May 21 Crypto Crash? - Todays Marked is looking really bad, but I really don't see the reason.

[BSV]

Hi guys, I bought the dip today, and then I bought the dip again. But it just keeps going down. I am not worried for the long term because I am accumulating coins and Hodling. But I really wonder how low it can go. Is this fall simply china banning Bitcoin again? How I understand it they have always viewed bitcoin as a commodity anyways. And I don't think that have changed. And it's not like something happened to the fiat currencies that makes them less deflationary. Bitcoin isn't going anywhere, so why the big uncertainty now. Does anyone have an idea?

 

[Wowcoolusername]

I think it has something to do with Star Wars. I have no evidence to suggest George Lucas is behind it, but I've never trusted that guy. His face looks like a hairy thumb and it creeps me out.

 

[knobslobbin]

Chillax brah, and come back in six months.

 

[BlueArmedDevil]

Imo that bubble was gonna pop sooner or later

 

[MrTroll]

I bought a salmon dip. I intend to hodl (until I eat it).

 

[Jimjamflimflam]

At least on the plus side, if all this crashes and never recovers there will be a great market of graphics card for cheap.

 

[BSV]

 

[Spasticus Autisticus]

Bitcoin isn't a commodity. Commodities have uses. Bitcoin doesn't. It fails as a form of payment: the transaction fees are extortionate and the confirmation times are too long. It fails as a store of value: its value is too volatile. It is nothing more than an instrument for speculation.

At least on the plus side, if all this crashes and never recovers there will be a great market of graphics card for cheap.

I wouldn't buy any used card from a mining rig. However we might actually be able to buy new GPUs for MSRP directly from a retailer again.

 

[BSV]

Bitcoin isn't a commodity. Commodities have uses. Bitcoin doesn't. It fails as a form of payment: the transaction fees are extortionate and the confirmation times are too long. It fails as a store of value: its value is too volatile. It is nothing more than an instrument for speculation.

I somewhat agree with that, but the attitude that china have had legally towards it. Like certain regulations was what i meant.

 

[HOMO FOR LIFE]

I wouldn't buy any used card from a mining rig. However we might actually be able to buy new GPUs for MSRP directly from a retailer again.

Oh my god pls. Bitcoin and all crypto should collapse just for this reason. Fuck miners.

 

[MrTroll]

I wouldn't buy any used card from a mining rig.

I've heard mixed things about this. Supposedly it's common practice to undervolt and downclock mining cards for some efficiency-related reason I don't fully understand, so they're not exactly being beaten to death. Also, most cards that fail do so early in their life as a result of some manufacturing flaw in the chip fabrication process, so crypto mining is a sort of stress test in a way.

 

[Spasticus Autisticus]

I somewhat agree with that, but the attitude that china have had legally towards it. Like certain regulations was what i meant.

I think the following factors are all playing into the downward movement of crypto that started last week:

• Tesla announces it would stop taking BTC payments, citing environmental concerns. Rumors abound that they have sold or are selling off BTC
• Tether reveals their backing, showing they are majority backed by commercial paper and loans, not in cash as they used to claim
• Vitalik Buterin pulls a Bogdanoff and doomps millions-worth of Doge-inspired shitcoins
• Countless exit scams and rugpulls of shitcoins, as new money stops flowing in and the dumb money is mostly tapped out
• Grayscale BTC Trust trading well below NAV indicates institutions and big money investors are bearish
• Cascading effects of margin calls, weak hands rushing for exits, early buyers taking profit
• Chinese government showing signs of souring on crypto mining and purchasing, probably to help clear the way for their own CBDC
• Binance under investigation by US DoJ and IRS
• Colonial Pipeline ransomware attack giving bad publicity and a potential excuse for US regulators to step in
• Anticipation of NY AG report on Tether

Basically it's just been a really, really bad couple of weeks for crypto. Will the price recover in the short term as the news cycle slows down? Maybe, even likely, but maybe not. It's impossible to tell given crypto's speculative nature and the crypto market is a lot smaller and less resilient than crypto fans like to pretend it is.

