Skip to content
  • Categories
  • Recent
  • Tags
  • Popular
  • Users
  • Groups
Skins
  • Light
  • Cerulean
  • Cosmo
  • Flatly
  • Journal
  • Litera
  • Lumen
  • Lux
  • Materia
  • Minty
  • Morph
  • Pulse
  • Sandstone
  • Simplex
  • Sketchy
  • Spacelab
  • United
  • Yeti
  • Zephyr
  • Dark
  • Cyborg
  • Darkly
  • Quartz
  • Slate
  • Solar
  • Superhero
  • Vapor

  • Default (No Skin)
  • No Skin
Collapse

The New Coffee Room

  1. TNCR
  2. General Discussion
  3. The Bitcoin/Crypto Thread

The Bitcoin/Crypto Thread

Scheduled Pinned Locked Moved General Discussion
441 Posts 22 Posters 29.4k Views
  • Oldest to Newest
  • Newest to Oldest
  • Most Votes
Reply
  • Reply as topic
Log in to reply
This topic has been deleted. Only users with topic management privileges can see it.
  • A Offline
    A Offline
    Axtremus
    wrote on 6 Jun 2022, 14:49 last edited by
    #313

    (h/t wtg)

    Unscrupulous promotion of a new sh!tcoin:

    https://www.theguardian.com/technology/2022/jun/01/cryptocurrency-tsuka-alex-hern

    1 Reply Last reply
    • X Offline
      X Offline
      xenon
      wrote on 13 Jun 2022, 15:34 last edited by
      #314

      Another one seems to be collapsing today. Celsius has $12B under management. They've halted all withdrawls.

      https://www.cnbc.com/2022/06/13/crypto-lender-celsius-pauses-withdrawals-bitcoin-slides.html

      A 1 Reply Last reply 13 Jun 2022, 17:48
      • X xenon
        13 Jun 2022, 15:34

        Another one seems to be collapsing today. Celsius has $12B under management. They've halted all withdrawls.

        https://www.cnbc.com/2022/06/13/crypto-lender-celsius-pauses-withdrawals-bitcoin-slides.html

        A Offline
        A Offline
        Axtremus
        wrote on 13 Jun 2022, 17:48 last edited by
        #315

        @xenon said in The Bitcoin/Crypto Thread:

        Another one seems to be collapsing today. Celsius has $12B under management. They've halted all withdrawls.

        https://www.cnbc.com/2022/06/13/crypto-lender-celsius-pauses-withdrawals-bitcoin-slides.html

        Trying to imagine what a “bank run” would look like when all the “money” is digital. Maybe someday some movie making genius can figure out out to depict a digital “bank run” in motion picture form.

        H X 2 Replies Last reply 13 Jun 2022, 17:53
        • A Axtremus
          13 Jun 2022, 17:48

          @xenon said in The Bitcoin/Crypto Thread:

          Another one seems to be collapsing today. Celsius has $12B under management. They've halted all withdrawls.

          https://www.cnbc.com/2022/06/13/crypto-lender-celsius-pauses-withdrawals-bitcoin-slides.html

          Trying to imagine what a “bank run” would look like when all the “money” is digital. Maybe someday some movie making genius can figure out out to depict a digital “bank run” in motion picture form.

          H Offline
          H Offline
          Horace
          wrote on 13 Jun 2022, 17:53 last edited by
          #316

          @Axtremus said in The Bitcoin/Crypto Thread:

          @xenon said in The Bitcoin/Crypto Thread:

          Another one seems to be collapsing today. Celsius has $12B under management. They've halted all withdrawls.

          https://www.cnbc.com/2022/06/13/crypto-lender-celsius-pauses-withdrawals-bitcoin-slides.html

          Trying to imagine what a “bank run” would look like when all the “money” is digital. Maybe someday some movie making genius can figure out out to depict a digital “bank run” in motion picture form.

          Fiat currencies are only slightly less digital than crypto. In order for a "run" to occur, something physical - fiat currency for instance - has to be in demand. There would be no such thing as a crypto run, only a crash in its value, as the hordes attempt to sell their crypto for fiat currency. Even when they sold it, it wouldn't be for anything physical. Just digital fiat currency.

          Education is extremely important.

          8 1 Reply Last reply 13 Jun 2022, 18:15
          • H Horace
            13 Jun 2022, 17:53

            @Axtremus said in The Bitcoin/Crypto Thread:

            @xenon said in The Bitcoin/Crypto Thread:

            Another one seems to be collapsing today. Celsius has $12B under management. They've halted all withdrawls.

            https://www.cnbc.com/2022/06/13/crypto-lender-celsius-pauses-withdrawals-bitcoin-slides.html

            Trying to imagine what a “bank run” would look like when all the “money” is digital. Maybe someday some movie making genius can figure out out to depict a digital “bank run” in motion picture form.

