Topic: With a 99% drop in value of Crytpo Will the Morons Move On?? (Read 413 times)

That was before but we are now on a time where cryptos are slowly becoming centralized. Regulation are being implemented left and right and coins are being forced to move on POS instead of POW. This is bad for the majority but if we think about it, there are certain benefits of it like the shitcoins can now be rejected easily and those cyber criminals e.g the launderers, hackers, and the like are now going to be caught more successfully.

The loss of others will have a bad impact on other cryptos because those who lose will think all cryptos are the same which are not trusted. If not only because of those shitcoins, the top cryptos that we know are now already performing well.

Sorry, but crypto is decentralized and anyone can create their own useless token if they wish and there is nothing haters and purists can do about it. Actually, I don't know why you care about it, since people investing in shitcoins and losing money to scammers don't have any impact on your life, since you don't follow their steps. Just use and invest in bitcoin as you want and forget/don't pay attention to what other crypto enthusiasts are doing with their own money. People are already suffering the consequences for their mistakes and bad moves, and it will remain under their decision if they want to continue adopting the same stances for the future or change their financial behavior for good.

As they say, it takes two to tango. There are centralized exchanges preying on the money of innocent individuals. At the same time, there are also always uninformed individuals whose lack of awareness could only be blamed on themselves.

In terms of greed, both of them are guilty. There are people who don't want to just HODL their Bitcoin in a cold wallet because they can't earn from it. The funds are just sleeping, so they better invest them, trade them, and so on. On the other hand, there are also exchanges who can't keep their hands off their customers' money. They also trade them, lend them, and so forth. In the end, they will share the same fate. And this will probably go on and on and on.

Exactly, we have never needed them, they are the ones that need this market to make a fortune out of the ignorance of the people, but bitcoin can work very well without those impostors trying to make it seem as if they are an integral part of this market, I hope this helps people to open their eyes to the truth and they understand that something like this can always happen again as it is impossible for those people to contain their greed.

With the markets painted red there is no reason for them to stick around especially that most of these projects out there have the get rich quick mentality, and Btw party is over they should be parking their bags for now.

As bad as the dip may look like.... I think it's the perfect reset button bitcoin needed to allow it to grow as all shit coins will be shed off thanks to the blood bath. FYI all the shit coins were good for was to suck the life out of bitcoin and now that the feast is over btc can live again.
In the long run we need  some regulation on how on can launch a project onto the market to protect the markets otherwise this will go on for a long time.

Hilarious rant. Satoshi's vision about BTC was a fantasy and totally unrealistic. BTC and many other cryptocurrencies had to adapt to survive which is where the exchanges came in and helped out in certain ways.

One garbage exchange doesn't automatically imply that all exchanges are garbage. There are many legitimate exchanges out there which don't scam their customers.

The only issue that I have with centralised exchanges is their KYC policy which is only fine upto a certain extent.

Its better to see that it is somewhat that stable or less volatile rather than on seeing it dropping but making out decision whether you should buy or not then it is really that hard on doing so.
We dont know on when it would be ending up on this way yet this had been not the first time for which Bitcoin did really behave into. 99% drop? We cant really say but it could really be that possible.
Anything here on crypto space is something that cant be known.Everything would really be depending on how the community or entire space would really be sticking into its demand.
We have lots of fuds, shills and other things and even though there are lots who had been scared but there are still people who do really like to take a risk.

But to be frankly speaking, had it been the price of Bitcoin never risen to what it is today, I'm sure you would have never picked interest in it, which is not a lie. Because the truth is that Bitcoin still has its freedom as ever from day one, but you are the one who has chosen to use centralized exchanges instead of decentralized exchanges "i.e bisq".  And secondly, Bitcoin is a free digital currency that can be accessed by anymore, of which amount acquired cant be controlled by anyone, which is why when a huge amount of Bitcoin Is been sold or there is a mass selling, it affects the price of Bitcoin, as it works with respect to the law of supply and demand

When the price falls unstoppable, they are sure to leave for good. But if the price goes up again then they will come again. They don't know anything about cryptocurrencies, they just want to make money.

OP, I am one of those early coiners that stood on the corner of McDonalds under the CCTV to buy bitcoins. (Person-to-Person) ....and back then, Bitcoin was highly illegal and the enemy of the governments. 

Since then, centralized Exchanges figured out how to make money from this technology and they also figured out how to destroy pseudo anonymity for many people that traded Crypto currencies. (KYC requirements)

People saw the ATH spike in the price of Bitcoin and Exchanges made it convenient and fast for people to trade... so they forgot about the early coiners goals to make this a technology that were meant to introduce financial freedom and financial privacy. 

I feel your anger..... 

