According to https://search.brave.com/search?q=bitcoin+price&source=web
In the past month Bitcoin has lost 20% of it's value are we about to experience a cryptocurrency crash?
Why Is Bitcoin Crashing?
Comments
backed 100% by code and pegged to the value of fiat money.
value. again what does that even mean.
@rektrading: you would have to have fiat currency to exchange that to face value; theoretically should all holders redeem them. Therefore backing is important word and distinction from pegging. if it not backed, then it has less creditability. Tether initially advertised that each USDT is 100% backed by USD. Once they are caught printing money, they changed their wordings just like corrupt politicians.
What assets does Tether have that is "pegged" to USD Value. Digital currency does not count as asset when you are "pegging" it against fiat currency.
@No ONE: The top trading asset in the past 24H is USDT with +$34.15B vol. The next on the list is ETH with +$9.23B vol.
Traders don't care that USDT is not being backed 1:1 with USD because they know that it's FUD. All they want is liquidity and a reliable peg. Anything else is noise.
The only people that care are the ones that don't use it.
You're confusing the two words pegged with backed.
Google says:
Pegging is a sexual practice in which a woman performs anal sex on a man by penetrating his anus with a strap-on dildo.
Considering it’s an ‘investment’ that is backed by no real value… I’d say it has no-where to go but down…
Ah yes, spot the No-Coiner.
Go pump your money into your super, within a few years they'll all have a cryptocurrency portfolio anyway.
You might have to learn some big scary words and terminologies but I'm sure you'll get a grip down the track, lest your Crypto-broker make a killing off your ignorance ;)
Spoken like a true hype/fomo buyer. I’m very well educated thanks, sure, I may miss out on thousands of baseless profit, but I choose to invest where I see sustainable and real value.
Lets see how this comment ages
crypto isn't even close to maturing yetCan age as well as it needs to… doesn’t change the fact that the coins are based off no real value…
People thought the internet had "no real value".
People now think crypto has "no real value".
@iatnuy: Ah but the internet did have real value - it performed a function, even if it was just to provide chat rooms for lonely people. even the first ever website's sole purpose was to share information - so from day 1 it had value.
To date - no crypto has actually served to provide any real value, other than for holders to profit off fomo buyers, which subsequently has created a market to transact on. Those transactions are simply betting on how interested people are in buying a nothing coin.
At least with other investment vehicles, the underlying asset has value which generally defines the worth of the vehicle…
@geoffs87: It's just one of those nonsense 'arguments' people toss out without actually weighing up. "X is worthless? Well, people once said Y was worthless".
Nevermind who 'those people' actually were, whether they were right (at the time) or not.
It's like trying to talk a teenager out of dropping out of school and they drop a pearler like "Well, Bill Gates dropped out of school and he did alright". Well, there you go, turns out dropping out of school is actually a great first step on building a global software empire, etc etc.
@geoffs87: I guess I'll have to spoon feed you guys some knowledge out of the goodness of my heart, but it really does pay to do your own research. Thoroughly. aka not reading garbage articles published by centralized media written by uninformed journalists.
Crypto's value is in blockchain technology and the decentralized, open source nature of it. Significant benefits.
Some example off the top of my head:
How much interest are traditional centralized banks paying you to borrow your money? Shit all. Why? Because the government controls the banks and the interest rate and fees are through the roof due to various reasons. In contrast, you're able to get ~20% APY risk free in DeFi protocols. What are DeFi protocols you ask? Google it, youtube it…
How much in fees do you have to pay traditional banks/institutions to send money overseas and how long does it take for the money to arrive? 10%+ is common and numerous days and what if your funds are embezzled somewhere along the way as it has to interact with multiple entities? On some blockchains you can send cryptocurrency almost instantly, securely and with negligible fees.
How much are traditional centralized insurance companies charging you on your premiums? A shit ton due to various factors that insurance companies need to account for such as insurance fraud, large overhead costs, earning profit for shareholders etc.etc. Some claims can also take a really long time to process.
