Crypto Crash 2022
Added about a year ago by Owen • Updated 3 months ago by Zach
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| Overview • History • Various Memes • Search Interest • External References • |
Type: Disaster
Tags: cryptocrash #cryptocrash twitter crypto bitcoin eth market down bad stocks stock market nft market nft crash bored apes ethereum nfts nft meme memes crypto crash memes cryptocurrency bitcoin crash
Overview
The Crypto Crash, also identifiable by the hashtag #CryptoCrash, refers to the cryptocurrency and NFT markets struggling in early 2022 amid Bitcoin and Ethereum dropping in value rapidly over the course of one week. In mid-June 2022, the price of Ethereum specifically dropped by record numbers, causing the entire crypto market to lose an estimated $300 billion and the total value of the cryptocurrency market to fall below $1 trillion for the first time since January 2021.
History
January 2022 Crash
In January 2022, the hashtag #CryptoCrash trended for the first time on Twitter, related to both Ethereum and Bitcoin posting over 10 percent drops in value overnight. The exact cause of the price dip was never made clear but led to memes on Twitter going into the remainder of January 2022. For instance, Twitter[1] user arpit_apoorva posted a meme on January 21st, 2022, that received roughly 1,200 likes over the course of four months (shown below).
Newbies in the crypto world 🤣#cryptocrash #BitcoinCrash pic.twitter.com/Dmf0YCWodh
— Arpit Apoorva (@arpit_apoorva) January 21, 2022
May 2022 Crash
On May 11th, 2022, it was reported by Forbes[2] that "panic" was sweeping the crypto markets amid the price of Bitcoin dropping by roughly 15 percent over the course of three days. The same type of drops hit other major currencies like Ethereum, Solana and Cardano. Jaime Baeza, the chief executive of Miami-based crypto hedge fund ANB Investments, said in a statement to Forbes, "Crypto markets have been under pressure given macro events (tighter monetary policy, surging inflation, Russia’s invasion of Ukraine) and the correlation between bitcoin and global equities is high. However, the most recent fall in crypto prices is more due to the de-peg of the UST."
Screenshots of market price graphs were shared by Twitter[3] user sonsofissacharr on May 11th, captioning them, "Next time you hear 'cryptocurrency is highly volatile' this is what they mean," earning over 80 likes in one day (shown below).
June 2022 Ethereum and Cryptocurrency Crash
Starting on June 10th, 2022, and continuing into the following week, the price of the second-largest cryptocurrency, Ethereum, dipped under $1,100. According to Forbes,[5] the June 2022 crash wiped $300 billion from the combined crypto market, with the total value of the market falling below $1 trillion for the first time since January 2021.[12]
News outlets like Business Today[6] likened the ETH crash to Staked Ether, or stETH, which is a cryptocurrency pegged to Ether. It had been de-pegged, resulting in positions that had borrowed Ether using stETH being liquidated. Forbes additionally likened the crash to the U.S.'s rising inflation which hit "worse-than-expected numbers" on June 10th, 2022.[5]
Online discussion of the ETH crash and falling crypto value started, most notably, on June 11th, 2022. For instance, on June 11th, Twitter[7] user and CNBC financial advisor Douglas A. Boneparth tweeted, "If you invested $10,000 in Ethereum in November of last year, you would have about $3,100 today," earning roughly 17,700 likes in three days (shown below, left). Also on June 11th, Twitter[8] user NFTsAreNice posted a Drakeposting meme joking about how the price of 1 ETH was once again 1 ETH, earning roughly 4,700 likes in three days (shown below, right).
On June 12th, 2022, the Twitter[9] account DigiEconomist posted a tweet that included a graph depicting the energy consumption of Ethereum, which showed that estimated carbon emissions related to the ETH network had gone down by around 30,000 metric tons of CO2 per day in June. The tweet received roughly 4,400 likes in two days (shown below).
The online discussion related to the crash started off serious but memetic content related to it surfaced going into the remainder of June. For instance, on June 12th, 2022, Twitter[10] user CryptoZemer drew a dinosaur on the graph showing the ETH crash, earning roughly 10,400 likes in two days (shown below, left). Also on June 12th, Twitter[11] user NFTHawks posted a meme about the ETH crash that earned roughly 2,800 likes in two days (shown below, right).
Various Memes
Search Interest
External References
[1] Twitter – @arpit_apoorva
[2] Forbes – Going ‘To Zero’
[3] Twitter – @sonsofissacharr
[4] Twitter – @guy_freire
[5] Forbes – Bitcoin And Crypto Now Braced For A Surprise Fed Bombshell
[6] Business Today – What led to the Ethereum crypto crash?
