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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

#131

Post by tootie »

mule1 wrote: post #2

Okay? And 1.5 trillion was wiped off of the US equity market.

The US equity market is behaving predictably. Assets were overvalued per their fundamentals and Fed actions are being taken to cool them off. A correction was widely predicted as is the eventual recovery. Crypto is meant to be immune to these effects yet it had an even more dramatic reaction than traditional equities. And while it's recovery seems likely there's still no fundamentals on which you can hang your hat and say what will drive it. It could keep dropping, it could stay flat, it could hit $100k and there's nothing you can point to as evidence it will do any of those.

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

#134

Post by elif »

gigaflop wrote: post #71
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.

Most of the 'financial' reporting on crypto is nonsense, and imo, is just grasping at straws, or some kind of puff piece. To some confident people, this is just a flash sale.

i almost get the sense that it is written by grifters trying to make the waves in both directions bigger for their own gain.

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

#135

Post by tim333 »

323 wrote: post #17

When 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?

I think Tether are trying to be a bit non fraudulent which puts a limit on that stuff.

They were also around during the last bitcoin crash from $20k to $4k approx and didn't stop that happening. I'm guessing this time will be similar. $68k to $14k? Maybe not quite that much - dunno.

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

#136

Post by kickout »

iso1631 wrote: post #83
rvz wrote: post #22

Magnificent 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…

Thank goodness criminal computer activity didn't exist before cryptocurrency--had me worried. But once we get rid of cryptocurrency (soon), those problems are solved thankfully.

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

#137

Post by elif »

streamofdigits wrote: post #116

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…

better than the cult of USD. how's that doing this year? or last year? or the year before? or ever?

does it even have a THEORETICAL path to value?

I'll take my currently existing and computationally reinforced and yes bubbly increase of value.

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

#138

Post by wruza »

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.

HODL equals to BUY. Would you? I bought^ some of these recent days dips and sold on bounce, but now it’s just too scary. If you look at NASDAQ, it is much more appealing.

^ No, I’m not a desperate idiot, I’m just testing my feelings in trading in general on $1k, to stay calm and not act crazy in a real investment situation

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

#140

Post by dtech »

sschueller wrote: post #118
dtech wrote: post #100

Earlier quoted context omitted.

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.

I'd say Ponzi-scheme is a justified classification, since returns are funded by new entrants or additional purchases, instead of the asset producing value itself like a company stock or a house.

Even something like gold with no value production - whose price is quite stable because of that by the way - has value because people want it for jewellery and industry.

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