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Gizmodo: Crypto Platforms Are Halting Withdrawals as Bitcoin Tanks Over 13%

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PumpkinPieAddict

PumpkinPieAddict

Member
Oct 28, 2017
4,096
With the bitcoin downturn (I have no doubt it'll bounce back eventually), any guesses how this will impact PC building prices?

GPU parts have been normalising the past couple of months. There's still a shortage globally of materials but I wonder what the outlook for new GPU prices is going to be. I feel like inflation is just going to wipe out the price normalisation.

Anyone have any thoughts or articles on this?
 
Davidion

Davidion

Charitable King
Member
Oct 27, 2017
6,346
GYODX said:
They're really not the same thing. Meteorology uses the laws of physics and mathematical models of real-world, physically measurable variables and processes.

Technical analysis tries to predict the future direction of asset prices strictly on the basis of what the price has done in the past. It's trying to apply patterns to something that's not governed by any physical laws, but rather by the actions, prerogatives, and feelings of millions of individual market participants forecasting and reacting to an inherently unknownable future.
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Kinda? Sure quite a few uses it to try to "predict market direction" based on the past, but stretched out enough that's true for the idea of "market always goes up"

A handful of TA people I follow mostly focus on using patterns of current price action and macro environment to take a "better" statistical stab at near term pricing behavior. None of them ever remotely make a prediction of what the market's going to do tomorrow. It's all "if this or this happens, then you might see some movement up or down as the next move"
 
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Tya

Tya

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Oct 30, 2017
3,702
tokkun said:
I'm not sure I believe that about art, at least not in the high end market.

People buy paintings and put them in warehouses, then hang a reproduction in their house. If it was really just about enjoying the art, they could just buy the reproduction and skip the original.
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There is literally no reason to limit the discussion of art to the top .1% or whatever who treat it that way. The point is that art has obvious utility. Crypto has none. You don't have to hyper focus crypto in the same way you are trying to do with art for that to be true.
 
eonden

eonden

Member
Oct 25, 2017
17,197
DNAbro said:
I feel like "too big to fail" is just kind of wishful thinking.
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Oh, it is more that "if Tether falls, crypto is probably gone for retail for a loooong time because of the scars it will leave in people confidence, so everyone involved in crypto will support it" of sorts. Hard to call it too big to fail when the size is very small, but the entire crypto economy will try and do that.
 

AirDrive

Member
Feb 2, 2022
157
PumpkinPieAddict said:
With the bitcoin downturn (I have no doubt it'll bounce back eventually), any guesses how this will impact PC building prices?

GPU parts have been normalising the past couple of months. There's still a shortage globally of materials but I wonder what the outlook for new GPU prices is going to be. I feel like inflation is just going to wipe out the price normalisation.

Anyone have any thoughts or articles on this?
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Based on /r/ethermining, there will be a glut of GPUs soon. Currently miners are reluctant to sell below SRP, it will probably take a few weeks for reality to hit them.
 
Madhlad

Madhlad

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Jan 18, 2020
249
Pwnz said:
Not guaranteed at all, if anything speculative assets that don't have intrinsic value like tulips and beanie babies bust eventually and never come back. Only things with intrinsic value like gold or silver rebound because they are scarce metals.

A lot of crypto supporters compare it to the stock market, but the stock market doesn't have a boom/bust cycle. It has long term, sustained, highly predictable 6-8% real annualized returns of several centuries.
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I said, " This cycle of boom and bust will for sure repeat once again."
I didn't crypto will repeat the boom and bust cycle, just that boom and bust will happen.
the stock market does have expansion and contraction phases.
 
Annubis

Annubis

Member
Oct 25, 2017
5,717
WhySoDevious said:
Can someone explain what's happening here?

Obviously I see the BTC price fluctuate, but what are he transactions on the right? Why the different symbols? And how do they affect the price?
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The symbols are the exchange sites.
360_F_419396351_pxu3eGaz8WOONxucAr4v1bVl9CEVsw2X.jpg


Red = selling = price will go down
Green = buying = price will go up

It's of course more complex than that, but that's the basis of it.
 
lunarworks

lunarworks

Member
Oct 25, 2017
22,703
Toronto
Dyle said:
It will be interesting to see how the decline of crypto hurts the global economy as a whole. While not as large as the other factors fueling the recession we're all but certainly in, it seems likely to bring everything else with it to a certain degree and make things worse than they might have otherwise been
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It's barely going to affect the global economy at all. Crypto bros hype it as way more important than it actually is.
 