[7] Twitter – @dougboneparth
[8] Twitter – @NFTsAreNice
[9] Twitter – @DigiEconomist
[10] Twitter – @CryptoZemer
[12] NDTV – Cryptocurrency Market Value Slumps Below $1 Trillion.
Entry Editors ( 2 )
Recent Videos ( 5 )
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Why Celsius Fell Apart
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Celsius is Collapsing... Here's Why
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LUNA Armageddon
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How Luna Collapsed
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LUNA Is Crashing... Here's Why.
Recent Images ( 38 )
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Crypto Bro Should've Sold
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Crypto Crash Meme
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Ethereum Crash Meme
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Ethereum Crash Meme
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Ethereum Crash Meme
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Ethereum Crash Meme
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Ethereum Crash Meme
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Ethereum Crash Effect on Global Emissions
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Ethereum Crypto Crash 2022
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Ethereum Crypto Crash 2022
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Carlos Maslatón's farewell letter to Luna (in Spanish)
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Carlos Maslatón's farewell post to Luna (in Spanish)
Comments ( 116 )
I want my money back
I thought the crypto crashed already, at least once, possibly more often. How is this worse?
It's no longer niche and there are institutional investors involved.
I mean, it really sucks for all the people who bet and lost a lot of money in that crap, it is likely that a lot of them were scammed by snake oil salesmen and no amount of "I told you so" will ever make that okay for them… but still:
Obligatory:
Actually, a lot of value was lost given that stable-coins became so heavily integrated in stock portfolios across a myriad of investment firms and large portfolios (retirement plans, as an example). Through sheer market manipulation for by Blackrock and Citadel, they just erased billions in value.
So, the portfolios of peoples retirement funds, oft through indirect control, i.e. pension funds from unions, have no value to you? Damn.
So, the portfolios of peoples retirement funds, oft through indirect control, i.e. pension funds from unions, have no value to you? Damn.
Sounds like that's an issue of those firms and funds not taking into the account of the risk of losing their asses by investing in air.
I was told Terra was a stablecoin, one supposedly pegged on the value of the dollar, and that's down -40%. LUNA, in association, is down <99% over the last 3 days. Hell, BTC? Down almost 60% from its high. Not really stable things in hindsight tbh
I was told Terra was a stablecoin, one supposedly pegged on the value of the dollar, and that's down -40%. LUNA, in association, is down <99% over the last 3 days. Hell, BTC? Down almost 60% from its high. Not really stable things in hindsight tbh
So, the portfolios of peoples retirement funds, oft through indirect control, i.e. pension funds from unions, have no value to you? Damn.
So, the portfolios of peoples retirement funds, oft through indirect control, i.e. pension funds from unions, have no value to you? Damn.
Sounds like that's an issue of those firms and funds not taking into the account of the risk of losing their asses by investing in air.
I was told Terra was a stablecoin, one supposedly pegged on the value of the dollar, and that's down -40%. LUNA, in association, is down <99% over the last 3 days. Hell, BTC? Down almost 60% from its high. Not really stable things in hindsight tbh
I was told Terra was a stablecoin, one supposedly pegged on the value of the dollar, and that's down -40%. LUNA, in association, is down <99% over the last 3 days. Hell, BTC? Down almost 60% from its high. Not really stable things in hindsight tbh
Markets can stay irrational longer than you can stay liquid. Good to see reality catching up every once in a while…
You'll never make a monkey out of me.
Oh my gosh, I was wrong!
They were fungible all along…
You've finally made a monkey…
Yes we've finally made a monkey
Yes you've finally made a monkey out of meeeeeeeeee
Blackrock and Citadel borrowed 100k BTC from Gemini (which appears in their loan book). They swapped 25k of that BTC into UST (United States Treasuries); this was all done quietly in anticipation of the attack. When the time was right, they called up Do Kwon at Terra Foundation, and said they wanted to sell a lot of BTC for UST. As it is was a largest trade they told him they didn't want to move the market and asked if he would like to buy their large block of BTC at a discount for UST, thus lowering the UST liquidity significantly. At that point Blackrock/Citadel dumped all of the BTC and UST causing massive slippage and triggering a cascade of forced selling in both assets. The real problem was Blackrock/Citadel knew that Anchor which holds a lot of LUNA, was a Ponzi scheme and this crash would trigger more withdrawals than Anchor can repay. These forced withdrawals and selling would trigger a massive selloff in LUNA, thus furthering breaking the $1 peg and wrecking the market further. Blackrock and Citadel can now buy the BTC back cheaply to repay the loan and pocket the difference. Meanwhile, billions of longs and Bitcoin VAR were wiped out. It was pure market manipulation.
