Cryotocurrency is crashing right now ...wed evening

[Demovictory9]

https://www.pcgamer.com/the-cryptocurrency-market-is-experiencing-an-unprecedented-crash/

[Demovictory9]

1. Trading prices here

https://coinmarketcap.com/

[Lucid Dreamer]

51. Dv9. Thank you for that site. I've been looking for something like that.

Note: I am NOT interested in buying or selling crypto-anything.

[Srkdqltr]

2. Doesn't it crash regularly? Seems I have heard of this before.

[Tetrachloride]

3. Its now in an avalanche that builds. Nobody knows the fundamental value.

Its not like gold, a car, sofa or a tank of fuel.

[Miguelito Loveless]

4. We've been saying this for years.

[PoliticAverse]

12. I know! I know!!...

It's nada, zilch, zip, nix, nil, naught, bupkis.

[Qutzupalotl]

15. CORRECT.

All those needless computations sure warm the planet, though, so that's … worse than nothing.

[DenaliDemocrat]

31. I know the fundamental value...$0

It has nothing behind it. No precious medal, no guarantee from a government that it’s legal tender, nothing concrete backing it. It’s pure bullshit and the dumbasses that jumped onboard are starting to understand that now.

[brush]

18. Crypto might as well be called a casino, better yet...

a ponzi scheme. You plunk down your money and you take your chances. It's people on the make looking to make a killing and get other peoples' money.

NFTs are the perfect example of the scams.

[MurrayDelph]

47. Worse than a casino

Casino games have rules that one can learn to mitigate the possibility of loss, and in many places there is a Gaming Commission to make sure they follow them.

Crypto has "trust me."

[brush]

48. Yep. Avoid crypto at all costs.

[Cosmocat]

25. It cycles around the Bitcoin halving

the next one will occur around the spring of 2024.

Things will continue to drop for about a year more before they stabilize, then have periods of intense growth in the next "bull market."

[MisterProton]

39. Yes, it does. Long history of people predicting it's demise...

As for me, Bitcoin paid off my property, new truck, RV - allowed me to quit my job, and now I do consulting work about 10 hours a week just to keep from getting bored. My retirement is locked in regardless of what crypto does now.

I can't count the number of times I've heard it was dead, but this site keeps track of a good number of them.
https://www.bitcoinisdead.org/

[greenjar_01]

5. Delicious

[Celerity]

19. Ironic GIF, given that African Americans are more invested in crypto, as a percentage holding,

than other groups.

Black Americans Embrace Stocks and Bitcoin (BTC) to Make Up for Stolen Time

https://www.bloomberg.com/news/articles/2021-04-13/black-americans-embrace-stocks-and-bitcoin-btc-to-make-up-for-stolen-time

[TheRealNorth]

45. Thats how you know the bubble is about to burst

They have been advertising on TV to rope in people who don't know anything about investing. Reminds me of the late 90's and the .com bubble when people were advocating investing in any company that did something web-based. The bubble is about to burst.

[Celerity]

55. It's been going on before crypto telly adverts were remotely common

As for 'whelp, that bubble burst, it's worthless' a poster here a year or so ago put up like 20 DU threads on crypto, going back to 2012 and onwards, where it was declared dead.

I have never seen another subject on DU where the vast majority of posters are so ill informed on close to every aspect of a subject than threads here about crypto and blockchain tech.

[NewHendoLib]

6. you mean something of no value is becoming of even less value?

fools and their money are easily scammed.

[TheRealNorth]

7. Russians cashing out?

[speak easy]

33. Fundamentals: A crypto is 'currency' that does not earning any interest.

As rates rise, 'crypts' become less attractive.

[argyl]

8. Cryptocurrency and gold. Won't invest in either. No intrinsic value.

I know gold's been currency at least as money but it's as outdated as the EC.
And for crypto, if it's used to purchase fentanyl and weapons on the dark web, count me out.

[Precipice_dweller]

23. Sources, please?

Most commonly accessed markets have a short list of things they won't deal in, and fentanyl is one of those things. I'm simply curious if you're referencing something you have personally witnessed or if you're going by rumors or things you've heard from a friend who heard it from a friend. Weapons may be different (I genuinely have no idea), but I know most markets flat out refuse to deal in fentanyl.

