Bitcoin drops

tech.monk said:
wccftech.com

The Astronomic Rise In Cryptocurrency Prices Will Extend The GPU Shortages With Miners Looking To Purchases All The Newest GPUs

Bitcoin and Ethereum have risen astronomically in price and so has the mining cryptocurrency craze looking to extend the shortage in GPUs.
wccftech.com wccftech.com

This also means higher prices for existing/used cards
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only for maybe an year or two. After ethereum implements proof of stake completely and other PoS coins become prominent, the GPU mining won't be that profitable I guess.
 
Sobirvs said:
Bad time to be a Modi supporter such as myself. I hope it get's challenged in SC and stopped in future if it get's implemented.
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I don't think that it's such a bad idea at all. Bitcoin creates a parallel economy and doesn't have any intrinsic value, and neither it is backed by anything. RBI/Finance Ministry cannot influence it's demand/supply to implement their policies such as inflation control. Black money has already created a huge parallel economy in India wavering the tax collections and impacting the money circulation. Crypto will exacerbate the situation. Considering the high fluctuations in prices of crypto currencies, I think a country like India stands to lose out more from it than it will benefit. But that's just my opinion, you are free to share yours
 
thakurkk624 said:
I don't think that it's such a bad idea at all. Bitcoin creates a parallel economy and doesn't have any intrinsic value, and neither it is backed by anything. RBI/Finance Ministry cannot influence it's demand/supply to implement their policies such as inflation control. Black money has already created a huge parallel economy in India wavering the tax collections and impacting the money circulation. Crypto will exacerbate the situation. Considering the high fluctuations in prices of crypto currencies, I think a country like India stands to lose out more from it than it will benefit. But that's just my opinion, you are free to share yours
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I agree partially with the above points, but I don't think banning it outright is the correct way to go. India, as an economy, might lose out in the future due to these and by the time the government changes policies it might be too late. As it is India's economy is in a pretty fragile state, it can do with all the help it needs. Additionally, almost no one used crypto for payments in India - they mostly use it as investment. And to cash out crypto and use it you NEED to have KYC done on some exchange, so it becomes completely traceable and as reliable as any other online transaction. The problem appears only when you use only crypto as a currency, without ever converting it to INR/USD etc.
Furthermore, banning is not likely to make much difference. Like most banned things, crypto will just go underground. Let's be honest here, banning crypto wouldn't be more effective than banning porn. And yes, there do exist fines and jail time etc, but if a person really wants to trade only crypto, his identity would be anyway almost impossible to determine.
 
psyph3r said:
www.livemint.com

Government lists bill to ban Bitcoin in India, create official digital currency

An RBI booklet on payment systems issued on 25th Jan also showed that the central bank is exploring to issue a digital version of the rupeewhether
www.livemint.com www.livemint.com
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My unpopular opinions after following this market for the last 5 years:
  1. Crypto has failed to demonstrate any actual use-case.
  2. A large part of Bitcoin's rally is due to tether printing money out of thin air. It accounts for 80% of the Volume.
  3. Bitcoin alone consumes more electricity than some Scandinavian nations; most of it comes from coal mines in china.
  4. Satoshi Nakamoto's Adam Beck's Lightning Network has not helped reduce the ridiculous amount of fees & lastly, Adam Beck is Satiosh Nakamoto.
5. Finally Blockchain is unfortunately at this point an overhyped innovation. A lot of things on a blockchain, a centralized system can do more efficiently. Remember Chrisitian Bale from The Big Short: "People want an authority to tell them how to value things, but they choose this authority not based on facts or results. They choose it because it seems authoritative and familiar..”.​
 
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PHOENiX117 said:
My unpopular opinions after following this market for the last 5 years:
  1. Crypto has failed to demonstrate any actual use-case.
  2. A large part of Bitcoin's rally is due to tether printing money out of thin air. It accounts for 80% of the Volume.
  3. Bitcoin alone consumes more electricity than some Scandinavian nations; most of it comes from coal mines in china.
  4. Satoshi Nakamoto's Adam Beck's Lightning Network has not helped reduce the ridiculous amount of fees & lastly, Adam Beck is Satiosh Nakamoto.
5. Finally Blockchain is an overhyped innovation. A lot of things on a blockchain, a centralized system can do more efficiently. Remember Chrisitian Bale from The Big Short: "People want an authority to tell them how to value things, but they choose this authority not based on facts or results. They choose it because it seems authoritative and familiar..”.​
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As the GameStop episode has shown, no one really believes in underlying value of anything any more. It is all about how much value you can create from thin air, though in the case of BTC, the adverse environmental impact makes it magnitudes worse.

