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Booyah- posted:https://twitter.com/BitcoinIsSaving/status/1538150750701998080 How can someone pay to have this tweet embedded in the blockchain after all the exchanges
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Jun 19, 2022 03:41
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idiot question time: 1) how do tether/other money printer machines prop up bitcoin? it creates money..does that money somehow get injected into bitcoin sales or something? 2) how does bitcoin go up in price? like how did it get to 60k to begin with? celebs promoting it and crypto.com buying the staples center in LA? just mass hype around it and getting more idiots on board? that one superbowl commercial? 3)at what price does eth become unprofitable in the GPU mining space? it was like at 900 something right? Last i recalled, prior to this crash, the breakeven period was almost a year or something? 4)my younger brother, otherwise really wise with money, has asked me if he should get into crypto/nfts because he understands that savings in a bank account don't do anything. Luckily he asked me first and I told him to go to a casino if he wants to gamble, but are there any short videos (or hell, tiktokers or tiktok vids) that go over why this stuff is toxic? I wasn't really able to give him a good answer because I myself dont understand crypto other than idiots become bankrupt from funnymoney bubbles.
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Jun 19, 2022 03:42
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Cat Hatter posted:On the subject of buying used mining GPUs from earlier, it doesn't really matter if the card was under or overclocked. The trick is to get something like an EVGA or MSI where the warranty is based on the manufacturing date. If it's on eBay, there's a good chance it's been thrashed and you don't want to end up hodling the bag. this was true back when people routinely mined bitcoin. eth, which was the popular GPU mining coin for this entire bubble (it was designed explicitly to do this) actually performs better if you underclock the core and upclock the snot out of the memory, which keeps it pretty cool and limits energy consumption - not doing so would be throwing money away. a card that has spent an operational life at say 50-60 will almost certainly outlast one running at 80-90, you were likely to get the latter with the bitcoin mining boom and the former with eth.
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Jun 19, 2022 03:42
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buglord posted:idiot question time: 1) They create stable coins which are supposed to be backed by USD (fine print says no), then use those to buy coins. If you think this seems insane, you're right, but legally these are people buying imaginary things with imaginary things and claiming a USD price 2) Celebs high prices russian state actors and idiots wanting to get rich 3) The unprofitable point is probably signficantly lower than that, but when I say unprofitable I mean for etherium's owners. People trading the coins or whatever is only tangential to their wealth and they've likely siphoned tons of money out already 4) "Line Goes Up" has a lengthy crash course on why NFTs and by extension crypto, are garbage. https://www.youtube.com/watch?v=YQ_xWvX1n9g An even shorter summary is "crypto doesn't do anything". With stocks and other investments there is a good or service tied to the value. The only underpinning to crypto is a desire for crypto to be valuable and businesses which help you exchange these coins that signify nothing. Barudak fucked around with this message at 03:50 on Jun 19, 2022 |
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Jun 19, 2022 03:48
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CoolCab posted:this was true back when people routinely mined bitcoin. eth, which was the popular GPU mining coin for this entire bubble (it was designed explicitly to do this) actually performs better if you underclock the core and upclock the snot out of the memory, which keeps it pretty cool and limits energy consumption - not doing so would be throwing money away. a card that has spent an operational life at say 50-60 will almost certainly outlast one running at 80-90, you were likely to get the latter with the bitcoin mining boom and the former with eth. I get that Ethereum is easier on the card (and only exists so people could go back to mining on GPUs) but I just don't trust anything on eBay that you can't tell is broken by looking at it. Hell, my 280 technically worked, but was prone to crashes and glitches on stress tests.
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Jun 19, 2022 03:49
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buglord posted:idiot question time: This video hits all the points in a Zoomer-friendly way: https://www.youtube.com/watch?v=u-sNSjS8cq0
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Jun 19, 2022 03:57
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buglord posted:idiot question time: tell your brother to buy a series-I treasury bond if he wants to put his money somewhere better than a savings account but still low risk. also show him line goes up
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Jun 19, 2022 03:58
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buglord posted:
Just show your brother this tweet, https://twitter.com/OracleHawk/stat...ingawful.com%2F
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Jun 19, 2022 04:01
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MarcusSA posted:Just show your brother this tweet, just hope he's not one of these people 
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Jun 19, 2022 04:04
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Oh you could also show him the nearly $2k swing this poo poo took today lol.
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Jun 19, 2022 04:08
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inputfailed posted:Has anyone said hodl my beer yet? HODL my slurpjuice!
