Trouble Looming for Bitcoin, FTX, ethereum and monero? 'We are about to see massive disruptions': IMF chief . Is Digi Money a Scam or Here to Stay?
POSTED BY: JAYNEZTOWN
UPDATED: Tuesday, December 9, 2025 15:18
VIEWED: 9872
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Bitcoin Crashes as Major Crypto Country Shuts Down Entire Internet
https://futurism.com/the-byte/bitcoin-crash-turmoil-kazakhstan
Kazakhstan's internet shutdown takes out 18% of global Bitcoin production and sends the value of cryptocurrency plummeting by 8% as Russia deploys troops to crush protests
https://www.dailymail.co.uk/news/article-10381775/Bitcoin-tumbles-8-Ka
zakhstan-internet-shutdown-hits-cryptocurrency-mining-operation.html
Kazakhstan's deadly protests hit bitcoin, as the world's second-biggest mining hub shuts down
https://www.cnbc.com/2022/01/06/kazakhstan-bitcoin-mining-shuts-down-a
mid-fatal-protests.html
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Quote:
Originally posted by JAYNEZTOWN:
Bitcoin Crashes as Major Crypto Country Shuts Down Entire Internet
https://futurism.com/the-byte/bitcoin-crash-turmoil-kazakhstan
Jesus... I haven't been paying any attention to it in a long time but the last time I saw it it was "only" $20,000. Fucking crazy. A LOT of people are going to lose everything when this bullshit all comes crashing down around them.
Looks like a lot of people already have. It was up over $50,000 not long ago!!!
I could have bought this back when it was $50. lol
Too bad I didn't pay attention to the YouTube crazy people back before anybody knew what BitCoin was.
I think the problem was that they all pretended they knew what it was, but nobody could actually really explain what it was. It's just a bunch of ones and zeros that provide no product or service. Pure speculation pulled straight out of the ether.
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And bitcoin continues to decline by another 10% off its high in less than 2 weeks -
Bitcoin value tumbles almost 50% since record November
https://edition.cnn.com/2022/01/22/investing/bitcoin-ethereum-cryptocu
rrency-price-record-high/index.html
I'm not sure why bitcoin was so over-hyped. Like everything else considered as an item of exchange, value depends on what people think of it. Dollars, (oh, btw the USD is slowly being tunneled-under as a THE global currency), gold, wampum ... bitcoin ... they're all subject to humanity and its irrationality.
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Yeah. I don't get it either. I'll be the first to admit that I've never understood bitcoin.
I think if everybody admitted that, it would be worth about a nickle each right now.
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My buddy...
Stuck with that AMC stock. I hope things turn around for him on that one.
At least I know he won't ever have problems making money like I've had. I just hope that he isn't seriously downplaying how much he's invested in it up to this point. He was on his way to being a millionaire and there was no convincing him otherwise.
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Cryptocurrency Is a Giant Ponzi Scheme
https://www.jacobinmag.com/2022/01/cryptocurrency-scam-blockchain-bitc
oin-economy-decentralization
I got halfway through this article, but the amount of price/ liquidity manipulation being practiced on crypto was enough to make my head hurt. There are so many bogus aspects to crypto that I need to reread the article just to make sure I understand it all.
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Pity would be no more,
If we did not MAKE men poor - William Blake
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I'm only partway through the article, but I see this as important:
Quote:Basically, people aren't holding or exchanging crypto because they think crypto is in itself so valuable. It's only a mechanism to get more real cash.
The whole system relies on traders actually being able to exchange tethers* for real cash or — far more commonly in practice — other traditional cryptocurrencies that can be sold for cash on banked exchanges like Coinbase or Gemini, both headquartered in the United States.
So the idea of crypto being a 'currency' is already falling apart. It's morphed into a craze-based collectible for trading - like tulips - in order to acquire real money.
*a cryptocurrency pegged to the dollar, 1 tether = 1 dollar
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The plot gets more complicated.
Quote:
... iFinex... is printing tethers from thin air and using them to buy up Bitcoin and other cryptocurrencies in order to create artificial scarcity and drive prices higher.
... private companies issuing stablecoins (like tether) are indiscriminately inflating cryptocurrency prices so that they can be dumped on unsuspecting investors.
