Bitcoin Price Crashes Below $20K for the First Time Since December 2020

a reply to: AugustusMasonicus

I'll be the first to agree with that. I prefer the proof of stake ones myself. Especially with lower transaction fees and higher throughput.

One problem with mass adoption is brands often carry too much weight with larger sects of the populace. Consumers don't inherently pick the better product, so legacy sometimes wins.

But I still wouldn't compare bitcoin to beanie babies. It's still the easiest to fiat onramp no matter where you're at in the world. Almost every exchange offers bitcoin including some stock exchanges. The better ones will eventually overtake it, I agree.

Here's the real problem that comes out of this

We grew too quickly': Crypto faces reckoning as market rocked

The recent collapse of the upstart crypto market has not only cost investors billions in wealth, it’s also threatening to diminish the industry’s once surging clout in Washington.

Crypto’s growing influence in Washington is in danger of fading as the market collapses and the industry shrinks.
Coinbase, a publicly traded exchange and one of the largest global crypto marketplaces, slashed 18 percent of its workforce this week to brace for the slide. Billionaires Cameron and Tyler Winklevoss said they would lay off one-tenth of the workforce at their exchange. Even Crypto.com, which signed a $700 million deal to put its name on Los Angeles’s NBA arena just seven months ago, has cut 260 of its staff through “targeted reductions.”“We grew too quickly,” Coinbase CEO Brian Armstrong wrote in a company blog post.


That could be said for the entire digital asset market, which has seen more than two-thirds of its value evaporate since peaking at $3 trillion last fall. As the Federal Reserve cranks up its campaign to rein in inflation, investors are dumping risky assets in anticipation of rising interest rates. Startups that soared during the two stimulus-fueled pandemic years have started to fall to earth.

Shows us how everything is so interconnected and that we can blame CHINA( coronavirus) and RUSSIA( war on Ukraine) for practically all of this. The problems of the economy can be directly traced to the coronavirus and the war on Ukraine.

a reply to: CriticalStinker

Can you send beanie babies anywhere in the world very fast with a computer or smartphone?

I can air drop a beanie baby anywhere in the world if I wanted to spend the money. There are probably many households in the word without computes and internet who laugh at our first world problems. Value something that cannot be eaten, used to make something tangible. Shrugs..

originally posted by: CriticalStinker
One problem with mass adoption is brands often carry too much weight with larger sects of the populace.

The actual issue is lack of compliance and certifications. Bitcoin is incapable of meeting the global payment scheme requirements for broad adoption.

a reply to: neutronflux

You can't eat a dollar, gold, or silver.

The last time you could eat a currency is when you Rome used salt, but even that doesn't provide sustenance.

originally posted by: AugustusMasonicus

originally posted by: CriticalStinker
One problem with mass adoption is brands often carry too much weight with larger sects of the populace.

The actual issue is lack of compliance and certifications. Bitcoin is incapable of meeting the global payment scheme requirements for broad adoption.

Compliance should be fine, but there's no way they could handle any meaningful amount of throughput. The layer 2 lightning network can handle throuput but would lack on compliance. So bitcoin would never satisfy global transactions.

It would have to be a proof of stake transparent crypto that has scalable validation.

a reply to: CriticalStinker

Compliance would be impossible, they could never get EMV certification.

originally posted by: AugustusMasonicus
a reply to: CriticalStinker

Compliance would be impossible, they could never get EMV certification.

I know you're in the industry... But couldn't a phone with NFC be able to eventually suffice?

I'll be honest, I'd be shocked if one or the cryptos ever got fees low enough to do micro transactions, and I don't necessarily see them as a fiat replacement. To me it's more like trading gold. It's not so much a currency as it is a transfer of value.

But a phone wallet with NFC could still use existing terminals. And those transactions would instantly reconcile as opposed to the upto 180 days for credit. The merchant or their card processor doesn't even have to hold the crypto, they could swap it as soon as they get it.

But again, not something I'm gunning for.

originally posted by: CriticalStinker
I know you're in the industry... But couldn't a phone with NFC be able to eventually suffice?

No, they couldn't get past the L2-3 kernel certs. It would have to go through a approved platform which brings you back to latency.

originally posted by: CriticalStinker
a reply to: neutronflux

You can't eat a dollar, gold, or silver.

The last time you could eat a currency is when you Rome used salt, but even that doesn't provide sustenance.

I don’t like the rate money is being printed. But the USD is very different than bitcoin, gold and silver can are used in industrial applications where they are consumed. I would even say gold and silver are used in technology to make the fade bit coin investing possible.

But it all still comes down to what fickle people value at the moment. Bit coin list it’s appeal of a rich quick scheme like beanie babies. And so it crashed,

a reply to: neutronflux

If you wanted to send someone money in Russia in 30 minutes right now how would you do it?

originally posted by: CriticalStinker
a reply to: neutronflux

You can't eat a dollar, gold, or silver.

The last time you could eat a currency is when you Rome used salt, but even that doesn't provide sustenance.

I don’t like the rate money is being printed. But the USD is very different than bitcoin, gold and silver can are used in industrial applications where they are consumed. I would even say gold and silver are used in technology to make the fade bit coin investing possible.

But it all still comes down to what fickle people value at the moment. Bit coin list it’s appeal of a rich quick scheme like beanie babies. And so it crashed,

originally posted by: Tarantula777
This pleases me as I regard crypto as a financial parasite, guzzler of fossil fuels and serious pollution hazard.

Iran just announced they are limiting Bitcoin mining due to energy consumption concerns.

Bitcoin Price Crashes Below $20K for the First Time Since December 2020

You can thank the cabal of corporations-government members of the WEF.

Crypto has to be destroy so they can push their god damn CBDC.

Of course they just can't wrap their pissant brains around the fact that the reason crypto is so popular is because those #'s have nothing to do with it.

The sheer amount of manipulation that has gone on for the last 16 months is unreal.