blinking at them.

That $Billion in USDT is then used to prop up Bitcoin's price (it obviously occurred as BTC's price was declining). There are ton of people who don't even know the difference from USDT and USD anymore. Its kind of insane.

 

[R-T-B]

Which makes Tether / USDT so interesting to me. Because I assume most people who support BTC / crypto / whatever are doing so because they don't like money printers. (I mean, I disagree with that, but whatever. We're all allowed to have our own opinions about optimal money systems and how society should work).

But anyway, Tether just printed another $1 Billion USDT. https://whale-alert.io/transaction/...8b7c942baabaa47d5466ade64d457153121d396a2e6e0

These people come to forums discussing all the problems of "printing money" or whatever with the US Fed system (which is strictly regulated to ensure that banking participants make no more than a certain % of their official reserves). Then they turn around and buy USDT, which as far as I can tell, can decide to print literally a $Billion overnight without anyone so much as blinking at them.

That $Billion in USDT is then used to prop up Bitcoin's price (it obviously occurred as BTC's price was declining). There are ton of people who don't even know the difference from USDT and USD anymore. Its kind of insane.

The people who critisize fed policy are not investing in stablecoins.

Supposedly for every print of tether, there is a dollar backing it owned by the company that prints it. I'm not sure if any audits of them have been done however, they have always struck me as the most suspucious "dollarlike coin"

 

[Valantar]

Which makes Tether / USDT so interesting to me. Because I assume most people who support BTC / crypto / whatever are doing so because they don't like money printers. (I mean, I disagree with that, but whatever. We're all allowed to have our own opinions about optimal money systems and how society should work).

But anyway, Tether just printed another $1 Billion USDT. https://whale-alert.io/transaction/...8b7c942baabaa47d5466ade64d457153121d396a2e6e0

These people come to forums discussing all the problems of "printing money" or whatever with the US Fed system (which is strictly regulated to ensure that banking participants make no more than a certain % of their official reserves). Then they turn around and buy USDT, which as far as I can tell, can decide to print literally a $Billion overnight without anyone so much as blinking at them.

That $Billion in USDT is then used to prop up Bitcoin's price (it obviously occurred as BTC's price was declining). There are ton of people who don't even know the difference from USDT and USD anymore. Its kind of insane.

I'm always fascinated by people who criticize a (potentially) poorly functioning regulated system - especially in our current world, where neoliberal economic policies have been intentionally and systematically eroding effective and useful regulation for half a century - by proposing that we move to an entirely unregulated one. The logic is just baffling. "Hey, see, this system has weak protections and is faulty, people are gaming it and it is causing trouble, so how about we just remove all the rules? That would fix things, right?" They don't tend to be that direct, but that is what it boils down to in the end. All the grand words about "democratization" and "freedom" conveniently skip over how this by default would be a democracy where only the wealthy have a vote, and the only freedom you have is what you can afford. But never mind that, of course.

 

[Legacy-ZA]

 

[lexluthermiester]

I find it interesting that even with the continued crash, values of most cryptocoin is still up from this time last year(assuming they're more than 1 year old, many are not)...

 

[R-T-B]

I'm always fascinated by people who criticize a (potentially) poorly functioning regulated system - especially in our current world, where neoliberal economic policies have been intentionally and systematically eroding effective and useful regulation for half a century - by proposing that we move to an entirely unregulated one. The logic is just baffling. "Hey, see, this system has weak protections and is faulty, people are gaming it and it is causing trouble, so how about we just remove all the rules? That would fix things, right?" They don't tend to be that direct, but that is what it boils down to in the end. All the grand words about "democratization" and "freedom" conveniently skip over how this by default would be a democracy where only the wealthy have a vote, and the only freedom you have is what you can afford. But never mind that, of course.

It's more complex than that.

There are hard rules in crypto. Like block halvings. They happen because the designers of the chain said they would, whether the users like it or not.

These rules are litterally in the code. Humans can't mess with them. In many ways they are stronger than legislation. They haven't used this power for much besides coin issuance control, but it's certainly there.