Now imagine an autonomous insurance protocol built on a blockchain purely from smart contract code and oracles. Those extra costs associated with a centralized insurance company are greatly reduced. Claims are also paid out instantly. The "shareholders" are people who participate and contribute to the protocol e.g. providing liquidity for the risk pool.NFTs provide the value of "verifiable ownership".
The list goes on.
Go and spend 10-20 hours over the weekend and do actual, solid research on blockchain, DeFi, Web3. Then come back and tell me "no crypto has actually served to provide any real value". I dare you.
@iatnuy: Despite your garbage introduction (hint: saying things like "centralised media" makes you sound like a tin-foil wearing conspiracy theorist. "Do your own research" was literally shorthand for QAnon handing you a brochure of Zionist world bank theories to flip through), I'm willing to engage with your uh.. bunch of rhetorical questions? Is this what passes for 'spoonfeeding' now, here's a handful of Just Asking Questions questions? Sheesh.
Seems to be a confused mess built off the precept that the government actually controls the banks. You might want to skim the RBA response to ScoMo's scare tactic announcements about what Labor is going to do with interest rates as a taster the next time you're doing your own research. But it's flat out wrong, anyway, if you want the TL: DR version.
Seems to be a commentary on transfer fees payable to banks, which is fine. Cryptocurrency transfers happening almost instantly with negligible fees might be a bit of a stumbling block. I mean, what's the gas fee on sending $20 right now? Get back to me if it's less than $2 [which would be 10%].
And what the actual heck is insurance fraud coming into here for? Is crypto somehow solving the vague "various factors that insurance companies need to account for such as insurance fraud, large overhead costs, earning profit for shareholders"? I'll do you a favour and pretend you didn't attempt such a clumsy, unsupported over-reach unless there's a point to "because crypto now insurance is cheap" nonsense.
I'll agree NFT's do that, at the same time acknowledging it's a very expensive way (especially enviromentally) to keep a receipt. My question to you is - what problem is this solving? Were there significant problems with proving ownership up to this point? More than the existing court system and copyright, legal contract etc basis we've been using for hundreds of years? Was there a lot of people not being able to prove they own things?
As a technical idea/service, crypto/blockchain is a fine idea. That's not the same thing as saying "all these thousands of speculative meme coins in this unregulated pump and dump market are absolutely filled with value and a good idea". It's grifters using buzzwords to dress up old scams and fleece people with The Emperor's New Clothes.
When a reliable environmentally conscious service comes along that uses blockchain, I'll be an eager participant. What we have now is a meme-fuelled trash fire.
I mean, what's the gas fee on sending $20 right now? Get back to me if it's less than $2 [which would be 10%].
The price of a Tx right now is $0.36.
TRANSACTION FEES
Medium priority
5 sat/vB
$0.36
High priority
5 sat/vB
$0.36
https://mempool.space/This wallet Tx 38.37205847 BTC ($1,937,977.74) and paid $0.72 in fees.
https://www.blockchain.com/btc/tx/3782e4750fbbc9d9ebceb53e76…@rektrading: https://cryptopotato.com/ethereum-network-fees-surge-to-insa…
Aha, I was looking at this one that said the fee to transfer $20 was a $500 fee.
Still, if it turns out that report was wrong and it's actually only $0.36 then there's no problem!
@CrowReally: It's two different networks.
You're right that Tx fees on Ethereum are high. The devs have been trying to "fix" it but it's proven to be rather difficult.
Other devs "fixed" the fees by buidl side chains and L2 on top of Ethereum where the Tx fees are a few cents.
@rektrading: Well, it seems the transfer fee on "crypto" right now for $20 is either $0.36 or $500 or somewhere inbetween, shall we say? Is that a similar sort of fee range the banks are offering?