            Fiat currencies are only slightly less digital than crypto. In order for a "run" to occur, something physical - fiat currency for instance - has to be in demand. There would be no such thing as a crypto run, only a crash in its value, as the hordes attempt to sell their crypto for fiat currency. Even when they sold it, it wouldn't be for anything physical. Just digital fiat currency.

            8 Offline
            8 Offline
            89th
            wrote on 13 Jun 2022, 18:15 last edited by
            #317

            @Horace said in The Bitcoin/Crypto Thread:

            @Axtremus said in The Bitcoin/Crypto Thread:

            @xenon said in The Bitcoin/Crypto Thread:

            Another one seems to be collapsing today. Celsius has $12B under management. They've halted all withdrawls.

            https://www.cnbc.com/2022/06/13/crypto-lender-celsius-pauses-withdrawals-bitcoin-slides.html

            Trying to imagine what a “bank run” would look like when all the “money” is digital. Maybe someday some movie making genius can figure out out to depict a digital “bank run” in motion picture form.

            Fiat currencies are only slightly less digital than crypto. In order for a "run" to occur, something physical - fiat currency for instance - has to be in demand. There would be no such thing as a crypto run, only a crash in its value, as the hordes attempt to sell their crypto for fiat currency. Even when they sold it, it wouldn't be for anything physical. Just digital fiat currency.

            Would make it a good time to buy some of the more stable and larger coins.

            1 Reply Last reply
            • A Axtremus
              13 Jun 2022, 17:48

              @xenon said in The Bitcoin/Crypto Thread:

              Another one seems to be collapsing today. Celsius has $12B under management. They've halted all withdrawls.

              https://www.cnbc.com/2022/06/13/crypto-lender-celsius-pauses-withdrawals-bitcoin-slides.html

              Trying to imagine what a “bank run” would look like when all the “money” is digital. Maybe someday some movie making genius can figure out out to depict a digital “bank run” in motion picture form.

              X Offline
              X Offline
              xenon
              wrote on 14 Jun 2022, 00:46 last edited by xenon
              #318

              @Axtremus said in The Bitcoin/Crypto Thread:

              @xenon said in The Bitcoin/Crypto Thread:

              Another one seems to be collapsing today. Celsius has $12B under management. They've halted all withdrawls.

              https://www.cnbc.com/2022/06/13/crypto-lender-celsius-pauses-withdrawals-bitcoin-slides.html

              Trying to imagine what a “bank run” would look like when all the “money” is digital. Maybe someday some movie making genius can figure out out to depict a digital “bank run” in motion picture form.

              The salient fact is "decentral" not "digital". But much of the crypto market isn't decentralized - crypto exchanges (coinbase, tether, etc.) are traditional bank-like centralized entities that take possession of entitlements to coins then loan out the capital. We're having plain old runs on these types of entities that don't have the money in the bank.

              1 Reply Last reply
              • 8 Offline
                8 Offline
                89th
                wrote on 14 Jun 2022, 03:09 last edited by
                #319

                I’ll be buying some bit and eth over the next few weeks and months. Great discount now…in it for the long run.

                1 Reply Last reply
                • jon-nycJ Offline
                  jon-nycJ Offline
                  jon-nyc
                  wrote on 14 Jun 2022, 15:47 last edited by
                  #320

                  "You never know what worse luck your bad luck has saved you from."
                  -Cormac McCarthy

                  H 1 Reply Last reply 14 Jun 2022, 16:14
                  • RenaudaR Offline
                    RenaudaR Offline
                    Renauda
                    wrote on 14 Jun 2022, 15:53 last edited by
                    #321

                    Can anyone tell me what produced commodities or services support or sustain the market value of Bitcoin/cryptocurrency?

                    Elbows up!

                    8 IvorythumperI 2 Replies Last reply 14 Jun 2022, 16:07
                    • RenaudaR Renauda
                      14 Jun 2022, 15:53

                      Can anyone tell me what produced commodities or services support or sustain the market value of Bitcoin/cryptocurrency?

                      8 Offline
                      8 Offline
                      89th
                      wrote on 14 Jun 2022, 16:07 last edited by
                      #322

                      @Renauda said in The Bitcoin/Crypto Thread:

                      Can anyone tell me what produced commodities or services support or sustain the market value of Bitcoin/cryptocurrency?