Rob

Rob

Member
Oct 25, 2017
5,128
SATX
PumpkinPieAddict said:
With the bitcoin downturn (I have no doubt it'll bounce back eventually), any guesses how this will impact PC building prices?

GPU parts have been normalising the past couple of months. There's still a shortage globally of materials but I wonder what the outlook for new GPU prices is going to be. I feel like inflation is just going to wipe out the price normalisation.

Anyone have any thoughts or articles on this?
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It honestly don't thing it will have much of an impact. I think the pandemic and people building PCs for WFH were a bigger factor.
 
Madhlad

Madhlad

Member
Jan 18, 2020
249
Dyle said:
It will be interesting to see how the decline of crypto hurts the global economy as a whole. While not as large as the other factors fueling the recession we're all but certainly in, it seems likely to bring everything else with it to a certain degree and make things worse than they might have otherwise been
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It's the other way around, you should be asking "How does the decline in the global economy hurt the crypto market".
The answer is: It's gonna be a bloodbath in the crypto street
 
Gentlemen

Gentlemen

Member
Oct 25, 2017
9,768
WhySoDevious said:
Can someone explain what's happening here?

Obviously I see the BTC price fluctuate, but what are he transactions on the right? Why the different symbols? And how do they affect the price?
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Every ten seconds, the graph updates with the change in value of 1 bitcoin in US dollars. Red line = drop in value. Green line = increase in value. The new lines grow or shrink within those ten seconds to reflect real time volatility and peaks/valleys within that interval. The transaction ticker on the right indicates the last few buy/sell orders, the value in USD of the transaction, and the total dollars moved during that transaction. It's also playing bloop/bleep sounds that vary in volume with the size of the order. I think the transactions in the lower right represent low/highs over a period of time but it's unclear to me why there are multiple 'lows.'
 

AirDrive

Member
Feb 2, 2022
157
I wonder if sales of 4xxx cards will suffer due to a glut of 3xxx cards entering the market in the next month or two.
 
convo

convo

Member
Oct 25, 2017
7,615
KingSnake said:
Man, such a waste of energy for these monopoly money, incredible!
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It sure is something when you can literally see emissions go down on the scale of entire countires with the depreciation of crypto bullshit. It's all about da money and nothing else. People like these retweet literal satire with made up graphs to show "look it's good actually", worse than people qouting the Onion on the moon landing hoax.
 
Annubis

Annubis

Member
Oct 25, 2017
5,717
We've breached -10% for today and we still have half the day left and this is the weekend where there's usually less activity.

Frozen exchange sites are never reopening at this rhythm.

EDIT: actually, if tomorrow is the same too, Monday is going to be a bloodbath.
 
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inner-G

inner-G

Banned
Oct 27, 2017
14,473
PNW
Dyle said:
It will be interesting to see how the decline of crypto hurts the global economy as a whole. While not as large as the other factors fueling the recession we're all but certainly in, it seems likely to bring everything else with it to a certain degree and make things worse than they might have otherwise been
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Couldn't money moving back into traditional investments help the economy?

I think the general economy impacts crypto markets, but I don't think the crypto market has any big influence over traditional markets.
 

Unrivaled

Banned
Oct 13, 2020
1,351
This is incredible. If it goes low enough it is a great opportunity to own a full bitcoin, if it does not go to 0.
 
Cipherr

Cipherr

Member
Oct 26, 2017
13,549
Usually we get more official dedicated threads for crypto down cycle capitulations, but I guess this will be the one.

DecentComplexAngelfish-size_restricted.gif
 
Man God

Man God

Member
Oct 25, 2017
38,496
Tether is still around because the people who are economically motivated to rug pull it haven't quite figured out exactly how much money it would take to do it in one go.

Someone is going to make a massive amount of money and take crypto down with them.
 
dhlt25

dhlt25

Member
Oct 27, 2017
1,840
lunarworks said:
It's barely going to affect the global economy at all. Crypto bros hype it as way more important than it actually is.
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yea it's the other way around, global stock market decline will continue to kill crypto. No one is going to sell stock to cover crypto margin call, instead people are selling crypto to cover stock margin call.
 
Uzzy

Uzzy

Gabe’s little helper
Member
Oct 25, 2017
28,588
Hull, UK
Getting the popcorn and watching charts go down is not how I expected to spend my Saturday evening, but it's daaaaaaaaaaaaaaaaaaaaaaamn good.
 
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