$130 Billion Wiped Off Crypto Markets in 24 Hours
The cryptocurrency market had around $130 billion wiped off its value over the last 24 hours as major digital coins continued their multi-day sell-off. From a report: Bitcoin was last down around 4% at $33,755.57, according to Coin Metrics, while Ether plunged 7% to $2,239.08. Earlier in the morning both fell to their lowest points since July and are each about 50% off their all-tim … ⌘ Read more

Best comment ever I think I’ve seen about this nonsense cryptocurrency craze 😆

@prologic@twtxt.net
I agree only with one thing he says, and that is that he doesn’t understand the mechanics.
I am not a fan of tether, since it is provided by a company I don’t trust. But basically it is USD digitized/backed. People convert USD to tether to by Bitcoin. Inflation happens when you print money. Bitcoin has a cap of max 21 million coins. Fiat money has no cap.

@tamer@twtxt.net, and you don’t see a problem with a cap limit of 21 million coins? Equate that to limited editions, what is their inherent problem? What happens when that cap has been reached?

@tamer@twtxt.net for those (I call them fools, but that doesn’t sound nice, doesn’t it?) who will want it, regardless of their price, having a limited cap would increase the value of the currency. That is a problem, because its intrinsic value is nothing, it always refers to a hard currency.

@observer@twtxt.net I know following is a bit of work but I promise it’s worth it.

I have written a short but fun blog post about intrinsic value.
After that I would like to propose you read this post from just today by Activist Post