I'll be polite and not push the angle "If Ethereum is one of the more reliable main players in the market and we're talking about commercial transfers, it's probably the Ethereum fee we should be using for our example" because I don't really need to hammer home the fact a 2400% fee is significantly larger than a 10% fee. We can just politely agree that crypto is yet to prove itself a reliable comparison in fees to centralised bank fees.
When the devs "fix" that rather difficult problem we can probably reconvene. Good luck, devs!
@CrowReally: Spotted the 40+ year old boomer. It's obvious you have no clue what's happening in the crypto space right now.
You earn way more % in "interest" in DeFi than you do in TradFi.
Gas fees are negligible (few cents) on L2's and Eth mainnet gas fees will reduce significantly next year after migrating to PoS.
Yes crypto solves insurance fraud and cuts out other costs that make traditional insurance expensive. I know exactly how premiums are calculated and what insurance companies do with your money after you pay them the premium.
https://reader.elsevier.com/reader/sd/pii/S1877050919322136?…Ownership can be fraudulent and going to court is expensive. NFTs solve that. And again, they're not expensive if the NFTs live on L2 chains instead of Eth mainnet.
Crypto is very environmentally conscious already. All the blockchains I know are using PoS instead of PoW except for Bitcoin and Ethereum and Ethereum is migrating to PoS next year. The majority of miners are using renewable energy anyway.
@iatnuy: I love how you you can't resist starting off with an insult. Don't worry, I'm not about to imply you're 40+ years old; in fact, I'm not going to imply you're an adult at all.
I'll speedrun this so you can get back to your Tiktoks.
"I would be able to find a crypto interest rate that's much higher than a fiat interest rate" but…
"Let's ignore the crypto transfer fee that you found that's much higher than a fiat transfer fee"
Nope, doesn't work that way. And let's not forget interest is an income return, not a capital one. Fiat capital value is stable as shit, that $3.90 in your Dolomites First Saver account is worth the same $3.90 it was two years ago. Show me stable crypto and we can discuss interest returns on top of that.
.3. An amazing walk back from "crypto is killing gigantic insurance premiums and (something about) returns for shareholders (???)". Crypto contracts may reduce some cases of insurance fraud in the same ways requiring photo ID and carving VIN numbers on car parts did as well. It's great to be excited about improvements to contract security, this isn't "we are about to DISRUPT the INSURANCE INDUSTRY BITCHES".
.4. Is more handwaving nonsense. Ownership may be fraudulent almost sounds convincing, but am I going to find articles about "Artist work stolen and used to make NFTs" if I pop my old man glasses on and Ask Jeeves? Also, NFTs bypassing the court system? Are we somehow going to enforce our rights using just crypto now?
Less time scrolling, more time studying. Finish your homework and there might be 45 minutes of Minecraft before bedtime, son.
@CrowReally: If you don't believe it or get it then I'm not gonna waste my time.
I'm correct about you being 40+ years old tho right big daddy?
@iatnuy: I stated my belief in the very first thread.
Crypto absolutely will have a function (once the enviromental problem gets fixed).
Coiners telling everyone crypto solves all your problems and makes you a sandwich and it's all free money and the new economy get in quickly diamond hands, are part of a gigantic rug-pull Emperor's New Clothes scam, and the biggest credibility problem the former paragraph has for acceptance.
I'll admit I'm 40+ when you finish your Ribeena and admit you're a tween. Deal?
@CrowReally: Never said it's all sunshine and rainbows in the crypto space right now did I?
In fact, I love buying worthless shit when I know I can dump on the unsuspecting 6 hours later at 3x what I paid. Free money.
But that doesn't change the fact that lots of projects with good fundamentals exist out there. Finding them and investing in them is also free money.
Ah I know, you got rugged or dumped on and now you think everything's a scam?
@iatnuy: You fronted up with "yoyoyo crypto gon' fix banks, gon' fix insurance..". Downplaying the ridiculous exuberance slash optimism you displayed is a bit late in the game. But: It's okay to be a little bit embarrassed when an adult calls you back from fantasy land. That's part of the joy of being young!