[argyl]

56. This is not an OP and I'm not required to post sources.

Just my opinion. I'm not going by personal experience or hearing this from a friend of a friend. And do you really think I'd acknowledge this if I had?

It's well known crypto is the preferred payment for all things illegal on the dark web.

[DenaliDemocrat]

32. Gold has intrinsic value in the semiconductor realm

It’s not just a pretty metal. It has a functional purpose.

[KY_EnviroGuy]

9. Can you short something having no intrinsic value?

Just curious. Never played that market and have no intention to do so.

I am resentful of the environmental cost, although many regular stocks are probably as bad or worse.

KY

[blogslug]

10. Things are not going well

Link to tweet

Sebastian Murdock @SebastianMurdoc
(Senior Reporter, HuffPost.)

On the terra/luna crypto subreddit people are posting suicide hotlines and discussing how they’ve lost everything.

(I'm only providing one image from that Twitter thread because most of them are bleak as hell)

[brewens]

11. Jump! n/t

[Demovictory9]

13. Wow! Well its only money

[Demovictory9]

16. reddit shut down the group and posted a help line

https://www.reddit.com/r/terraluna/

Dear community fans,

my friend and ex-colleague (my manager for 15 years) tried to commit suicide this morning. He basically moved all of his savings to crypto in 2021 and LUNA was a massive player in his portfolio. Just wanted to tell you guys - if you feel pain and you think your life is miserable without money, you feel failure and stuff... just come to people you love. Do not be alone, this shit is getting serious. Do not overestimate the value of money, life has a much higher value. I do not post to reddit at all, but I considered it important to do it now. Wish you good luck.

-------

Lost $15,000. I really believed in this project. So sad. 😓

Yup. Lost $15,000. I should’ve cashed put when it was $100 then I would have been at up $25,000. But I got greedy hoping to get more money so I can at least afford a downpayment for a house for my family.

I guess no house and savings then. 😓

Update: I already told my husband. He says he’s hoping it will recover. But if not, it is what it is. I’m just grateful I have a very understanding husband and two adorable kids.

Hoping it will get better after this expensive lesson.

[Frasier Balzov]

14. A certain algorithmic stablecoin project

has shown itself to be vulnerable to failure in delivering on its stable value purpose.

This has shaken confidence, but rest assured it's not the end of digital currencies.

[Baked Potato]

17. All the miners are striking ? Nt

[ColinC]

20. Makes the gamble more lucrative

Or more gamb-ly.

[eShirl]

21. we tried to warn them

[multigraincracker]

22. I'm going to teach you how to buy Bitcoin with credit card payments.

Ok.

https://www.bitdegree.org/crypto/tutorials/buy-bitcoin-with-credit-card

Buy Bitcoin With Credit Card: How to Do We use credit cards every day to make all kinds of purchases. The one thing that you can’t seem to buy with a credit card is Bitcoin (BTC)! There are hundreds of exchanges where you can buy Bitcoin, but very few that allow users to pay with a credit card.

Today, I’ll tell you why so few exchanges offer credit card purchases. More importantly, I’ll show you four exchanges where you can buy Bitcoin with a credit card. By the time you finish reading, you’ll be able to decide which exchange is the best place for you to buy Bitcoins instantly with credit card payments.

It?

[Precipice_dweller]

24. Almost a good time to buy.

Give it some time for the latest panic to bottom out. Then, buy and HODL.

Editing to add: crypto is a gamble. Like any gambling venture, never put down more than you can afford to lose.

[hatrack]

26. But Ape Holders Can Use Multiple Slurp Juices On The Same Ape!!!!!

BEFORE

ApeCoin (APE-USD) bulls have been staying busy since the launch of their beloved token. The project — known for its close ties to the Bored Ape Yacht Club (BAYC) non-fungible token (NFT) collection — is one of the fastest-growing assets on the market right now. And there’s reason to believe this growth will only continue. APE has a glaring catalyst on the horizon.

