Hardensoul
Member
I can only laugh at my crypto’s! Today has gotten worst too!There goes the $10 i had in Shiba and Doge.
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Bitcoin, Cryptocurrency, Blockchain, and You: Navigating the Future of Tech (a NeoGAF discussion thread)
chromhound
Gold Member
Tether is loosing its peg. If it does, we're screwed
Chittagong
Gold Member
Sure it’s possible.I think the impact is mostly psychological, not directly financial. Banks wouldn’t do lending against crypto afaik, so most that would disappear is hot air.
Lot of crypto millionaires have been making their way to Channel Islands in the recent years. They offer a good case study on what the impact would be. Ostensibly they would have had to sell a lot of assets to afford to move there. Living there is expensive, so they would need to have sold enough crypto before the crash to cover the living expenses. If they haven’t and they lose their asset value, there will be fire sales of expens properties and sports cars.
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Ellery
Member
0$ would mean that it becomes a wasted useless relic of the past. It is actually possible compared to actual material things that have some sort of value in the real world, but something absolutely dramatic would need to happen for bitcoin to go to 0$.
In hindsight many people will be "yeah dude I totally told you X or Y is going to happen" and I can understand both sides of it. The ones hoping for a decentralized future and the other side thinking that Crypto is just a symptom of a hype world where speculation went completely out of control by the liquidity that was poured into the world by the central banks.
What we are seeing in 2022 seems like Crypto is neither an inflation resistant asset nor a hedge against economic/market downturns.
Whatever people are saying, including me, but also including rich people or crypto enthusiasts, nobody knows and is basically pure speculation or hope. If there is someone who is rich and powerful enough to know and have an actual chance to affect the crypto stock price then they certainly wouldn't share that with anyone.
TL;DR : Back to the actual question it is possible (yet extremely unlikely) that Bitcoin reaches 0$ in the somewhat foreseeable future. I'd expect any actual economic depression to coincide with a Crypto low point simply because of how liquidity works and people's mindset regarding investing in difficult times. But the reality is I don't know. Could be ATH 2 weeks from now or could be at 12000$.
CuteFaceJay
Member
Can't wait to see what happens if it drops below 20k. market is going wild right now.
chromhound
Gold Member
Back to flipping burgers
MisterFalcon
Member
Did the world finally run out of suckers to trick into sinking their cash into crypto?
Isn't Bitcoin an official currency in a few countries. I doubt it will ever fall to 0
thefool
Member
Theoretically, yes. For instance, if it was exploited.
By market movements, its improbable.
Hnjohngalt
Member
So i dropped $125 into Luna the past 24 hours for the hell of it. Wow! Was like losing at Blackjack in 4 hands. Damn. Now i cant even sell since its worth less than .01...... I feel for you all who lost on that gamble. Jesus its been rough the past 6 months. Im down to 1k from my initial 5k last year. If it weren't for bitcoin and certain Nfts i would be broke. Even stocks took a hit and down 40%... crazy stuff
Porcile
Member
You might as well have walked into a casino that was burning down with everyone escaping for their lives, and put it all on red.
With that move you basically admitted that you have no idea what you are doing or what's even happening. Luna continuing to crash exponentially at that point was a 100% certainty and not a prediction. Do you even see what's happening with Luna supply? That's not even gambling, it's setting your money on fire for the hell of it.
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Zippitydodaday
Member
I've been holding loopring and a lil immutable x. waiting for the gme nft marketplace announcement tomorrow. https://nft.gamestop.com/ (notice the astronaut pointing to a nightlife version of Chicago and the other hand pointing to the moon lol
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HoodWinked
Member
Ethereum Classic is losing less than Ethereum so far this year. In March Ethereum Classic started to rally and apparently because of the price increase miners also shifted over as it became more profitable, a sort of self feedback loop, unfortunately since then its given back all those gains. Anyways, lately all cryptos have been tanking but Ethereum classic is doing better than Ethereum. A possible scenario is as Ethereum moves to PoS, all the extra hash power will go somewhere maybe it will go to ETC but obviously ETC can't support that amount of hash rate as the value of the currency is too low. But maybe there's a chance that the value starts to go up and a frenzy happens.
Who knows maybe proof of work fizzles or another coin takes over. could be ETC, could be Ravencoin, could be Ergo.
Who knows maybe proof of work fizzles or another coin takes over. could be ETC, could be Ravencoin, could be Ergo.
HoodWinked
Member
Ethereum continuing to fall. While Ethereum classic is trending with BTC.
It’s very simple , corona and Russia happend .. so everyone is anxiously.. just HODL, it’s the same for all other options .
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Porcile
Member
I think it is more likely you will be stinking from being homeless, just shouting "fuck you" to the pigeons and the rats gnawing on your ears and nose at night.
Marvel14
Banned
As an economist I feel compelled to pick apart the "uses of crypto " section of the Op:
'--> you have to be able to afford it which most unbanked won't be able to as the price of single units can be prohibitively high. It is also a poor store of value for savings because of its extreme price volatility. Overall it is a very shitty instrument for banking the unbanked. Specialist banks that understand credit abd savings risk of unbanked populations and who can develop targeted products for them would do a much better job.
--> being more stable than very unstable currencies is not a strong selling point. I suspect crypto is less stable than the top 10-20 national currencies at least. Hardly a ringing endorsement.
I am still waiting for someone to succinctly and specifically explain what problem crypto really solves and how it is an unambiguous net positive.