Also, I am very impressed with your shark-like knowledge that lets you make an effortless 3x turnaround in six hours. Given how many six hours fit into a day you must really be sitting on quite a nice pile! Warren Buffet certainly doesn't have that borderline-unbelieveable level of return but let's be honest, that dude is definitely 40+..
I'd recommend being careful using big words you don't fully understand however (e.g. fundamentals), because you're going to bump into bigger people sometimes who don't like storytime as much as you and they're going to be a bit of a downer.
All in all, good presentation, silver star.
@geoffs87: every coin is a project
every defi protocol is a project
every NFT collection is a project
@geoffs87: Blockchains without mining rewards are inefficient. It will be a centralized, permissioned and mutable network that nobody will use.
I was a skeptic of btc, back in 2012 or 2013.. my mate brought it up when it was around 220 or 300 AUD per btc and never took note of it, kind of seemed ridiculous at the time as broke student. Anyway fast forward now 7 years later, I've dabbled in shares on the asx etc and at first I was a terrible emotional trader fomo'd in, and sold dips out of fear. Lost a lot… but I always invest what I can afford to lose.
Out of curiosity I put some cash in crypto made like 30k profit just flipping coins, which is great but had I held my initial investments they'd be worth hundreds of thousands right now. I've since adopted the hodl mindset, and it's paid off immensely.. if I was to cash out right now I could buy like half a low tier house in Syd, or a nice house in a less densely populated area like Cairns or something, and that's still after this current crash where I'm down like half of my ATH. - all of this grew from about 80k dribbled in over a few months. It's Funny seeing my crypto net worth grow to more than my entire 7 year career income.
Hell sure it could go to zero tomorrow sure, but life as usual if it does..I also find it comforting to know I'm just a drop in a much bigger pool. I might be down a few thousand, but bloke over there is down a few million/billion :P
TLDR Just hodl, don't invest what you can't handle to lose. If you're feeling scared it's probably a sign you've invested too much.
I have invested $100 in Aus coin - 25 x $2. I keep them in a tin. They are not going that good as a speculative asset but work fine as a medium of exchange, which is what Bitcoin is supposed to be.
Oops, I got ripped off. That should be 50 x $2
I dunno man, sounds like you're already down 50%.
ed: curses :P
China has recently banned bitcoin mining which may have something to do with it. Bitcoin (and other proof of work cryptocurrencies) are now having a not insignificant contribution to CO2 emissions and I suspect this will be the issue that kills them eventually and deservedly so, it's a ridiculous waste of resources. Cryptocurrencies based on other consensus mechanisms could be a lot more efficient.
I wouldn't say it's crashing. It's just all over the place for absolutely no reason…
I'm only playing with small money, but in March I had $540 invested, May i had $1450, in July I had $579, last Friday I had $1870, today I have $1557. With lots more ups and downs in between. While it's down now, it's still up depending on your reference point.
Another crypto thread… With these and the Tesla threads I can hardly keep up with my bargains….
Can you blame them? 😡 will 😡.
Didn't know $72000 AUD bitcoin was referred to as crashing, interesting theory poster.
It bit enough
Any investment:
Sometimes it goes up
Sometimes it goes down
Sometimes it stays the sameBitcoin is no different.
Who'd a thunk it?
It's just doing what it has always done. The bitcoin rollercoaster always goes down at some point but if you just wait, it will hit an all time high again. This is the cycle.
When it's down, it's the perfect opportunity for no-coiners to gather the courage to post their jealous sentiments. But the silence sure is eerie when BTC reaches another ATH.
Doesn’t that raise a red flag? Price only increases because people buy in because fomo?
bears fearful of $100k by end of year
Elon
pourquoi pas?
Back in business, wagmi and ngmi.
Just need to close above 200MA to trigger the bots.
I wish I could understand your language.
Join CT. Lots of nice people from all walks of life and all over the world.
