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Mr. Nice! posted:talk about meltdown may jumpoff june
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Jun 18, 2022 19:48
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this is like a perfect dead cat bounce graph
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Jun 18, 2022 19:49
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fuckin nailed the top of the page e: whiffed the followup though
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Jun 18, 2022 19:50
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qirex posted:this is like a perfect dead cat bounce graph More like a slinky moving downstairs.
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Jun 18, 2022 19:50
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Mr. Gorbuttchev, tear down this wall.
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Jun 18, 2022 19:54
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I was waiting on the Nvidia 4000 series and the next Ryzen to build a new PC but I could bite on a 3080 since rumors are that the 4000 series might draw up to 800W lol I'm not paying for that
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Jun 18, 2022 19:56
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Boxturret posted:another halveninging? seems like just yesterday we had the last one the halvenings are merging together into a constant continuous halvening what is the half-life of a bitcoin
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Jun 18, 2022 19:58
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HappyHippo posted:i'm fairly but not totally sure that the mining energy wasted should track the price. basically when you mine you get coins at a certain rate (+ transaction fees) and that has to exceed the cost of the electricity otherwise it's not possible. so when the price drops miners will drop out, which will lower the difficulty until it's profitable again, so the energy wasted per block will drop. this would be true in an actual distributed system where the miners are all nobodies but when it's a cartel of like 3 guys controlling 70% of the mining power the incentives change a bit. if someone with 40% of the hashpower shuts their mining down it could instantly cripple the network or at least drive a ton of negative sentiment that pushes the price down further and keeps it from recovering so the miners might feel it's in their own self interest to continue mining even at a loss for a bit in hopes of the network recovering, since going offline and kicking it while it's down mignt lose them more money in the long run
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Jun 18, 2022 20:00
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This wailing wall is in Ethlehem.
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Jun 18, 2022 20:00
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trucutru posted:
i have always hoped that bitcoin et al would be killed by a frisbee on the roof scenario
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Jun 18, 2022 20:00
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Fabricated posted:I was waiting on the Nvidia 4000 series and the next Ryzen to build a new PC but I could bite on a 3080 since rumors are that the 4000 series might draw up to 800W Shumagorath fucked around with this message at 04:05 on Jun 20, 2022 |
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Jun 18, 2022 20:02
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ok yeah today's entertainment is just watching the orderbook: https://pro.coinbase.com/trade/BTC-USD
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Jun 18, 2022 20:04
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RPATDO_LAMD posted:this would be true in an actual distributed system where the miners are all nobodies yeah. the frisbee on the roof scenario also depends on the network being “actually decentralized”, so sadly it can’t happen
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Jun 18, 2022 20:05
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RPATDO_LAMD posted:this would be true in an actual distributed system where the miners are all nobodies yes they do probably "ride it out" occasionally but ultimately it's a business and it needs to be profitable. in the long run if the price stays down there will be less energy being burned. short term, i doubt any of them would shut it all off in one go, you'd turn off some at a time. that plus not all miners are seeing the same cost of electricity, even within a given network/cartel, the ones at the high end will turn off first. edit: you can basically see on that chart a few places where price crashes are followed by drops in the cost of mining HappyHippo fucked around with this message at 20:08 on Jun 18, 2022 |
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Jun 18, 2022 20:06
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post hole digger posted:i dont know how low it will go, but anyone who thinks this crash will end in bitcoin going to zero or killing the crypto ecosystem is doing a bit of true believing themselves. this poo poo isnt going to just go away no matter how many peoples' life savings it destroys in this crash. I don't think it will go to zero or near zero right away, but I have a hard time seeing it recovering from this crash. They've already gone mainstream, since those are a lot of the potential bagholders and most of those people have lost money much of the target audience won't be getting in again. Plus the constant drain from mining means that the system really does need to keep expanding or it collapses. Finally, now that a ton of ordinary people have lost money on it and the money is leaving the system, the regulators are going to be a lot more willing to get involved (they'll be responding to outrage instead of creating it) and shut down a lot of the behavior/abuses that would keep it being a mainstream speculative casino going forwards.
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Jun 18, 2022 20:09
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cool av posted:yeah. the frisbee on the roof scenario also depends on the network being “actually decentralized”, so sadly it can’t happen the network hash rate fell by a third last summer and nobody noticed because on-chain transactions are impractical in ideal circumstances, so nobody does them. who cares if the average number of global transactions is 7 vs 5 transactions per second, it makes no practical difference.