Agree with you on all points apart from 4 as that is still debatable. A pseudo-documentary on YT does not make it a fact as with some compelling arguments, there are others that are unaddressed. Guess cryptographic proof will turn up one day, until then everyone would like to believe whatever seems to be most compelling.
 
PHOENiX117 said:
Adam Beck is Satiosh Nakamoto
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It's the banksters themselves who probably created BTC to steal more wealth from gullible people while laundering money openly.
Cryptotrading is like the stock market on crystal meth, same manipulations by whales, Algos trading algos, AI taking day traders for a ride psychologically, etc it's just that stock markets at least shut for the day while these run 24/7.

It's finally becoming more apparent thanks to the entire Gamestop fiasco that it's no different and as rigged and artificial with all those other overvalued companies, those wsb retards are being fooled into believing that they are winning against the big guys but they'll only be left with worthless GME shares this week, the casino always wins.
 
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thakurkk624 said:
I don't think that it's such a bad idea at all. Bitcoin creates a parallel economy and doesn't have any intrinsic value, and neither it is backed by anything. RBI/Finance Ministry cannot influence it's demand/supply to implement their policies such as inflation control. Black money has already created a huge parallel economy in India wavering the tax collections and impacting the money circulation. Crypto will exacerbate the situation. Considering the high fluctuations in prices of crypto currencies, I think a country like India stands to lose out more from it than it will benefit. But that's just my opinion, you are free to share yours
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You do know INR is backed by Gold and Bonds which doesn't have intrinsic value aswell? Value comes by the demand and supply. If our own currency is backed by something which doesn't have value unless there is demand/supply, it goes the same for bitcoin. RBI/CB's can't control is is the very reason bitcoin has Value and it's USP.
chetansha said:
Mmkb
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huh?
 
Sobirvs said:
RBI/CB's can't control is is the very reason bitcoin has Value and it's USP.
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What's ironic is that the value of BTC itself is pegged to FIAT, it has no intrinsic value of its own either.
INR/USD/EUR are all sh*tcoins but BTC isn't any better.
Agree about govt bonds but Gold is a valuable asset, it has been so for centuries and it will remain so.
 
There are 1000's of projects backed by cryptocurrency being an incentives to those developers who are creating them. Gives them motivation for innovation can't be a greater feat. It's amazing what it can do and the opportunities are limitless. Bitcoin and crypto overall is a revolution which Govt's are trying to undermine. You can't stop something which can't be stopped even with a bill. People are sick of CB's just printing notes/currencies out of thin air and now people blame crypto for the same is quite hypocritical. I agree not many people use btc for payments but investment and crypto , same goes with stocks. Companies fail. Example of $TSLA being super volatile in stock market shows same can be said for stock market. KYC is needed to keep illegal/terrorism stuff in check, same goes with the INR where you need to do KYC to keep bad apples away.

Adverse environment impacts by BTC can be minimized by use of solar energy among other factors but same goes for banking network's or paytm.
psyph3r said:
Cryptotrading is like the stock market on crystal meth, same manipulations by whales, Algos trading algos, AI taking day traders for a ride psychologically, etc it's just that stock markets at least shut for the day while these run 24/7.

It's finally becoming more apparent thanks to the entire Gamestop fiasco that it's no different and as rigged and artificial with all those other overvalued companies, those wsb retards are being fooled into believing that they
are winning against the big guys but they'll only be left with worthless GME shares this week, the casino always wins.
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Stock market shut down but trading still goes on post-shutdown regardless.
psyph3r said:
What's ironic is that the value of BTC itself is pegged to FIAT, it has no intrinsic value of its own either.
INR/USD/EUR are all sh*tcoins but BTC isn't any better.
Agree about govt bonds but Gold is a valuable asset, it has been so for centuries and it will remain so.
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It's called "trading btc for INR". It has value if there is demand for it. This is no different than barter system. I think BTC is far better bcoz no one control's it (yes it can be manipulated but that will go away in future once it becomes mainstream and I think that's where we are heading.

Gold is valuable now but when it all started, you think it wasn't volatile? It will remain so only till there is a demand and supply. In a case like war, what u think Gold price will be like? Gold has value coz of consistent demand and supply. BTC is hardly 12 years old, give it time, most people love it and many people are aggressively against it and have been on it's case mostly.

