Crypto Crash



ravydavygravy said:
I know someone with circa 20 btc who is a staunch hodler.

I think it pretty much consumes his life, checking the price. Fuck that, too much pressure.
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Fucks the point in that if he's a staunch holder :lol:. Proper heart attack behaviour that
 
Kob82 said:
Bitcoin is the only decentralised crypto currency, the only one doing any cryptography to secure itself (95% of all the hash rate of all coins) It's the perfect money and will become what the gold standard was. Everything else is a scam and should be classed as a unregistered security. I'm glad the rest are getting wiped out. This will only make Bitcoin stronger.
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As a complete novice what is it secured against? I'm guessing if the finance world ended you could still trade in gold as its a physical object, with bitcoin what would you be left with that holds its value?

Ive tried reading about it but my brain is just clearly not wired up to understand enough to gamble so I've stayed well clear.
 
alicante mackem said:
In the same way gold is.
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It's not, though. Gold has intrinsic value, even if that's primarily prestige and aesthetic, and gold isn't controlled by a single private entity. Bitcoin's primary utility is as an anonymous facilitator of illegal commerce. And it's by far the best of the cryptos. The rest are pure speculation with essentially no value at all.
Yesterday, crypto crashes. Today, noted major crypto bro Elon Musk says his deal to buy Twitter is "on hold" and spews a reason that would be cleared up in normal diligence. Coincidence?
 
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SYB_DC said:
It's not, though. Gold has intrinsic value, even if that's primarily prestige and aesthetic, and gold isn't controlled by a single private entity. Bitcoin's primary utility is as an anonymous facilitator of illegal commerce. And it's by far the best of the cryptos. The rest are pure speculation with essentially no value at all.
Yesterday, crypto crashes. Today, noted major crypto bro Elon Musk says his deal to buy Twitter is "on hold" and spews a reason that would be cleared up in normal diligence. Coincidence?
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He's heavily invested in doge isn't he?
 
SYB_DC said:
Yuppppp. Supposedly more than a 1/4 of the total circulation. The drop also erased all of the appreciation in Tesla's corporate investment in BTC, which took a bit off TSLA stock too.
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Oh to your point regarding the uses of BTC I see it as no different to visa or Amex or the chaps system but do appreciate the money laundering and criminal transactions point. It'll need regulating
The Albanian said:
Hasn’t Tesla already been subject to some pretty serious drops recently?
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He does seem to be going thru a wacky patch think him and his Mrs split up after having a kid
 
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monkeytassle said:
Oh to your point regarding the uses of BTC I see it as no different to visa or Amex or the chaps system but do appreciate the money laundering and criminal transactions point. It'll need regulating

He does seem to be going thru a wacky patch think him and his Mrs split up after having a kid
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Oh they’ve been done for ages

He’s probably shitting himself at the thought of having to testify how Amber Heard used to bray him around
 
The Albanian said:
Hasn’t Tesla already been subject to some pretty serious drops recently?
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Down quite a bit, but to be honest it is still more ludicrously priced that some of the stupid crypto coins are imo :lol:

Him having the Twitter bid accepted took about 12% off the share price in a day.
 
monkeytassle said:
Oh to your point regarding the uses of BTC I see it as no different to visa or Amex or the chaps system but do appreciate the money laundering and criminal transactions point. It'll need regulating

He does seem to be going thru a wacky patch think him and his Mrs split up after having a kid
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I don't quite follow what you mean about BTC from a consumer perspective. Revolving credit lines are essentially interest-free loans if you pay them in full each month. Using BTC for that type of daily use would be like paying for everything and then not knowing whether tomorrow you might have just effectively paid 40p, £4, or £40 for that mediocre sandwich at M&S.

Also, Elon Musk looks exactly like what I'd expect Stewie Griffin to look and act like grown up.
 
SYB_DC said:
I don't quite follow what you mean about BTC from a consumer perspective. Revolving credit lines are essentially interest-free loans if you pay them in full each month. Using BTC for that type of daily use would be like paying for everything and then not knowing whether tomorrow you might have just effectively paid 40p, £4, or £40 for that mediocre sandwich at M&S.

Also, Elon Musk looks exactly like what I'd expect Stewie Griffin to look and act like grown up.
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Stop talking shite mate.

M&S sarnies are generally spot on.
 
The whole crypto roller coaster has been something of interest to me since late 2016.

A colleague I was working with at the time told me about his stake and the subsequent gains. I asked him to help me better understand it but he couldn't. That put me off a bit.

After a further 6 months he'd taken his original stake, banked it and was letting the remainining funds ride, so I looked at it again and did some research on the whole block chain thing.

I still couldn't bring myself to risk the hard earned wad so I resolved to merely observe.

With the benefit of hindsight i'm glad I did

I know one guy who made £50k on Cardano last year but I know countless others that have lost big. Most have been silent on the matter for a while now.

Maybe BTC will still be the one but ether was tipped to surpass it until recently...
 

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