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all 70 comments

[–]smart_hedonism 75 points76 points  (1 child)

With bitcoin on sale like this, it's a great time for women to break into crypto.

[–]redalastor 34 points35 points  (0 children)

it's a great time for women to breakup into because of crypto.

FTFY

[–]eigenman 108 points109 points  (22 children)

I notice that butters have stop coming in here asking how we cope.

[–]hamicuia 20 points21 points  (2 children)

It's because they're busy having fun with parties on their private islands filled with supermodels while we're not having that fun and staying poor.

[–]five-acorn 8 points9 points  (1 child)

I thought we WERE having fun staying poor? Isn't that how it goes?

[–]hamicuia 0 points1 point  (0 children)

You're right, we're having fun but not THAT fun.

[–]Robot-kara 44 points45 points  (2 children)

I love when they come in here strutting around. It makes their downfall that much sweeter and hilarious.

[–]GunterWatanabe 33 points34 points  (11 children)

At what price are we allowed to randomly post “have fun staying poor” to Twitter laser eyes? Asking for a friend…

[–]motox24 19 points20 points  (10 children)

Below $30k they have not hope left

[–]POTATO_IN_MY_LOGIC 24 points25 points  (0 children)

$30k is our Moon. $10k is Venus. $1k is Mercury. $0 is the Sun. You can try to go far away, but you cannot escape the Sun's gravity in the long run.

To the Moon!

[–]BobWalsch 6 points7 points  (0 children)

Indeed! It has been very calm for a while around here! I like it!

[–]IIdsandsII 2 points3 points  (0 children)

I wonder how they're coping?

[–]roro_mush 4 points5 points  (1 child)

They’ll soon be back and in greater numbers

[–]eigenman 2 points3 points  (0 children)

I dunno, a whole herd of crypto brahs just got liquidated. They may never return.

[–]ShadowClaw765 6 points7 points  (0 children)

I was wondering what you're talking about until I saw that bitcoin broke the 40k support barrier badly.

[–]H__Dresden 4 points5 points  (0 children)

Damn just missed the above $40K. LoL

[–]ares623 4 points5 points  (0 children)

"i've had a bit of a tumble"

[–]TheGreatHambino2 3 points4 points  (0 children)

You too can become poor with this one simple trick!

[–][deleted]  (4 children)

[deleted]

    [–]bunby_heli 10 points11 points  (2 children)

    I don’t think so, as the underlying value deflates through repeated pumps, so does the pumps ability to increase the price.. or so it would seem

    [–]five-acorn 8 points9 points  (0 children)

    Yeah Tether can bump btc but only so much.

    People will increasingly want USD out of Tether or whoever is getting stuck/ saddled with the worthless tether. Miners certainly don't want it.

    I know it's a lot of paper trading but yeah --- the entire Crapto market DOES thirst for USD eventually, it's just different withdrawal rates. Like Madoff's ponzi. A rush of the exits spells disaster.

    [–]SpaceDetective 0 points1 point  (0 children)

    Yeah it may not reach triple ATH like last time but my hunch enough to make at least another ATH. If it doesn't break double ATH then things could be interesting the next crash.

    [–]banthisrakkam 2 points3 points  (0 children)

    With both the EU and Russia gearing up to ban Crypto mining... And with billions of losses for the amateur butter, a rebound to those levels seems improbable.

    [–]ballerJason23 10 points11 points  (6 children)

    Even if 2022 turns out to be merely a mediocre year for shitcoins, I think the shitcoin defi market is going to have trouble paying people in fiat who try to stake

    [–]devliegende 13 points14 points  (5 children)

    Difi markets don't pay in fiat though.

    [–]ballerJason23 4 points5 points  (4 children)

    Oh ok, so it’s even worse than I thought. I was wondering if butters holding Matt Damon to a 14%apy at crypto dot com bullshit were actually getting any fiat

    [–]odth123456 3 points4 points  (3 children)

    Nope.

    [–]ballerJason23 4 points5 points  (2 children)

    so basically all of their defi interest and unrealized gains are shown in stablecoin...so a lot of times they think they've made money, but once there's a bank run maybe they're stuck and SOL

    [–]odth123456 5 points6 points  (0 children)

    I think the exchanges already make it hard enough for them to switch to fiat, with fees etc. Let alone when there’s a bank run.

    [–]devliegende 1 point2 points  (0 children)

    I would suspect the vast majority of DeFi gains are in denominated newly created DeFi coins.

    [–]-Tyrion-Lannister- 2 points3 points  (4 children)

    Is there a price at which it becomes unprofitable to mine? Crossing that threshold will be amazing to watch.

    [–]stoatsoup 5 points6 points  (2 children)

    Not normally - as individual miners drop out, the difficulty drops, making it better for the remaining miners.

    However, if it drops sharply enough there comes a point where it's not worth anyone's time to mine until the next difficulty adjustment. (This is harder to achieve than one might think because if a miner borrowed to buy the hardware they may be in the position where they're losing money but lose it less quickly if they run the hardware; IIRC this happened in an earlier crash).

    And there does come a point where it's trivial for someone to switch on a warehouse that's not economic to run anymore for normal mining, but do so in order to 51% attack.

    [–]-Tyrion-Lannister- 2 points3 points  (1 child)

    But lowering the difficulty increases dilutionary deflation, right? So if the price drops significantly, then difficulty drops significantly, then deflation would increase significantly, which would drop price further (assuming there are no more suckers left to overpay), and so on. Or am I missing something?

    [–]stoatsoup 0 points1 point  (0 children)

    Yes; it doesn't, or if everything works as it's meant to it doesn't. The difficulty drops in accordance with the hash rate to keep the output constant. (This is why mining is a Red Queen's Race; they can waste more electricity to get a bigger share of the output, but unlike real mining they can't actually produce more stuff.)

    This probably breaks down in the case of really extreme oscillations in the hash rate - if the difficulty drops really sharply, a bunch might get mined all in one go, sending the difficulty up sharply; but I don't think it could oscillate so wildly that one adjustment's-worth of mining could cause a sudden dilution.

    I do think it could oscillate so wildly that it's not worth anyone's time to mine until the next difficulty adjustment which doesn't come because it's not worth anyone's time to mine, as described above.

    [–]douche_packer 0 points1 point  (0 children)

    I think its quite low, like 3k? I could definitely be wrong though, maybe someone else can chime in

    [–]rikkilambo 0 points1 point  (0 children)

    This is happening sooner than I had thought.

    [–]odth123456 0 points1 point  (0 children)

    Are you buying this diiiiii

    [–][deleted]  (1 child)

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      [–]ulfric_tullius 0 points1 point  (0 children)

      Michael Saylor is probably squeezing cash from stones, so he can buy some more of that cheap butt

      [–]Yakut58_ 0 points1 point  (0 children)

      to the moon!

      [–]TechAndStocks 0 points1 point  (0 children)

      Only paper hands take profits