 

[BSV]

Colonial Pipeline ransomware attack giving bad publicity and a potential excuse for US regulators to step in

I know weird things start happening when you start challenging the hegemony of the dollar. Especially when your proposition for an alternative seams to make more sense. Was there any more information on this other then, "Russian hackers" and "some crypto currency" ? Could it have been a false flag, where this was done to protect the petrodollar? Like with Saddam with wanting to trade Oil in euros, and Ghadaffis Gold dinar. Or is this too far in alex jones land to make any sense?

 

[Spasticus Autisticus]

I know weird things start happening when you start challenging the hegemony of the dollar. Especially when your proposition for an alternative seams to make more sense. Was there any more information on this other then, "Russian hackers" and "some crypto currency" ? Could it have been a false flag, where this was done to protect the petrodollar? Like with Saddam with wanting to trade Oil in euros, and Ghadaffis Gold dinar. Or is this too far in alex jones land to make any sense?

The simplest explanation is usually the right one. And the simplest explanation is that they got pwned because some dumbass employee opened an email attachment they shouldn't have, and their own shit-tier IT security practices allowed a single employee's infected endpoint to take down their whole network. That's how practically every other ransomware attack has gone down. Most companies and government organizations have shockingly bad IT security, even ones who ought to know better.

 

[BSV]

The simplest explanation is usually the right one. And the simplest explanation is that they got pwned because some dumbass employee opened an email attachment they shouldn't have, and their own shit-tier IT security practices allowed a single employee's infected endpoint to take down their whole network. That's how practically every other ransomware attack has gone down. Most companies and government organizations have shockingly bad IT security, even ones who ought to know better.

Yes, and even if such a pipeline is critical infrastructure and very important. And that several people have warned about the risk of cyber attacks against critical infrastructure. Incompetence is something Americans really is good at. Or that is what they want us to belive with their 9/11's and fake moon landings- Right?

 

[Michael Jacks0n]

The simplest explanation is usually the right one. And the simplest explanation is that they got pwned because some dumbass employee opened an email attachment they shouldn't have, and their own shit-tier IT security practices allowed a single employee's infected endpoint to take down their whole network. That's how practically every other ransomware attack has gone down. Most companies and government organizations have shockingly bad IT security, even ones who ought to know better.

Power leveling here, but I do contract IT work for a large corporation: despite our massive technical network, I get plenty of e-mails on a weekly basis which have obvious phishing links like telling me I need to change the password for my LinkedIn account [which isn't actually linked to my office e-mail], and the LinkedIn logo in the message is a low-res JPG and the word "LinkedIn" is spelled incorrectly in the e-mail. Like, the sender is linked1n-123@yahoo.com or something and the body text has spelling errors and weird characters. Usually these messages go straight to the spam folder, but not always. I'm obviously not dumb enough to click the link, but I have a fair amount of Boomer coworkers who can barely open Skype, let alone distinguish a real e-mail from a fake. That being said, that's probably what happened with Colonial Pipeline.

 

[BSV]

In any case it looks like the Hollocauster is over, at least in the short term. I can now continue my dreams of wealth illicit drugs and people having sex with me against their will.

 

[Tookie]

In any case it looks like the Hollocauster is over, at least in the short term. I can now continue my dreams of wealth illicit drugs and people having sex with me against their will. View attachment 2191152

Next support level is probably $30K so don't be shocked by a couple more ~10% contractions coming.

 

[mindlessobserver]

Bitcoin does not have a good future I think. Too much competition and has been shown now, too much exposure to china.

 

[Uncle June]

I've heard mixed things about this. Supposedly it's common practice to undervolt and downclock mining cards for some efficiency-related reason I don't fully understand, so they're not exactly being beaten to death. Also, most cards that fail do so early in their life as a result of some manufacturing flaw in the chip fabrication process, so crypto mining is a sort of stress test in a way.

I dont understand that either. Given there's an inverter in the card, lowering the voltage would only increase the current, which is what determines the electrical cost of operation. Then again there are autists far more powerful than myself who know far more than me in this realm.