I don't think so, they will always survive and find ways to make their loss come back later and be replaced more than before
maybe by always monitoring the state of surviving with existing assets and waiting for the hype to reappear and believing that bitcoin will always be at its peak

Soon, most holders and investors will understand that it doesn't make sense to hold a lot of altcoins. And they're going to start doubting the reputation of the exchanges for these manipulations that they're seeing. When it becomes questionable, that's the start that every investor will have the merged idea of staying only to the best of the best and that is with bitcoin. When there's the trend for every cycle, we see that those trends aren't taking long and they're always breaking apart. While most of them are busy with that, there's bitcoin staying at the top.

Even if we are talking about Exchanges, I believe these Morons will choose to stay. Even with those scenarios you stated, they will never leave, besides they are called morons for a reason.   



I agree, even with just one computer to host the Bitcoin node, the network will live on.  Bitcoin is about trusting codes and removing third-party trust.  It is indeed about the freedom of transaction.

the $15k support has been tested multiple times over the last year. and its testing strong

let all the fearful sell(where they are profiting due to acquiring coin from 3+ years ago) where the new owner of those coins buy in at over $15k and be strong too not want to sell at losses, thus super supporting the $15k+ value line for 2022

yes i have to admit i got coins hoarded from very low prices upto a decade ago, so yes i could sell today and profit.. and then the new owner buying above $16k can be the strong investor that wont sell at losses
i could sell and try to push the price down.. but nah.. i know bitcoin is good and will continue so im happy hoarding. i have no need or interest to sell. especially at these low prices.. that would be stupid

however there are many many altcoins that are speculating way above their underlying value support amounts. like 3x-30x the value line. and no one should be buying them, and instead should be selling before they correct

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ethereum is stupidly not setting its own market with its own random speculative trade sentiment of its own userbase of the whims of trade in its own niche tokens to separate it from bitcoin movements.. instead it is spot tracing wiggle for wiggle bitcoin prices though at a btc 1:13 eth rate

ethereum is not showing any real utility by its lack of independence of the market wiggles.. which goes to show no one is really trading ethereum to then use on ethereums independent markets/tokens and niche things like NFT much.
i feel sorry for ethereum users when they realise their market price is being falsly held 30x above value(underlying rate ~$40 since pos merge) held up purely by the whims of arbitragers.keeping the bubble of eth inflated

just remember. when ethereum merchants, miners and devs all said eth(PoS) is 99% cheaper to create due to not being PoW. that means the value dropped by alot. and the speculative bubble gap between value and price inflated

The morons will never leave. The ideas of bitcoin enable pure freedom, therefore, we have tons of CEXes, altcoins and scammers making money off this situation. I sense most of them have already capitulated, but I am 100% sure they will be back.

Bitcoin fundamentals have never changed, I'd like to quote satoshi: "The nature of Bitcoin is such that once version 0.1 was released, the core design was set in stone for the rest of its lifetime."

Bitcoin original ideas will continue to exist as they reside in individuals like you. Price becomes irrelevant when you are 100% convinced bitcoin will change the world, as It is the only natural form of money that exists today.

And also I will mention ETC is centralized crap as well. They went through several hardforks, one of those changed the mining algo for old miners to use their nvidia 1060s.

A fool would probably walk away distraught to see all their money gone because they thought they couldn't try to recover their losses. In addition, they also have little capital to start again.

But I don't think all of them will go away because there are still survivors from that worst condition. After all, they still believe that everything will change. They will keep trying harder than before because they want to get the benefits again. But people with money will welcome this situation happily because they can buy more bitcoins, which is a big discount for them.

if people who really have normal thinking and strong convictions, will definitely not go, because they believe in the rise of bitcoin.
and they must realize that this is just a cycle, and continue to invest in bitcoin.

only the impatient will leave, and the successful will survive.

I doubt the morons will leave. The market is still ruled by centralized exchanges. Mt Gox was gone, Quadriga was also gone, and many more. But the same thing remains. They were gone only to be replaced with the same centralized exchanges. After all those centralized platforms are gone, was there a significant change in the playing field? Nothing. They weren't gone because legit decentralized platforms finally made their way to the mainstream.

The same goes with shitcoins. Loads of shitcoins already died. But are we now running out of shitcoins? No, they're even increasing in numbers. So we only have shitcoins replacing shitcoins.

fall to $3k?? u kidding right?

bitcoin value (not price) has been $15k for alot of 2022

the bitcoin market has been testing prices above this. and yet has not actually pushed prices down enough to sway/push value down.. (speculation, sentiment, social drama has not scared the markets or mining to crash value)

even FTX drama this week has not caused huge drops/crashes.. in comparison to normal price variance of the last 6 months
all of this is helping prove the value support of $15k+ is strong and that the markets dont want to drop to stupid amounts you quote like $3k/$10k

the markets have tested lows this year via many speculative negative events (luna/ftx/elon)

if big events like FTX cant kill prices in half or quarters. then that helps show how strong the market is supported at the $15k rate of value underlying the markets..

