• WANTED: Happy members who like to discuss audio and other topics related to our interest. Desire to learn and share knowledge of science required. There are many reviews of audio hardware and expert members to help answer your questions. Click here to have your audio equipment measured for free!

Is Crypto Dead?

JeffS7444

Major Contributor
Forum Donor
Joined
Jul 21, 2019
Messages
2,398
Likes
3,586

ton312

New Member
Joined
Jul 18, 2022
Messages
4
Likes
0
Well a couple of the coins have died in the last couple weeks. Maybe crypto is dying. Probably not going to be that lucky though.
I think that crypto is really dying, but the most likely we will have something instead of it soon
 

nerdstrike

Active Member
Joined
Mar 1, 2021
Messages
275
Likes
329
Location
Cambs, UK
I wonder if the Gartner hype cycle is appropriate? One of the earlier hopes for BTC was that it would serve for modest purchases, but the ballooning investment raised transaction costs far beyond reasonable. I don't think specific successful cryptocurrencies will die out once the cost of doing business is more tolerable. I wish it would die and take some strain off the energy supplies.
 

Vacceo

Major Contributor
Joined
Mar 9, 2022
Messages
2,818
Likes
2,978
It's death means wasting less energy. How good is a currency that cannot be exchanged for goods and services?
 

JeffS7444

Major Contributor
Forum Donor
Joined
Jul 21, 2019
Messages
2,398
Likes
3,586
Find a crypto with real utility. Is there any? Xrp maybe
I can't think of any good reason why I'd want to touch that.
Ripple-sm.jpg
 

JeffS7444

Major Contributor
Forum Donor
Joined
Jul 21, 2019
Messages
2,398
Likes
3,586
We'll know when cryptocurrencies are ready for prime time, because they will be boring, values will be stable, they'll be widely accepted, and transaction costs (aka "gas fees") will be minimal. I've got no reason to think that any of today's cryptocurrencies, including so-called stablecoins, will mature into that.
 

Blumlein 88

Grand Contributor
Forum Donor
Joined
Feb 23, 2016
Messages
21,283
Likes
38,726
Crypto is a problem in search of a solution. And yes I meant it that way. An invented problem we have no need of.
 

muslhead

Major Contributor
Forum Donor
Joined
May 28, 2020
Messages
1,590
Likes
1,816
Based upon what i am reading here, the bottom is near.
When there is blood in the streets and capitulation has occured, it is time to buy.
Not yet, but it seems we are close.
Successful investing by reading sentiment only is very hard. Perfect timing does not exist.
When the zealots have focused their attention on the next big thing, blockchain will be the next phoenix
 

muslhead

Major Contributor
Forum Donor
Joined
May 28, 2020
Messages
1,590
Likes
1,816
Well, if you must lose money quickly, it's as good a method as any.
Gotta love trading strategies that have not been backtested nor provide a statistical advantage to throwing a dart.
This is why (along with many other reasons) more than 90% fail at trading.
 
OP
Ron Texas

Ron Texas

Master Contributor
Forum Donor
Joined
Jun 10, 2018
Messages
6,474
Likes
9,728
India is considering banning Crypto. The US congress is looking at regulating stable coins with a rare bipartisan bill. Tesla sold its stock of Bitcoin before it completely crashed, but Musk says he might buy it again.
 

Chromatischism

Major Contributor
Forum Donor
Joined
Jun 5, 2020
Messages
4,909
Likes
3,825
India is considering banning Crypto. The US congress is looking at regulating stable coins with a rare bipartisan bill. Tesla sold its stock of Bitcoin before it completely crashed, but Musk says he might buy it again.
The crypto industry has been looking forward to sensible regulation for some time. Lots of money is waiting on the sidelines until this happens.

India has been talking about "banning" it for a long time, lol.

Tesla sold 75% of its Bitcoin holdings to prop up its cash balance for the quarterly report. Shows how versatile it is. My bet is, they buy it back lower.
 

Chromatischism

Major Contributor
Forum Donor
Joined
Jun 5, 2020
Messages
4,909
Likes
3,825
Based upon what i am reading here, the bottom is near.
When there is blood in the streets and capitulation has occured, it is time to buy.
Not yet, but it seems we are close.
Successful investing by reading sentiment only is very hard. Perfect timing does not exist.
I agree...there are a lot of indicators pointing to this. And I'm not talking just price charts. I personally don't find them as foretelling as some think. In the blockchain world you get to see a lot more data than you do in the stock market. It's very interesting stuff.

In addition to that, if you take the time to learn about the market cycles in both crypto and equities, including when to be going risk on and risk off, you can do a lot better than trying to time day-to-day trades. Jumping in anywhere near 10-20% of the bottom and you'll be doing very good on a 3-5 year timeframe.
 

Chromatischism

Major Contributor
Forum Donor
Joined
Jun 5, 2020
Messages
4,909
Likes
3,825
So, is crypto dead? It's probably below the level where mining it is profitable.
I've seen $15-22k to mine one BTC depending on how much you're paying for electricity.

Miners have indeed been selling their holdings in order to make up for lower transaction volumes. It sucks because they lose the future value, but the alternative is to sell machines or close doors. But as an investor, those tend to be the most valuable coins to buy because they happen near market bottoms. This has played out several times and I doubt this time will be different.

Now, this is only Bitcoin, the leading crypto asset. The crypto industry as a whole has a lot of development going on, but the public only seems to notice when prices rise way above the mean.
 
Top Bottom