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Originally posted by baker street:
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Too late for many noobs who thought crypto was an answer to everyones probems. They've all bought way high and are holidng bags now... the warnings have been flashing for months now. Just look at the chart, down 55% in last 6 months... all that cult following 'buy the dip' behaviour didn't work out eh bitcoin maxis? Bitcoin is useless and unstable. At least stocks produce something / dividends. Bitcoin is no inflation hedge Bitcoin is no store of value Bitcoin is not a useful as a currency Bitcoin is not digital gold Bitcoin is the ultimate ponzi scheme and it's finally unravelling. Miners will cease, as it's unprofitable at these levels. The whole show is heading for the trash can. Back to the 3k to 8k range. Many will be wiped out from this. Final thought: "at least gold can't evaporate in minutes".
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That would be pretty deflationary for technology, if all the mining rigs and Nvidia RTX cards gets liquidated and they come onto the market it could push used pc prices down.