Bitcoin value cut in half as cryptocurrencies tumble in weekend slide 05-24-2021

staknhalo said:
My prop taxes prob gonna double this year almost lol (I'm expecting the worse based on what some places are selling for in my area, in reality prob around 40% increase) 🙃🔫
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You sure about that? A lot of cities have protections against this - should be capped at a max % allowed. It shouldn't fully kick in until you sell the house.
 
Tweak155 said:
You sure about that? A lot of cities have protections against this - should be capped at a max % allowed. It shouldn't fully kick in until you sell the house.
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I've done a lot of reno - I'm being overly sarcastic and facetious (always am, never take anything I say literally, except this, and this, and this......) - but the cap won't cover me
 
I sold my home and took profits, turning my mortgage payments into an 11 year savings account. No capital gains on that.
My paychecks will be going to gold and bitcoin, and for very different reasons.

Real estate stinks. I learned that after looking at the pacific northwest last summer.

Fast food, gas and cell phone bills. That's it.
 
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insectomorph said:
I sold my home and took profits, turning my mortgage payments into an 11 year savings account. No capital gains on that.
My paychecks will be going to gold and bitcoin, and for very different reasons.

Real estate stinks. I learned that after looking at the pacific northwest last summer.

Fast food, gas and cell phone bills. That's it.
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This place was beautiful until they moved California up here
 
Krenum said:
Instead of telling him hes ignorant, why don't you be helpful and explain why he's ignorant about the topic?
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Here was the quote in question:
Crypto like all other speculative vehicles is a way of creating wealth through ZERO USEFUL FUNCTION to society. Derivatives, crypto, puts, and calls ALL SHOULD ve banned!! Just another capitalist ripoff of wealth from the working class. I would hang all currency speculators as well as abolishing the monetary system.
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I would argue it's ignorant because of the following:
1). The claim of zero useful function to society
2). The fact that the argument is couched in marxist jargon such as "working class" and "capitalist ripoff of wealth"
3). The fact that he wants to ban many of the forms that stock trading takes.
4). The fact that he wants to "hang" currency speculators
5). The fact that he wants to abolish the monetary system

I really didn't think it required an explanation, but then again you "liked" the comment even with its marxist bent. Marxism is a failed system regardless of what high school and colleges teach these days.
 
I would have loved Crypto-currency to exist as an actual currency and/or a means to transact online without involving a corporate 3rd Party gatekeeper.

But the fact they become scare turn them into highly speculative investments. Crypto as an investment will kill crypto as a currency. Cryptocurrency advocates who cheer on Crypto as an investment are morons. Even if they don't trash the market with speculative collapse, it increased the interest from the government. Cryptocurrency as just currency would have flown under the radar long enough to become ingrained and harder to ban or justify banning.
 
kirbyrj said:
Mining from the beginning and only has 3 BTC on a hard drive? Back then it was 50 BTC per block and there were individual miners doing it before pools. Even winning one block would be something like, 50 x $36,000 = $1.8 Million.

So either the guy is lying or he's just stupid for not caring about $1.8 million+
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It could be 3, 30 or 300. It was many years ago now and saying a "handful" was the only honest way to relate a number I cannot remember. I mined because at the time it seemed like a cool new technology that would be fun to try out on my computer. It was an interest that lasted for a few months and then forgotten about until bitcoin started minting millionaires and billionaires.

It really doesn't bother me leaving that much money on the table (or boxed away in a dusty attic as the case may be). I know it's hard for your sort to comprehend, but there are people out there who really don't care about money beyond being able to obtain the things they want, and I have everything I want because my preferred lifestyle is a relatively simple one. I'm a guy who would sell a car valued at $10,000 for half or less just to get it out of my driveway as quickly as possible. Everything I want to get rid of I take to the local pawn shop and sell for whatever they'll give me for it without any haggling. Some would call that being a sucker; I simple see it as a price I'm willing to pay to save time and avoid hassle.

So you may think it stupid, but I can at least say my priorities and activities don't affect others negatively. Miners cannot say the same thing.
 
auntjemima said:
Anyone who DIDN'T buy a house during the last crash is an idiot. Yeah, I also hate buying 400k homes for 50k. So much. I really really hated the 800% value increase in mere years. Hated it.
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You must be one of those bottom feeders that likes buying foreclosed homes. Beware of those forclosees they may bury a knife in your back.
 
os2wiz said:
You must be one of those bottom feeders that likes buying foreclosed homes. Beware of those forclosees they may bury a knife in your back.
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Soooooooooo should they never be sold? Or would you rather the bank sits on them and then gouges the new owner the minute the market recovers? I didn't kick people from their homes, so give it a break and go white knight on a valid concern.
 
auntjemima said:
Anyone who DIDN'T buy a house during the last crash is an idiot. Yeah, I also hate buying 400k homes for 50k. So much. I really really hated the 800% value increase in mere years. Hated it.
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Might be the most idiotic comment Ive heard. People were wiped out, retirements gone, jobs gone. We own a few houses and I remember my dad scared shitless and he didnt lose his job or our house....cant imagine those that werent so fortunate.
 
deepinya said:
Might be the most idiotic comment Ive heard. People were wiped out, retirements gone, jobs gone. We own a few houses and I remember my dad scared shitless and he didnt lose his job or our house....cant imagine those that werent so fortunate.
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Good investments are stupid?