Correction (UST = Terra USD pegged at 1$)
But really the only thing being pegged are the bag holders
Which are investment firms, including retirement funds :\
Which are investment firms, including retirement funds :\
But really the only thing being pegged are the bag holders
Which are investment firms, including retirement funds :\
just bail before it's too late
Nah, I bought the dip. This will blow over in a few weeks.
tl;dr
It's market manipulation by Blackrock and Citadel. They've manipulated and tanked investments for things that most likely the things you rely on for your own retirement have been relying on.
It's market manipulation by Blackrock and Citadel. They've manipulated and tanked investments for things that most likely the things you rely on for your own retirement have been relying on.
Nah, I bought the dip. This will blow over in a few weeks.
Great news for the enviroment really
Printing real money is worse for the environment than crypto, though.
Actually, a lot of value was lost given that stable-coins became so heavily integrated in stock portfolios across a myriad of investment firms and large portfolios (retirement plans, as an example). Through sheer market manipulation for by Blackrock and Citadel, they just erased billions in value.
So, the portfolios of peoples retirement funds, oft through indirect control, i.e. pension funds from unions, have no value to you? Damn.
So, the portfolios of peoples retirement funds, oft through indirect control, i.e. pension funds from unions, have no value to you? Damn.
Sounds like that's an issue of those firms and funds not taking into the account of the risk of losing their asses by investing in air.
I was told Terra was a stablecoin, one supposedly pegged on the value of the dollar, and that's down -40%. LUNA, in association, is down <99% over the last 3 days. Hell, BTC? Down almost 60% from its high. Not really stable things in hindsight tbh
I was told Terra was a stablecoin, one supposedly pegged on the value of the dollar, and that's down -40%. LUNA, in association, is down <99% over the last 3 days. Hell, BTC? Down almost 60% from its high. Not really stable things in hindsight tbh
It's no longer niche and there are institutional investors involved.
Correction (UST = Terra USD pegged at 1$)
But really the only thing being pegged are the bag holders
Which are investment firms, including retirement funds :\
Which are investment firms, including retirement funds :\
So, the portfolios of peoples retirement funds, oft through indirect control, i.e. pension funds from unions, have no value to you? Damn.
Markets can stay irrational longer than you can stay liquid. Good to see reality catching up every once in a while…
I gotta say, there's just something about Crypto and NFTs that causes certain people to develop this cult-like attachment to them, thinking their specific cryptocoin/NFT group to literally be the best thing to happen to the human race since sliced bread. I can't really put my finger on why that is…
Don't forget the way they treat Elon Musk like he's the god-emperor of mankind, and that his word is the Gospel; Cryptobros and their associates are basically a cult now
Printing real money is worse for the environment than crypto, though.
Don't forget the way they treat Elon Musk like he's the god-emperor of mankind, and that his word is the Gospel; Cryptobros and their associates are basically a cult now
when the line doesn't always go up… either way makes my comments on artificial scarcity and other such tactics to lure more in to have someone hold the bag give more credit to my intelligence than i am. trust me, next time a scheme like this happens, don't fall for the part "others don't understand it, hence they don't like it like a genius you are" in order to keep you invested.
no for real, no "to the moon" or anything like that, SOMEONE is left holding the bag eventually.
But really the only thing being pegged are the bag holders
Which are investment firms, including retirement funds :\
the bubble popped, I bailed. made about £25 off of it.
just bail before it's too late
Nah, I bought the dip. This will blow over in a few weeks.
this was seen coming , idk why people keep falling for this tulip tier scams tbh, but it disappoints me greatly.
Oh hey , on another note , does this mean NTF's are next on the chopping block ?.
tl;dr
It's market manipulation by Blackrock and Citadel. They've manipulated and tanked investments for things that most likely the things you rely on for your own retirement have been relying on.
For those who think it’s the end of Crypto… Very curious, what makes this different than the other bear markets of the past? I’m skeptical it’ll ever just die.
A lot of people have schadenfreude now but will we see the same if the tables are turned? Gonna keep documentation on this.
I think it's the end of crypto as a get rich quick scheme. or atleast i hope
so long as you have cryptos attached to particular services or with scarcity, i imagine those will truck along but the pump and dumpers hopefully going to stay in the trash
Many cryptos have become stable coins, i.e. they've become a legitimized investor vehicle, where we have multinational banks, institutions, retirement plans, etc, investing into crypto market. It's entrenched and the idea that it is going to go away is not going to happen anytime soon.