                      Same answer for gold

                      H 1 Reply Last reply 14 Jun 2022, 16:12
                      • 8 89th
                        14 Jun 2022, 16:07

                        @Renauda said in The Bitcoin/Crypto Thread:

                        Can anyone tell me what produced commodities or services support or sustain the market value of Bitcoin/cryptocurrency?

                        Same answer for gold

                        H Offline
                        H Offline
                        Horace
                        wrote on 14 Jun 2022, 16:12 last edited by
                        #323

                        @89th said in The Bitcoin/Crypto Thread:

                        @Renauda said in The Bitcoin/Crypto Thread:

                        Can anyone tell me what produced commodities or services support or sustain the market value of Bitcoin/cryptocurrency?

                        Same answer for gold

                        Or any collectible.

                        Education is extremely important.

                        1 Reply Last reply
                        • jon-nycJ jon-nyc
                          14 Jun 2022, 15:47

                          H Offline
                          H Offline
                          Horace
                          wrote on 14 Jun 2022, 16:14 last edited by
                          #324

                          @jon-nyc said in The Bitcoin/Crypto Thread:

                          Rarely more obvious the precarious extrapolation of “most recent transaction price” to “trade value of all of them”.

                          Education is extremely important.

                          X 1 Reply Last reply 14 Jun 2022, 16:17
                          • X Offline
                            X Offline
                            xenon
                            wrote on 14 Jun 2022, 16:15 last edited by
                            #325

                            That's right, Bitcoin is the most gold-like (there's no consortium or founding group pushing it, power is too disperse to change the protocol, etc.). To the extent that there's demand for "digital gold", Bitcoin should fill that niche.

                            Now - the covid stimulus really pumped up the price of Bitcoin. I don't think we'll have anything like that soon. Will mainstream investors lose interest if this thing doesn't show signs of going back to the moon in the next 1-3 years? TBD.

                            The rest of the crypto space? I see no practical use cases.

                            1 Reply Last reply
                            • H Offline
                              H Offline
                              Horace
                              wrote on 14 Jun 2022, 16:16 last edited by
                              #326

                              I have zero money in crypto but I agree that Bitcoin is going to be a thing forever. Not so much the rest of them.

                              Education is extremely important.

                              8 1 Reply Last reply 14 Jun 2022, 17:24
                              • H Horace
                                14 Jun 2022, 16:14

                                @jon-nyc said in The Bitcoin/Crypto Thread:

                                Rarely more obvious the precarious extrapolation of “most recent transaction price” to “trade value of all of them”.

                                X Offline
                                X Offline
                                xenon
                                wrote on 14 Jun 2022, 16:17 last edited by
                                #327

                                @Horace said in The Bitcoin/Crypto Thread:

                                @jon-nyc said in The Bitcoin/Crypto Thread:

                                Rarely more obvious the precarious extrapolation of “most recent transaction price” to “trade value of all of them”.

                                Fair - if the market had to liquidate by tomorrow, it would liquidate for a lot less than $1T. But the trading price is still the best signal of value.

                                H 1 Reply Last reply 14 Jun 2022, 16:59
                                • X xenon
                                  14 Jun 2022, 16:17

                                  @Horace said in The Bitcoin/Crypto Thread:

                                  @jon-nyc said in The Bitcoin/Crypto Thread:

                                  Rarely more obvious the precarious extrapolation of “most recent transaction price” to “trade value of all of them”.

                                  Fair - if the market had to liquidate by tomorrow, it would liquidate for a lot less than $1T. But the trading price is still the best signal of value.

                                  H Offline
                                  H Offline
                                  Horace
                                  wrote on 14 Jun 2022, 16:59 last edited by
                                  #328

                                  @xenon said in The Bitcoin/Crypto Thread:

                                  @Horace said in The Bitcoin/Crypto Thread:

                                  @jon-nyc said in The Bitcoin/Crypto Thread:

                                  Rarely more obvious the precarious extrapolation of “most recent transaction price” to “trade value of all of them”.

                                  Fair - if the market had to liquidate by tomorrow, it would liquidate for a lot less than $1T. But the trading price is still the best signal of value.

                                  Right but the signal is stronger or weaker depending on how many dollars are lined up behind the most recent transaction, waiting for the market price to nudge just a little. If you have a only a handful of buyers and sellers dictating the most recent transactions, and no intrinsic value to back anything up, the most recent transaction price is built on sand.

                                  Education is extremely important.