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Jun 18, 2022 20:11
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Tom Clancy is Dead posted:I don't think it will go to zero or near zero right away, but I have a hard time seeing it recovering from this crash. They've already gone mainstream, since those are a lot of the potential bagholders and most of those people have lost money much of the target audience won't be getting in again. Plus the constant drain from mining means that the system really does need to keep expanding or it collapses. Finally, now that a ton of ordinary people have lost money on it and the money is leaving the system, the regulators are going to be a lot more willing to get involved (they'll be responding to outrage instead of creating it) and shut down a lot of the behavior/abuses that would keep it being a mainstream speculative casino going forwards. lol "all the rich people who lost money will get it back plus a little extra for the inconvenience and everyone else loses it all" will be the extent of regulation and even if the current scams all go away, new scammers and new suckers will take their preordained roles next month.
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Jun 18, 2022 20:11
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gschmidl posted:This wailing wall is in Ethlehem. lmao
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Jun 18, 2022 20:14
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gschmidl posted:This wailing wall is in Ethlehem. hahaha
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Jun 18, 2022 20:15
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the system has to keep drawing in sucker money and ransomware money otherwise it collapses. billionaires are interested in gaining even more loving money, not giving it away to other billionaires. miners already have entire metaphorical warehouses full of unsaleable mined coins, makes me wonder why the cartel doesn't agree to reduce output a little bit until they clear some of that inventory (mining difficulty going down! new miners can get in and make a quick and easy buck! can i interest you in some state of the art mining hardware to get you started?)
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Jun 18, 2022 20:18
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a cool side effect of buttcoin falling is tesla's balance sheet will be a blood bath come next earnings since their accounting treatment requires marking to market but only in case of a price decline. just another cherry on top of an already amazing cake.
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Jun 18, 2022 20:21
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not unless they do a smart thing and are unloading their btc as we speak they probably aren’t
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Jun 18, 2022 20:28
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epitaph posted:a cool side effect of buttcoin falling is tesla's balance sheet will be a blood bath come next earnings since their accounting treatment requires marking to market but only in case of a price decline. just another cherry on top of an already amazing cake. which is probably going to have an effect on Elon’s campaign to buy and/or not buy twitter it’s that dominos meme, starting with the slurp juice tweet and ending with the world’s richest man being dethroned
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Jun 18, 2022 20:28
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Sapozhnik posted:the system has to keep drawing in sucker money and ransomware money otherwise it collapses. billionaires are interested in gaining even more loving money, not giving it away to other billionaires. Honestly, they should unilaterally reduce the block difficulty. Only the mega-nerds would notice and it's not like anybody gives an actual poo poo about the security of the blockchain (they can already collude to do a 51% attack if they wished to).
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Jun 18, 2022 20:33
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woke up and it's trying its best to go below $18k, bless u red blob
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Jun 18, 2022 20:34
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The thin red line.
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Jun 18, 2022 20:38
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about to punch through 18k
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Jun 18, 2022 20:44
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Burn you monstrosity. Burn...
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Jun 18, 2022 20:45
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gschmidl posted:This wailing wall is in Ethlehem. gschmidl posted:Mr. Gorbuttchev, sell down this wall.
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Jun 18, 2022 20:47
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4lokos basilisk posted:not unless they do a smart thing and are unloading their btc as we speak they might be? https://twitter.com/WClementeIII/status/1538187305604751361
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Jun 18, 2022 20:47
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What's the point of a fake wall?
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Jun 18, 2022 20:48
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https://twitter.com/dasharez0ne/status/1538230383661174785
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Jun 18, 2022 20:49
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Sandweed posted:What's the point of a fake wall? Fake confidence / manipulate markets.
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Jun 18, 2022 20:49
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Sandweed posted:What's the point of a fake wall? making it look like there's more buying demand than there is, which then keeps the price up
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Jun 18, 2022 20:51
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post hole digger posted:i dont know how low it will go, but anyone who thinks this crash will end in bitcoin going to zero or killing the crypto ecosystem is doing a bit of true believing themselves. this poo poo isnt going to just go away no matter how many peoples' life savings it destroys in this crash. With what I've seen from Bitcoin and Star Citizen I'm pretty sure you could just start a service called "I'll throw your money into a pit and you'll never get it back" and still have customers. As you said, Bitcoin won't die because I'm sure some idiot will be willing to throw his money into the pit for some godawful reason.
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Jun 18, 2022 20:52
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it just has to die enough to never make the news again
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Jun 18, 2022 20:53
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for a split second the 18k buy wall was getting chewed on
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Jun 18, 2022 20:56
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crypto will never die, but the exchanges can and its mainstream appeal can and frankly i'll take that at this point
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Jun 18, 2022 20:56
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qhat posted:for a split second the 18k buy wall was getting chewed on the lowest price appears to have been $17999 
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Jun 18, 2022 20:58
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In the end bitcoin doesn't really have a use case besides the drugs and ransomware so there ain't really anything about it that will make it crash or thrive. Its value is entirely based on external factors. Right now we're heading for some weird economic poo poo with lots of uncertainty so risking you real money on crypto bullshit is even dumber than usual. So sell, sell, sell before it's too late.
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Jun 18, 2022 20:58
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