BTC chrased by 95% somewhere around 2017 and that did not change people's perspective on crypto anyway. Nothing will change, this situation has happened before and nothing ever changes.
Many cryptos have become stable coins, i.e. they've become a legitimized investor vehicle, where we have multinational banks, institutions, retirement plans, etc, investing into crypto market. It's entrenched and the idea that it is going to go away is not going to happen anytime soon.
BTC chrased by 95% somewhere around 2017 and that did not change people's perspective on crypto anyway. Nothing will change, this situation has happened before and nothing ever changes.
A lot of people have schadenfreude now but will we see the same if the tables are turned? Gonna keep documentation on this.
The Ozymandias Effect strikes again.
Damn, this is terrible! Really!
Technically speaking as long as they don't sell they don't lose.
Buuuuuuut on the other hand? AHAHAHAHAHAAHAHAHAHAHA
I think it's the end of crypto as a get rich quick scheme. or atleast i hope
so long as you have cryptos attached to particular services or with scarcity, i imagine those will truck along but the pump and dumpers hopefully going to stay in the trash
Many cryptos have become stable coins, i.e. they've become a legitimized investor vehicle, where we have multinational banks, institutions, retirement plans, etc, investing into crypto market. It's entrenched and the idea that it is going to go away is not going to happen anytime soon.
BTC chrased by 95% somewhere around 2017 and that did not change people's perspective on crypto anyway. Nothing will change, this situation has happened before and nothing ever changes.
This is just one facet of a greater system of failing markets and economic decline world-wide.
We're moving from the hard times to the harder times, people.
Let's hope these monkeys go the way of Harambe.
Many cryptos have become stable coins, i.e. they've become a legitimized investor vehicle, where we have multinational banks, institutions, retirement plans, etc, investing into crypto market. It's entrenched and the idea that it is going to go away is not going to happen anytime soon.
It's market manipulation by Blackrock and Citadel. They've manipulated and tanked investments for things that most likely the things you rely on for your own retirement have been relying on.
BTC is still up vs december 2020. This is just the post-GME-fiasco crash resulting from all the billion dollar news outlets telling normies to treat crypto like stocks.
I'm like 99.99% certain this is just more news outlet price manipulation. Some hedge fund is probably investing in more crypto and called their buddies in the MSM to run some scare pieces to convince the normies to sell.
Give it like 6~12 months and there'll be another 2 week period where HuffPo/MSN/WaPo/CNN/Fox/etc all talk about crypto 24/7 to distract from some bipartisan populist protest or another and it causes BTC prices to skyrocket again to above november-2021 levels
it's sensible to mod this down but maybe it's actually true. Still, don't invest any hard-earned savings in crypto, unless you wish to speculate.
FAIL FASTER
SELL US YOUR VIDEO CARDS
Nah, I bought the dip. This will blow over in a few weeks.
Which are investment firms, including retirement funds :\
So, the portfolios of peoples retirement funds, oft through indirect control, i.e. pension funds from unions, have no value to you? Damn.
I don't have a cent invested in crypto, but hey, it's normal that those cryptocurrencies fall in price, then rise again, it happened before, some coins will get to 0 value and never recover, but maybe this will help the ones that keep having value.
Cryptocurrencies may have a future, we just need people using crypto to buy things like coffee and grocieries instead of turning it into an investiment of buy for a price, sell for more, without enough people using cryptocurrency as an actual currency, as a way to buy and sell things, it's just a bigger fool scam.
However, it seems that NFTs are going away, and for good this time, good, artificial scarcity should be applied to money, not to digital art which is easy to duplicate.
BTC chrased by 95% somewhere around 2017 and that did not change people's perspective on crypto anyway. Nothing will change, this situation has happened before and nothing ever changes.
Sounds like that's an issue of those firms and funds not taking into the account of the risk of losing their asses by investing in air.
I was told Terra was a stablecoin, one supposedly pegged on the value of the dollar, and that's down -40%. LUNA, in association, is down <99% over the last 3 days. Hell, BTC? Down almost 60% from its high. Not really stable things in hindsight tbh
I was told Terra was a stablecoin, one supposedly pegged on the value of the dollar, and that's down -40%. LUNA, in association, is down <99% over the last 3 days. Hell, BTC? Down almost 60% from its high. Not really stable things in hindsight tbh
I'm starting to think that these "stablecoins" aren't as stable as they sound…
it's sensible to mod this down but maybe it's actually true. Still, don't invest any hard-earned savings in crypto, unless you wish to speculate.
Interesting to note I believe Cryptocurrency dipped lower in 2021, but the year is still young. It's also still significantly higher than the "spike" back in 2018 when most of the hype got started.