                                  1 Reply Last reply
                                  • H Horace
                                    14 Jun 2022, 16:16

                                    I have zero money in crypto but I agree that Bitcoin is going to be a thing forever. Not so much the rest of them.

                                    8 Offline
                                    8 Offline
                                    89th
                                    wrote on 14 Jun 2022, 17:24 last edited by
                                    #329

                                    @Horace said in The Bitcoin/Crypto Thread:

                                    I have zero money in crypto but I agree that Bitcoin is going to be a thing forever. Not so much the rest of them.

                                    Ethereum will also stay around, IMO. Where Bitcoin is mainly a decentralized financial tool, Ethereum is more of a network, can be used for apps, transactions, NFTs, and uses less energy than Bitcoin. Besides those 2 coins... who knows.

                                    1 Reply Last reply
                                    • taiwan_girlT Offline
                                      taiwan_girlT Offline
                                      taiwan_girl
                                      wrote on 17 Jun 2022, 02:06 last edited by
                                      #330

                                      There was an interesting article recently on the "search" to find who was the guy that invented BitCoin.

                                      Nobody really knows.

                                      I did not realize that there is a maximum number of bitcoins that will be made. I think the number is 21 million. They believe that the inventor holds about 1 million of these.

                                      H 1 Reply Last reply 17 Jun 2022, 03:33
                                      • RenaudaR Renauda
                                        14 Jun 2022, 15:53

                                        Can anyone tell me what produced commodities or services support or sustain the market value of Bitcoin/cryptocurrency?

                                        IvorythumperI Offline
                                        IvorythumperI Offline
                                        Ivorythumper
                                        wrote on 17 Jun 2022, 02:25 last edited by
                                        #331

                                        @Renauda said in The Bitcoin/Crypto Thread:

                                        Can anyone tell me what produced commodities or services support or sustain the market value of Bitcoin/cryptocurrency?

                                        Helium is working to create a decentralized telecom network of transmitters which are also cryptominers.

                                        The owner puts the unit in their window, links with others in the neighborhood, create a network of cellular communications, earn crypto and create crypto, and then profit when the network is used in replacement of cell towers. So the game plan is to replace Verizon TMob ATT etc cell towers with a completely decentralized operator owned network for internet, streaming, voip, etc.

                                        That to me makes sense as it produces real and marketable value.

                                        X 1 Reply Last reply 17 Jun 2022, 02:52
                                        • IvorythumperI Ivorythumper
                                          17 Jun 2022, 02:25

                                          @Renauda said in The Bitcoin/Crypto Thread:

                                          Can anyone tell me what produced commodities or services support or sustain the market value of Bitcoin/cryptocurrency?

                                          Helium is working to create a decentralized telecom network of transmitters which are also cryptominers.

                                          The owner puts the unit in their window, links with others in the neighborhood, create a network of cellular communications, earn crypto and create crypto, and then profit when the network is used in replacement of cell towers. So the game plan is to replace Verizon TMob ATT etc cell towers with a completely decentralized operator owned network for internet, streaming, voip, etc.

                                          That to me makes sense as it produces real and marketable value.

                                          X Offline
                                          X Offline
                                          xenon
                                          wrote on 17 Jun 2022, 02:52 last edited by xenon
                                          #332

                                          @Ivorythumper said in The Bitcoin/Crypto Thread:

                                          @Renauda said in The Bitcoin/Crypto Thread:

                                          Can anyone tell me what produced commodities or services support or sustain the market value of Bitcoin/cryptocurrency?

                                          Helium is working to create a decentralized telecom network of transmitters which are also cryptominers.

                                          The owner puts the unit in their window, links with others in the neighborhood, create a network of cellular communications, earn crypto and create crypto, and then profit when the network is used in replacement of cell towers. So the game plan is to replace Verizon TMob ATT etc cell towers with a completely decentralized operator owned network for internet, streaming, voip, etc.

                                          That to me makes sense as it produces real and marketable value.

                                          The most valuable asset a telco has is wireless spectrum. There’s nothing stopping people from setting up nodes on public frequencies today. I’m not sure what value the crypto angle brings.

                                          IvorythumperI 1 Reply Last reply 17 Jun 2022, 10:43
                                          Reply
                                          • Reply as topic
                                          Log in to reply
                                          • Oldest to Newest
                                          • Newest to Oldest
                                          • Most Votes


                                          • Login

                                          • Don't have an account? Register

                                          • Login or register to search.
                                          • First post
                                            Last post
                                          0
                                          • Categories
                                          • Recent
                                          • Tags
                                          • Popular
                                          • Users
                                          • Groups