Cryptocurrency mega-thread

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Scotland

TheBrownDog
May 5, 2006
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No different than the stock market. Companies go under all the time and people take big losses. It just happens a lot faster in crypto.

There are 2,000 or so companies listed on the ASX, and they are regulated by ASIC. NYSE is regulated by the SEC etc.

At last count there are around 20,000 cryptocurrencies and they are regulated by no one.

It's complete apples and oranges. When a company like Theranos has a $9b valuation and people realise it's a scam it's a big deal. And the CEO was found guilty of fraud and is going to jail. When a joke cryptocurrency - released as a joke cryptocurrency - reaches a $85b market cap (then loses 90% of it) the ramifications are zero. Dogecoin or any other token could disappear tomorrow and too bad so sad if you've spent $10 or $10m buying it.

I don't know why people are so keen to compare the two when they are so fundamentally different.
 

Chief

Chugging Adrenochrome
Dec 1, 1999
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You're generalising all of crypto. Are you talking about Elon, Saylor, or shitcoin creators? There's a difference.
Quick Google based on a remembered section from a video I watched gave me:


In the previous five years, Bitcoin's mining capacity has been very concentrated, according to the report. The top 10 per cent of miners controlled roughly 90 per cent of mining. Around 50 miners controlled half of the mining capacity.

“top 1,000 investors control about 3 million BTC and the top 10,000 investors own around 5 million Bitcoins”, according to the paper.
 

Evolved1

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Jun 14, 2013
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Quick Google based on a remembered section from a video I watched gave me:

While your claim that bitcoin isn't fully decentralised is legitimate, I see no reason to believe the largest holders think it's going to zero. Your stats are skewed somewhat because the alias known as Satoshi Nakamoto holds roughly 1 million BTC that have never been moved.

Large holders of bitcoin believe in it's long term viability, which is why they hold long term. Tesla and Microstrategy are currently in loss for their holdings, yet don't seem bothered. If they're holding something they consider worthless and going to zero, their strategy is counterintuitive.

The same critique has been around as long as I've been into crypto, yet we just had another bubble. I can't wait to hear more about tulips and the like. Will you post the same criticism after we dump from $100k to $40k?
 

Chief

Chugging Adrenochrome
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I see no reason to believe the largest holders think it's going to zero.
Yeah I don't know what they are doing with it. Are they leveraging it for other purposes? Is it part of SRD or some other minimum assets level? What I mean is, are they listing it as an asset and thus able to free up cash to lend or invest?

Banks and other institutions can do a lot with a couple of billion dollars worth of coins they are looking at as a "gain" after buying cheaply.
 

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dustysnecktattoo

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May 15, 2019
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Crypto going down, and more graphics cards have now suddenly become available......

This is the crash the world needed.

A stable coin for each fiat currency is a good idea, but just one for each not multiple, and how to make them actually stable is the question I don’t have an answer for
 

Evolved1

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IMG_20220630_202423_776.jpg
 

Seeds

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Sep 15, 2007
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While your claim that bitcoin isn't fully decentralised is legitimate, I see no reason to believe the largest holders think it's going to zero. Your stats are skewed somewhat because the alias known as Satoshi Nakamoto holds roughly 1 million BTC that have never been moved.

Large holders of bitcoin believe in it's long term viability, which is why they hold long term. Tesla and Microstrategy are currently in loss for their holdings, yet don't seem bothered. If they're holding something they consider worthless and going to zero, their strategy is counterintuitive.

The same critique has been around as long as I've been into crypto, yet we just had another bubble. I can't wait to hear more about tulips and the like. Will you post the same criticism after we dump from $100k to $40k?
Will you still maintain your view when its down to $5000?
How far does it have to fall before you realise this is just a giant ponzi scheme?
 

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