2022 has shown to be a market average of $20k with speculative swings above and below of +/- 20% either side ($24k-$16k)

we have seen a $17k in previous months and this weeks $16.5k is no different to "norm" acceptable swings.. this is a sign that FTX cant even kill the markets, and thus cant kill the underlying value supporting the markets

all of this is a good sign

A friend of mine refers to exchanges as "Shitcoin Casinos"!

There will always be an appetite for Shitcoin gambling and the lure of get rich quick possibilities.

As long as there is a chance of this exchanges will exist.

The demise of exchanges in the past like MtGox and Cryptopia have been forgotten, FTX
too will be forgotten about in time and there will be those who will "trust" exchanges again.

What do you mean with the crypto balloon is popped? The bitcoin price dropped below 17k USD and now everything is over? I don't think so, this was only a minor setback and the market will recover soon again. I can understand your frustration about the short term traders and speculators that make the bitcoin price so volatile. Unfortunately I don't see any chance for them to leave the market. Prices could fall back to 3000 USD and many investors would be hurt, but with such a low price investors would start buying heavily again to bring the price back up. A stable bitcoin market would make many things much easier, it just doesn't seem very realistic at the moment. The big problem is also that many people bought their coins above 20k USD, so if the price would ever drop below 10k USD I am sure that many people would never consider selling. Personally I would rather keep my coins until eternity and leave them to my family than to sell them at such low levels.

bitcoin does have underlying value supporting it. meaning there is a non-zero bottom everyone on the planet eventually refuses to go below

even with all the exchange drama of liquidations  and earlier year collapse of sidechains. bitcoin has shown a good support above $15k

if you work out the cheapest mining cost on the planet this year. this again is $15k. meaning the cheapest costs on the planet to acquire bitcoin is $15k. and no one wants to sell at losses below this

yes the market price above this underlying value line is speculative where people pay a premium above minimum due to personal circumstances.

...
however other coins market prices are very much speculating a a very high premium far far above their own underlying value lines

ETH for instance has a underlying value line of under $40 since it flipped to PoS
however the price is $1.2k. which shows alot of premium/speculated hype compared to value

if you look at the market wiggles of speculation. you see the shape of the line following near the shape of the line of bitcoin.


this means ETH is propped up and speculating at an unrealistic high.. and also that its stupidly trying to trace the bitcoin movements

ETH is not moving much due to high usage of its tokenised NFT crap.
where an independent market would have its own wiggles that are randomly different to other markets if a truly independent part of its own utility
(though it does show some variety to the btc wiggles)..


 the fact that eth's markets are showing similar wiggles to bitcoin on the charts. shows that ETH is propped up and trying to stay inline with bitcoin at a ~1:14 btc:eth ratio even though from a value point of view ETH should have corrected to a 1:98 ratio with eth market dropping to sub $100


in short
bitcoins market is very close to value. brushing right against it and a great time to buy.
ethereum is hyped up bubble speculated premium far above value. being propped up by speculators trying their hardest to keep it (kinda pegged) to a bitcoin conversion rate of under 20.. but it cant survive/sustain at this hyped up rate forever

I understand the big point that you are driving at. The huge problem is that we are living in an open space and the whole cryptocurrency industry is open to anyone...nobody will be investigating anyone to be able to enter here. And so we can see bad and good actors doing business in crypto...and I think this is going to be true into the future. What transpired in FTX and its Sam Bankman Friedman - what a name sporting the word bank but we later realized he just FRIED us - is  big wake-up call to all to never, ever fully trust any platform doing business in crypto even including Binance so they can feel that they should be working to earn that elusive trust everyday. There should be a way to make these bad actors accountable and a good way to protect their investors.

Yes, the carpet-baggers are the exchanges, tokens, and ... blah

I'm just advocating that if we fall back to pre 2012 we'll be just fine without all the morons and common criminals;

BITCOIN in and of itself is fine; It's neutral and it still seems that the code-base is honest;

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The problem is the GOV created bankman-ponzi, and now they'll regulate bitcoin because of the criminal mis-deeds

The good news is that 98% of the world doesn't give a fuck about USA regulations, its only in the penal colony called USA that their reg's matter

Remember trumps wall is to keep the tax-cows contained and not able to leave

The overall opinion of the crypto community is not positive and you can see it on most of the major crypto social networks. The majority of the negativity is directed at exchanges, and also lending platforms. In fact, there is more negativity with cryptocurrency services than with developers, projects or even ICOs.

