Those who cheer on yet another bust cycle for crypto markets (what, you really think it's "dead"? Aren't casinos still around?) fail to recognize they are watching the process of capital accumulation. It's not the big fish losing money, they're the ones BUYING all the discounted sales by panicked individuals. When you see the headline, "Crypto billionaires lose hundreds of millions!" did the first two words slip by unnoticed? They are way, WAY up to begin with. These sales feed the next cycle.
@bobbyd0g i cheer in the hopes that *this* release in diarrhea finally drops the weight of the administrative state on the cryptosphere.
The drop in power draw alone is worth celebrating
@bobbyd0g I'd rather err optimistic than resign myself to learned helplessness
@conte I thought of saying that, lol, I'll be cheering right with you when THAT happens. I just see a lot of people who think the whales are losing money in this, when the reason they got rich in the first place is that they know how to play both sides of the market. China set a good example banning mining entirely…
