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

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Lounds

Posts: 1,119   +1,015
Haha!

Get rich quick scum, getting poor even quicker...no sympathy whatsoever.

Crypto is the very definition of everything that's wrong with Capitalism in the 21st century.
The issue is base rates for central banks have been so low for so long that savers have so much cash that they have no choice but to invest it into all sorts including crypto to try and make a return on their money because the banks have literally gotten away with paying very little interest for years now.
 

FaTaL

Posts: 78   +119
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.
Wrong. Control is an illusion. Crypto just changes who has the power (and no, its not the people). Sorry to inform you, but the human race as a whole are mostly dumb. Currency must be regulated/managed , to allow for adjustments to radical economic shifts... (like when every ***** was buying toilet paper during COVID).

Introducing de-centralized currency just opens the door to people who get to the finish line first. I am not defending governments or any centralized controlled systems currently in place (they have their flaws yes and some are corrupt), but de-centralizing currency is not a solution. Its just trading one set of problems for another.
 

merikafyeah

Posts: 334   +318
Don't confuse the Fed with the FDIC; the Fed was created for the purpose of keeping the economy stable.
I'm definitely not referring to deposit insurance, which has a set limit and is unrelated to you being able to take out what you put in under honest circumstances. My response was to a post which stated that central banks were primarily established to "stabilize the economy", completely glossing over the actual reasons for said instability in the first place.

From the Federal Reserve's history:
Founded by an act of Congress in 1913, the Federal Reserve System was established with several goals in mind. Perhaps most important was to make the American banking system more stable. Banking panics—events characterized by widespread bank runs and payments suspensions and, to a degree, outright bank failures—had occurred often throughout the 19th century.

If banks collapsing can disrupt the economy, one must ask:
Why did the banks collapse?
They collapsed because they couldn't return all the money that was deposited.
Why couldn't they return what they were entrusted to hold?
Aside from the bank being robbed (which is where insurance comes in) the only possible logical answer is that the banks' internal practices were dishonest and too greedy. It's really that simple.

Central banks institutionalized the greedy practice of growing money using other people's money (efforts) without contributing anything of proportional value in return.

A currency has real value not just because people have faith in it (fiat) but because it is a representation of people's time and efforts (energy).
It takes a lot of energy to mine a single bitcoin, just like it takes a lot of energy to mine a kilogram of gold, yet it takes only a few keystrokes to print trillions of US dollars.
People notice the immediate cost of mining bitcoin, but few notice the much greater cost of printing trillions out of thin air because the cost is not immediate (and wow stimulus checks!) but make no mistake, the piper must be paid.
 

Puiu

Posts: 5,542   +4,488
TechSpot Elite
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.
Unless you've done something shady you will not care if the government knows you have 1 million $$.

TL;DR: you are either in too deep and are trying to convince some loosers to buy your crypto before it turns to dusts, or you are doing illegal things.
 

zulu53

Posts: 119   +37
The roaring 20ths but now in the 21st century share an awful lot of similarities with the 20th centuries roaring 20s: Market crashes (But now for tech bros instead of wall st bros...For now) world war tensions, syndicalism and the left picking up strength while Fascism slowly but surely also tries to consolidate power: we've got it all again...Not good.
Those who refuse to study the mistakes of the past are doomed to repeat them. Clearly most of the GenX generation (the so-called "bubble" or "entitled" generation) did not bother to study history on the way to making a life for themselves and voting for their present Governments. In democracies (one citizen one vote) the people get the Government they deserve: another lesson from history - you have to think and evaluate before casting your vote; and you have to vote.
 

Karlos95

Posts: 262   +183
The problem with Crypto remains the same: It is dependent on someone else purchasing it at a higher price in order to sustain itself. It's failed as a currency, and now only exists as a speculative asset, no more and no less.

The fact that Crypto has *not* held up against an economic downturn is another bad sign, given that "crypto is a safe asset against economic downturns" was one of it's major selling points.