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Jun 19, 2022 04:10
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Everyone hodl on to your apes, it's going to get bumpy
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Jun 19, 2022 04:15
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MarcusSA posted:Oh you could also show him the nearly $2k swing this poo poo took today lol. Yeah, but he'll buy for the $2k upswing and not the downswing!
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Jun 19, 2022 04:17
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buglord posted:idiot question time: Stable coins are supposed to be 1:1. A new coin shouldn't be minted until a dollar is put in the vault. They are an avatar for fiat in the crypto markets, in theory. In practice they all realized that if they hid the entire enterprise in a black box, they could continue to mint coins without collateral and use them to buy BTC and keep the price up (as long as nobody comes asking for their dollars)
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Jun 19, 2022 04:44
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what a good weekend this has been
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Jun 19, 2022 04:47
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kirbysuperstar posted:what a good weekend this has been Hell it’s not over yet.
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Jun 19, 2022 04:47
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https://twitter.com/saifedean/status/1536528183494856704?s=21&t=yIsKOX8eWTg90BqrRkqazQ Aged like milk.
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Jun 19, 2022 04:53
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davecrazy posted:https://twitter.com/saifedean/status/1536528183494856704?s=21&t=yIsKOX8eWTg90BqrRkqazQ do they know that the S&P500 and the Dow Jones are indexes, that you can't just buy them
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Jun 19, 2022 04:59
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Mumpy Puffinz posted:do they know that the S&P500 and the Dow Jones are indexes, that you can't just buy them Imagine, an index fund that's "one of everything"
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Jun 19, 2022 05:00
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davecrazy posted:https://twitter.com/saifedean/status/1536528183494856704?s=21&t=yIsKOX8eWTg90BqrRkqazQ even assuming the price from 6/13... 5 years before that was before the first spike in bitcoin. what are the odds the $29,212 figure is actually correct? i cannot imagine anyone holding that long and never selling or never losing it. i only know of one person indirectly who has claimed they have held bitcoin that long and never sold but they were also rich enough to not have to worry about its price going up/down
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Jun 19, 2022 05:01
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Mr. Lobe posted:Imagine, an index fund that's "one of everything" go on
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Jun 19, 2022 05:02
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davecrazy posted:https://twitter.com/saifedean/status/1536528183494856704?s=21&t=yIsKOX8eWTg90BqrRkqazQ I’d love to see the math on this.
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Jun 19, 2022 05:03
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Strong Sauce posted:even assuming the price from 6/13... 5 years before that was before the first spike in bitcoin. the first person who catches on and sells is going to make a mint. The rest are going to be holding the bag
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Jun 19, 2022 05:04
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oh yeah cheese is aged milk. and some rich people talk about cheese and wine pairings and some rich people pay for maggot cheese, so my apecoin and this ancient bottle of milk are worth trillions.
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Jun 19, 2022 05:06
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is this where bitcoin goes to 0 finally?
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Jun 19, 2022 05:14
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EmmaDilemma posted:is this where bitcoin goes to 0 finally? it'll never go to 0, it'll die at whatever the number says when the exchanges run out of money
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Jun 19, 2022 05:15
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EmmaDilemma posted:is this where bitcoin goes to 0 finally? Probably not, but it is a sign of the pillars of heaven shaking. Who can say when the firmament will fall at last? Not I, OP
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Jun 19, 2022 05:15
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EmmaDilemma posted:is this where bitcoin goes to 0 finally? Value or cost? Value was always at 0, cost probably won't go to 0 in the near term but the closer it gets the better
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Jun 19, 2022 05:15
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The thing that gets me about these crypto dork tweets (and the companies too) is that even apart from the stuff they are saying is utter bullshit they are so loving smug sounding. Like every time I read one it just gets my hackles up and I want to fight them.
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Jun 19, 2022 05:23
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Strong Sauce posted:even assuming the price from 6/13... 5 years before that was before the first spike in bitcoin. There was a site that indexed original Bitcoin price by wallet. Obviously it started inconceivably low vs current price. Over time basically no wallets remain that got in at 1$ or whatever. Also yes constantly people try to tell me crypto has equivalent utilities to stocks. I basically just stop talking to them.
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Jun 19, 2022 05:23
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Barudak posted:1) They create stable coins which are supposed to be backed by USD (fine print says no), then use those to buy coins. If you think this seems insane, you're right, but legally these are people buying imaginary things with imaginary things and claiming a USD price What does it mean for something to be "backed" by a USD? What does it mean that there isn't really USD backing it? They're using 18,000 this imaginary money to buy a bitcoin and pretending that's equal to 18,000 USD. By paying more with the imaginary money they are keeping the price of bitcoin higher. More of those imaginary moneys are being created to ensure that more "dollars" can be used to spend on bitcoin. Is that about correct? I also have no idea what's going on with more generic stock terms like options and calls and shorts, but I won't pester the thread for finance 101 questions.
