Wednesday, May 19th 2021

Cryptocurrency Market Bleeds Trillions in Less Than 24 Hours; Did the Bubble Pop?

The cryptocurrency market is experiencing another major shakedown in pricing, with the overall crypto market valuation dropping by more than a trillion dollars in less than 24 hours. As of time of writing, leading cryptocurrency by market cap Bitcoin has lost more than 30% in value, dropping to $31,000. Ethereum is down by 40% to $2,424, and memecoin Dogecoin has fallen by 45% - one would think a memecoin would have had its value dropped to zero from the instant of its conception, but that's not the world we live in.

As the market tries to staunch the bleeding, major cryptocurrency platforms Coinbase and Binance are down, citing "network congestion" issues stemming from the unexpected volatility. As investors see their attempts to sell neutered by these network congestion issues, this seems like a way to reduce the amount of cryptocurrencies available in the market, which would feed the descending value cycle even more. Whether or not this is the bubble popping, it's yet another foundational shock to the trust that was already achieved by these platforms and the cryptocurrency market as a whole. How this will affect market availability and demand for graphics cards and hardware is anyone's guess, but even if it does, it'll take some time until we see availability in the main and secondary channels.
Add your own comment

136 Comments on Cryptocurrency Market Bleeds Trillions in Less Than 24 Hours; Did the Bubble Pop?

#101
dragontamer5788
R-T-BMost funds staked. I mean it isn't rocket science.
Which blockchain do you use to determine the number of funds staked?

In PoW: you choose the longer blockchain. Its unambiguous (but the threat of a 51% attack forces everyone to constantly waste electricity). In PoS, you have a circular logic: you need to trust a blockchain before you can calculate the number of funds staked.
Posted on Reply
#102
R-T-B
dragontamer5788Which blockchain do you use to determine the number of funds staked?
I suppose that'd come down to a vote of participating nodes on what is correct.

Either way good point.
Posted on Reply
#103
The red spirit
AmiteThose were the days
And the legendary video:

Crazy thing is that you could beat that overclock with overclocked FX 6300 and you only need Cooler Master Hyper 103 air cooler.
Posted on Reply
#104
Jism
AusWolfcoinranking.com/coin/razxDUgYGNAdQ+ethereum-eth

False alarm?
I remember i mined quite a while, to finally sell out 24 ETH coins for around 2000 euro. Lol. If i would have waited to this day i was looking at 24x 2400$.

But who gives a nut. BTC and everything around it is based on a bubble. All we know tesla pulled the perfect trick out of the hat with a classic pump and dump.
Posted on Reply
#105
micropage7
about for 2 months ago, i just feel like it's going too much and it will pop soon. but in here many just don't give a damn at all
Posted on Reply
#106
R0H1T
In other not so shocking news :nutkick:
www.tomshardware.com/news/china-establishes-cryptocurrency-mining-hotline
micropage7but in here many just don't give a damn at all
Probably because not many, like me, are personally invested in crypto? I've never, dont plan to, nor looking forward to ever investing in crypto. That of course doesn't mean I support our "free money (i.e. debt) for all" printing system of today!
Posted on Reply
#108
lexluthermiester
Cryptocoin is tanking even faster than the last crash. Very interesting!
Posted on Reply
#110
Why_Me
This pyramid scheme can't die soon enough.
Posted on Reply
#112
R-T-B
R0H1TIn other not so shocking news :nutkick:
www.tomshardware.com/news/china-establishes-cryptocurrency-mining-hotline

Probably because not many, like me, are personally invested in crypto? I've never, dont plan to, nor looking forward to ever investing in crypto. That of course doesn't mean I support our "free money (i.e. debt) for all" printing system of today!
A lot of our users invest in crypto. Don't fool yourself.
Posted on Reply
#113
lexluthermiester
R-T-BA lot of our users invest in crypto. Don't fool yourself.
Yeah, kind sad really... No offense to those of you who are..
Posted on Reply
#114
R-T-B
None taken (at least from me). The whole thing is outragously bizzare. I'm just playing the field I was dealt.
Posted on Reply
#115
lexluthermiester
R-T-BNone taken (at least from me). The whole thing is outrageously bizarre. I'm just playing the field I was dealt.
Fair enough.
Posted on Reply
#116
64K
The billions of dollars spent is mind numbing
Posted on Reply
#117
lexluthermiester
64KThe billions of dollars spent is mind numbing
Not to mention what's been lost in the last few days...
Posted on Reply
#119
dragontamer5788
R0H1TProbably because not many, like me, are personally invested in crypto? I've never, dont plan to, nor looking forward to ever investing in crypto. That of course doesn't mean I support our "free money (i.e. debt) for all" printing system of today!
Which makes Tether / USDT so interesting to me. Because I assume most people who support BTC / crypto / whatever are doing so because they don't like money printers. (I mean, I disagree with that, but whatever. We're all allowed to have our own opinions about optimal money systems and how society should work).

