Crypto crash: almost $1 trillion wiped off markets as Bitcoin hits lowest level since 2020

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wiyosaya

Posts: 7,694   +6,633
All of you guys in the chat are misinformed!!!

Cryptocurrency is our last greatest hope to break away from the central banks, the IMF and the racism plaguing the global markets.

Crypto is decentralized and no one controls it.

I can't get on a plane with $10,000 cash, but I can have millions in crypto and no onw knows.

I can make transactions without being tracked, harassed or oversight.

Bitcoin is changing the world and how we do everything.

Before ya'll insult crypto and blockchain technology, you really ought to know what you're talking about.
🤣 IMO, posts like these only prove a lack of understanding masquerading as understanding.

EDIT: Then again, I am certain you are trolling. ;)
 
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FaTaL

Posts: 78   +119
Bout time people figuring out crypto is all BULLSH1T. Any digital element in modern world (crypto, NFTs, etc) will never hold value in the long term, nor be stable...
Why?

1. Because its non-tangible. You really are never in control of it. Its only as good to you as the infrastructure it resides on (which you don't own).

2. Its easily manufactured = Unstable. Economics 101. Price of anything is what someone is willing to pay for it. Not to mention 99% of crypto miners are using government currency to build their mining facility.... so if you're smart, you'll cash out now before you watch your $100k investment go into the sh1tter. kthxbai

3. Anything in the technology world has little longevity (coding, hardware, software, social media etc). Its accelerating at faster paces everyday. Humans frame of mind has become attuned to, if its tech from 5 years ago, it prolly sucks... Same will happen with this stupid crypto phase...
 

Todd Sauve

Posts: 57   +75
Wow... crypto has "crashed"... good thing that's never happened to "regular" currencies before... oh wait...

Everyone crying that crypto is now "over"... I suggest waiting a bit... just like everything else that "crashes", there will be a recovery. Terra might not recoup, but crypto itself will survive this.
When you know as much as a high level economist and former leader of a G7 country, you will have some credibility. But go ahead and invest in crypto. The first ones in, who are also the first ones out, are basically the only ones who make money in that market. And who knows when to get in--and when to get out? And can you even get out? Sounds like a classic "heart break hotel" as investment people say. Easy to check in, but impossible to check out. Fundamentally unsound and unethical. 🤷‍♂️
 
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PEnnn

Posts: 770   +874
All of you guys in the chat are misinformed!!!

Cryptocurrency is our last greatest hope to break away from the central banks, the IMF and the racism plaguing the global markets.

Crypto is decentralized and no one controls it.

I can't get on a plane with $10,000 cash, but I can have millions in crypto and no onw knows.

I can make transactions without being tracked, harassed or oversight.

Bitcoin is changing the world and how we do everything.

Before ya'll insult crypto and blockchain technology, you really ought to know what you're talking about.

Aren't you the same guy who always said crapto is a Ponzi scheme?? Now you're saying it's not?

I could have sworn somebody with your user name and exactly the same posts was saying that for, I don't know, 3 - 4 years now??

Unless we have a schizoid here on this forum....or your account has been hijacked??

PS: Now, if you also have those 2 silly 3090s (the guy with the same user name kept bragging about ad nauseam at every occasion), that would be one amazing coincidence!!
 

PEnnn

Posts: 770   +874
You still haven't completed your homework assignment I have you last time. Go back and read the horror's of what this country went through BEFORE there was a central bank and once you understand you could walk into your bank and suddenly find it shuttered, all your money gone and no way to re-coop it or file suite against anyone then maybe you'll understand. The central bank is what stabilized the currency and prevented all these mysterious "money gone" episodes ..... want an example? Go invest that $10,000 into one of these internet invention scheme's that flease people's money for intentions that rarely ever are completed, much less make it to market .....

Those should be required reading for every Crypto pusher here and elsewhere.