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Jun 19, 2022 05:31
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Beartaco posted:What does it mean for something to be "backed" by a USD? What does it mean that there isn't really USD backing it? They say that for every dollar of stable coin minted, there is a real honest to go dollar behind it in their account. No, you cannot see the books, you must take them at their word.
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Jun 19, 2022 05:33
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Proud Christian Mom posted:They say that for every dollar of stable coin minted, there is a real honest to go dollar behind it in their account. pretty sure they all stopped even lying about this part years ago
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Jun 19, 2022 05:36
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MarcusSA posted:I’d love to see the math on this. You can easily get monthly historical data from here (they say you have to make an account to download it, but once you filter it appropriately you can just copy/paste into Excel). So I've got an Excel sheet with the price of BTC every month, going back to July 2017. If you bought $100 of BTC on whatever day they're reporting the value at, you'd have a total of ~0.643 BTC, which at current prices is ~$11850. Even if you sold it all at the highest value the day he posted, you'd only get $17250. But since BTC is so volatile, you can game the numbers however you want. I think he assumed you buy at the lowest value each month, which gives you 0.81 BTC instead, and if you sold it for the highest price in the last month, then you'd get ~$26000. These numbers are going to vary based on what exchange you're looking at, so I'd bet he does have a set of numbers that says what he says they do, but I'd also bet that nobody in reality got anywhere close to that return. Lies, drat lies, and statistics. (If you go the other way and buy at the highest price each month, then sold this afternoon at $17500, then you'd get about $9800 instead.)
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Jun 19, 2022 05:36
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Proud Christian Mom posted:They say that for every dollar of stable coin minted, there is a real honest to go dollar behind it in their account. No, you cannot see the books, you must take them at their word. And why is this important? What about the group that minuted the coin having a dollar to "back it up", makes the idea that the crypto coin is worth a dollar more than just wishful thinking? In this hypothetical there really is one USD owned by the minter for every stable coin they printed.
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Jun 19, 2022 05:38
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Beartaco posted:And why is this important? What about the group that minuted the coin having a dollar to "back it up", makes the idea that the crypto coin is worth a dollar more than just wishful thinking? banks wouldn't lend to the exchanges so they invented "Dollars, We Promise" to stay in business
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Jun 19, 2022 05:39
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Karia posted:You can easily get monthly historical data from here (they say you have to make an account to download it, but once you filter it appropriately you can just copy/paste into Excel). So I've got an Excel sheet with the price of BTC every month, going back to July 2017. If you bought $100 of BTC on whatever day they're reporting the value at, you'd have a total of ~0.643 BTC, which at current prices is ~$11850. Even if you sold it all at the highest value the day he posted, you'd only get $17250. Yeah that’s about what I figured lol Wouldn’t you be compounding if you had invested the same number in stocks though? I don’t see how that math works out.
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Jun 19, 2022 05:41
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lmao, it's just like 1929, but playing out like a Benny Hill skit set to Yakety Sax; Benny chases all the girls, which are wearing crypto symbols. At the end of the skit an old lady repeatedly smites Benny over the head with a comically large umbrella joined by all the girls curb stomping him.
tango alpha delta fucked around with this message at 05:47 on Jun 19, 2022 |
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Jun 19, 2022 05:45
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Beartaco posted:And why is this important? What about the group that minuted the coin having a dollar to "back it up", makes the idea that the crypto coin is worth a dollar more than just wishful thinking? because in that hypothetical you could simply trade a fake dollar for a real dollar, making the fake dollar have exactly one dollar of real value. it would always be worth one real dollar no matter what, as long as you could freely exchange it for a real dollar. when the people who mint the fake dollar don't actually have a real dollar to back the fake dollar up, then the fake dollar is only worth a real dollar for as long as everyone's collective delusions about the value of the fake dollar lasts. Dr. Video Games 0031 fucked around with this message at 05:50 on Jun 19, 2022 |
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Jun 19, 2022 05:46
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Mimesweeper posted:banks wouldn't lend to the exchanges so they invented "Dollars, We Promise" to stay in business Yep, the entire crypto market would have locked up from lack liquidity if they hadn't invented 'stablecoins' to let them pretend to trade USD around. You can see the panic and massive, massive wash trades currently happening among the stablecoin producers here: https://twitter.com/whale_alert
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