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I think a big reason crypto exploded is tied into prices of graphics cards. Anyone else think so? Miners use them to generate coins, and there was a huge shortage of them. The cards released in 2020 were mining monsters, it makes sense that miners scooped them up. The limited supply left for consumers drove up prices 200-300% above MSRP. The graphics card price inflation nearly mirrored crypto.

Now the cards are coming back down in price because in part, China shutting down miners. Now there's a huge used card supply, and sales have hit a dead end. This drives the price of cards down, along with the fact next Gen cards are half a year away. Prices have to come back down to earth and lo and behold crypto follows right along.

Also curious that Blackrock and Vanguard have controlling shares in both AMD and Nvidia. Shows that they heavily manipulate the markets.

I think a big reason crypto exploded is tied into prices of graphics cards. Anyone else think so? Miners use them to generate coins, and there was a huge shortage of them. The cards released in 2020 were mining monsters, it makes sense that miners scooped them up. The limited supply left for consumers drove up prices 200-300% above MSRP. The graphics card price inflation nearly mirrored crypto. Now the cards are coming back down in price because in part, China shutting down miners. Now there's a huge used card supply, and sales have hit a dead end. This drives the price of cards down, along with the fact next Gen cards are half a year away. Prices have to come back down to earth and lo and behold crypto follows right along. Also curious that Blackrock and Vanguard have controlling shares in both AMD and Nvidia. Shows that they heavily manipulate the markets.

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[–] • 1 pt

You think the "value" of cryptos are reflecting the amount of energy involved with "generating" them? I wonder if that has affected the energy markets as well.

[–] • 3 pts

Yes. As I've repeatedly explained in the past, crypto is fiat petro currency. It's not redeemable for anything and its "worth" is always based on the cost to create. The cost is exponential energy input. Faster cards simply shifts it back down in cost to generate.

Crypto only have value so long as people believe it does, energy costs continue to rise (in a post- fossil fuel world), and computing technology remains unchanged (where computing technology has already changed).

[–] • 2 pts

Crypto only have value so long as people believe it does

That's literally everything including gold and houses. Gold's intrinsic value if you assume jewelry and electronics is about 10 dollars an ounce and both jewelry and electronic uses can end tomorrow.

Houses are now being 3d printed for cheaper and better. People may not want an old school sheetrock/asphalt roof shitbox much longer.

At least with crypto we can send value anywhere in the world instantly and no fucking body can stop us. Also, kikes don't create it out of thin air and fund BLM with it or require diversity officers to get loans.

Most don't even know only banks create US dollars. https://youtu.be/JG5c8nhR3LE

[–] • 2 pts

You're completely wrong and don't understand the difference between fiat and money. People want tangible goods. Imaginary accounting numbers are worthless.

[–] • 0 pt

A power outage can stop you.

[–] [deleted] • 0 pt

Gold's intrinsic value

You forgot dentistry. Gold is better than amalgam and composite

[–] [deleted] • 2 pts

its "worth" is always based on the cost to create

aka labor theory of value

if Jack spends 10 billion hours polishing a turd, that turd is still worth jack shit

[–] • -1 pt

You think the "value" of cryptos are reflecting the amount of energy involved with "generating" them?

No. Crypto value is based on supply and demand. Their utility value (usually as a money system or smart contracting system), hype and network effects (brand) create demand and the number of coins on chain make up the supply.

[–] • 1 pt

Then why has their value tanked? The supply technically hasn't changed, the demand hasn't really changed either. I'd bet energy markets needed a Ukraine conflict to ride high energy prices as long as possible now that crypto and graphics card prices are stabilizing. It also shows us TPTB tried to move towards data as a commodity over energy.

[–] • 1 pt

Then why has their value tanked? The supply technically hasn't changed, the demand hasn't really changed either.

I can't say for certain why the entire human market does things, but: Crypto has recently traded along with tech stocks and tech stocks have recently taken a beating and dropped the most.

Also you say demand has not changed, but if people are short on money due to rising prices it makes a lot of sense for them to spend less on fancy tech and crypto. I believe in crypto as a system, but after all you cannot eat it.