I'm really happy to see NFTs crash and hope the decline continues. They are so unintuitive and nonsensical they mostly served to launder money and con people. I don't hate the technology, but treating it like collectable "art" was such a dumb idea that part of the reason it lasted this long was from people saying "wait, it can't really be that dumb can it?"
For the record I don't have anything against Cryptocurrency as either a currency or investment tool, NFTs in their current state need to die though.
This is God's punishment for buying up all the graphics cards.
Eat shit, NFT bros
Heh.
Lol.
Lmao even.
Idiots losing all their money in a very unstable market driven primarily by speculation and every single stock market scam of the early 20th century?
If I have one regret about this, it's that since NFTs are digital, we can't burn them in a big fire and actually get something out of it.
We could burn the hard drives storing all of the NFT tokens.
that'd be a waste, just bring a neodymium magnet and you'll clear the entire venue in seconds
afterwards take the hard drives for storing (illegitimately obtained) movies n shit
that'd be a waste, just bring a neodymium magnet and you'll clear the entire venue in seconds
afterwards take the hard drives for storing (illegitimately obtained) movies n shit
What's with the four bots bellow?
For the record, this crash was speculated about since at least February. Everyone actually not clueless about this field knew this was coming, so everyone who lost money on this pretty much deserved it. Nothing about this crash was so sudden that it would have caught smart investors off-guard. And it is not over yet, either. It could continue until late this year, for all we know.
The only people crying about this are probably the target audience of those treating crypto like a "get rich quick" scheme which, again, means that they probably deserved it.
"For the record, this crash was speculated about since at least February."
I speculated this was coming since the creation of cryptocurrency.
not hard to speculate this.
We all knew it was a bubble from the start. The only ones going for it in the first place were easily-fooled gambling-addicts, and corporate schemers and tax evaders in on the joke.
Many of us can just laugh
Obligatory
Gettin' Bog'd from the grave. (yeah for those not aware, both Bogdanoff twins died months ago from covid)
They didn't die, the mothership beamed them up
They didn't die, the mothership beamed them up
Gettin' Bog'd from the grave. (yeah for those not aware, both Bogdanoff twins died months ago from covid)
They didn't die, the mothership beamed them up
"For the record, this crash was speculated about since at least February."
I speculated this was coming since the creation of cryptocurrency.
not hard to speculate this.
We could burn the hard drives storing all of the NFT tokens.
that'd be a waste, just bring a neodymium magnet and you'll clear the entire venue in seconds
afterwards take the hard drives for storing (illegitimately obtained) movies n shit
We all knew it was a bubble from the start. The only ones going for it in the first place were easily-fooled gambling-addicts, and corporate schemers and tax evaders in on the joke.
They didn't die, the mothership beamed them up
"In another moment I had scrambled up the earthen rampart and stood upon its crest, and the interior of the redoubt was below me. A mighty space it was, with gigantic Crypto Mines here and there within it, huge mounds of material and strange shelter places. And scattered about it, some in their overturned vaults, some in the now rigid money-printing machines, and a dozen of them stark and silent and laid in a row, were the NFTs--dead!--slain by the simplest of economic turmoils against which their systems were unprepared; slain as the red weed was being slain; slain, after all man's devices had failed, by the humblest things that God, in his wisdom, has put upon this earth."
that'd be a waste, just bring a neodymium magnet and you'll clear the entire venue in seconds
afterwards take the hard drives for storing (illegitimately obtained) movies n shit
That time again, huh?
Bizonacci is just too fucking good
I don't invest, I don't have any knowledge, but even I know the basic concepts of "don't invest what you aren't willing to lose" and "don't put your eggs in one basket." Because of that I have no sympathy, and also: all these cryptobros for years were so smug, looking down on the dumb normies and thinking they were so smart. Now their magic internet coin crashes and they post how they're suicidal and want the empathy they weren't willing to afford to others.
Bizonacci is just too fucking good
I remember several encounters with a cryptobro a few months back when I was riding the bus to work. I never interacted with him directly, but as the rest of the bus was often silent, I found it hard to drown his loud voice out. He had tight, curly hair, a bulbous nose, sickly pale skin, and a skinny fat build draped over with the same drab clothing every time he boarded, and every time he spoke, I felt a dee-seated contempt sharper than any I had felt before. Every word he spoke reeked of self-aggrandization coupled with a complete lack of self-awareness.
