When I got the idea for this image, Bitcoin was around $30k. By the time I finished it a few days later it had just dropped past $20k.
Look closely at the glass and you can see all those little bubbles popping. Delicious!
If you want this on a t-shirt/mug/sticker/whatever, you can get one over here.
Look closely at the glass and you can see all those little bubbles popping. Delicious!
If you want this on a t-shirt/mug/sticker/whatever, you can get one over here.
Category All / All
Species Unspecified / Any
Gender Any
Size 1140 x 1236px
It did, and it didn’t. I just read an article about the imminent unprofitability of crypto mining that estimated the cost in power, rent, and hardware maintenance to mine one BTC is about $15k. Which was a pretty good deal when they were going for $60k, not so good when they’re at $18k like they are right now.
There’s a lot of things to learn about the creation of value and the way capitalism works in the whole saga of cryptocurrency, and most of these things are pretty depressing. The *idea* of money created by the people rather than a central government authority mostly beholden to the banks is attractive; in practice it ended up being just as centralized, just as absurdly unbalanced in how it was distributed, and a fertile ground of people hoping to get rich quick, ready to jump on the next big scam. And that’s *without* considering the absurd amount of power a cryptocurrency network turns into waste heat just to process a comedically small number of transactions.
There’s a lot of things to learn about the creation of value and the way capitalism works in the whole saga of cryptocurrency, and most of these things are pretty depressing. The *idea* of money created by the people rather than a central government authority mostly beholden to the banks is attractive; in practice it ended up being just as centralized, just as absurdly unbalanced in how it was distributed, and a fertile ground of people hoping to get rich quick, ready to jump on the next big scam. And that’s *without* considering the absurd amount of power a cryptocurrency network turns into waste heat just to process a comedically small number of transactions.
What mostly gets me is all the fretting about millions and billions of dollars of value going up in smoke. That's what never existed in the first place, it was all fiction.
Like if I mint 100,001 dork-coins and sell one dork-coin for $1000 somehow, it doesn't mean that I'm suddenly in possession of $100 million of actual wealth. And it also doesn't mean that wealth is lost if that person I sold the one dork-coin to sells it to someone else for 1/10th of a cent.
Like if I mint 100,001 dork-coins and sell one dork-coin for $1000 somehow, it doesn't mean that I'm suddenly in possession of $100 million of actual wealth. And it also doesn't mean that wealth is lost if that person I sold the one dork-coin to sells it to someone else for 1/10th of a cent.
I made my money ($17K in Dogecoin) and got out (when Elon Musk was hyping it). Mined early, sold it off, hell even the feds gave me a write-off on the selling. Got my first car with that and paid off a loan.
Won’t be seeing that anytime soon.
Won’t be seeing that anytime soon.
I still regret the time I sold off a dozen BTC because it was crashing down from like $600. I think my total win was a few months of rent paid, well before Doge went from “joke” to “it’s worth HOW MUCH wtf”.
Yeah, mine was "eh, it'll be fun to do" until "this is getting boring, put it off to the side" to "IT WENT HOW MUCH?!?" and then "Oooh it's sliding, get out get out get out." So I got out while the getting was good. Could I gotten out earlier? I could, probably make a good half-year of wages, paid off a lot more.
"This isn't funny or clever cryptocurrencies only do this when they are VERY STRESSED"
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