ETA: Basically, select companies are creating stablecoins out of thin air, to buy up the supply of cryptocurrency, in order to determine the 'price' of cryptos.
The author makes the point that the COST of generating cryptocurrency is huge - roughly the value of 1% of global electricity demand. But the VALUE is completely determined by price-fixing.
If people lose confidence that they can exchange their crypto for REAL money, the value will disappear like tears in rain (even going below the cost of generating crypto). SOMEONE will eat that loss.
But it won't be corporations, who may briefly use crypto to pump their own company's valuation before ditching it. It'll be the small investors, who may have put a substantial chunk of their net worth into crypto, who will be devastated by the loss.
Finally, the article makes the case that regulators have been virtually absent. And that's because of intense lobbying by the crypto industry itself.
Quote:
In the case of cryptocurrency, regulation is an existential risk precisely because regulatory loopholes and fraud are the only reason the industry appears profitable despite being wholly unproductive and a waste of energy resources. The same applies to private cryptocurrencies as a whole. The longer governments take to ban them, the worse normal people will be hurt.
The author makes a case that crypto is a lot like the derivatives trading based on fraudulent mortgages and the real-estate bubble that led to the 2008 meltdown.
I too wonder how deeply this can infect the normal economy. When ordinary people started taking out loans to buy the stock bubble in the 1920's, when the stock market collapsed it led to the Great Depression, and people of course losing their homes, farms, etc. When ordinary people got loans to buy the real estate bubble in the 1980's and the bubble popped, it led to the Great Recession. When the crypto bubble pops, it'll be primarily individual small 'investors' in crypto who are going to lose the real money they sunk into it.
In the public interest, I think it behooves the government to regulate cryptos, perhaps as the author suggest by breaking the link between real money and cryptos.
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Quote:
Originally posted by 1KIKI:
I'm only partway through the article, but I see this as important:Quote:Basically, people aren't holding or exchanging crypto because they think crypto is in itself so valuable. It's only a mechanism to get more real cash.
The whole system relies on traders actually being able to exchange tethers* for real cash or — far more commonly in practice — other traditional cryptocurrencies that can be sold for cash on banked exchanges like Coinbase or Gemini, both headquartered in the United States.
So the idea of crypto being a 'currency' is already falling apart. It's morphed into a craze-based collectible for trading - like tulips - in order to acquire real money.
*a cryptocurrency pegged to the dollar, 1 tether = 1 dollar
Wow. I said that back in December of 2017.
Maybe I do understand Bitcoin.
Quote:
Originally posted by 6IXSTRINGJACK:
The videos I had seen about bitcoin weren't just about speculation. They were touting Bitcoin as the "perfect currency".... One that could not be managed by banks, or split on Congress' (or any other government's) whim.
I dunno... doesn't the fact that it was less than 50 bucks a year ago and is now nearly $15,000 per "coin" kind of eliminate most of it's intrinsic value? How is this supposed to be used as currency when nobody but the uber-rich can afford a single one?
The ONLY thing I see going for it right now is that there is (supposedly) a finite amount of them. At the end of the day, all it is, is 1's and 0's.
I don't know how the speculation happened and how it reached this level, and I don't know when the bubble is going to burst, but what I think we're witnissing here is the prelude to a crash so hard that people will never use crypto-currency again, no matter how much of a "perfect currency" it has the potential of being. You won't be able to buy anything with it if nobody will accept it as payment. Unlike Federal issued USD, there is no laws anywhere I know of that say it is against the law for any business not to accept it as payment.
Do Right, Be Right. :)
The crash hasn't happened yet, but it will. It's a total pyramid scheme.
It should have been outlawed from the start. The problem is now, if any government tries to kill it they're single-handedly ruining the lives of a hell of a lot of people.
Probably won't come off too good while Nancy Pelosi is defending her right to insider trading.
As for there being a "supposedly finite amount of them", that's all bullshit too. Now that it's trading so high, people are just buying a fraction of a fraction of a percent of a coin at a time.
Bitcoin is the definition of infinity.
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In regards to cryptos and tulips, here's the link to Project Gutenberg's copy of
Extraordinary Popular Delusions and the Madness of Crowds
https://www.gutenberg.org/files/24518/24518-h/24518-h.htm#tulipomania
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