Welcome to the Cryptopocalypse

Be ready to resell that shit in 10 minutes if you want to see any gains.

honestly most of it going into alts lol

eth moving back up could be a head fake

>Buy good products and you WILL get rich from it in 10-20 years time.
But what kind of products are these coins to begin with? What the fuck were we paying for? Access to these exclusive things the devs gave themselves millions of?

At least with stocks we get dividends and a stake in something real, but what were the coins actually of use?

You're betting which currency is a better replacement to fiat. How you go about choosing which one is better is entirely up to you and what you value in a currency.

Good luck there. The only issue I see is by the time you buy, trasact and get your alt. The BTC and LTC you bought have shifted almost 5-10%

But what if hoarding led to uncontrollable increase in cost? Couldn't a developer just copy+paste a new currency at any time?

The fuck are we buying?

Depends on the coin. ETH/NEO/LISK gives you access to a supercomputer basically and the coin is the currency to pay for calculations being done decentralized.

Having stuff done decentralized DOES add some value and opens up markets that were impossible beforehand.

Sure Bitcoin/dogecoin don't add any actual value but there are tons of alts that actually add value to society and will probably dominate in the future.

Amazon and Google were both viewed as shitty companies after the crash and look were they are right now. "Overambitious" was a term that was used a lot.

My biggest mistake was buying amazon stock at $30 a pop. Watching it grow to ~$100 and then selling it for $5 after the dotcom bubble burst since I thought it was just garbage after all.

It's now at $1200 a piece.

There WILL be some alts right now that will experience similar growth in the future. Perhaps they are even ridiculed right now like Amazon/google for being to ambitious. (LINK?) (REQ?) (ARK?) (FUN?).

Of course I'm not a fortune teller so I don't know which one it'll be. But they'll be out there. Blockchain will have a big effect on our civilization in the future.

YOUR FAVOURITE ALL TIME CLASSIC ON TODAY
"BITCOIN ON THE MOON OR HOW THE JEW STOLE CHRISTMASS"

thank fucking god, was so sick of new ATHs every god damn day. time to buy this delicious dip.

SHITCOINS BTFO

>hordes of normies are getting JUST'd good right now

>You're betting which currency is a better replacement to fiat. How you go about choosing which one is better is entirely up to you and what you value in a currency.
Why on Earth would you want to replace the USD, that's literally as subversive kike as it gets

Hoarding isn't what did it.
It was people speculating and not buying it to transport wealth or use as a currency. The benefit of crypto is it cannot be counterfeited, cannot be stolen if secured properly, and transacts faster than any fiat system. Whether or not more can be made is up to the various currencies and how they are managed in their protocol. It is up to you to choose which is best and why. Be it BTC, LTC, BCH, XMR, or even XRP it's up to the individual to choose which currency best suits his or her needs.

Only right choice. They want to be the new Paypal and have the right backing for it

Can we all relax? This is a big correction, sure, and will probably go lower, but Europeans and maybe some early Americans have woken up now and that probably accounts for the setback

Because USD is inflationary and does not store wealth over the long term due to inflation. Also rather than letting the subversive kike central bank control money and how it moves it is entirely in the hands of the people who choose to use that currency.

Also, you do realize that was the goal of cryptos all along right? To create a global currency that was immune to the meddling of central banks and the global elites.

NOBODY stores their wealth in cash, where the fuck did this meme come from?

Cryptocurrencies have a bigger problem though. They have DEFLATIONARY problems.

USD only has a minor inflationary property (Which is actually economically proven to be beneficial for consumption).

Ever heard of deflationary spiral? It's what brought the Roman republic to its knees and gave Caesar the opportunity to grab power by promising to fix the deflation and is the cause of Rome becoming an dictatorship.

Look at the Japanese economy since the late 80s. Deflation fucked them in the ass.

People without a background in history or economics always act like inflation is evil and deflation is good but it's not that black&white. Inflation between 2-5% provably the best for the economy looked at examples from all over history. Deflation ALWAYS led to economic contraction and was usually one of the reasons for the collapse of the empire/kingdom/union. While inflation almost never caused a nation to collapse instead they just changed government and mined a new currency (Zimbabwe,Nazi germany, Kingdom of Castille).