Gold is centuries to centuries old and now still isn't as stable as it should be and a currency such as btc comes in and within 12 yrs it is 100 times more valuable than gold just goes to show just because you have something physically doesn't mean it holds value. Value is holded by the demand and supply.
 
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Sobirvs said:
You do know INR is backed by Gold and Bonds which doesn't have intrinsic value aswell? Value comes by the demand and supply. If our own currency is backed by something which doesn't have value unless there is demand/supply, it goes the same for bitcoin. RBI/CB's can't control is is the very reason bitcoin has Value and it's USP.

huh?
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In case of fiat currencies, it is backed by the government. The RBI governor is essentially issuing you a promissory note. The government has to honour the value of the note. The world moved away from the gold standard a long time back.

BTC on the other hand is backed by nothing. Crypto currencies like USD Tether tried to imitate fiat currencies but failed in providing the transparency needed to believe that there is an underlying asset present.

Value is created by demand/supply but at the end of the day the buyer/seller needs something tangible to associate with the value. Stock markets at least pretend that this value is based on a company's fundamentals. BTC does not even do that.
 
Sobirvs said:
There are 1000's of projects backed by cryptocurrency being an incentives to those developers who are creating them. Gives them motivation for innovation can't be a greater feat. It's amazing what it can do and the opportunities are limitless. Bitcoin and crypto overall is a revolution which Govt's are trying to undermine. You can't stop something which can't be stopped even with a bill. People are sick of CB's just printing notes/currencies out of thin air and now people blame crypto for the same is quite hypocritical. I agree not many people use btc for payments but investment and crypto , same goes with stocks. Companies fail. Example of $TSLA being super volatile in stock market shows same can be said for stock market. KYC is needed to keep illegal/terrorism stuff in check, same goes with the INR where you need to do KYC to keep bad apples away.

Adverse environment impacts by BTC can be minimized by use of solar energy among other factors but same goes for banking network's or paytm.
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Not denying any of that but cryptos have not provided any use cases whatsoever in the last 5 years. 99% of cryptos are just pump and dump schemes, No one will take it seriously when a memecoin gets pumped 800% in a day, BTC can't go mainstream because large amounts of BTC are owned by whales already who do co-ordinated pump and dumps across exchanges.
Those other institutional investors already pumped it from 20k to 40k in a month and probably have been selling off gradually. They already doubled their investment and will buy in back later when it goes back down to 20k or lower.

Also actual trading volume is not representative of the actual money being pumped in and out of the market.
It's the same amount exchanged from one hand to another until there are enough bagholders for the system to crash the market significantly, that's why it tanks so badly when it does.

medium.com

Tether — A Potential Disaster Waiting to Happen

The white elephant in the crypto world which only the brave acknowledge.
medium.com medium.com
 
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t3chg33k said:
In case of fiat currencies, it is backed by the government. The RBI governor is essentially issuing you a promissory note. The government has to honour the value of the note. The world moved away from the gold standard a long time back.

BTC on the other hand is backed by nothing. Crypto currencies like USD Tether tried to imitate fiat currencies but failed in providing the transparency needed to believe that there is an underlying asset present.

Value is created by demand/supply but at the end of the day the buyer/seller needs something tangible to associate with the value. Stock markets at least pretend that this value is based on a company's fundamentals. BTC does not even do that.
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Government fails. Economy collapses several times. The Covid show goes to prove the same. RBI gov isn't promising shit. He has Gold, bonds and other assets to back it up. The value of the note still decreases and increases based on the cost of the item you are trying to buy, you don't see it because for you, it's a stable coin(currency) but it still changes. BTC is backed by an idea. It's backed by a promise. Never to be controlled by anyone. Not wealthy, not poor, not central banks nothing. Now it depends you think an idea or a promise has a cost or not. For me I love the idea and I am bullish on it as this is what a country or a world needs going forward. We are done by wealthy or influencers manipulating stock markets for their own gain. We are sick of it! Let's just hop on this gravy train backed by all or none.

There is an example - Hard working farmers or laborer's and people in tech industry working 100 times less work and making 100 times more money. However truth be told, the hardwork is REAL. It's as real as it get's. Does it hold value though compared to someone may be a software engg even though he works 100 times less and 100 times less physical activity?
psyph3r said:
Not denying any of that but cryptos have not provided any use cases whatsoever in the last 5 years. 99% of cryptos are just pump and dump schemes, No one will take it seriously when a memecoin gets pumped 800% in a day, BTC can't go mainstream because large amounts of BTC are owned by whales already who do co-ordinated pump and dumps across exchanges.
Those other institutional investors already pumped it from 20k to 40k in a month and probably have been selling off gradually. They already doubled their investment and will buy in back later when it goes back down to 20k or lower.