LMFAO, what do you think the stock market is!?

Not only that, stockmarket is way more manipulated than the top crypto coins.
Look at GME for god sake. Whole market goes down for months, as soon as GME goes up, they halt it, because 1 company has a short on it and they don't want to lose more money.

You have too much faith in your gov regulations, they are designed for the rich to get richer.
 

BadThad

Posts: 1,033   +1,186
This came at the PERFECT time! Video cards are already coming down, Intel's card is coming and new generations from AMD/nVidia are on the way....AND, supply is recovering. Could it be the perfect storm?
 

Karlos95

Posts: 262   +183
This came at the PERFECT time! Video cards are already coming down, Intel's card is coming and new generations from AMD/nVidia are on the way....AND, supply is recovering. Could it be the perfect storm?
Markets are going back up as we speak 😂
Ready to make even more profits on my cryptos :)
 

Toju Mikie

Posts: 278   +265
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.
I just mostly do it for fun...
I don't feel that bad about it anyway. Most of my cryptocurrency was gained through mining on my GPU. At this point, I'll wait for the next boom, even if it's 5-10 years from now.
 

mattferg

Posts: 217   +229
The problem with Crypto remains the same: It is dependent on someone else purchasing it at a higher price in order to sustain itself. It's failed as a currency, and now only exists as a speculative asset, no more and no less.

The fact that Crypto has *not* held up against an economic downturn is another bad sign, given that "crypto is a safe asset against economic downturns" was one of it's major selling points.

I mean, apart from the DeFi and smart contract aspect of almost all cryptocurrencies, which don’t require purchases to make money? Do you even know what you’re talking about?
 

mattferg

Posts: 217   +229
It's no different than your 0s and 1s in your Bank Account. It's just not backed by Government.

Dollar, Pound, Crypto, Credits whatever it is, its the same.

Transferring large amounts, exchange rates between countries etc etc are not a concern with crypto.

Problem with crypto is lack of efficient way to sustain itself in terms of energy consumption. The other problem is, everyone and their nan wants to cash out back to Fiat, defeating the purpose of crypto.

Proof of stake solved the energy problem quite some time ago.
 

mattferg

Posts: 217   +229
All the people in these comments are the same ones who proclaimed crypto as dead and crashed in May 2021. They went very quiet in November when it reached a new ATH. It goes up and down - it’s what crypto does and it always recovers. I wonder what you’ll say at the next ATH?
 

mattferg

Posts: 217   +229
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.

Because you never know where the top and bottom are. Buying a small amount consistently averages better returns vs trying to time and guess.
 

BuckarooBonzai

Posts: 98   +65
Price manipulation is all I can say. Some will say the Stock Market is more evil than crypto but it looks like crypto is heading in that direction or even worse. Crypto has become the 2nd Stock Market.
 

captaincranky

Posts: 18,723   +7,665
So, would it be fair to say that those who held on when it was above 60K, should have, "dumped, before they got pumped"?
 
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Puiu

Posts: 5,542   +4,488
TechSpot Elite
LMFAO, what do you think the stock market is!?

Not only that, stockmarket is way more manipulated than the top crypto coins.
Look at GME for god sake. Whole market goes down for months, as soon as GME goes up, they halt it, because 1 company has a short on it and they don't want to lose more money.

You have too much faith in your gov regulations, they are designed for the rich to get richer.
Anything is better than what crypto offers now, especially the stock market.
 

godrilla

Posts: 438   +212
Anything is better than what crypto offers now, especially the stock market.
Indexing like S and p 500 is a safe bet.
question for the pro crypto currency people. If the cronies own the exchanges and halt trading in some stocks like gamestop when the average person was making money on their dime but allows crypto currencies to literally fall 99% in 5 days with halting anything as the cronies dump it on the average persons dime what do you call this? Fair? Thoughts?
Also didn't Canada truck protest prove that crypto currencies are not prone to the government overreach?
 
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