crypto -- rough ride

[captainspoke]

Crypto seems to be having a rough ride. I don't have any, nor any related stocks like RIOT, etc (apart from what might be included in an index).

Any comments?

[Haystack]

My 1% allocation, (Ether) is back to basically cost basis. However, it is staked.

Crypto seems to move lockstep with equities, despite previous assertions.

NFTs are slowly dying (thankfully) and the the internet is rife with rugpulls.

Check out this website -> https://web3isgoinggreat.com/

Pure Schadenfreude

I am a crypto minimalist.

[Tkydon]

Yeah, seems some Korean Stable Coin that was supposed to be pegged to the $1 by some AI Training algo was not able to sustain the peg and is now trading at around 40c.

The Cat crept into Crypto, it Crapto, and he crept out again... Now the Cat's Cash-Strapto!


Don't gamble; take all your savings and buy some good stock and hold it till it goes up, then sell it. If it don't go up, don't buy it.
Will Rogers

[captainspoke]

I don't really understand crypto in its earlier forms, now this stable-coin algo problem is going to bring it all down?

https://thedefiant.io/do-kwon-terra-lun ... -humility/

[RetireJapan]

I don't really understand crypto in its earlier forms, now this stable-coin algo problem is going to bring it all down?

https://thedefiant.io/do-kwon-terra-lun ... -humility/

There was nothing there in the first place

[Haystack]

I don't really understand crypto in its earlier forms, now this stable-coin algo problem is going to bring it all down?

https://thedefiant.io/do-kwon-terra-lun ... -humility/

There was nothing there in the first place

UDT and *now Tether losing their peg to the USD to disastrous consequences may be the catalyst to final get the SEC involved. The space is crying out for rules and regulations.

If you are a skeptic like me I recommend this Podcast by ReplyAll Creator PJ VOGT - https://podcasts.apple.com/us/podcast/ ... 614253637 shorturl.at/gxCN4

[adamu]

I'm still part way through the early chapters of the book Debt by David Graeber.

He pushes the idea that money is essentially created by governments in order to collect taxes. Without that, most people (historically, and currently in isolated societies) made do with casual social arrangements and just worked things out.

I think all the value driving the price of crypo is (was?) speculation that it can be a paradigm shift for money.
But if you look at the fundamentals (at least according to Graeber), government needs to be involved to make it a workable currency in a modern nation state. And governments and regulation not being involved was sort of the whole point of crypto.

As an asset rather than a currency, I've never understood it. Crypto is like gold with no other functional purpose: it exists, it's fungible, and all transactions are recorded, that's it. The only reason to buy it is in the hope you can sell it again later.

I still find the tech fascinating though. Especially Ethereum. Tether was always a fraud, it's just finally getting busted. Anything on Tether by Matt Levine over the last couple of years is a good explanation of its many problems.

[Haystack]

I'm still part way through the early chapters of the book Debt by David Graeber.

He pushes the idea that money is essentially created by governments in order to collect taxes. Without that, most people (historically, and currently in isolated societies) made do with casual social arrangements and just worked things out.

I think all the value driving the price of crypo is (was?) speculation that it can be a paradigm shift for money.
But if you look at the fundamentals (at least according to Graeber), government needs to be involved to make it a workable currency in a modern nation state. And governments and regulation not being involved was sort of the whole point of crypto.

As an asset rather than a currency, I've never understood it. Crypto is like gold with no other functional purpose: it exists, it's fungible, and all transactions are recorded, that's it. The only reason to buy it is in the hope you can sell it again later.

I still find the tech fascinating though. Especially Ethereum. Tether was always a fraud, it's just finally getting busted. Anything on Tether by Matt Levine over the last couple of years is a good explanation of its many problems.

Indeed. The Fraud in this space is just insane. I also support Ether, but It is what I like to call FOMO insurance just incase there really is a Web 3.0 revolution.

I simply staked it with Kraken. I role my eyes at the "not your keys, not your coin" mantra. Maybe if I held more than .5 Eth I would consider it.

[TBS]

Crypto seems to be having a rough ride. I don't have any, nor any related stocks like RIOT, etc (apart from what might be included in an index).

Any comments?

This is the annualized volatility of bitcoin:

The latest drop is just business as usual. Rough rides are the norm for crypto.

Graph source: https://www.theblockcrypto.com/data/cry ... tility-30d

[TJKansai]

As an asset rather than a currency, I've never understood it. Crypto is like gold with no other functional purpose: it exists, it's fungible, and all transactions are recorded, that's it. The only reason to buy it is in the hope you can sell it again later.

I totally agree, though at the end of the day all investments have the same end goal.
Some have value based on a companies shown profit, but many are priced on future valuations that may or may not come true.

Many physical assets such as artwork/diamonds/NFT/collectible anything have no value if you take away the hype. My beer can collection in the 1980s was once worth $200 and then the bottom fell out of the market and it dropped to virtual nil.

Even gold is iffy. There are commercial and ornamental uses, but I suspect most of the pricing value comes from expectations as a stable store of value.