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$130B wiped off crypto markets in 24 hours

cnbc.com

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Re: $130B wiped off crypto markets in 24 hours

#101

Post by fault1 »

jensensbutton wrote: post #74
skrebbel wrote: post #19

I 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 tend to think crypto currencies, much more than conventional financial assets, is sensitive to the public narrative/hype due to it being a pure speculation play. A lot of people bought in over the past two years due to the hype and I suspect if the media narrative turns a lot of folks will pull out.

I think many cryptocurrencies are on the edge of pump and dump schemes, amplified by social media.

A friend of mine made a decent amount just tracking the tweets of Elon Musk and other coin influencers a few years ago.

Re: $130B wiped off crypto markets in 24 hours

#102

Post by tim333 »

podgaj wrote: post #80
Fnoord wrote: post #54

Earlier 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.

As an occasional bitcoin holder, I don't think it's a Ponzi scheme. Who's the Ponzi schemer? How come every time it collapses it comes back bigger in a year or two?

Re: $130B wiped off crypto markets in 24 hours

#104

Post by podgaj »

boringg wrote: post #24
_xnmw wrote: post #3

Why? Did something happen that I missed? Is this in reaction to Russia's proposed ban on crypto?

Nasdaq down on inflation concerns and monetary policy support is getting pulled back. Therefore crypto which is almost lockstep with equity markets drops heavily. It will deflate a fair bit more this year as equities come off last years highs and monetary policy for the US continues to get pulled.

Bitcoin is the stock market. Just more volatile. Prove me wrong.

Re: $130B wiped off crypto markets in 24 hours

#105

Post by bla3 »

qazpot wrote: post #50
bla3 wrote: post #36

Earlier quoted context omitted.

My bad, didn't check Netflix. It's not "really" part of FANG in my head, I suppose. Edited my comment to say "Big 5" instead.

> It's not "really" part of FANG in my head What do you thought the "N" stood for or you thought it was a placeholder so that acronym is not offensive.

Well sure, the N literally stands for netflix. But semantically, it's often used as "the big tech companies". At least that what it means in my head. And that's Apple, Microsoft, (gap), Google, Amazon, (gap), Telsa, Facebook, at least by market cap. Netflix isn't anywhere close.

Re: $130B wiped off crypto markets in 24 hours

#108

Post by melenaboija »

kasey_junk wrote: post #84
ashtonkem wrote: post #75

Earlier quoted context omitted.

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.

What’s the difference between “investing” and investing?

Maybe that will help me to better understand cryptocurrencies “investors”.

Re: $130B wiped off crypto markets in 24 hours

#109

Post by tootie »

Hokusai wrote: post #12

That'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.

That isn't the point. They're supposed to be stable to be usable as currency. Using them as an investment class is a very off-label use that has emerged.

Re: $130B wiped off crypto markets in 24 hours

#110

Post by schnebbau »

matheusmoreira wrote: post #96
dandare wrote: post #63

Earlier quoted context omitted.

A stable crypto-currency will not attract any investment. Crypto is useless for anything but money laundering and speculation.

I've gotten paid for code in XMR. It's great and absolutely useful. I wish everyone used it.

What did you do with the XMR?
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