Am I having fun yet?

>People without a background in history or economics always act like inflation is evil and deflation is good but it's not that black&white

this

Inflation is only bad if you keep your money in cash, which is retarded in the first place.

You do know that deflation in the Roman Empire only happened because people and wealth were GTFO'ing right? Deflation was an effect, not a cause. It was a result of poor credit dissolving, not of a money supply stagnating or decreasing.

In fact, more strife was caused throughout the history of the empire via inflation and counterfeits than by deflation.

mises.org/library/inflation-and-fall-roman-empire

>Also, you do realize that was the goal of cryptos all along right?
Of course they don't. They got into crypto this year because it goes up :^)

Yeah, now is the perfect time to buy.

Anyone who actually does it deserves nothing but poverty for the rest of their lives.

unless you're actually a dev how can you be sure that the same thing wouldn't happen with backdoor code?

You do know that most crypto's are completely open source right? There is no tying into some closed source code of any form.

I can upload code and then say that the stuff you're using is that

I am buying, buying, buying right now. 13k is a STEAL.

That why compiling from source code and checksums exist you moron, which is the literal definition of open-source. A software isn't open-source if it doesn't allow you to directly compile it yourself.

Holy fuck you are stupid

now you know what conspiracy theories sound like

>hurr durr I was only pretending to be retarded

$3000 in one month

>hurr durr the banks are the jews the jews control everything

Far more important than the level of inflation, which really only matters inasmuch as it interacts with the plebs' money illusion, is a stable trend in the price level. Exactly what every cryptocurrency fails hardest at

hyper-inflation, user. that happens when governments hyper-inflate their currencies without considering/knowing the consequences

we're not living in the iron age anymore lol, central banks nowadays don't hyper-inflate their currencies without good reason because they know what can happen.

only the financially illiterate get fucked by hyper-inflation nowadays, because its obvious inflation is coming if you pay attention. hell, governments even announce it, like when US government decided to do QE.

besides, its not like anyone wealthy keeps all their money in cash, only niggers do that

What conspiracy theory? That central banks print money willy nilly causing your cash to be worthless? That central banks fuck with interest rates that cause huge market distortions?

That's not a conspiracy theory, that's just data and non-keynesian economics. Whether it's through malice or plain ignorance the effects are just the same in creating a world with fucked up currencies and financially distorted economies.

You're not wrong nigger

>people thought the bitcoin bubble wasnt gonna pop

hahahaha

buy low

>he thinks this is low

Yes, max out the credit cards.

>What is venezuela

If people should just keep all their wealth in something that doesn't inflate, then what is the literal point in having the inflating currency in the first place? Why don't people just get paid directly in Gold or Stocks since they are just going to turn it into one of those anyways?

If the only reason they don't is that they are hard to divide and transact with others, then you have done nothing but solidify the entire initial purpose of Bitcoin which was to be infinitely divisible and easily transactable, making it a more perfect currency.

Is it really though? You're buying a coin that costs $100 to send within a day. That's batshit crazy; you deserve your future losses.

it'll go lower. wait a few days

ETH gas price is hella high and the gas limit is stuck at 8M. Only the most valuable apps will run on ethereum, and everything else, including transactions, will get squeezed out.

>Its time to go balls deep in Bitcoin

lol no
I'm not even going to glance at BTC until it hits $5k
it's got a ways to go

>the jews they did itall!!! the oppressed are really the oppressors hurrr bluhduurrrrr

The value of a US dollar changes less than 2% a year relative to consumer goods. Gold and equities can change by more than that every day. No one wants a 50% paycut in two days and no employer will take the risk of multiplying his wage bill by 20 in a year, as they would if wages were in Bitcoin instead of real money

>he thinks the US economy is the same as Venezuela

Venezuela got fucked because 50% of their GDP and 95% of their exports are in heavy oil which wasn't profitable to produce when oil prices crashed.

Inflation stimulates economic growth in the short term, so central banks exploit this by having constant low inflation. There is utility in being able to manipulate the money supply, so central banks will keep doing it.

