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$130B wiped off crypto markets in 24 hours

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

#111

Post by Yizahi »

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.

It's because completely unregulated pseudo-money with all proper infrastructure around it is amazingly attractive thing for all kinds of financial criminals, precisely because there is no regulation and no consequences. As long as it stay like that this industry will constantly grow long term. That doesn't make any less shady and bad for humans. It's like wildcat banks but now instead of a hundred clients they have hundred million clients.

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

#112

Post by aaron695 »

iso1631 wrote: post #70
qazpot wrote: post #50

Earlier quoted context omitted.

> 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.

He made a GAAF, no need to read anything into it. Big Tech stocks have changed since FANG/FAANG was coined, the term doesn't necessarily relate to what was big and heading for explosive growth back then. "FAANG" is a noun that doesn't necessarily mean "Facebook Amazon Apple Netflix Google" any more

> He made a GAAF, no need to read anything into it.

But did not say they were wrong and Netflix was actually the same as Bitcoin.

They edited it to another group to prove their point.

Which to be honest confirms the original implication, they are picking and choosing for politics.

OP point is clear to me, everyone can trash talk Bitcoin from twitter rote, but no one is actually thinking. How does it relate to the US equity market? The top comments are currently very uninspiring.

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

#114

Post by tim333 »

carabiner wrote: post #16
SeanAnderson wrote: post #13

Earlier quoted context omitted.

Netflix is down 35%, not sure why Google would be seen as the hardest-hit FAANG.

What's the catalyst for all this? Did it start with Netflix?

Personally I sold all my crypto after reading Grantham's thing on Friday. https://news.ycombinator.com/item?id=30036797

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

#115

Post by samarama »

khuey wrote: post #94
sschueller wrote: post #89

Earlier quoted context omitted.

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.

The USD is backed by the power to tax 330 million people. Bitcoin is not.

That has nothing to do with its value.

It’s value is in how robust it’s value it is. It isn’t robust at all and has lost 30% or more of its value since the start of the pandemic if you look at commodities.

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

#116

Post by streamofdigits »

There is no much point in arguing with a cult. This phenomenon will have to work its way through the susceptible demographic, meaning that the large majority of "speculators" will have transferred their disposable wealth to a minority of shrewd operators. The masses will subsequently be "seasoned", or immunized and will no longer participate, at best disappointed, disgusted and mildly embarrassed, at worst suffering serious financial setbacks.

It happened in all previous bubbles, it will happen again. "crypto" could have been literally anything. Its not pretty, it does not reflect well on society that it can be so abusive of its more gullible members. But I guess we didn't need this particular pathology to figure that out.

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

#117

Post by wonderwonder »

mule1 wrote: post #25
ajross wrote: post #7

Earlier 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.

Not really sure I follow you. You can log into Coinbase, a publicly traded company, create an account with your FDIC-insured bank account and buy crypto in ~5 minutes.

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

#118

Post by sschueller »

dtech wrote: post #100
sschueller wrote: post #89

Earlier quoted context omitted.

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.

Bitcoin and other cryptocurrencies have ~zero inherent value, due to their non-speculation use-cases like payment being very limited or still early development (smart contracts). Unless you count BTC in black market I guess. USD has inherent value, it's the only currency where you can pay taxes in, and if you want to do business with government or government employees - who are ever only paid in USD - you must accept…

But it's not a Ponzi scheme. It's a currency with small adoption like that of a third world nation.

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

#119

Post by podgaj »

tim333 wrote: post #102
podgaj wrote: post #80

Earlier quoted context omitted.

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?

You are the Ponzi schemer. It is a combination of Pump and Dump and Ponzi. That's why it "comes back bigger".

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

#120

Post by Fnoord »

dtech wrote: post #100
sschueller wrote: post #89

Earlier quoted context omitted.

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.

Bitcoin and other cryptocurrencies have ~zero inherent value, due to their non-speculation use-cases like payment being very limited or still early development (smart contracts). Unless you count BTC in black market I guess. USD has inherent value, it's the only currency where you can pay taxes in, and if you want to do business with government or government employees - who are ever only paid in USD - you must accept…

> USD has inherent value, it's the only currency where you can pay taxes in

I don't know, I pay my taxes in EUR, I live in EU. But I get your point. Moreover, USD is the most dominant coin in the world. Even outside USA, a lot of people depend on it.

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