The first time he boarded, he sat across the aisle from some girl who didn't know him. Thought they were friends because he immediately started talking her up, only to hear the first words coming out of his mouth were "They closed my favorite subreddit today." No preamble, no greeting, just mourning his favorite subreddit. Don't remember what the hell it was, some dank meme page or something like that, but he talks this poor girls ear off as she struggles to end the conversation with obvious hints like "okay" and "Wow that's crazy," none of which he seems capable of picking up. He pesters this girl on and off throughout he ride, stopping the conversation out of awkwardness only to try and pick it back up again. I cursed myself for not having earbuds that day, as it was quite possibly one of the most painfully awkward exchanges between tow humans I had ever seen.
At this point, I didn't know he was a cryptobro. Just some poor awkward dude who didn't know how to talk to women, or just people in general. Then, he boarded another time, and immediately tries barging in on this group of about four people and tells them that his bitcoin just went up. He then started telling everyone how he has hundreds of thousands of dollars and that he throws parties all the time, including one he had planned for that weekend (he never invited them to said party). he then went on and on with some line about how religion is fraud and that clergy should be taxed their whole income or something (mind you, this is in eastern Idaho where there's a huge Mormon population), and at this point everyone's either just looking at him funny or resolving to ignore him completely. He goes on about how good it is being rich for the rest of the trip while everyone tries their hardest to ignore him. The last time I saw him saw about eight months ago, where he was complaining about his grades and how teachers should adjust for "different kinds of learner." I assume that he's bene booted form university since then.
If nothing else, he only confirmed my prejudices about people who turn crypto into their life: soulless, personality devoid, conceited, socially inept, materialistic, shallow wretches who deserve all the bad things that come to them and more.
Tbh he straight up sounds like he has bipolar disorder and crypto is just another way he manifests it (the classic get rich quick scheme)
Pretty sure most of them have one or more of the cluster B personality disorders.
Pretty sure most of them have one or more of the cluster B personality disorders.
Tbh he straight up sounds like he has bipolar disorder and crypto is just another way he manifests it (the classic get rich quick scheme)
Pretty sure most of them have one or more of the cluster B personality disorders.
Pretty sure most of them have one or more of the cluster B personality disorders.
At this point, I didn't know he was a cryptobro. Just some poor awkward dude who didn't know how to talk to women, or just people in general. Then, he boarded another time, and immediately tries barging in on this group of about four people and tells them that his bitcoin just went up. He then started telling everyone how he has hundreds of thousands of dollars and that he throws parties all the time, including one he had planned for that weekend (he never invited them to said party). he then went on and on with some line about how religion is fraud and that clergy should be taxed their whole income or something (mind you, this is in eastern Idaho where there's a huge Mormon population), and at this point everyone's either just looking at him funny or resolving to ignore him completely. He goes on about how good it is being rich for the rest of the trip while everyone tries their hardest to ignore him. The last time I saw him saw about eight months ago, where he was complaining about his grades and how teachers should adjust for "different kinds of learner." I assume that he's bene booted form university since then.
If nothing else, he only confirmed my prejudices about people who turn crypto into their life: soulless, personality devoid, conceited, socially inept, materialistic, shallow wretches who deserve all the bad things that come to them and more.
Tbh he straight up sounds like he has bipolar disorder and crypto is just another way he manifests it (the classic get rich quick scheme)
Pretty sure most of them have one or more of the cluster B personality disorders.
Pretty sure most of them have one or more of the cluster B personality disorders.
Nature is healing
So…those damn video cards will be cheaper again?
Asking for my friend Pablo who lives in a third world hellhole
just like mine.Not much of this crash is related to crypto mining specifically, so I would not count on that. Many miners mine BTC, and BTC did not crash as hard as the rest of the market.
Most of the GPU problem was due to Covid.
More specifically, trading limitations, the inability to get components to create cards for a while, and most importantly, the fact that everybody was stuck at home and said "now is a good time to get a PC/upgrade".
Cryptos and scalpers do play a role in this but they aren't the majority. More video cards are made now than ever, but the demand is still absolutely banana and the industry needs time to get new factories to catch up.
There's an overall semiconductor chip shortage because of the pandemic. When supply can't meet demand, prices skyrocket.
There was a shortage, but is was fairly… well short (a few months at most). The actual reason behind the GPU price explosion is due to never seen before demand above all.
There was a shortage, but is was fairly… well short (a few months at most). The actual reason behind the GPU price explosion is due to never seen before demand above all.
There's an overall semiconductor chip shortage because of the pandemic. When supply can't meet demand, prices skyrocket.
There was a shortage, but is was fairly… well short (a few months at most). The actual reason behind the GPU price explosion is due to never seen before demand above all.