Also actual trading volume is not representative of the actual money being pumped in and out of the market.
It's the same amount exchanged from one hand to another until there are enough bagholders for the system to crash the market significantly, that's why it tanks so badly when it does.

medium.com

Tether — A Potential Disaster Waiting to Happen

The white elephant in the crypto world which only the brave acknowledge.
medium.com medium.com
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Elon is bullish on BTC. It's realistic that tomorrow you will be able to buy Tesla by BTC. When someone that influential can go for it, others will follow. Large amounts of BTC are also with HODL'er's. Whales will dump it for fiat one day. They never have or will have diamond hands lol. Their btc amount will shrink and shrink and shrink and one time will come that their holding will not even make a dent in the price manipulation of BTC.

BTC also creates transparency. If BTC ever (distant dream) becomes global currency and FIAT goes away, it makes all the Govt's accountable via Ledger. All transactions are in the open. Govt's will be forced to announce their wallets and show where the money went. It can stop corruption once it for all and not just one country at once, Probably all at once. BTC is so powerful that I'm sure it can start a civil war, international wars because of lying bastards we have in the Govt's. As in said in "Nayak" sab ke sab chor hain saale..
 
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Sobirvs said:
Never to be controlled by anyone. Not wealthy, not poor, not central banks nothing. Now it depends you think an idea or a promise has a cost or not. For me I love the idea and I am bullish on it as this is what a country or a world needs going forward. We are done by wealthy or influencers manipulating stock markets for their own gain. We are sick of it! Let's just hop on this gravy train backed by all or none.
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50% of mining pools are based in China, needless to say CCP has been ahead of it long before it went mainstream and has been using it to dump those coins in other countries for FIAT.
It's only a matter of time that some computer is fast enough to crack its encryption rendering the entire system useless, it would have served its purpose of transferring wealth by the time it happens.
Sobirvs said:
Elon is bullish on BTC. It's realistic that tomorrow you will be able to buy Tesla by BTC.
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The guy also pumped Dogecoin so it's not saying much tbh, he pumped up GME too probably to provide liquidity to the shareholders while a bunch of redditors continue to believe they are "winning" because "papa Musk" as they say is tweeting lmao.

TSLA stock is massively oversold with a P/E ratio of 1600 which is considered ridiculous, it's only a matter of time before the markets correct.
 
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psyph3r said:
50% of mining pools are based in China, needless to say CCP has been ahead of it long before it went mainstream and has been using it to dump those coins in other countries for FIAT.
It's only a matter of time that some computer is fast enough to crack its encryption rendering the entire system useless, it would have served its purpose of transferring wealth by the time it happens.
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If that's what CCP is doing then I say other Govt's had it coming. You don't get scared of Tech. You don't hide in the corner coz of a revolution. Other countries didn't embrace the tech and had it coming, and more bearish the Govt's get's, more China get's power. Embrace the Tech not get scares is all I can say.

Tomorrow when Indian economy crashes, and INR loses fck lot of value I'd say good riddance. They had it coming. We are already doing worse compared to USD, 70-75 times worse, Now think what will BTC will do to the India which is 25000 times more powerful than USD.
psyph3r said:
The guy also pumped Dogecoin so it's not saying much tbh, he pumped up GME too probably to provide liquidity to the shareholders while a bunch of redditors continue to believe they are "winning" because "papa Musk" as they say is tweeting lmao.

TSLA stock is massively oversold with a P/E ratio of 1600 which is considered ridiculous, it's only a matter of time before the markets correct.
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I am against him going with Doge. That's why when doctor tells you to do something, you take second opinion, that's when https://www.reddit.com/r/CryptoCurrency/ comes in handy. To keep you sane and to keep you in the right direction. The KYC requirements Indian exchanges have right now is 10 times more strict than a bank or financial institution. I would not say they are perfect but better than banks which the Indian Govt is relying on.

Market correction is what those people are expecting in order to short TSLA shares. It's not about the value anymore, it's about the frustration people have over wealthy and rich is what is driving the stock of TSLA thru the roof's. People in reddit were bullish on GME even before Musk came in picture. It's 100 times better than wallstreet relying on the congress of US for insider trading and stock manipulation to make themselves rich and congress is equally guilty when they invest in it. THE WHOLE IS CORRUPT AND BTC is here for the rescue and no one can stop it.
 
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