Bitcoin, dogecoin lead wipeout of over half a trillion dollars in manic Monday for crypto

[multigraincracker]

The end of Bitcoinmania?


The air is leaking out of the crypto complex, highlighted by declines in popular trades, including bitcoin, dogecoin and crypto platform Coinbase Global on Monday.

At last check, bitcoin BTCUSD, -2.22% was changing hands at $43,047.15 on CoinDesk, off nearly 9% and down around 30% from its mid-April peak near $65,000. Dogecoin DOGEUSD, -2.00%, the popular meme stock created in 2013, was trading at 48 cents, or off over 5%, and down more than 36% from its peak near 75 cents put in last Saturday as crypto champion and Tesla Inc. TSLA, -3.87% CEO Elon Musk appeared on NBC sketch-comedy show “Saturday Night Live.”

The broad-base crypto declines have wiped out over $500 billion from crypto to a market value of $2.02 trillion from a peak last week of about $2.546 trillion, according to CoinMarketCap.com.

[comradebillyboy]

1. It seems the only use for bitcoin and other cryptos

is to facilitate criminal enterprises. Maybe it's time to apply the RICO laws to the crypto world.

[ColinC]

4. I bought a string trimmer, leaf blower, backsplash and other tools.

As far as Im aware there is no criminal activity taking place.

But yes, I agree regulations are far past due for cryptos.

[dawg day]

6. How do you buy regular stuff with Bitcoin?

And these more obscure coins, like Dogecoin-- how do you spend them?

Do you exchange them for $ and then buy something? Or does Amazon take crypto? (I know there are other retailers out there, LOL. But I figure Amazon must take it?)

I'm willing to admit that crypto is like longitude to me-- there's like a moment when I understand how it all works, and then I blink and nothing makes sense anymore.

[ColinC]

9. Right now there are a lot of smaller businesses that accept them directly

And the smaller cryptos are exchanged the same way as Bitcoin (but much more efficiently ). I bought my string trimmer and stuff from home depot after purchasing a gift card with dogecoin through a site called bitrefill. But some retailers are directly working with other third party companies to facilitate these exchanges as well. Gemini s just one out of many where you can actually purchase things directly from a few stores using the app like a credit card. Hope that helps!!

[BootinUp]

13. That is their main use. Avoiding any legal

Repercussions , as far as I can tell. But I am more ignorant than many when it comes to crypto currency.

[jimfields33]

16. I think it's here to stay

Maybe one day to replace the worlds currencies. I remember awhile back bitcoin went down hard. Like the stock market, it recovered. This day will be a memory soon enough when numbers go up.

[Johonny]

44. I think they're a more modern gold or silver

both of which value is sort of pointless, but they've been valuable for eons. I assume crypto will behave something like that. The thing is, it might have a flavor of the month or decade about it.

[jimfields33]

45. It very well could on both possibilities

I honestly didn’t think about the flavor of the month or period of time. That is a big possibility.

[Faux pas]

2. Kickin'

I don't understand this stuff but my son will.

[ColinC]

3. Probably not.

It is realignment as folks are reconsidering exchanges under federal investigation and which assets should have the most value based on things like function and energy efficiency.

[TheRealNorth]

5. Its mostly a speculative market that makes it easy to launder money

[ColinC]

7. It is still speculative because it is an emerging market, so to speak

But part of the reason for this downturn is because it is shifting from purely speculative to one based on function. Tesla dropped bitcoin due to wasted electricity. (One bitcoin transaction is equal to he elctricity consumption of hundreds of thousands of visa transactions). Out of the hundreds of cryptocurrencies, there are plenty of energy efficient alternatives that use thousandths of a percent of that electricity. This presses the way towards deciding on a more standard, usable and acceptable crypto. Regulations are far overdue and not impossible, but it would first have to be acknowledged as a recognized currency by such agencies if it were to apply to standard regulations already in place. That would likely validate it more than anything else...

[empedocles]

8. 'Half a trillion'. Nothing to sneeze at.

[ColinC]

10. It is still a highly volatile speculative market.

But this change seems to be foreshadowing a shift towards investments based on actual function and efficiency as opposed to pure speculation.

[superpatriotman]

12. Yet half a trillion too much

I'm bearish on crypto.

[empedocles]

14. 4 times to the moon!

Stacking One Trillion Dollars | WIRED
https://www.wired.com/2011/09/stacking-one-trillion-dollars
Sep 02, 2011 · The claim: A stack of 1 trillion $1 bills would reach to the moon and back four times. Physicist Rhett Allain tests this and estimates the size of a $1 trillion "cashteroid." It is fun to watch...

[ColinC]

38. Another reason for us to just use cryptocurrency or digital fiat

The natural rate of inflation in itself makes the idea of dealing in physical currency pretty insane.

[Goonch]

11. ;-{)

[Budi]

15. Because on SNL, Elon Musk said the word, Dogecoin.

Followed by his statement about his own switch to getting out of Bitcoin.

Elon spoke & they all followed.
🙄

[ColinC]

17. All this crap comes from an infantile cryptocurrency rivalry started by Barry silbert

After he announced before the snl skits that he is shorting dogecoin telling people to buy Bitcoin instead. Then twitter started piling on to Elon musk at which point he likely got mad and stopped accepting Bitcoin on response.