And also for those who think any government is bad, till they lose everything and start crying in their cheap Budweiser and pleading for government help.
 

nodfor

Posts: 236   +432
So meaning is only derived from monetary gain?
Talk is cheap.
You still haven't completed your homework assignment I have you last time. Go back and read the horror's of what this country went through BEFORE there was a central bank and once you understand you could walk into your bank and suddenly find it shuttered, all your money gone and no way to re-coop it or file suite against anyone then maybe you'll understand. The central bank is what stabilized the currency and prevented all these mysterious "money gone" episodes ..... want an example? Go invest that $10,000 into one of these internet invention scheme's that flease people's money for intentions that rarely ever are completed, much less make it to market .....
What percentage of its value has the $ lost since 1914? Must be above 90%, something close to 95%
 

gamerk2

Posts: 697   +668
It's no different than your 0s and 1s in your Bank Account. It's just not backed by Government.
That's a pretty major thing that crypto doesn't have; the assumption the government will back its currency and guarantee the value of your dollar (at current market rates, of course) is on of the major pillars that keep currency stable.

Without that guarantee, which you have is really no different from any other non-currency asset: A thing with no discrete value, who's value is determined entirely by market forces. Hence why it behaves just like a stock: Goes up during good times when people buy into the rally, and crashes hard during hard times as people look to consolidate their previous gains.

Or put another way: Crypto's price is determined based on whether investors think the price will go up or down. So congrats, you invented stocks.
 

merikafyeah

Posts: 334   +318
You still haven't completed your homework assignment I have you last time. Go back and read the horror's of what this country went through BEFORE there was a central bank and once you understand you could walk into your bank and suddenly find it shuttered, all your money gone and no way to re-coop it or file suite against anyone then maybe you'll understand. The central bank is what stabilized the currency and prevented all these mysterious "money gone" episodes ..... want an example? Go invest that $10,000 into one of these internet invention scheme's that flease people's money for intentions that rarely ever are completed, much less make it to market .....
The Fed was established to mitigate the effects of "bank runs", I.e. when everyone wants to withdraw their money all at once. But the elephant in the room that many willfully ignore is that there is no logical reason why bank runs would be able to collapse HONEST banks.

People store gold at the bank instead of under their mattress because they trust in the bank's higher physical security. Logically what you put in, you should be able to take out whenever you want after paying a reasonable fee for the service of storing your money. THAT'S honest banking.

Nowadays if you want honest money storage that's better than "cash under the mattress", go with a credit union instead of a bank. Credit unions are fiduciaries to YOU, while banks are fiduciaries to their shareholders.
 

Beerfloat

Posts: 506   +964
UST, a so-called 'stablecoin', whose value was supposed to be kept close to the actual US dollar by people buying Luna tokens, which themselves were largely paid for by 'high quality assets' like - get this - Bitcoin. Woah. How could it ever have failed?

And people thought collateralized debt obligations were murky. It's smoke and mirrors built on sand all the way down, folks.
 

maxxcool7421

Posts: 127   +202
All of you guys in the chat are misinformed!!!

Cryptocurrency is our last greatest hope to break away from the central banks, the IMF and the racism plaguing the global markets.

Crypto is decentralized and no one controls it.

I can't get on a plane with $10,000 cash, but I can have millions in crypto and no onw knows.

I can make transactions without being tracked, harassed or oversight.

Bitcoin is changing the world and how we do everything.

Before ya'll insult crypto and blockchain technology, you really ought to know what you're talking about.

hahahah ... nope. Tons of white papers show that bitcoin can be traced and tracked... as for ''freedumb'' ..

and playing the ''rascism'' card .. put down the crack pipe budddy .. that tenner in your wallet gives no snoots to your genetics
 

gamerk2

Posts: 697   +668
The Fed was established to mitigate the effects of "bank runs", I.e. when everyone wants to withdraw their money all at once. But the elephant in the room that many willfully ignore is that there is no logical reason why bank runs would be able to collapse HONEST banks.
Don't confuse the Fed with the FDIC; the Fed was created for the purpose of keeping the economy stable. Of course, two of their three pillars are contradictory: Keeping employment stable often requires spending, which in turn causes inflation. Hence the catch-22 the Fed is currently stuck with.