I'll be honest with you, I don't have emotions. I look at people that over extended themselves and wondered what the hell they were doing.

No savings, believing they will sit on sub prime mortgages as if it would never rise. And fuck me, these adults grew up when the interest rate was SKY HIGH, so it shouldn't have been new to them.

Clearly if your parents own more than one home, and didn't lose any, they saved and were smart. Many many many weren't.

No savings? Zero pity.
 
insectomorph said:
Please don’t keep us in suspense. What market timed buys are virtuous and cool?
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I am not a capitalist and I do not give advice for others to become good at being a capitalist. I only espouse expertise in speeding capitalism's demise.
 
os2wiz said:
I am not a capitalist and I do not give advice for others to become good at being a capitalist. I only espouse expertise in speeding capitalism's demise.
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I appreciate your honesty.

It actually makes a lot of sense. Capitalism plays to the strengths of human nature, and intentionally not seeking profit is exactly the opposite of human nature.
 
kirbyrj said:
And there, my friends, is your marxist high school and college educational system at work. I weep for the future.
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I’ve actually met more commies outside of school than in - care to provide and backup to the claim of Marxist schools? Generally the anti-capitalists I’ve met adds Idealist, well informed, and actually employed, but lacking in political execution.

Honestly, I’ll take the tax paying commie that goes and does things like get vaccinated over the unemployed high school drop out that is primarily worried about owning the libs.
 
Endgame said:
I’ve actually met more commies outside of school than in - care to provide and backup to the claim of Marxist schools? Generally the anti-capitalists I’ve met adds Idealist, well informed, and actually employed, but lacking in political execution.

Honestly, I’ll take the tax paying commie that goes and does things like get vaccinated over the unemployed high school drop out that is primarily worried about owning the libs.
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Don't turn this into a soapbox thread. It's reeeaalll close.
 
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Is now a good time to start to mine ethereum? There’s somebody on Reddit hardwareswap willing to sell non-lhr 3080s for 1650 a pop? Any idea when the ROI would be?
 
Randall Stephens said:
Is now a good time to start to mine ethereum? There’s somebody on Reddit hardwareswap willing to sell non-lhr 3080s for 1650 a pop? Any idea when the ROI would be?
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A long time.

Whattomine says $5 a day for that card. I figure it probably does closer $8 based on its hash and what my double hash does.

That's 330 days @ whattomines rate or 206 days at mine.

Slooowwww! It's too late in my opinion.
 
insectomorph said:
I sold my home and took profits, turning my mortgage payments into an 11 year savings account. No capital gains on that.
My paychecks will be going to gold and bitcoin, and for very different reasons.

Real estate stinks. I learned that after looking at the pacific northwest last summer.

Fast food, gas and cell phone bills. That's it.
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Admit it, your a hunter now. Vampires, ghosts, demons . . .
 
ManofGod said:
In this case, I know you aren't exactly smart, but just in this one instance. You have to know that there are others who could use that money but hey, why give it to them when you can make it sound like you are better, instead? Truth is, I doubt you have those anywhere at all so, whatever......
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I mined for a few months back around 2011-12ish. I lost interest and stopped. I didn't spend the coins because it was easier to get them than to actually spend them on anything back then. If I didn't just up and delete my wallet—a possibility, but I don't think I would have done that—then those coins do exist, though their present accessibility is an open question. Believe it or not, it's no skin off my nose.

I'm actually kind of surprised people are getting their panties in a twist by my personal bitcoin-dabbling anecdote. It definitely didn't engender this kind of reaction when I shared it before. Though this time I did express my negative feelings about mining, but I'm hardly alone in having those feelings.
 
biggles said:
Well I have tried reading many articles explaining what cryptocurrency is but could not understand all of the details. Way too complex for the average Joe. Someone needs to write a book or article "Crypto for dummies."
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This post stands out among the usual crypto bickering because it's honest. No emotion, no getting angry and writing it off. Some of us crypto enthusiasts have to realize the "I'm smarter than you" debate style doesn't really work, it turns people off, it doesn't move anything forward.

Cryptocurrency is definitely worth learning more about - regardless of your inclination to involve your own finances with it - simply to better understand the future of finance, and why there is a slow motion power struggle happening globally between the ascent of cryptocurrency, and the entrenched financial power structure in just about every country. Cryptocurrency isn't going to completely replace traditional financial systems tomorrow and that's not necessarily its end goal, but it will definitely be a part of the fabric of future finance as it continues to evolve.
 
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kirbyrj said:
And there, my friends, is your marxist high school and college educational system at work. I weep for the future.
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Man I thought you were cool with your crypto posts, until I noticed you are just another GQP believer of Liberal training grounds, aka the public school system.
 
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