Cash is not used for preserving wealth, it hasn't been since we went off the gold standard. Cash is for liquidity only

>then you have done nothing but solidify the entire initial purpose of Bitcoin which was to be infinitely divisible and easily transactable

so is fiat, except fiat is far more easily transactable, far more stable, supported by governments, and supported by existing infrastructure

Lmao get triggered ancaps this is why your garbage crypto currency will never actually be useful as a currency

Hyper-inflation wasn't the CAUSE of Venezuela's economic crisis, it was the result of oil prices crashing. Inflation was the SOLUTION Venezuela used to keep their economy afloat in the short term while they restructure their economy away from oil dependence.

Ethereum is resilient as fuck. Is their technology better than Bitcoin? They have the Steve Jobs of crypto after all.

>whales finally cashing out off the ponzi

>Is their technology better than Bitcoin

I honestly can't name a single cryptocurrency that DOESN'T have better technology than bitcoin.

>literally takes two seconds of google search to know this
Are you even trying, nigger? Here's your (you)

Inflation has not helped Venezuela grow. Higher than expected inflation (not high inflation qua high inflation) can cause movement towards full employment, but that's it. Venezuela's important problems are all on the supply side and are mostly caused by excess regulation and comically inefficient state management of business

The only reason that is is because the trading volume of the USD is extremely high due to being used EVERYWHERE, not to mention it does rise and fall by many percentage a day when compared to other currencies. Comparing JPY, CND, or EUR to USD makes the two look extremely volatile but it hardly looks that way to the observer who only ever lives in a place that lives and breathes on one of those currencies. If Gold was a currency used by some country, you could make the exact same argument for it, you could make this exact same argument for literally any currency from the perspective of the country it's used in.

>except fiat is far more easily transactable

Wrong, last I checked wiring money still takes 24+ hours for pretty massive fees. Credit and Debit cards still take 2-3% fees every transaction.

>far more stable, supported by governments, and supported by existing infrastructure

This is nothing to do with the currency itself but the fact that the entire economy has been built to revolve around it. It is not an immutable system in the presence of a better alternative.

Are we talking about the same Venezuela that has people literally wiping their ass with their cash because it is worth less than toilet paper?

Comparing USD to a basket of goods and services available in the United States, the price that actually matters, makes it look very stable. Not just day to day but over the long term; you know the average price of all the equivalent goods at the store will be about 2% higher next year than it was this year.

>If Gold was a currency used by some country, you could make the exact same argument for it, you could make this exact same argument for literally any currency from the perspective of the country it's used in.
When gold was used as a currency it was not like that at all; in the very long run the price level was approximately stable but year by year it varied wildly and unpredictably, causing many deflationary depressions in the century prior to 1929 in addition to the Great Depression itself

>literally googles for 2 seconds and thinks they know everything
you love the attention don't you

Inflation allowed Venezuela to survive their economic crisis, its not about growth. Without the ability to print money they probably would've collapsed completely.

>cause movement towards full employment
Exactly, it allows them to lower unemployment in the short term. It's a short term effect, sure, but the alternative is total collapse - they won't survive to see the long-term.

>Venezuela's important problems are all on the supply side and are mostly caused by excess regulation and comically inefficient state management of business
This is true to a degree, however the economic crisis was due to oil prices crashing. 50% of GDP and 95% of exports based on petroleum

Mostly as a result of more of it being mined. It's not the deflation itself that's the problem, it was the instability of it due to the supply being tied to a physical element that could be acquired through lots of digging.

Bitcoin avoids this by having never having more than 21 million exist. Deflation happens naturally through loss of coin and rate of innovation, which are both slow, relatively stable processes.

>Are we talking about the same Venezuela that has people literally wiping their ass with their cash because it is worth less than toilet paper?

you still don't get it lol

Venezuela didn't hyper-inflate because they just felt like it. They did it because oil prices crashing wiped out most of their economy, and hyper-inflation was the only thing they could do to prevent a total collapse.

Inflation was a TOOL to survive in the short term, so they can restructure their economy away from oil dependence.

>thinks that oil crash ruined Venezuela
No, my dear economically illiterate friend, socialism ruined Venezuela, and inflation is the consequence of socialist practices and populist spending.

