So... what's the best place for someone in the US to invest in crypto currencies?
$130B wiped off crypto markets in 24 hours
81–90 of 382 posts
Re: $130B wiped off crypto markets in 24 hours
#82When price goes up, the conspiracy theory is that it's all fake, because it's just Tether printing. So where is the Tether printing now? Since everybody agrees that Tether is unbacked and their printer can go brrr at will, why don't they just print more billions to prop the market up?
It's there. It continues to happen almost hourly. https://twitter.com/whale_alert https://twitter.com/usdcoinprinter Two hours ago $100m USDC went into circulation. Almost another $100m two hours before that.
I'm not sure I understand what this is showing.
What does "Just printed $100,494,053 USDC!" mean?
I think this means that someone minted $100M of USDC by depositing USD.
The way this normally happens, USD deposits are made to an exchange that has a relationship with Circle, and 1 USDC is minted for each 1 USD on deposit at Circle.
Circle then invests those funds in things that are considered financially prudent, making some amount of money, but preserving the full amount of USD required to back the issued USDC. What they really do with the money has historically been the concern by people who don't trust corporate transparency, maybe rightfully so.
These "usdcoinprinter" tweets seem to imply that Circle is just making up fictional USDC not backed by anything to prop up the failing crypto market. As in, "we just minted $100M USDC which we'll now use to buy bitcoin, to keep the price of bitcoin high"? I'm not sure I see how that could work without Circle risking their entire business and probably committing some type of fraud.
Re: $130B wiped off crypto markets in 24 hours
#83Magnificent and as expected. We needed a 'crash'. It is what we need to remove all the useless cryptocurrencies and projects that are only there to pump each other bags and exit scam retail investors. This is why you have people telling others to 'HODL' or 'never sell' with wild predictions of BTC going to 100K or DOGE going over $1. [0]. This is nothing. This is before the banning, and crackdowns of the other useles…
Like you I've predicted 20 of the last 3 crashes.
I know people that bought at the peak in 2019 at $20k despite me laughing at them. They sold them last year, more than doubled their money and had a nice holiday. Don't know many that bought last year other than those that just buy every month come rain-or-shine.
Everyone knows bitcoin is nothing more than greater-fool gambling with a side effect of enabling a lot of criminal computer activity (ransomware, sextortion, etc).
Re: $130B wiped off crypto markets in 24 hours
#84Earlier quoted context omitted.
A stable crypto-currency will not attract any investment. Crypto is useless for anything but money laundering and speculation.
The idea of a "currency"[0] attracting investment is kinda crazy in its own right. Normally currencies don't attract investment; you can bet on the difference between them, but you usually "invest" (buy) large amounts of it specifically to do business with the country or economic entity that issued it. You buy Euros to do business in the EU, not to "invest" in the currency itself. 0 - Which crypto currencies actually…
Modern treasury operations for large cash holders absolutely “invest” in currencies. They do so in the form of what cash they hold outside of their immediate needs and in what cash “equivalents” they keep on their books.
Re: $130B wiped off crypto markets in 24 hours
#85Earlier quoted context omitted.
The S&P 500 is down about 9% off its high from a month or two ago. BTC just crossed under half of it's peak. It's true that's not captured in the headline, but this is a newsworthy crypto crash. It's not the first or the worst, but it's worth covering.
It's very standard for bitcoin and won't be going away for a while as the asset is still realizing its value across all global liquidity. It's scary and why the SEC dragging their feet on a spot ETF approval i.e. an investment vehicle that a non-crypto fanboy can use (yours truly) is criminal.
Yes, it’s truly criminal that the SEC hasn’t approved more ways for speculation in cryptocurrency. It’s not as if an Average Joe can just go out and buy cryptocurrency or something. Can you imagine what the market volatility would be if cryptocurrency proponents were allowed to convince naïve people to invest their money, too?
Re: $130B wiped off crypto markets in 24 hours
#86That's all the point of crypto-currencies, they need to go up and down to enable speculation. Pump and make it go up. Dump and it goes down. Someone is cashing the difference. A stable crypto-currency will not attract so much speculative investment.
So now the critical deficiencies of Crypto as a currency, become it's selling points? I guess for the con-men and shysters that makes a sensible point of view. Fleece the sheep!
Re: $130B wiped off crypto markets in 24 hours
#87Earlier quoted context omitted.
Store of value. US money printer. Inflation hedge. Do you think we forget what the crypto-bros said just a few months ago?
None of those necessarily imply low risk / volatility, and on the long term chart crypto has satisfied all 3
You can't be a store of value if your value drops randomly.
You especially can't be an inflation hedge if you drop while inflation goes up.
Re: $130B wiped off crypto markets in 24 hours
#88I own no crypto and I think it's a ridiculous piece of hype, but I think all that reporting (and, on twitter, all that schadenfreude) about bitcoin (etc) going down is nonsense. If you look at a 5 year chart of the BTC value, it's still super insane high and it's been going down hard once before (summer 2021). If I were a crypto fan I'd just tweet HODL like every previous time.
Bitcoin has 3 mechanisms built in to make it almost always increase in value, halving of the rewards, finite total+lost bitcoins, and increasing complexity when more people are mining. In the end all you're doing is buying electricity and converting it to bitcoin, anything above that cost is based on future costs when the rewards halve. All this means you should never sell your bitcoins, which means it's a terrible c…
"to make it almost always increase in value"
To any investor this should be the biggest red flag that you are in a Ponzi/pump and dump scheme. "You can't lose!"
And rather than you are "buying electricity" I would say you are buying used electricity, which is useless.
Re: $130B wiped off crypto markets in 24 hours
#89Earlier quoted context omitted.
If you own cryptocurrency, and its all gone down, you're invested and can do two things. You can keep hold of your assets, or you can sell. If you sell, you can decide to share such or not, but since you are no longer invested, there's no incentive to share such (and if you're part of a pump and dump scheme, you don't want people to lose trust so your incentive is to say HODL while doing otherwise). So it makes sense…
Bitcoin is probably the first Ponzi scheme where everyone in it knows it is a Ponzi scheme. So I agree with your take here.
Please explain to me how Bitcoin is a Ponzi scheme while USD after 1971 (going away from the gold standard) is not.
More so explain to me how the USD is less of a Ponzi scheme when it is the super wealthy banks/institutions that are getting zero interest loans allowing them to make even more money while at the same time devaluating the currency.
Re: $130B wiped off crypto markets in 24 hours
#90I own no crypto and I think it's a ridiculous piece of hype, but I think all that reporting (and, on twitter, all that schadenfreude) about bitcoin (etc) going down is nonsense. If you look at a 5 year chart of the BTC value, it's still super insane high and it's been going down hard once before (summer 2021). If I were a crypto fan I'd just tweet HODL like every previous time.
I'll tell you why I disagree taking the same 5 year chart-- the nature of the rapid rise means new money always going in.
That is to say, very large amounts of new money are being lost.