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Cryptocurreny retailer BitPrime closes trading after running out of money

bitprime.co.nz

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Re: Cryptocurreny retailer BitPrime closes trading after running out of money

#161

Post by zionic »

oliwarner wrote: post #129
zionic wrote: post #110

Earlier quoted context omitted.

This. They did the same thing with “terra USD”, some shitcoin I had never heard of until it failed. It was even named to confuse people by sounding like USDT. HN is only a step above CNN when it comes to trustworthiness on this specific topic.

It doesn't count as real crypto until zionic has heard of it? Irrespective of your attitude to an unheard-of coin, the situation rather epitomises the problem many have with crypto. They start off as penny stocks, but people expect them all to rocket to Fortune 500 levels for no good reason other than all the other gullible idiots pumping their savings into them, forgetting in their greed that it's quite as easy to s…

>It doesn't count as real crypto until zionic has heard of it?

That's not what I'm saying. I consider myself fairly active in the space, and I hadn't heard a peep about this coin until it blew up. I doubt most on HN had either, but that won't stop the doomers.

Re: Cryptocurreny retailer BitPrime closes trading after running out of money

#162

Post by zionic »

smabie wrote: post #119
zionic wrote: post #110

Earlier quoted context omitted.

This. They did the same thing with “terra USD”, some shitcoin I had never heard of until it failed. It was even named to confuse people by sounding like USDT. HN is only a step above CNN when it comes to trustworthiness on this specific topic.

Not to defend Terra but Luna/UST were an absolutely massive part of the crypto ecosystem. It's not some random shitcoin

Are you possibly confusing UST with USDT? Tether would be fairly characterized as a "massive part of the crypto ecosystem". I don't think you can say the same about terra

Re: Cryptocurreny retailer BitPrime closes trading after running out of money

#163

Post by zionic »

headsoup wrote: post #141
zionic wrote: post #110

Earlier quoted context omitted.

This. They did the same thing with “terra USD”, some shitcoin I had never heard of until it failed. It was even named to confuse people by sounding like USDT. HN is only a step above CNN when it comes to trustworthiness on this specific topic.

So how about USDT losing its peg to the dollar, they some unknown that means nothing whatsoever?

Last I checked it's pegged. DAI and tether fluctuate a lot but generally stay right near $1. Just pulled up the 7d tether chart and I see one spike to $0.9905, which isn't that bad.

Re: Cryptocurreny retailer BitPrime closes trading after running out of money

#164

Post by sitkack »

onlyrealcuzzo wrote: post #135
tracer1 wrote: post #95

Earlier quoted context omitted.

Generally OTC desks are useful for large purchases. Let's say you want to acquire $100 million in Bitcoin - you could go to Coinbase and just do it, but you'd drastically move the market, have a really obvious candlestick, and an observant third party could look for large movements from Coinbase and potentially track your holdings / de-anonymize you. An OTC desk can be setup to spread the buy over several days / mont…

How many high net worth individuals can their possibly be in New Zealand? It's a country of 5M. High Net Worth is usually top 0.1% (100M+) - that's like 2k families. Or would foreigners use this service for some reason?

Many billionaires have their prepper mansion in NZ.

Re: Cryptocurreny retailer BitPrime closes trading after running out of money

#165

Post by aaroninsf »

soared wrote: post #16

Would someone mind calming me by explaining why this is not a huge red flag, this isn’t the beginning of the end, and a theoretical crypto crash won’t throw the market into turmoil (or why the current market turmoil ain’t so bad)? I don’t have any kids to feed, just young dumb and tired of market crashes.

If you're talking about the crypto market crashing,

yes, this is absolutely in context indicative of the speculative circus ending.

Everyone knows the coyote has been running in air, waiting for various planks of a putative bridge to somewhere to materialize; those who put money into this vision who do not have it out now, will not get it back in a meaningful time frame, modulo dead cat bounce.

