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Alan
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### Re: End of bitcoin?

Speaking of altcoins, tokens, etc, I posted a chart of Shiba Inu token prices before. Here is an update (SHIB-USD), down about 2/3 from the peak. Notice the volume (3.7 trillion coins) which is close to "all of them" if I recall. Ah ... so many zeros to go!

Alan
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Joined: December 19th, 2001, 4:01 am
Location: California
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### Re: End of bitcoin?

bearish
Posts: 4825
Joined: February 3rd, 2011, 2:19 pm

I have slightly more sympathy for BAYC than for Bitcoin. The former is an exclusive club of sorts and pretends to be art, whereas the latter pretends to be money or something like that and is just pure evil. I don’t understand the pricing of art to begin with, so who am I to say that $2 billion isn’t the right price for a bunch of crudely drawn monkeys. There was a headline in the FT today that included the words crypto and Kardashian. Nothing bad could come from that combination, right? bearish Posts: 4825 Joined: February 3rd, 2011, 2:19 pm ### Re: End of bitcoin? Bored apes are to bitcoin what Boris Johnson is to Donald Trump. kc11415 Posts: 72 Joined: March 16th, 2003, 10:02 pm Location: United States ### Re: End of bitcoin? I was particularly impressed with this part from your link: "1-100 of 4919 results" It has probably already been done (see "4919" above), but I think there's a strong potential for a scam um, business opportunity in creating cryptocurrencies one letter off from popular existing currencies. So "Betcoin," "Batcoin," "Botcoin," and "B!tcoin." Uhm... how about butcoin/buttcoin/buttocks-coin... then its not far to bullocks-coin Marsden Posts: 224 Joined: August 20th, 2001, 5:42 pm Location: Maryland ### Re: End of bitcoin? kc's link is interesting today: Bitcoin (at this moment) down 9%; Etherium down 14%. I had heard yesterday that there was a big sell-off in cryptos; does anyone know why? Side note: Sorry to say this, but I see a lot of similarities between cryptocurrencies and financial engineering. Cryptocurrencies early on claimed to provide untraceable transactions (which, to my understanding, is the OPPOSITE of the truth: the big deal of cryptocurrencies -- as far as I can tell -- is the distributed ledger, which -- yes -- can keep a single entity that keeps the only ledger from erasing you, but which also would tend to mean ANYONE maintaining a copy of the PUBLICLY AVAILABLE ledger can potentially trace your transactions) and avoidance of the vagaries of fiat currencies (... but acceptance of the occasional 10% daily fluctuation in value; at least it's probably random rather than a government conspiracy, I guess) for people who have managed never to have heard of precious metals ... but other than those dubious benefits, do nothing worthwhile, and yet have been spun via all manner of hype (see: Tulip Mania, Dutch) into a trillion dollar ... (industry?) Financial engineering really does provide some real benefit ... but I think awfully marginal: how much benefit is there in giving someone a floor or a ceiling in the value of their risk-exposed portfolio before you have to ask, "Well, why are you leaving your portfolio so risk-exposed, you idiot?" And yet by stories of spinning moon beams and cat whiskers into things of real value, financial engineering has become a multi-trillion dollar industry. Is it worth it? "I'm just asking questions." ExSan Posts: 403 Joined: April 12th, 2003, 10:40 am ### Re: End of bitcoin? °°° #OpenToWork https://bit.ly/3klz5ys <--- my Tweets °| ° |°My Portfolio ---> https://bit.ly/3siPhoZ #OpenToWork °°° Alan Topic Author Posts: 2526 Joined: December 19th, 2001, 4:01 am Location: California Contact: ### Re: End of bitcoin? TerraUSD, 3rd largest of the so-called "stable coins", putatively pegged to one US dollar, until it wasn't: From Cryptocurrency TerraUSD Plunges as Investors Bail (WSJ): A stablecoin, this breed of cryptocurrencies had gained favor among traders for being the one part of the crypto universe that was known for its stability. While the most popular stablecoins maintain their levels with assets that include dollar-denominated debt and cash, TerraUSD is what is known as an algorithmic stablecoin, which relies on financial engineering to maintain its link to the dollar. Before its peg was broken, TerraUSD was the third-largest stablecoin with a total market value of$18 billion.

bearish
Posts: 4825
Joined: February 3rd, 2011, 2:19 pm

### Re: End of bitcoin?

These things are far worse than useless. Going from $18bn to$0 is mostly just going to hurt some people who deserves to be hurt, but add two or three zeroes to the starting point, and you tank the economy in the process. When the Reserve Fund “broke the buck” following the Lehman default, investors got back about 99c on the dollar. But that was genuinely considered catastrophic. 0c is, like, worse!

Alan
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Posts: 2526
Joined: December 19th, 2001, 4:01 am
Location: California
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### Re: End of bitcoin?

Yes, agree  -- the main issue is collateral damage to "markets that matter" from video-game-world crypto markets. Of course, the players in crypto (not me, except for occasional short sales) worry about the reverse causation.