Bitcoin pushing $70k...

[3blade]

Originally Posted by Roderek

My guess is the person asking the question, probably has very little knowledge of crypto. But in reality it is not much different then a stock, if no one is buying it your left holding the bag...

Crypto is still in its infancy and needs to be more widely adopted before it can be a truly viable currency, but as of right now, If you were willing to take Bitcoin, ETH, or any other crypto as payment, I could transfer it to you just like I could an e-transfer.

You think your money is safe in a bank? Have you walked into a bank lately and asked to withdraw 10K without giving them notice? Most banks tell you the most they can give you is 2k. without 48 hours notice. I was trying to buy a cargo trailer and I had to go to 4 different banks to get out enough cash in one day to pay for it. I had more then enough money, just the bank didn't have it on hand.

What would you do tomorrow if Electronic banking became unusable, and no one was accepting cheques? guess what you would be standing in lines at the bank for hours in hopes to maybe get a couple hundred of your dollars out of the bank. I believe the most recent examples of this was Cyprus a few years ago.

I firmly believe that some crypto is going to be a global currency in the next 20 years. The hardest obstacle for it to overcome will be the big banks/Governments trying to kill it, which is already happening.

The vast majority of people do not understand crypto or how it works, and are not willing to spend the hours upon hours to understand it and figure out what is what.

Stable coins were/are supposed to do exactly what your talking about, it is a token that you could trade your crypto for that is always worth 1 USD.

Luna obviously failed, It is believed it was a hedge fund that manipulated the market that actually caused the stable coin to drop below 1USD. Which is the problem right now, whales can manipulate the market.

Exactly. That is the problem with every “market” - none of it reflects reality. As soon as shorting, derivatives, hedge funds etc are allowed in, the whole thing gets distorted beyond recognition.

You have a valid point regarding how the world is already operating on electronic currency. The best check against that (and government overreach) is to purchase physical assets regularly (gold, silver, ammo, land, equipment, etc depending on one’s preferences) because there are plenty of examples of economic failure. They don’t even have to appreciate incrementally. Just having it in hand guarantees future value.

Crypto is a stock. Stocks are not real, just an idea and computer blip. Proceed accordingly.

[Puddle]

Social Media has brought FOMO front and center to everyones lives -The Fear of Missing Out.
Its too easy to see/hear success stories from ppl around the world as they make money in crypto. Sadly, you don't see the failure stories as they tend not to be told.
Everyone wants to make easy money, but few actually can afford to lose it.

[bdub]

Bitcoin doesn't even give the Hodlers a break from the pain over the weekend. Looking like it's going to break under $18000 USD now.

[Dean2]

This from the Business pages. As others have suggested, if you own coins, get them off the exchanges and into a wallet you control.

London/Hong Kong

The cryptocurrency industry was on edge on Monday as bitcoin struggled to stay above a key level, with investors fearing that problems at major crypto players could unleash a wider market shakeout.

Bitcoin, the world's biggest cryptocurrency, was trading just under the symbolic level of $20,000 in early London trading hours.
Bitcoin had dropped on Saturday to as low as $17,592.78, falling below $20,000 for the first time since December 2020. It has lost almost 60% of its value this year and 37% this month alone in the cryptocurrency sector's latest meltdown.

Its fall follows problems at several major industry players. Further declines, market players said, could have a knock-on effect as other crypto investors are forced to sell their holdings to meet margin calls and cover losses.

Crypto hedge fund Three Arrows Capital is exploring options including the sale of assets and a bailout by another firm, its founders told the Wall Street Journal in a story published Friday, the same day Asia-focused crypto lender Babel Finance said it would suspend withdrawals.

Crypto lender Celsius Network this month said it would suspend customer withdrawals. In a blog on Monday, Celsius said it would continue working with regulators and officials, but that it would pause its customer Q&A sessions. Celius also said that stabilizing its liquidiy and operations "will take time."
"There is a lot of credit being withdrawn from the system and if lenders have to absorb losses from Celsius and Three Arrows, they will reduce the size of their future loan books which means that the entire amount of credit available in the crypto ecosystem is much reduced," said Adam Farthing, chief risk office for Japan at crypto liquidity provider B2C2."It feels very like 2008 to me in terms of how there could be a domino effect of bankruptcies and liquidations," Farthing said.