In the future, hopefully, a more sustainable and reasonable crypto market will emerge from the ashes of these ponzi scams. This is part of a revolutionary process that is based on separation between useful services from garbage and scams. After this separation - free market will do rest. I know this is overly-optimistic but we will just have to wait and see. Nothing else. Apart from that, I believe the future of decentralized exchanges is bright; they are surely growing in numbers and will continue to draw in more and more users. At least crypto community is learning from its mistakes and trying to improve. And in the end, that is what matters most.

Talking about the exchanges here, and NOT about BITCOIN, there are now 20k shit-coins, most are shit 99%

The exchanges are the fucking problem, long ago if determined the value of btc p2p met in a park and traded a bag of cash; Price is what people will pay;

The exchanges created tokens and defi, and various other pet rocks that are soon to be 99% worthless;

The question is will the morons leave when ALL the fucking money is gone??

BITCOIN will live on, possibly even at $1k or less so fucking what; It was never about the money, or getting rich easy, it was always about FREEDOM

Morons will not move on they will still lurk and wait for the hype and buy at PEAK and sell at the Bottom.   They will observe BTC bleeding but won't do anything and laugh at people buying in the market.  Then they will get fomo'ed once the Bitcoin price rally and buy at the Bitcoin ATH.


The government had already took noticed of Bitcoin so it is quite impossible to go back where there is no government interventions and regulation.


I hope you can provide us with good proof on this one, I almost have the same thought but I cannot prove it so I decided that the idea is moot, so I hope you do have the evidence .

this is impossible, take a good look at the current scenario, we are heading towards KYC shit, there is no going back. there's no way to go back in time, today the market is very big, in a few months this FTX case will be part of the past and people (at least people who haven't lost money on this exchange) will have forgotten all about it and another exchange appears that people will deposit money again, centralization will only get worse with the entry of laws that governments will create. It's a matter of time before we see these laws


you wish rich people wouldn't buy bitcoin to make a profit?



the price of bitcoin will not drop to $3k, as I said, this market is already very big, the price is only going down to 15000$ because it has this FTX problem, but the market will recover

This is the reason why a number of Bitcoin supporters are somewhat happy with what's going on in the crypto industry right now; because this is one of the biggest illustrations of how crypto shouldn't be. Crypto shouldn't have been about centralized exchanges and lending platforms and investments for annual yield and staking and so on.

So, in a away, what's happening right now is helping the crypto market shake off those unsustainable, insecure, or simply unreasonable designs of crypto projects, platforms, services, and so forth.

In a way, the crypto market is going through catharsis right now. From a certain viewpoint, this is actually healthy to the industry. Some crypto services and products are not meant to last as they are only damaging the very vision of Satoshi and the spirit of Bitcoin.

I doubt it. Some will stay and the landscape won't change that much. If anything, I bet regulation and government will take more control over it so they can be the major shareholders of the asset as usual. Still, at least people have the choice of not using those centralized services and keep it P2P instead. I bet we will get the same experience (exchange failure, a major hack etc) in the future whether we like it or not.

A fool and his money are soon parted.

We need to get back to SATOSHI-101 crypto, that is no gov, no exchange, just p2p like minded libertarian humans

In the past ten years Crypto had been taken over by every low life form of human parasite on earth, to get rich quick or financially fuck their fellow human beings

now that the crypto balloon is popped going forward can all the parasites just leave? Is that asking too much??

The exchanges and their 100x leverage, and pulling NFT's & Tokens out of their ass calling them assets, and the 20k shit-coins just created a lot waste of energy, but the good new is its all now worthless;

So BTC reverts to $3k, and ETH reverts to $300, but ETH is now fucked with stake they are now compromised by US-GOV, so its now ETC going forward the only real ETH algo, with no ownership by US-GOV who wants to block/ban addresses that are not dot-gov approved, they'll do the same thing with BTC in time if you dumb bitches allow it

ALLOW ME TO DEFINE 99% drop, I'm not talking about BTC I'm talking about the ASSHOLES that FINANCIALIZED BTC


Talking about the exchanges here, and NOT about BITCOIN, there are now 20k shit-coins, most are shit 99%

The exchanges are the fucking problem, long ago if determined the value of btc p2p met in a park and traded a bag of cash; Price is what people will pay;

The exchanges created tokens and defi, and various other pet rocks that are soon to be 99% worthless;

The question is will the morons leave when ALL the fucking money is gone??

BITCOIN will live on, possibly even at $1k or less so fucking what; It was never about the money, or getting rich easy, it was always about FREEDOM