IMO "hodling" anything other than the most conservative (sic) of "coins" means taking a total loss. Bitcoin and Ethereum and a few others may crawl back over a few years; whether there is appetitive for another bubble with them is TBD.

It is not rational to believe their putative utility will emerge in that time; any future run up will merely be another round of speculation..

Re: Cryptocurreny retailer BitPrime closes trading after running out of money

#166

Post by Spooky23 »

aaaaaaaaata wrote: post #140
Spooky23 wrote: post #90

Earlier quoted context omitted.

Sure, but it’s value is half of what it was this time last year.

When it returns to "original" value +30%, will you return to this thread? Or are you only interested in discussing this when you can take a victory lap?

I’m not “taking a victory lap”. You have a tech that supposed to be digital cash with gold properties that is insanely volatile, often takes a long time to settle and features opaque gas fees, etc.

It’s a cool experiment, but it’s almost like Uber - something with great promise that delivered something lesser.

Re: Cryptocurreny retailer BitPrime closes trading after running out of money

#167

Post by shawabawa3 »

zionic wrote: post #162
smabie wrote: post #119

Earlier quoted context omitted.

Not to defend Terra but Luna/UST were an absolutely massive part of the crypto ecosystem. It's not some random shitcoin

Are you possibly confusing UST with USDT? Tether would be fairly characterized as a "massive part of the crypto ecosystem". I don't think you can say the same about terra

Terra was the 9th biggest coin by market cap

Luna something like the 15th

They were absolutely major players and not a "random shitcoin"

Re: Cryptocurreny retailer BitPrime closes trading after running out of money

#168

Post by oliwarner »

zionic wrote: post #161
oliwarner wrote: post #129

Earlier quoted context omitted.

It doesn't count as real crypto until zionic has heard of it? Irrespective of your attitude to an unheard-of coin, the situation rather epitomises the problem many have with crypto. They start off as penny stocks, but people expect them all to rocket to Fortune 500 levels for no good reason other than all the other gullible idiots pumping their savings into them, forgetting in their greed that it's quite as easy to s…

>It doesn't count as real crypto until zionic has heard of it? That's not what I'm saying. I consider myself fairly active in the space, and I hadn't heard a peep about this coin until it blew up. I doubt most on HN had either, but that won't stop the doomers.

This only further speaks to the problem.

Isn't it a problem with "the space" that any old Gigachad and his drawful of sockpuppets can jump on a nobody-coin that's been doing nothing for three years, and in 12 months of frothing, pump it up to a top-10 coin, and dump out their holding for a few billion dollars and "active in the space" people like you don't even notice?

Thousands more of these things are being minted every week. Thousands more opportunities to suck in "investors at the ground floor".

I don't think it's fair to label critics as doomers. We just don't see the value you do, or at least, our accounting puts the very visible and very recurrent harms of crypto above their potential benefits.

Re: Cryptocurreny retailer BitPrime closes trading after running out of money

#169

Post by jimmydorry »

kgwgk wrote: post #116
jimmydorry wrote: post #91

Earlier quoted context omitted.

But still up at least 400-500% if you bought any time up until COVID hit. ;)

19,783 to 27,000 is much less than 400-500%.

I think you've picked a starting point a year into COVID?

~$7500 (Dec 2019) to ~$35000 (May 2022)

https://i.imgur.com/N117Uqp.png

Re: Cryptocurreny retailer BitPrime closes trading after running out of money

#170

Post by kgwgk »

jimmydorry wrote: post #169
kgwgk wrote: post #116

Earlier quoted context omitted.

19,783 to 27,000 is much less than 400-500%.

I think you've picked a starting point a year into COVID? ~$7500 (Dec 2019) to ~$35000 (May 2022) https://i.imgur.com/N117Uqp.png

In my timeline 2018 happened before covid hit.

You can even see it on your chart.

How is the late-2019 starting point relevant?

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