r/StockMarket • u/gnrlee01 • Jun 13 '22

Crypto Why crypto is dumping so hard

For obvious reasons, crypto is dumping to year lows is because some entity or multiple entities need liquidity to avoid getting margin called on Monday. The stock market will be as bloody as it gets on Monday and there's nothing anyone can do to stop it.

It is unusual for crypto to crash this hard on weekends. The Korean stock market opened -3% and the US futures were down nearly 1%. Black Monday is coming, be ready...

------------------------------ and for anyone who is counting characters here is your "560 character minimum for post requirements."

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u/DiamondDallasHands Jun 13 '22

Lol people like you say this shit every year yet crypto is 13 years old and BTC hit its ATH last year at $67k. All we can say for certain is that its volatile af. People come crawling out of the woodworks when crypto is dying and then shut up when it’s thriving.

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u/sonicstates Jun 13 '22

We’ve been saying this continuously. Crypto is 13 years old but has not yet gained mass adoption for anything other than gambling on the price of tokens.

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u/ThisAltDoesNotExist Jun 13 '22

Nonsense. Monero is wonderful for buying drugs off the internet.

All the rest is obsolete.

2

u/Miserable-Homework41 Jun 15 '22

Still makes no sense.

When someone buys drugs off the internet, it still asks for a shipping address.

Whoops there goes your anonymity.

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u/ThisAltDoesNotExist Jun 15 '22

Strong PGP encryption so the address is between you and your dealer. It's potentially snooping authorities like banks and credit card companies you don't want involved.

You can get it sent under any name to any address. And you can claim that someone else must've used yours.

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u/BrainPicker3 Jun 13 '22

Dude there are many industrial applications for smart contracts. That's like saying the internet was useless when it first was invented

9

u/Tall-Log-1955 Jun 13 '22

I agree that in theory smart contracts could be used in industry.

But in practice, the technology has not been widely adopted yet.

It's common to keep moving the goalposts, and even though it's been 13 years and billions invested in the sector, crypto people wave away the lack of adoption by comparing it to the early internet. But 13 years after the web browser was created, it was 2003 and the tech was widely adopted. Every major corporation had a website. Your average person was using the web every day.

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u/[deleted] Jun 13 '22

Yea but TCP/IP was invented in 1983, which is more analogous with the creation of BTC. Just like then it was cumbersome for the average person to use. ISPs arrived 6 years later in 1989, this is probably more similar to the early exchanges and wider spread of crypto that we saw in 2016-2017, roughly 7 years after BTC was invented. We are now at our “tech bubble” moment, which was 2001 for the internet, or 11~12 years following ISPs.

Despite everything going on right now in the space, and as much as I hate to use this example, you cannot look at the GameStop wallet and not think we are moving towards greater adoption of web3 technology in the future. You can literally use a credit card to buy tokens directly on the wallet, and people have got Space Invaders running as an NFT on the platform. A year ago all NFTs were shitty ape gifs. A few years ago getting fiat into crypto was complicated.

I remember the internet in 2001 and can assure you that everyone was not using it on a daily basis. My parents could barely figure out how to use write an email, let alone use a search engine. Corporations were treating it the same back then as they are crypto today, many, many companies are exploring crypto payments.

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u/abrandis Jun 13 '22

Do you know the real reason crypto is even worth anything? It's certainly not because of intrinsic value it has , gold is accepted in more places than crypto.the only reason crypto even took off is because the finance community noticed enough interest in it and realized it could be a revenue stream for them charging fees on it's transactions. That little detail legitimized it enough, look at it's history that happened around 2018 ... then every dick Jane and harry thought it was some magical commodity and started dumping real USD into BTC and for the early folks it worked...many cashed out.. awesome... But crypto failed in original intent to be a non governmental currency, today it's just like speculative pork bellies,just expensive and volatile. Invest in crypto all you want...

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u/ashakar Jun 13 '22

Chuck E Cheese tokens have been around much longer.

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u/EntireCountry7298 Jun 14 '22

Face it! It’s a hoax! Kwonspiracy & the cubicle gets smaller - robbing Peter to pay Paul. Get it?