[Budi]

18. I recall reading that bitcoin/crypto became useful within global criminal orgs for Money Laundering,

..since bitcoin didn't fall under monetary regulations, because it wasn't actually money.

Leave it to the mobsters to find a go-around & exploit the heck out of it as fast & long as they can.

Putin was also one of the early promoters of bitcoin.
Figures ..

[ColinC]

20. I mean I think it can be regulated like anything else, and I hope it happens.

But I feel like there are already plenty of signs that cryptocurrency -or an offshoot of it, is going to prove far more than a fad.

[Budi]

22. Perhaps, but as soon as it looks to be regulated, the profiteers will seek out another variant.

They'll run the game until they're regulated.

Its an elite club at the very top.

[ColinC]

27. I'm optimistic that the people interested in crypto for legitimate means

Far outweigh those who aren't. Although it's does make sense to assume that the illegitimate users will drive the price down once they are not longer able to use it.

[Budi]

28. The illegitimate users are already a step ahead.

[ColinC]

31. I mean, they are still a minority...

My understanding is that most people buy it as an investment or for tax evasion. Counting crypto as a debt note that can be taxed would also substantially benefit society through an enormous amount of taxable income while legitimizing cryptocurrencies altogether. We have an SEC chair who taught several classes on cryptocurrency and has more knowledge on the topic than most people. If it were to be regulated, he is the guy to spearhead it.

[ZonkerHarris]

36. and once the criminals found out it was useful the international banks wanted in.

coincidence?
no.

[LanternWaste]

32. If a mere SNL appearance can cause it to lose so much, it seems at best, a weak currency medium

And further digging into the causes for its spikes and declines seems to verify it as such. I think I'll stand aside as PT Barnum's acolytes continue burning their toes.

[ColinC]

33. I mean it is a new "currency" that hasn't quite been tested as a standard

Means of exchange for goods and services. Because it is new the volatility should be expected. That being said, it's purpose as a means of maintaining value has been tested. It tends to increase thousands of percent and then drop 50 percent while maintaining an upward trajectory. I speak of course from personal experience: I'm still up more than ten grand despite it falling so much. I won't be surprised if it crashes to one cent or skyrockets to 10 dollars overnight. As most of us holding doge shouldnt be.

[Binkie The Clown]

19. How do you wipe out something that never existed in the first place?

It's a giant ponzi scheme based on the "bigger sucker" (AKA the "greater fool&quot principle.

[ColinC]

21. The only reason any currency exists or has value is really because people think it does

It is arguably about as real as all the money being printed by the government -at least if people think it is.

[dilby]

24. All currency is a Ponzi Scheme.

Since the first man convinced another man that shiny yellow metal was more valuable than seashells. As long as you can buy goods and services with it, it has a value.

[Binkie The Clown]

39. We will always have ways of buying goods and services, but...

some of those ways are NOT reliable as stores of value. I'll take cash in the bank, backed by the U.S. government over vaporous digital pseudo-currency backed by who knows who any day.

[dilby]

23. The entire market is tanking.

My Dogecoin and Ethereum have held up better than my Amazon stock over the last couple days, well maybe not Ethereum but it’s rebounding faster.

[intrepidity]

25. I tried to warn you all

https://www.democraticunderground.com/?com=view_post&forum=1002&pid=15403467

Nobody stepped up, so I bought some.

[ColinC]

40. Hold onto your horses!! Doge moves in exponents.

[Silent3]

26. I have no idea how well crypto currencies will do in the long run, but I hate the energy waste...

...going into crypto transactions and "mining" right now, and it's only getting worse. Supposedly there's a less computing-intensive way to handle crypto currencies (using "proof of stake" vs. "proof of work" -- not that I understand the difference that well), but it hasn't caught on yet, and it won't work for all crypto currencies, including Bitcoin.

[Budi]

30. K & R Thank You! THIS⬆️

The amount of energy to run crypto servers is enormous.



https://www.google.com/amp/s/www.bbc.com/news/technology-56012952.amp

[ColinC]

37. Dammmmmmmmmnnn

Yeah Bitcoin is a great store of value. Not a great means of exchange... For anything.




Of course what bitcoin uses does not apply to all cryto. Dogecoin for instance uses about thousandths or so the energy of bitcoin(and the crypto ripple uses about a thousandths of doge per transaction), and there is a lot of work into making at least doge more efficient.

[ColinC]

41. Also they talk a lot about electricity consumption of crypto

But has anybody addressed the issues of the resources need to make fiat currency? The dollar alone requires more than a million gallons of water a day to make. Not to mention the logistics required to move it around and asking anybody involved with it to risk their lives. The inefficiency of cryptocurrencies is a solvable problem. The wastefulness of paper money is not.

[LiberalFighter]

29. I hope it fails.

[fescuerescue]

34. I've seen the end of bitcoin about 15 times since 2012

But when it hit the nosebleed price of $200.

[ColinC]

35. Yet its still relevant. And likely always will be.

Folks writing it's obituary should triple check before they finish it.

[Oneironaut]

42. Good. I want to buy PC parts and they're driving the price up.

[BannonsLiver]

43. Good.