Smaller tokens, which usually move in tandem with bitcoin, were also hurt. No.2 token ether was at $1,0752, having dipped below its own symbolic level of $1,000 over the weekend.

The fall in crypto markets has coincided with a slide for equities, as US stocks suffered their biggest weekly percentage decline in two years on fears of rising interest rates and the growing likelihood of recession.
Bitcoin's moves have tended to follow a similar pattern to other risk assets such as tech stocks.

The overall crypto market capitalisation is roughly $877 billion, according to price site Coinmarketcap, down from a peak of $2.9 trillion in November 2021.

A fall in stablecoins — a type of crypto designed to hold a steady value — is also suggesting investors are pulling money from the sector as a whole.

[eric2381]

..

[fishtank]

Looks like another round of default coming up from the fall of 3Arrow , now voyager digital has suspended withdraws.

FTX is the knight in shining armour, don’t know how much capital, they can lend out to help the industry.

[Dean2]

Originally Posted by fishtank

Looks like another round of default coming up from the fall of 3Arrow , now voyager digital has suspended withdraws.

FTX is the knight in shining armour, don’t know how much capital, they can lend out to help the industry.

Yes, the big implosion continues. I guess those Tulips just weren't that valuable after all. Nothing like building on quicksand. Once again, a massive 2.4 TRILLION dollar scam of the retail investor and NO ONE will go to jail.

[eric2381]

If something is to have Value, it must have Function. The way I see it, the Function of BTC is to be a scam. Therefore, the only people BTC has a Value to is the originators of the Scam.

[Scott h]

Originally Posted by Dean2

Yes, the big implosion continues. I guess those Tulips just weren't that valuable after all. Nothing like building on quicksand. Once again, a massive 2.4 TRILLION dollar scam of the retail investor and NO ONE will go to jail.

What's that saying about those that don't learn history are doomed to repeat it....

[fishtank]

Crypto lender Vauld pause withdraws trading and deposit due to “financial challege from volatile market conditions” …get use to these terms after customer have withdraw $197.7 million since June 12 ….

[Selkirk]

.
As of 2day, Bitcoin is still floatin' around $20K USD 👉 https://www.google.com/finance/quote/BTC-USD

I don't invest in the stuff, but it sure is entertaining to watch ... especially when it takes a BIG Dive,
and the 'Wetting-Of-The-Pants' begins.

Selkirk

[fishnguy]

[fishtank]

Originally Posted by fishnguy

FTX won’t save em, they must have get first dibs to look at the books, must be lots of skeletons in the closet …

[Dean2]

Anyone who hasn't got their coin out of the exchanges and into a wallet they control is very likely to lose it all. I would sell and take that loss
while I could before I left it in an exchange. Feel sorry for all those that got scammed. Easy to say you should know better but hard for many to resist the urge of what looks like easy money.

[fishtank]

the next term they like to used is “industry consolidation” ….

Quadriga ceo was ahead of everyone in the industry …https://www.businessinsider.com/indi...ays-2022-7?amp

[ak77]

Originally Posted by fishtank

the next term they like to used is “industry consolidation” ….

Quadriga ceo was ahead of everyone in the industry …https://www.businessinsider.com/indi...ays-2022-7?amp

I think you meant to post different link there

[Ken07AOVette]

Bill gates in March 9th said if you do not have Elon Musks money Bitcoin is a bad investment.

I just cannot wait for someone to jump in and explain to the rest of us why one of the richest people on the planet is wrong. Lol

[Dean2]

Originally Posted by Ken07AOVette

Bill gates in March 9th said if you do not have Elon Musks money Bitcoin is a bad investment.

I just cannot wait for someone to jump in and explain to the rest of us why one of the richest people on the planet is wrong. Lol

Well, what you actually have is two if the worlds richest men who completely disagree on the value of Bitcoin. I am a big fan of Elon Musk but as much as I hate Bill Gates in general, I think in this case he is the super rich guy that is right.

