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

[dragontamer5788]

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.

Except we can mess with them in practice.

Eth-classic vs Ethereum vs Eth2.0 for example. DAO contract was on the original, largely abandoned Eth-classic Blockchain. But the community was able to migrate (and plans to migrate again for proof of stake)

 

[R-T-B]

Except we can mess with them in practice.

Forks are hard to avoid without social consensus, true. I'd say in that way it's still subject to human whims, unfortunately.

 

[AusWolf]

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.

A system without regulation is ideal for ideal people. It can work in small communities, but not on a global scale. The problem is that people aren't, and are never going to be ideal. Doing away with regulation only leads to anarchy, where a select few can easily gain power by exploiting the weak. Then we have a system that's worse than the one we started off with, and that's exactly what's wrong with crypto as well: it doesn't promote an unregulated system. It promotes a system where a select few get rich with minimal effort, while everybody else lives under the illusion that getting rich is easy for everyone.

 

[64K]

Crypto continues it's downward trend. In the past 3 months Bitcoin has fallen from a high of $63,000 to $34,000
Ethereum has fallen from a high of $4,100 to $2,200
Crypto is just too volatile imo

 

[R-T-B]

Crypto is just too volatile imo

For certain investors thats a plus.

At any rate it doesn't help end user adoption, I get that. Still feel crypto despite being a household term now is very "beta" as a currency.

 

[pvanb]

can't wait for Bitcoin to drop and drop some more, then I will buy, buy and buy some more. Missed the IPO in '09, when it was offered at 39 cents a Bitcoin.
Sell you idiots, sell. Block-chain is the future, no going back to spreadsheets and money orders to transfer funds. ALL fiat money is numbers in a computer.

 

[Robert Bourgoin]

Bad year to retire and play around with crypto for fun. Wasn't fun.
I could of bought a couple super computers with my losses.
left some ETH2 staked for who knows how long (untouchable for research) and sold everything else and moved on the AMC and GME stock. Best move of my life.
Bye to the pile of Crypto crooks.

 

[medi01]

then I will buy, buy and buy some more.

AO MMM stock has dropped and dropped some more (and then some), feel free to buy and then some more.

MMM (Ponzi scheme company) - Wikipedia

en.wikipedia.org

 

[pvanb]

Elon zez...buy my windup cars....BTC up....Elon zez changed my mind....BTC down...Elon zez, OK u can buy again, BTC up and ? I made $ on all his tweets.

 

[R0H1T]

Elon zez...buy my windup cars....BTC up....Elon zez changed my mind....BTC down...Elon zez, OK u can buy again, BTC up and ? I made $ on all his tweets.

Wow if only you could manipulate the real world so easily

 

[dragontamer5788]

Elon zez...buy my windup cars....BTC up....Elon zez changed my mind....BTC down...Elon zez, OK u can buy again, BTC up and ? I made $ on all his tweets.

Even if you're making money on it, Elon would be making more money on it (being both a Billionare: able to put down more money than you physically... and also the one who has sole control over whether or not his tweets come out).

EDIT: That's why pump-and-dump should be illegal. Alas, BTC is an unregulated commodity. I'm not sure if pump-and-dump laws even apply to BTC. Otherwise, pump-and-dump allows the rich to extract wealth from all other market participants.

 

[AusWolf]

Even if you're making money on it, Elon would be making more money on it (being both a Billionare: able to put down more money than you physically... and also the one who has sole control over whether or not his tweets come out).

EDIT: That's why pump-and-dump should be illegal. Alas, BTC is an unregulated commodity. I'm not sure if pump-and-dump laws even apply to BTC. Otherwise, pump-and-dump allows the rich to extract wealth from all other market participants.

That's why a completely unregulated monetary system is just plain wrong.