There was a shortage, but is was fairly… well short (a few months at most). The actual reason behind the GPU price explosion is due to never seen before demand above all.
Hasn't it been crashing since a year or so ago?
6 months, specifically, though this crash is harder than the one from November since it was triggered by a stablecoin (crypto pegged to the US dollar) failing to remain stable due to a protocol failure, dragging down several associated coins with it, LUNA being the most notorious which quite literally ate shit, crashed by virtually 100% and got delisted on all trading sites. LUNA was a long-standing coin before this.
Jeez. I do not envy the people who invested in that one.
Jeez. I do not envy the people who invested in that one.
I bet Square Enix feels really dumb about selling Tomb Raider right now.
Tomb Raider was never that valuable a franchise anyway. I feel like they figured it was something they could afford to lose.
Valuable enough for them to keep milking up until they sold it anyway.
Valuable enough for them to keep milking up until they sold it anyway.
6 months, specifically, though this crash is harder than the one from November since it was triggered by a stablecoin (crypto pegged to the US dollar) failing to remain stable due to a protocol failure, dragging down several associated coins with it, LUNA being the most notorious which quite literally ate shit, crashed by virtually 100% and got delisted on all trading sites. LUNA was a long-standing coin before this.
Jeez. I do not envy the people who invested in that one.
Not much of this crash is related to crypto mining specifically, so I would not count on that. Many miners mine BTC, and BTC did not crash as hard as the rest of the market.
Tbh he straight up sounds like he has bipolar disorder and crypto is just another way he manifests it (the classic get rich quick scheme)
Pretty sure most of them have one or more of the cluster B personality disorders.
HODL TIL IT HITS THE FLOOR!
HODL TIL IT HITS THE FLOOR!
HODL TIL IT HITS THE FLOOOOOOOOOOOR!
Jeez. I do not envy the people who invested in that one.
I just feel bad for any poor people who tried to make money by investing in this
I look at it the same way I look at the lottery: if you're dumb enough to play, you don't get to cry when you lose.
Tomb Raider was never that valuable a franchise anyway. I feel like they figured it was something they could afford to lose.
Valuable enough for them to keep milking up until they sold it anyway.
Pretty sure most of them have one or more of the cluster B personality disorders.
Valuable enough for them to keep milking up until they sold it anyway.
Most of the GPU problem was due to Covid.
More specifically, trading limitations, the inability to get components to create cards for a while, and most importantly, the fact that everybody was stuck at home and said "now is a good time to get a PC/upgrade".
Cryptos and scalpers do play a role in this but they aren't the majority. More video cards are made now than ever, but the demand is still absolutely banana and the industry needs time to get new factories to catch up.
There's an overall semiconductor chip shortage because of the pandemic. When supply can't meet demand, prices skyrocket.
There was a shortage, but is was fairly… well short (a few months at most). The actual reason behind the GPU price explosion is due to never seen before demand above all.
There was a shortage, but is was fairly… well short (a few months at most). The actual reason behind the GPU price explosion is due to never seen before demand above all.
To commemorate this moment, I would like to bring up one of my favorite songs from Avenue Q.
Every time I read the entry's title I first read it as "Spyro Crash 2".
That would be quite the crossover wouldn't it? So good that there wasn't a Spyro Crash 1.
There actually was a Spyro/Crash crossover in the early 2000's with a pair of GBA games that were pretty bad.
There actually was a Spyro/Crash crossover in the early 2000's with a pair of GBA games that were pretty bad.
Block chain technology isn't going away, but this is certainly good news, perhaps now people won't make terrible investments and buy into scams that swarm the market.
You mean the NFTs? People will still buy them if they think they own the thing, that was the driving force of NFTs when they first exploded in popularity.
Nope, NFTs were always a bigger fool scam, too many people buying a thing to sell for a bigger price, but few people actually buying that thing to own it forever.
The art market works because it's not a bubble, it's not a pyramid, it's a circle, a circle of buying and selling to each other to evade taxes and launder money, but it didn't work with digital art because NFTs were a convoluted attempt of making digital art have uniqueness.
Nope, NFTs were always a bigger fool scam, too many people buying a thing to sell for a bigger price, but few people actually buying that thing to own it forever.
The art market works because it's not a bubble, it's not a pyramid, it's a circle, a circle of buying and selling to each other to evade taxes and launder money, but it didn't work with digital art because NFTs were a convoluted attempt of making digital art have uniqueness.
Yes, please crash hard and soon. I need a new graphics card.
Freaking finally, now we are going to buy new graphic cards at reasonable prices.
It probably will rebound because cryptobros are just a cult by this point and won't learn anything from it, but there is always the faint hope it will be gone for good.