(As an aside, given the initial drive in inflation [pre-Ukraine] was driven primarily by shortages due to the pandemic, the Fed was 100% correct to focus on unemployment, even if it led to inflation in the short term. You need people producing goods in order to alleviate the supply shortages. What we're seeing now is more a result of Oil/Food disruptions caused by the conflict in Ukraine.)
 

brucek

Posts: 1,124   +1,666
All of you guys in the chat are misinformed!!!

Cryptocurrency is our last greatest hope to break away from the central banks, the IMF and the racism plaguing the global markets.

Crypto is decentralized and no one controls it.

I can't get on a plane with $10,000 cash, but I can have millions in crypto and no onw knows.

I can make transactions without being tracked, harassed or oversight.

Bitcoin is changing the world and how we do everything.

Before ya'll insult crypto and blockchain technology, you really ought to know what you're talking about.
That all sure sounds important for criminals. But for me as an honest, tax-paying citizen, I'm much more interested in being protected by fair laws and sensible regulations, having safeguards like FDIC or other investment equivalents, and a decent shot of getting my money back if scammed.
 

Slappy McPhee

Posts: 217   +138
Everybody keeps talking as if fiat money actually means anything or is worth anything either. lol

Both fiat and crypto are backed by empty promises and dreams. Countries as well as the central banks continue to just print paper. The only difference right now is that traditional fiat money is the "known" element for the last however long it has been, but it has been without real backing for decades. lol

This comment thread is such a sh1tsh0w. (like what I did there with the 1 and 0?)
 

brucek

Posts: 1,124   +1,666
It's like a pyramid scheme or a Ponsi scheme.
When the amount of suckers at the bottom, willing to put in money in the machine, is drastically reduced, it starts to crumble.
Those at the top, that already were able to cash out, are the ones that get away with profit.
There's even an official-sounding name for this type of investment strategy:
Greater Fool Theory
 

jason lee

Posts: 32   +18
All of you guys in the chat are misinformed!!!

Cryptocurrency is our last greatest hope to break away from the central banks, the IMF and the racism plaguing the global markets.

Crypto is decentralized and no one controls it.

I can't get on a plane with $10,000 cash, but I can have millions in crypto and no onw knows.

I can make transactions without being tracked, harassed or oversight.

Bitcoin is changing the world and how we do everything.

Before ya'll insult crypto and blockchain technology, you really ought to know what you're talking about.

"I can make transactions without being tracked, harassed or oversight." <-- That's the problem. The original appeal of cryptocurrency was that ability and anonymity. However with increased regulation and oversight (I.e. IRS), you are required to report cryptocurrency transactions or face non-compliance with the law. Sure you can still purchase underground goods and services, but you can't buy a home, Tesla, or make any above-ground transactions without government reporting. That, and "the fact that Crypto has *not* held up against an economic downturn ... given that "crypto [was supposedly] a safe asset against economic downturns" " are two ex-advantages to own crypto.

 

jason lee

Posts: 32   +18
There's even an official-sounding name for this type of investment strategy:
Greater Fool Theory
It's like a pyramid scheme or a Ponsi scheme.
When the amount of suckers at the bottom, willing to put in money in the machine, is drastically reduced, it starts to crumble.
Those at the top, that already were able to cash out, are the ones that get away with profit.

It's similar but not exactly a Ponzi scheme, as that involves a middle con-man that acts as an illegitimate beneficiary. Because then the same can be said for social security. I like the "Greater Fool Theory" explanation much better.
 
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Tom Yum

Posts: 166   +394
As for myself, I continue to HODL, but I've never invested much into cryptocurrency in the first place.

Just out of interest, why HODL? Even if you have full faith in the long term viability and value of crypto, why not sell now and buy when it starts to bottom out (hard to predict the exact bottom, but usually easy to predict when you get with 10-15% of it). By HODLing all you are doing is holding the bag for everyone else as they cash out.
 
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