[roper1]

Originally Posted by Ken07AOVette

Bill gates in March 9th said if you do not have Elon Musks money Bitcoin is a bad investment.

I just cannot wait for someone to jump in and explain to the rest of us why one of the richest people on the planet is wrong. Lol

Very rich men are famous for saying one thing, then doing another. Ask Twitter.

[Ken07AOVette]

Originally Posted by roper1

Very rich men are famous for saying one thing, then doing another. Ask Twitter.

Good point! 😆

[troutbug]

Like any market money can be made even with the crazy market..

2 weeks ago I turned $100 into 18k in under 7 days time. Bought a holiday trailer lol.

People are ripping on crypto, go read the reddit stock forums. People who have put everything into stocks are contemplating life.

[Dean2]

Originally Posted by troutbug

Like any market money can be made even with the crazy market..

2 weeks ago I turned $100 into 18k in under 7 days time. Bought a holiday trailer lol.

People are ripping on crypto, go read the reddit stock forums. People who have put everything into stocks are contemplating life.

There are lots of stocks that are every bit as flackey and bad for your health as Bitcoin. What the Reddit crowd fails to understand is that just because mass buying by retail investors pushes up meme stocks, does not make the underlying companies actually solvent. Anytime you can turn $100 into $18,000 in seven days, you are at the casino, not investing.

[Ken07AOVette]

Originally Posted by troutbug

Like any market money can be made even with the crazy market..

2 weeks ago I turned $100 into 18k in under 7 days time. Bought a holiday trailer lol.

People are ripping on crypto, go read the reddit stock forums. People who have put everything into stocks are contemplating life.

That's awesome lol!
Nice to hear some success stories once in a while

[CBintheNorth]

One of the few times every word Warren Buffet said made total sense to me. Lol

https://www.instagram.com/reel/Ce1g3...d=YmMyMTA2M2Y=

[troutbug]

Originally Posted by Dean2

There are lots of stocks that are every bit as flackey and bad for your health as Bitcoin. What the Reddit crowd fails to understand is that just because mass buying by retail investors pushes up meme stocks, does not make the underlying companies actually solvent. Anytime you can turn $100 into $18,000 in seven days, you are at the casino, not investing.

Not really, it was a project I payed attention to. New it was going to burst. If it didnt I wouldnt have lost money like at a casino.

I new doge had agood chance of blowing up. I put in money one year and the next year it blew up and I made of 20k.

All the money over the years other than my initial investment has come from my gains in crypto. I have not had to keep injecting funds to keep going. Hard to do that at a casino.

I am in a couple projects right now that when the market gets better have huge chances of blowing up bigtime.

Beats going to a casino and losing hundreds in the matter of a few min.

[thenaturalwoodsman]

Originally Posted by troutbug

Like any market money can be made even with the crazy market..

2 weeks ago I turned $100 into 18k in under 7 days time. Bought a holiday trailer lol.

People are ripping on crypto, go read the reddit stock forums. People who have put everything into stocks are contemplating life.

Congrats Man!!

[Ken07AOVette]

hope this works lol

https://9gag.com/gag/apgw79E

[Ken07AOVette]

I am seeing lists of companies that 'hoarded crypto owners money' by freezing withdrawls so they did not lose all their investment. Not hard to find online.

This is a good business plan for only one side of the pyramid.

[troutbug]

Originally Posted by Ken07AOVette

I am seeing lists of companies that 'hoarded crypto owners money' by freezing withdrawls so they did not lose all their investment. Not hard to find online.

This is a good business plan for only one side of the pyramid.

Thats why you never store crypto on those types of exchanges. I use a offline wallet. Anyone keeping crypto on a exchange full time is a bit foolish.

[Ken07AOVette]

Originally Posted by troutbug

Thats why you never store crypto on those types of exchanges. I use a offline wallet. Anyone keeping crypto on a exchange full time is a bit foolish.

As most of them are finding out! Anytime I hear someone saying 'let us put YOUR money to work for US--- err I mean YOU' you know the rest lol.