If they lost enough money, they probably won't be able to by virtue of being bankrupt
"A sucker is born every minute"
"A sucker is born every minute"
or maybe it's because it's become institutionalized and has become far more legitimate investment tool
You mean the NFTs? People will still buy them if they think they own the thing, that was the driving force of NFTs when they first exploded in popularity.
Nope, NFTs were always a bigger fool scam, too many people buying a thing to sell for a bigger price, but few people actually buying that thing to own it forever.
The art market works because it's not a bubble, it's not a pyramid, it's a circle, a circle of buying and selling to each other to evade taxes and launder money, but it didn't work with digital art because NFTs were a convoluted attempt of making digital art have uniqueness.
Nope, NFTs were always a bigger fool scam, too many people buying a thing to sell for a bigger price, but few people actually buying that thing to own it forever.
The art market works because it's not a bubble, it's not a pyramid, it's a circle, a circle of buying and selling to each other to evade taxes and launder money, but it didn't work with digital art because NFTs were a convoluted attempt of making digital art have uniqueness.
At least tulip bulbs grow flowers every year
History tidbit: The most valuable tulips during Tulip Mania were infected with Tulip breaking virus. This caused the petals to gain colored streaks on their petals, but it also progressively weakened the bulb until it died.
If they lost enough money, they probably won't be able to by virtue of being bankrupt
"A sucker is born every minute"
I look at it the same way I look at the lottery: if you're dumb enough to play, you don't get to cry when you lose.
History tidbit: The most valuable tulips during Tulip Mania were infected with Tulip breaking virus. This caused the petals to gain colored streaks on their petals, but it also progressively weakened the bulb until it died.
There's one game that sums up the mindset of those who still think that this is salvageable.
Going Under, the second dungeon of it.
Skeletons who have sold everything they have in order to try and make some semblance of a buck from a dead cryptocurrency, combined with a whole mining motif, and said 'currency' is barely a hundredth of a cent at the best of times.
Don't forget the fact that the skeleton running the crypto exchange doesn't even know how it works.
"A sucker is born every minute"
or maybe it's because it's become institutionalized and has become far more legitimate investment tool
There's an overall semiconductor chip shortage because of the pandemic. When supply can't meet demand, prices skyrocket.
There was a shortage, but is was fairly… well short (a few months at most). The actual reason behind the GPU price explosion is due to never seen before demand above all.
Don't forget the fact that the skeleton running the crypto exchange doesn't even know how it works.
There was a shortage, but is was fairly… well short (a few months at most). The actual reason behind the GPU price explosion is due to never seen before demand above all.
If NFTs were to cease to exist in their current form I'd be dancing on their grave. That said I see a lot of people see the related "crash" in cryptocurrencies and equate the two, and I'd like to provide some context.
Currently Bitcoin is sitting at about $30,000, and this time last year was at $34,000. It's seen rises and falls in between from $25,000 to $69,000, and for further context the "peak" during the hype back in 2017 was not even $17,000; most other crypto currencies have followed similar rises and falls.
In short, if you hate NFTs this is good news. If you hate Crypto this isn't bad news either but doesn't look to be all that meaningful.
One last thing, do not take this post as encouraging crypto or saying you should invest; I can't predict the future and you should do whatever you want with your money. The only thing I will say is that you should never invest more than you can afford to lose.
If quantitative tightening is everything people say it is, we can expect the Fed to start dumping assets (such as bonds) on the market. Devaluation of those assets will likely cause others to sell other assets to cover those losses, and other people will sell yet other assets to cover those losses in the usual sort of chain reaction. Could get dicey.
Are they dead yet? Are GPU prices going to decrease soon because my budget-build card that was $150 when I bought it in 2019 now goes for more than my entire PC and mine's starting to throw up errors and everything's up-to-date with no overclocking and no overheating.
Seriously, crypto mining needs to be classified as gambling as it contributes nothing except maybe if you pray to every deity known to mankind, dance a special secret jig and wish on a shooting star on the night of a blue moon you might get slightly more money than you put in to it. Plus, it's effects on hardware prices is disastrous for anyone that's not a crypto miner with a thinly-veiled gambling addiction.
What do you get when you cross a large group of customers who think they're millionaires and have no concept of risk aversion and a profit-hungry massive corporation? The modern GPU market with $800 budget-build cards, that's what you get.
LET'S DO IT AGAIN!
I agree, that crypto trading made this world go crazy. That's why speaking about online trading, binary minimum deposit gives better opportunities and remains stable. But we'll see what may happen in the future, as we live in the interesting time…
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