What is
CT? Is200MA200 Mega Ampere?wagmiis some kind of beef? andngmino idea.@deme: CT - Crypto Twitter (people who discuss crypto on Twitter)
200MA - 200 day Moving Average (A technical indicator on a price chart that shows a moving average line based upon last 200 days)
wagmi - we are gonna make it
ngmi - not gonna make it
Jesus
becuz its a pile of shit
Crypto is basically the transfer of wealth, theres always going to be winners and losers. Just need to gamble on when to buy and when to sell.
Everything's a gamble when you don't know what you're doing.
Yes! Thank you.
Yes, but the rich always win
Bitcoin Analogy
An analogy in Layman’s terms the explanation how the Crypto Currency works?
Not long ago a merchant found a lot of monkeys that lived near a certain Village.
One day he came to Village saying he wanted to buy these monkeys!
He announced that he would buy the monkeys at $100 each.
The Villagers thought that this man must be crazy - - - How can somebody buy Stray Monkeys at $100 each?
Still some People caught some monkeys and gave them to this merchant and he gave $100 for each monkey.
This News spread like wildfire and People caught monkeys and sold them to the merchant.
After a few days, the merchant announced that he will buy monkeys at $200 each.
The lazy villagers also ran around to catch the remaining monkeys!
They sold the remaining monkeys at $200 each.
The merchant then announced that he will buy monkeys for $500 each!
The villagers start to lose sleep! ….. They caught six or seven monkeys, which was all that was left and got $500 each
The Villagers were waiting anxiously for the next announcement.
Then the merchant announced that he is going on Holiday for a week, but when he returns, he will buy monkeys at $1000 each!
He also said that his employee will be in charge, and would take care of the monkeys he bought pending his return.
The Merchant went on holiday!
The Villagers were frantic and very sad as there were no more monkeys left for them to sell it at $1000 each as was promised by the Merchant.
Then the Merchant’s Employee contacted them and told them that he would secretly sell them some monkeys at $700 each.
The news spread like wildfire. As the Merchant promised on his return that he would buy monkeys at $1000 each, they would achieve a $300 profit for each monkey.
The next day The Villagers queued up near the Monkey Cage.
The Employee sold all the monkeys at $700 each. The Rich bought monkeys in large lots. The poor borrowed money from money lenders and bought the rest of the monkeys!
The Villagers took care of their monkeys & waited for the Merchant to return!
However, nobody came! ….. Then they ran to Find the Employee …. However, he was not to be found!
The Villagers then realized that they have been duped buying the useless stray monkeys at $700 each, and were now unable to sell them!This Monkey Business is now known as Bitcoin! It will make a lot of People bankrupt and a very few people filthy rich in this kind of Monkey Business.I have some nice monkey cages for sale if anybody is interested………………
Entertaining! Now, give me a banana…
🍌
A quick google search of this analogy tells me this was written in 2018.
So I'm assuming whoever wrote this bought the tip of the 2017 blowoff top and panic sold after the crash and thought Bitcoin was a ponzi. Poor guy.
It's a shame if they sold. They would be up to 2.5x right now if they had 💎 🙌.
sshhhh, we need exit liquidity and people to fill our bids in the bear
@iatnuy: Exit into what? Fiat money?
The feds intentionally destroy fiat money to keep the poor wage slaves working until they keel over at their desk or shop floor.
They keep the cash rate low to kill people's savings. This also helps their banker buds lure people into signing low interest 30Y death loans on minimum wage with the knowledge that many of them will die before they pay it off.
The fiat system was designed to make the poor poorer and the rich untouchable.
arctic monkeys album release
Nothing about removing capital gain on spending.
Treasurer moves to regulate cryptocurrency
Wed, 8 December 2021, 12:30 am·2-min read
https://au.news.yahoo.com/treasurer-moves-regulate-cryptocur…They should try harder or they'll ngmi.