I'm all ears if someone has this up their sleeve...
'--> you have to be able to afford it which most unbanked won't be able to as the price of single units can be prohibitively high. It is also a poor store of value for savings because of its extreme price volatility. Overall it is a very shitty instrument for banking the unbanked. Specialist banks that understand credit abd savings risk of unbanked populations and who can develop targeted products for them would do a much better job.
--> being more stable than very unstable currencies is not a strong selling point. I suspect crypto is less stable than the top 10-20 national currencies at least. Hardly a ringing endorsement.
--> Sure it can protect from malign government action on currency or assets you own. But who is protecting you from hackers and cyber thiefs with crypto? If a government steals from you most countries can seize assets of that country residing in their jurisdiction and at least partially compensate their citizens. Crypto has no jurisdiction so who's going to compensate you if you lose money through malfeasance?
-> its unclear what crypto can do in terms of global economy access that paypal, Google pay etc cannot.
-> it's no different than any other highly speculative assets in this regard.
-> the problem is that often the middle man is what brings probity, accountability and consistency to market and legal transactions. Sure blockchain can circumvent harmful monopoly power but without accountability and jurisdiction what's stopping it from being abused to scam? How are we sure that we are not replacing price gouging with outright borderless, untraceable fraud?
I am still waiting for someone to succinctly and specifically explain what problem crypto really solves and how it is an unambiguous net positive.
I'm all ears if someone has this up their sleeve...
Porcile
Member
No one has an answer. Just look at the OP. It was written 4 years and nothing has changed in regard to crypto. It's just a dumb vehicle for speculation, money laundering and MLM scams. It's pathetic how cultish it is. Doesn't matter how bad the situation the gets, or much the price of this garbage crashes, there is always some Redditor telling you how they know someone who made money even when the price literally tanks to 0.01% of its value in a single day. The suckers keep getting hooked in and that is exactly what people want.
PuppetMaster
Member
Wow at today's drops! Some thing big is going on.
ETH below 1200 (-17%). BTC below 25,000 (-11%)
ETH below 1200 (-17%). BTC below 25,000 (-11%)
FunkMiller
Gold Member
Inflation, my friend. Lots and lots of inflation.
MastaKiiLA
Member
Honestly, not really bothered by the collapse. I'll buy the dip. Interested to see where the floor is, because last year's highs aren't as high as this thing will go long-term.
Zippitydodaday
Member
Hold!
chromhound
Gold Member
me and the crypto bros
Raven117
Member
LOL. Yeah, crypto is certainly the same as trading ETF's on the S&P 500.
MastaKiiLA
Member
I never said that. But last year's crypto spike was just the general public becoming aware of crypto. The economy isn't great, but that doesn't mean the interest in investing is gone. It's still there, and when we see the equities markets rebound, so will the crypto markets. And there's just more growth potential on the crypto side than the equities side. No one knows which way the market will go. Short-term, probably further down, but it could rebound overnight too. What I do know with a high level of certainty is that the blockchain is the future, and crypto's market cap will far exceed the highs of last year. I don't think we have to look further than a decade down the road for that. I'm probably being hugely conservative. Returns on crypto investments are going to outstrip stocks. But you have to be willing to accept the risk that crypto takes longer than expected to take off again, but it eventually will. Only invest what you're willing to lose.
Raven117
Member
Hey man, invest in whatever it is you want to invest in. Good luck.
chromhound
Gold Member
Incoming Recession
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www.theverge.com
Coinbase is laying off 1,100 employees as Bitcoin prices continue to fall
In February, Coinbase gave away money in a Super Bowl ad.
www.theverge.com
Yup , but the world is shit atm, COVID and Putin fucked us. I keep HODLing though , crypto is a long term investment.
Not really sure what they're doing with over 6,100 employees to begin with. As an easy comparison that's way, way more per user than the likes of Netflix and they have a lot more business functions to serve than someone like Coinbase.Incoming Recession
Coinbase is laying off 1,100 employees as Bitcoin prices continue to fall
In February, Coinbase gave away money in a Super Bowl ad.
And if you want to keep it within the financial sector that's not too far off the likes of Fannie Mae and Freddie Mac.
Wreaks of over-expansion.
MastaKiiLA
Member
Is there a reason that ADA is fighting the slump harder than even ETH? Between ADA and SOL, I'd have thought SOL had the brighter future (eventhough I prefer ADA's tech). But SOL is getting absolutely slaughtered, and ADA is tracking with BTC, percentage-wise. At least my holdings are down 50% for BTC and ADA, but SOL is down like 70%. Kinda nuts. Not large enough sums for me to regret selling before the freefall. I'll just hold and buy again when I think we've hit bottom.
Ironbunny
Member
Solana network has halted few times which has has caused some of it price down turn.
MastaKiiLA
Member
Ah, okay. Was that due to liquidity concerns?
EDIT: Nevermind. I searched. That's somewhat concerning. I question the long-term viability of the coin, if this is not something they can't protect against in the future.
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chromhound
Gold Member
FREE FALLIN
Sybrix
Member
Even FIAT investments suffer significant dips and Crypto is still worth investing in.
However, those who hail Crypto as some force for good against FIAT and claim it's immune from traditional economic impacts such as inflation and recession have been proved wrong completely.
However, those who hail Crypto as some force for good against FIAT and claim it's immune from traditional economic impacts such as inflation and recession have been proved wrong completely.
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