Damn so I finally made myself download TikTok and check some of the most liked videos with crypto tags and it's so much fucking worse than I could have even imagined. I feel like I need to disinfect my eyes. So many of them have 100k+ likes
I think this one takes the cake. Absolute trash cash grab ICO and the dude “confuses” payment methods to buy tokens with companies investing in the project. “Visa and Metamask are investors”
Also look at this 10yr old making $1k a day from options and crypto
And what about this kid aping into a token he likely created himself based on a tweet by Elon. This video has 1 fucking million likes
I'm just gonna stop here, I can hardly take it anymore. Main learning here is that these kids will keep creating these useless "meme coins," a few of the early ones will make good money and the rest will lose a shit ton. Froth is 10/10 and it only delegitimizes the rest. Sad tbh
This is potentially even worse than 2017 ICOs when Indian kids were at least pretending to build something. Now it's just TikTok pump and dumps by influencers.
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For those freaking out about hashrate, this is how it actually looks like. All the doomsday estimations that it's down 50% because that's what hashrate estimators say. The drop is closer to ~15-20% and caused by the North-West blackouts in China
Regardless of what it is, this is a temporary decline while miners can't really do anything if they're not getting electricity. On top of that, hydro season starts in late May and will get significantly cheaper. No reason to panic
Ran some quick numbers on the actual HR drop and currently looks like about 20%. Largest drop happened from April 15 to April 16. Poolin is getting hit the largest - losing about 36%
For those looking for some explanation, corrections are natural after massive run ups. Weekends with low liquidity are perfect, some dumb catalyst to spook traders off and down we go. Markets were bid up for Coinbase and that ended up disappointing as well. Not surprising
The best advice in this market is to stop looking for reasons and always be ready for large 20% down moves that have always happened. Stop massively overleveraging and you're gonna be fine homies. Hashrate has nothing to do with these, just market exhaustion