Econ 101 equation here: Real GDP * Price level = Velocity of money * money supply. Since velocity and RGDP are both volatile a stable money supply will lead to a highly UNSTABLE price level, ie lots of years with high and very low inflation. And since RGDP increases exponentially a fixed supply of money implies incredible deflation beyond anything in economic history. 2-3% per year every year is way better, easy to account for when making business decisions, makes the innumerate majority feel good when they get 1% nominal raises and thus limits the spillover from nominal to real shocks, it's just a great place to be in general

It is not everyone who wants to be a statist cuck and fucktoys for the FED, user.

youtu.be/DWHhuFhQM50

It was nice knowing you guys.

Compare pre oil crash Venezuela to post oil crash Venezuela. Both are socialist

Socialist countries will gradually get worse for the majority of the people, no matter what else happens, that is just how socialism works, until everything implodes and a new system is forced to emerge before everyone dies.

>wake up, first day of winter break in yurop
>70% in kmd
>folio up 10% since yesterday
>enjoying a comfy coffee while laughing at Pink Wojaks

Socialism and oil crash aren't mutually exclusive

Does socialism cause inefficiency and stifle economic growth? Sure
Does oil prices crashing cause massive unemployment for an oil producing country? Also true

Are you seriously saying that an oil crash will have no effect on a country with 50% of its GDP and 95% of exports in oil?

Oil price declines didn't cause famine conditions in 21st century peacetime in Qatar or Mexico or even Nigeria. Only socialism can do that

I'm not denying that, but thats not mutually exclusive with an oil crash

both causes problems for Venezuela, socialism sucks sure, but you can't deny that an oil crash won't cause shocks for the Venezuelan economy

Ripple is beautiful. Everything crashing and burning and its just like "hey guys, something wrong?"

Pretty good thread with an unusually high amount of educated comments (for Veeky Forums standard).

Except for: Which is either a troll or an uneducated conspiracy theorist. Betting on both.

Already at 14k and burgers are just waking up. You have weak fud skills.

Qatar isn't nearly as dependent on petroleum as Venezuela is. They are quite diversified in comparison. Besides, their petrol is higher quality and cheaper to produce.

Only 27% of Qatar's exports is petroleum, compared to 95% of Venezuela's pre-crash.

>Lets go balls deep in to this dying bloated coin.

No, fuck you. Im not propping up your bags.

Socialism, of course, is the reason a country that used to be the richest in South America now only produces one commodity

Mfw still recycling 1 mil in profits back into BTC, LTC, eth during these drops.

Stay poor, poorfags.

Its also a depreciating coin by design. Its fiat. Which is why the banks love it. They can just print more when they need it and you have to borrow it.

Oh, you poor things. You'll be joining us soon enough.

twitter.com/KiaBeah/status/944064640094523392

It's over boys, we survived. You didn't panic sell, did you?

>It's over
>Now is the best time to buy in ;)

Long term socialism will make life so hard for entrepreneurs and innovators that they will either leave the country or just give up and become employed by the government.
Those that already own big businesses will either be on bed with the government or liquidate their assets and run.
That will make the economy less diverse, leading to the insanity that was the Venezuelan economy, entirely dependent on exporting raw resources to keep things afloat.
Such a fragile economy will always implode, because it is impossible for socialism to adapt fast enough to keep up with the changes.

Fuckoff, socialist scum, you are not welcome here.

Skipping through the tulips user

That is a funny conversation. But no, I wont. I came to crypto for more than pumps and get rich quick schemes. If i wanted depreciating money, id just cash out.

true, maybe socialism was the reason Venezuela became so dependent on one commodity, but again, that's not mutually exclusive with an oil crash

I really dont get it why people would sell on a day like this? Why is the majority of pople just mentally retarded? WHY WOULD YOU EVER REALIZE LOSSES?

This fucking market is here to stay. If you cannot hold an investment for at least 5-10 years and can handle the volatility, please leave. I cant see it how all those fucking brainlets are whining around here "IMMA GONNA KILL MYSELF" Jesus fucking christ, you can you be so degenerate?

I bought the dip and already up ~ 20% on those positions.