Let's talk about Cryptocurrencies

[topfiverecords]

BTC down to 23k.

[chemgear]

https://twitter.com/user/status/1536200364503904262

[Fuzz]

What's with the sad face? Anyone putting money in any of these fantasy schemes doesn't earn much sympathy. The more of these things that collapse the quicker, the better.

[Winsor_Pilates]

I dabbled into cryptos starting around New Years and am down 66%.
I can't imagine the losses people must be seeing if they bought in earlier last year. Especially the many people who were going in heavy with major amounts of their net worth.

[jammies]

Originally Posted by karl262

There are many many ways to "cash out" crypto that the government cannot stop you from doing.

Bookmarked this for when the next cryptocurrency exchange suspended services or went dark... didn't have to wait that long.

The government doesn't need to stop you cashing out, crypto is so advanced, it stops itself.

[Raekwon]

Originally Posted by Fuzz

What's with the sad face? Anyone putting money in any of these fantasy schemes doesn't earn much sympathy. The more of these things that collapse the quicker, the better.

I mean there should be some sympathy, how many people followed advice of streamers they looked up to or family members giving advice. If a pension fund actually backed this project they must have been pretty convincing. Its FOMO and its very easy for someone to see people get rich in the past from crypto and want to not miss out this time. People on Twitter are very convincing, I mean bitcoin is tanking but more and more people are buying it hoping this is the dip that gets them a better life.

[PsYcNeT]

The government can't stop me from buying Home Depot giftcards, over my goddamn dead body!!!

On a serious note, it's a bear market. There will be 18-24 months of dog#### and then some resurgence in 2024. Every bear will shake off 60+% of investors, but every bull will grow adoption incrementally. That said, I converted everything that isn't mining returns to stables back in March, and liquidated most of my stables on Friday. I don't think we've hit bottom yet; that should be in October/November.

[nfotiu]

Will this crash but a big halt to mining? It's all fun and games from a voyeuristic standpoint to watch people's highs and lows from these schemes, but the horrible, unnecessary environmental impact was my big problem with the whole thing. It would be nice if that all came to a quick end.

[PsYcNeT]

Originally Posted by nfotiu

Will this crash but a big halt to mining? It's all fun and games from a voyeuristic standpoint to watch people's highs and lows from these schemes, but the horrible, unnecessary environmental impact was my big problem with the whole thing. It would be nice if that all came to a quick end.

Probably, to a degree. BTC mining is the big environmental jerk algo and it sucks down watts; profitability on BTC ASICs is brutally low at the moment, unless you have exceptionally cheap electricity. Some run off solar stations (a few in Alberta even) or hydro dams, so I suspect those warehouse ops should keep active in any case.

The upcoming Ethereum merge however is going to flip GPU mining on its head. I can't even predict how thats going to look, but expect ultra cheap GPUs to flood the market in less than 3 months.

[chemgear]

Celsius had 20-30 billion in funds? Not sure.

Will this be good for inflation? Pulling money out of the system to get it back under control?

(Insert fiat currency government conspiracy here)

[karl262]

Originally Posted by jammies

Bookmarked this for when the next cryptocurrency exchange suspended services or went dark... didn't have to wait that long.



The government doesn't need to stop you cashing out, crypto is so advanced, it stops itself.

I'm flattered.

Here's another one for you to bookmark:

The next world reserve currency will be on the blockchain.

[PsYcNeT]

Lol c'mon.

I have supplementary income from 4 different crypto projects (outside my real non-cryptobased day-job), but that true-believer stuff is just wild.

I literally helped a bank setup a transaction settlement layer on the blockchain I work with that also wants to become a global stablecoin issuer, and I still don't believe that.

[jammies]

Originally Posted by karl262

The next world reserve currency will be on the blockchain.

Well at least you picked a prediction where we're likely to find out the truth sometime after CP has shut down. I'll screenshot this so I can show the other geezers in the old folks' home how right I was sometime in the 2050s.

"Look, look! Proof it was karl stealing my Cheerios the whole time!"

[chemgear]

https://twitter.com/user/status/1536188673255002113

[Fuzz]

Originally Posted by chemgear

https://twitter.com/user/status/1536188673255002113

If only there were warnings that it was a a ponzi scheme with an incredibly sketchy background.



Oh, wait...


https://rorodi.substack.com/p/the-bi...ng-company?s=r

[opendoor]

The geniuses running Quebec's pensions plans also invested heavily in Celsius:

Yet the FOMO that won over punters seems to have also worked its magic on professional financiers, too.

Those apparently unsustainable rewards appeared to sway those in charge of Quebec’s 420 billion Canadian-dollar ($326.7 billion) pension fund, which together with venture-capital firm WestCap Group led a $400 million investment valuing Celsius at $3 billion last year — even after the US warnings.

Not to mention the move by Royal Bank of Canada’s former chief financial officer, Rod Bolger, to take up the same position at Celsius in February — replacing an executive who was suspended after his arrest in Israel in connection with suspected fraud. (He rejected the allegations.)

The official view from the Caisse de Depot et Placement du Quebec (CDPQ) at the time of its reported $150 million investment was that this was a bet on the disruptive potential of blockchain technology — or, as the Quebecois say, “les chaines de blocs.”

https://www.washingtonpost.com/busin...296_story.html

[Fuzz]

I mean, they say what they will do right there...

[PeteMoss]

Originally Posted by opendoor

The geniuses running Quebec's pensions plans also invested heavily in Celsius:



https://www.washingtonpost.com/busin...296_story.html

Its like 0.05% of the total money in the fund they invested. Taking on some risks and being diversified in a portfolio that big makes sense.

[Krovikan]

150m into an obvious Ponzi scheme bah those are rookie numbers, let me know when they invest 1.5b, into an obvious dead project.

[topfiverecords]

Never heard of Celsius before today. Good thing no one posted here to “invest” in it. I definitely would have taken their advice and taken out a LOC and “invested” in this at the time.