Since its inception just over a month ago, there has been much talk around the soaring ApeCoin crypto. The project is evidence of just how high a crypto can go with the right demographic. Specifically, APE is built to underlie Bored Ape Yacht Club, the ape-themed NFT collection that took the world by storm last year and became one of the most highly valued collections ever.

https://investorplace.com/2022/04/apecoin-holders-mark-your-calendars-for-an-april-30-metaverse-event/

AFTER

That’s according to data from website NonFungible, collated by the Wall Street Journal, which shows that NFT sales fell to a daily average of about 19,000 this week, down from 225,000 in September. The number of active wallets in the NFT market also fell significantly, the data shows: down from 88% to about 14,000 last week from a high of 119,000 in November. Interest in NFTs also seems to have declined significantly, it’s claimed. According to Google Trends, searches for the term peaked in January and have fallen around 80% since.

EDIT

An NFT of the first tweet from Twitter co-founder Jack Dorsey, which was purchased in March 2021 for $2.9 million by Sina Estavi, the CEO of Malaysia-based blockchain company Bridge Oracle, was put up for auction earlier this year and didn’t receive any bids above $14,000. Estavi reportedly claimed the failure of the auction wasn’t a sign that the NFT market flatlining, but “a normal fluctuation that could occur in any market”.

Another NFT based on rapper Snoop Dog, which was sold in early April for about $32,000, is reportedly now up for auction with an asking price of $25.5 million – but the highest current bid is about $210.

EDIT

https://www.videogameschronicle.com/news/nft-sales-have-declined-92-since-their-peak/

[JCMach1]

27. Check your 401K

And talk to the FED

[dalton99a]

28. Yep

[Hugin]

29. Ah, the smell of tulips in the morning. n/t

[dawg]

30. In light of these recent developments, perhaps I erred by ...

investing the bulk of my retirement funds in an NFT of a cartoon gorilla riding a unicycle.

Oh well! Live and learn I say!

[Hugin]

34. +1

Poor unicycle.

[Noahv]

35. People often declare cryptocurrency dooned

And it always makes a comeback.

[Happy Hoosier]

37. Probably... but...

That doesn't mean it's not a tool for extracting wealth from the vast collection of suckers for basically no actual value added to our culture.

Crypto produces nothing but the concentration of wealth and lots of greenhouse gasses.

[TheRealNorth]

53. True

There are a lot of slow learners that get blinded by greed and the chance to make quick money.

[Happy Hoosier]

36. Crypto is, and always has been, a Ponzi scheme.

Sure, lots of folks have "made" a ton of money in it, extracting cash value from the hopes and greed of others, but there is no "there" there. It isn't really a currency. It is strictly an insubstantial commodity. Nothing more.

[Initech]

42. It's the 21st century equivalent of fool's gold.

And the people who are really getting rich off it are people who you wouldn't trust with 15 cents, let alone 15 million dollars.

Also just like the original gold rush, the people who are the ones who are really getting rich are the people who are selling the mining equipment.

[Ilsa]

38. I'm like this guy:

"Ehhh, I don't think so..."

[Tommy Carcetti]

43. A funny commercial for a dumb product. nt

[Initech]

40. Good! I can buy graphics cards again!

Fuck crypto miners!

[TheRealNorth]

54. +100

Will help alleviate some of the shortages in products that require computer chips.

[meow2u3]

41. Cryptocurrency is, and was designed to be, a pump-and-dump scheme

It was not only a scam from the outset, crypto was designed to be untraceable, making it the go-to means for drug dealers, money launderers, extortionists, and other criminals to hide the proceeds of their crimes. This is my opinion.

[bif]

44. Pyramid scam...

Here, give me a thousand dollars for this thing you can't actually see or hold in your hands. Wow, it's now worth ten thousand dollars because I said so! You really lucked out! Ooops, now it's only worth a hundred dollars! Sorry!

[greenjar_01]

46. Buy the dip, they pleaded

[Baitball Blogger]

49. Never understood the intelligence calling it "crypt" anything.

"Crypt" as in a hidden cavern to hide coffins.

[hunter]

50. Maybe I'll stop hearing those stupid arguments that basically go, "The dollar is imaginary too!"

The value of the dollar or any hard currency is the ability of the government to collect taxes, enforce contracts, and regulate markets. A currency is only so strong as a government's ability and willingness to do that.

Bitcoin and other similar schemes have got none of that. They are just magic numbers with less intrinsic value than a Beanie Baby.

[Torchlight]

52. Crypto and lotto tickets. Two things I'll just never purchase

and the two things I shake my head at, roll my eyes, and walk away from whenever anyone from the flock begins proselytizing their value.