Will they get rekt?
they will when people leave the country for one which treats crypto gains more fairly.
high leverage
close to a century ago shortly after 1929 market crash, the father of value investing came up with this definition
“An investment operation is one which, upon thorough analysis, promises safety of principal and a satisfactory return Operations not meeting these requirements are speculative.”
crypto fits the definition of speculation as it generates no revenues and has no incomes so there is no way for it to generates you a satisfactory return.
speculation tend to be very volatile it based on the madness and the emotion of the crowd so dropping 20% or 50% or 90% is normal for speculation stuff
You can absolutely gain revenue from BTC though
Could you please explain how you can gain revenue via BTC?
The asset can earn a yield on lending or trading fees.
That get you into the line of unsecure lending and hence unsecured creditor when shit happens and that goes against "promises safety of principles"
that definition is extremely good to test the validity of any investment
Crypto loans are overcollateralized with a 1.5 or a 1.6 ratio.
The lender is fully protected in the event of a forced liquidation.
@rektrading: it is not a regulated market what they said and what rules applied are two different things when shit hit the fans
If I got money in the banks and lend them it regulated and fully protected by the government guaranteed when banks collapse and all the money is gone
the government will step in and give me my money backs, no such thing exist in crypto world, when shit happened and everyone took their money and run
game over, look at all the crypto exchange that collapse bye bye your holding@MrMarket: CEX and CeFi are regulated by the SEC, CFTC, ASIC, AUSTRAC, FinCEN, FCA, FINTRAC and dozens more agencies around the world.
They're more regulated than legacy banks.
FDIC isn't unconditional and only covers up to $250,000.
Reputable CEX are insured by 3rd party and/or have SAFU to cover hacks.
Nocoiners that FUD should at least do some research to make it 👀 creditable.
@rektrading: the claimed they are more regulated than legacy banks said it all really
the same as mycryptowallet claimed they are regulated by AUSTRAC?$250K per bank, you can have banks account in 10 banks and each covered 250K
There is no condition as long as they are authorised deposit-taking institution@MrMarket: It looks like an Australian CEX which means they were regulated by ASIC and AUSTRAC.
It is the regulator's job to make sure that the CEX have all their licenses or permits in order and follow up with regular audit. They clearly failed to do their job in this case.
If I got money in the banks and lend them it regulated and fully protected by the government guaranteed when banks collapse and all the money is gone
the government will step in and give me my money backs,One more thing to add to this.
The feds won't care because they'll use your neighbour's taxes to pay for it. If that doesn't cover it then they'll just turn on the printer and go brrrrrrrrrr.
They did it in 2008 and won't hesitate to do a GFC 2.0 Reboot.
you can get income through yield farming. Or you can take loans out with crypto as collateral. Most technology is volatile in the first few years.
Ask Craig Wright
Idiots with leverage.
Why Is Bitcoin Crashing?
Do you know why it kept inflating?
coz I just got some
dunno, but i dont really care since i invested in 2015 and wont be withdrawing by 2025.
:)
Expect a truckload of salt coming your way.
In a few years time when bitcoin is 6 figures this thread is going to look pretty stupid.
It doesn't take a 100k bitcoin for this thread to look stupid.
Half the crypto ignorant people here sound exactly like this US congressman speaking in the crypto hearing this morning.
https://twitter.com/0xArch/status/1468647131070271494?fbclid…
The Sherminator didn't disappoint.
His banker buds are probably asking themselves why they pay him $100,000s for him to behave like a 🤡 on live tv.
Just seen the latest headline (https://www.independent.co.uk/life-style/gadgets-and-tech/bi… ) so perhaps OP should change the title of this thread to "Why is Bitcoin Surging?"
Why is the market pamping???
May be this.
https://twitter.com/Kr00ney/status/1468603728206827521?t=VLd…
@No ONE: Algorithmic stablecoins are backed 100% by code and pegged to the value of fiat money. There is no fiat money locked in a vault somewhere that people can redeem 1:1.