91–100 of 670 posts
However there's still money to be made. My automated trading web app detected two opportunities earlier today: BTC/USDT and BNB/USDT through EMA cross-overs. Both are still going strong, although the app is still demo-only trading. https://tradecast.one
It only looks like it is crashing when you look at it on a linear scale. Because a linear scale makes the same swings (percentage wise) look larger during times when the price is higher. When you look at the Bitcoin chart over the last 10 years on a log scale, you see that a halving over a timespan of 6 months is completely normal given the volatility. The volatility has been always like this. The only thing that cha…
The rhetoric about crypto futuro-optimism is just a Trojan horse, a ruse, to justify making money off marks.
I'm glad that a long overdue reality check is coming. But I'm incredibly sad that many, many small fish will lose their entire life's savings in the hours and days and weeks ahead. I've already seen random social media postings of attempted suicides, or talk of it. We will lose actual human beings in this. And, what's worse, is that the real grifters and crooks will walk away clean once again. There isn't enough time…
I blame Congress and the SEC, they’ve had plenty of time to regulate the crypto casino but they have not done so. Now people will suffer.
If you think this constitutes a crash, you haven't paid any attention to how crypto markets behave.
It's less that I'm glad the market is crashing, and more that I'm glad that the insufferable crypto bros are finally getting a punch to the mouth. Seriously, these people are the worst. Your average "crypto investor" has no skills, no mathematical foundations, nothing. Except for pure stupid luck, and the ability to spew inane crypto babble 24/7. And yes, they think they are much smarter than you, because they achiev…
Earlier quoted context omitted.
As soon as it was clear that Bitcoin was going to be a commodity instead of a currency (why use it as a currency to buy a pizza this week when it could buy you a car next week?), it was clear it was now a pyramid scheme. That's why I didn't invest in it. What I hadn't counted on was how gullible people were for pyramid schemes.
I'm not clear on the logic here to be perfectly honest, even if I broadly agree that the real innovation with Bitcoin died when it was clear it would never be a currency. But gold is also a commodity, and I don't think I've ever heard it called a pyramid scheme.
Source: https://grow.acorns.com/warren-buffett-why-gold-is-an-unprod...
I'm happy that people are seeing that it's not as uncorrelated with the larger market as people thought, making it less exciting as a hedge. (Of course, we need more data to be really confident in this correlation, but the perception will be there nonetheless.)
I used to be a huge believer. Brian Armstrong gave me my first Bitcoin in 2011 at District in SOMA. Electricity was included in my rent so I bought 10 video cards and mined for about two years on 5 systems. At a company I founded, I use Bitcoin to pay for food and drinks. According to the Barista, I was the first person to ever pay for coffee with Bitcoin at Coupa Cafe (despite having to stand there and wait 10 minutes while the transaction cleared).
But nothing has come of it. All the years of promises and applications, nothing. Ether DApps, sure, but how much of the modern internet runs on those? I also mined StorJ and Monero for years. Apart from a way of making money and storing value, crypto is useless. Processing fees are way too high to even be considered as a replacement for payments not to mention other barriers such as the ability to integrate with antiquated point of sale systems entirely designed around credit/debit and cash.
So I put all of my holdings into a retirement account and don't worry about the price. But I've given up on crypto and everyone who babbles on endlessly like they know something I don't about how it's going to change the world. So even if Crypto loses its value some, I'm glad because the lack of easy, effortless gains will disappear for a lot of those people and most of these short term hucksters will fade away. I'll gladly exchange crypto's price for less crypto bros. My cost basis is around $150 so I have a long ways to go before I care that much.
I hope it ALL goes away. I completely hate this space with every vested bone in my body. Even if it takes a huge recession to wipe these cryptobros and casino tokens out, I would be glad. Obviously would not like the collateral damage that this inflicts on all these so called small 'crypto investors' but as long as this triggers tight regulations to make these tokens, illegal, unusable and banned completely as to mak…