But anyway, Tether just printed another $1 Billion USDT. whale-alert.io/transaction/tron/93fcdbc3485b24934e88b7c942baabaa47d5466ade64d457153121d396a2e6e0

These people come to forums discussing all the problems of "printing money" or whatever with the US Fed system (which is strictly regulated to ensure that banking participants make no more than a certain % of their official reserves). Then they turn around and buy USDT, which as far as I can tell, can decide to print literally a $Billion overnight without anyone so much as blinking at them.

That $Billion in USDT is then used to prop up Bitcoin's price (it obviously occurred as BTC's price was declining). There are ton of people who don't even know the difference from USDT and USD anymore. Its kind of insane.
Posted on Reply
#120
R-T-B
dragontamer5788Which makes Tether / USDT so interesting to me. Because I assume most people who support BTC / crypto / whatever are doing so because they don't like money printers. (I mean, I disagree with that, but whatever. We're all allowed to have our own opinions about optimal money systems and how society should work).

But anyway, Tether just printed another $1 Billion USDT. whale-alert.io/transaction/tron/93fcdbc3485b24934e88b7c942baabaa47d5466ade64d457153121d396a2e6e0

These people come to forums discussing all the problems of "printing money" or whatever with the US Fed system (which is strictly regulated to ensure that banking participants make no more than a certain % of their official reserves). Then they turn around and buy USDT, which as far as I can tell, can decide to print literally a $Billion overnight without anyone so much as blinking at them.

That $Billion in USDT is then used to prop up Bitcoin's price (it obviously occurred as BTC's price was declining). There are ton of people who don't even know the difference from USDT and USD anymore. Its kind of insane.
The people who critisize fed policy are not investing in stablecoins.

Supposedly for every print of tether, there is a dollar backing it owned by the company that prints it. I'm not sure if any audits of them have been done however, they have always struck me as the most suspucious "dollarlike coin"
Posted on Reply
#121
Valantar
dragontamer5788Which makes Tether / USDT so interesting to me. Because I assume most people who support BTC / crypto / whatever are doing so because they don't like money printers. (I mean, I disagree with that, but whatever. We're all allowed to have our own opinions about optimal money systems and how society should work).

But anyway, Tether just printed another $1 Billion USDT. whale-alert.io/transaction/tron/93fcdbc3485b24934e88b7c942baabaa47d5466ade64d457153121d396a2e6e0

These people come to forums discussing all the problems of "printing money" or whatever with the US Fed system (which is strictly regulated to ensure that banking participants make no more than a certain % of their official reserves). Then they turn around and buy USDT, which as far as I can tell, can decide to print literally a $Billion overnight without anyone so much as blinking at them.

That $Billion in USDT is then used to prop up Bitcoin's price (it obviously occurred as BTC's price was declining). There are ton of people who don't even know the difference from USDT and USD anymore. Its kind of insane.
I'm always fascinated by people who criticize a (potentially) poorly functioning regulated system - especially in our current world, where neoliberal economic policies have been intentionally and systematically eroding effective and useful regulation for half a century - by proposing that we move to an entirely unregulated one. The logic is just baffling. "Hey, see, this system has weak protections and is faulty, people are gaming it and it is causing trouble, so how about we just remove all the rules? That would fix things, right?" They don't tend to be that direct, but that is what it boils down to in the end. All the grand words about "democratization" and "freedom" conveniently skip over how this by default would be a democracy where only the wealthy have a vote, and the only freedom you have is what you can afford. But never mind that, of course.
Posted on Reply
#123
lexluthermiester
I find it interesting that even with the continued crash, values of most cryptocoin is still up from this time last year(assuming they're more than 1 year old, many are not)...
Posted on Reply
#124
R-T-B
ValantarI'm always fascinated by people who criticize a (potentially) poorly functioning regulated system - especially in our current world, where neoliberal economic policies have been intentionally and systematically eroding effective and useful regulation for half a century - by proposing that we move to an entirely unregulated one. The logic is just baffling. "Hey, see, this system has weak protections and is faulty, people are gaming it and it is causing trouble, so how about we just remove all the rules? That would fix things, right?" They don't tend to be that direct, but that is what it boils down to in the end. All the grand words about "democratization" and "freedom" conveniently skip over how this by default would be a democracy where only the wealthy have a vote, and the only freedom you have is what you can afford. But never mind that, of course.
It's more complex than that.

There are hard rules in crypto. Like block halvings. They happen because the designers of the chain said they would, whether the users like it or not.

These rules are litterally in the code. Humans can't mess with them. In many ways they are stronger than legislation. They haven't used this power for much besides coin issuance control, but it's certainly there.
Posted on Reply
#125
dragontamer5788
R-T-BIt's more complex than that.

There are hard rules in crypto. Like block halvings. They happen because the designers of the chain said they would, whether the users like it or not.

These rules are litterally in the code. Humans can't mess with them. In many ways they are stronger than legislation. They haven't used this power for much besides coin issuance control, but it's certainly there.
Except we can mess with them in practice.

Eth-classic vs Ethereum vs Eth2.0 for example. DAO contract was on the original, largely abandoned Eth-classic Blockchain. But the community was able to migrate (and plans to migrate again for proof of stake)
Posted on Reply
Add your own comment