Bitcoins/Litecoins/Virtual Currencies
- Thread starter Tripamang
- Start date
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Guest, it's time once again for the coveted and prestigious FoH Asshat Award!
Go here and fill out your bracket!Who's been the biggest Asshat in the last year? You decide!
Flobee
Vyemm Raider
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Well after 5 years of development, I stand corrected. They did in fact manage to deliver 1/5th of their original ETH 2.0 promise. They successfully changed the consensus algorithm so that the largest stakeholders of ETH now control the network without delivering any of the promised performance improvements.
Let the coordinated attacks on Proof of Work and Bitcoin begin in earnest now. I expect legislation attacking BTC mining within 12 months.
Let the coordinated attacks on Proof of Work and Bitcoin begin in earnest now. I expect legislation attacking BTC mining within 12 months.
Total ETH staked 13.7M
10M ETH in known providers --> 73%
8.13M in Top 4 --> 59.3%
4.17M in Lido
1.92M in Coinbase
1.14M in Kraken
0.9M in Binance
10M ETH in known providers --> 73%
8.13M in Top 4 --> 59.3%
4.17M in Lido
1.92M in Coinbase
1.14M in Kraken
0.9M in Binance
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Break
Silver Baronet of the Realm
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I was expecting ETH to rally on the news, but it seems to have dropped relative to Bitcoin a bit.
Arden
Blackwing Lair Raider
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The big benefit to the merge (from an investment standpoint) is that this opens the door for a lot of institutional investors who were hesitant to back a PoW coin due to environmental concerns to start putting money into ETH. I think we will definitely will see ETH get a flood of new investments because of this, but it shouldn't surprise anyone it won't happen overnight. Institutional investors aren't stupid and they aren't in a hurry. They'll wait and make sure that there aren't any fatal flaws that have yet to emerge due to the change over. Plus, just because this is great news for ETH, doesn't mean it's a great time to invest in crypto. When the investments do come, this means a lot more of them will be going into ETH.
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Not enough clever people left to ochestrate the pump and dumps is the way that basically reads. Zero push to improve fundamentals all about selling narrative.
Sanrith Descartes
Veteran of a thousand threadban wars.
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wormie
Critic of Critical Jewish Theory
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One of the main selling points was the hedge against inflation claim. That was obviously bullshit and so demand isnt there anymore.
Flobee
Vyemm Raider
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Hedge against monetary inflation, not CPI. CPI is a lagging indicator. Bitcoin did exactly what it was supposed to do, people just look at the wrong timeframe. They print trillions and it went from ~6k to ~20k now. Working as intended
wormie
Critic of Critical Jewish Theory
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Flobee
Vyemm Raider
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Any other assets sustain a 3x+ appreciation since they started printing trillions? Lets check our traditional inflation hedges:
Bonds - nope
Gold - nope
S&P - nope, certainly the closest though
Saying that Bitcoin failed as an inflation hedge is a poor argument. Government printed money via CARES, PPP, etc and risk assets reacted. Bitcoin reacted the fastest, was the most volatile, and had the best return... even after falling 71%. Nobody bought Bitcoin when the printing started, held it, and came out a loser due to inflation.
wormie
Critic of Critical Jewish Theory
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This is hopium at its finest. If crypto was a hedge against inflation, it would not have cratered when inflation shot up.
Mist
Mythic Spellslinger
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Flobee
is actually right here, as much as it pains me to say that.Bitcoin's price rose as M2 money supply skyrocketed. CPI is a meaningless trailing indicator. The "inflation" happened long before the CPI readings rose, it just took a long time for the expanded M2 money supply to overcome the resistance of price memory. The price of crypto tanked once the government actually committed to stopping printing money (did not commit to stop spending money but that's another story.)
This chart is the only one you need to understand everything that's happened with finance and crypto in the past 2.5ish years:
Flobee
Vyemm Raider
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You're showing a lack of understanding as to the difference between monetary inflation and the consumer price index. The lag between the two can be understood by the Cantillon Effect. Crypto is not a hedge against inflation, because crypto does not have a limited supply. Bitcoin is and does.
wormie
Critic of Critical Jewish Theory
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The dollar has not gained value since the spending stopped (did it really?). Under your hypothesis crypto should not have gained any value but it should not have lost any either yet it has. Saying bitcoin is a hedge in the face of a drop of 70% is silly.
Bitcoin's price rose as M2 money supply skyrocketed. CPI is a meaningless trailing indicator. The "inflation" happened long before the CPI readings rose, it just took a long time for the expanded M2 money supply to overcome the resistance of price memory. The price of crypto tanked once the government actually committed to stopping printing money (did not commit to stop spending money but that's another story.)
This chart is the only one you need to understand everything that's happened with finance and crypto in the past 2.5ish years:
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