Crypto crash deepens, stocks slip

Post by celticninja » Wed, May 19, 2021, 3:21 PM UTC

ramijames wrote: post #218

bronzeage wrote: post #192

Earlier quoted context omitted.

It's not a Ponzi scheme because in ponzi scheme you deliberately use late investors money to pay early investors. What happens in cryptocurrency is fake-exchange scheme. Tether is a fake currency printed in unlimited way by bitfinex which is also an exchange. By pretending tethers are real dollars you create the appearance of a stronger market for cryptocurrency than actually exists. It all rests on increasing the nu…

Except that during crashes like this one, what you see is everyone moving their crypto holdings to stablecoins. The intent is to wait things out and then buy back in and profit during the next cycle.

Post by krrrh » Wed, May 19, 2021, 3:22 PM UTC

ramijames wrote: post #218

bronzeage wrote: post #192

Earlier quoted context omitted.

It's not a Ponzi scheme because in ponzi scheme you deliberately use late investors money to pay early investors. What happens in cryptocurrency is fake-exchange scheme. Tether is a fake currency printed in unlimited way by bitfinex which is also an exchange. By pretending tethers are real dollars you create the appearance of a stronger market for cryptocurrency than actually exists. It all rests on increasing the nu…

Except that during crashes like this one, what you see is everyone moving their crypto holdings to stablecoins. The intent is to wait things out and then buy back in and profit during the next cycle.

Post by suifbwish » Wed, May 19, 2021, 3:23 PM UTC

jmacd wrote: post #11

As an outside observer, who has no crypto holdings at all, but is very deeply invested in the public stock market with a heavy weight on technology stocks... this doesn't look like a crash to me at all. It just looks like some steam being let off and old investors cash out and new investors get more comfortable with how much and where to invest. I consider crypto currency as it is to be an elaborate Ponzi scheme (per…

Post by jk7tarYZAQNpTQa » Wed, May 19, 2021, 3:24 PM UTC

mcintyre1994 wrote: post #196

blfr wrote: post #27

Coinbase is down for me. Gotta give it to BTC: it's a great store of value. You cannot sell it in panic, the technology is protecting you from your own psychology.

Haha, Kraken is the one I use. They've just disabled their login button with no messaging, which I guess is one way to achieve the same while avoiding a mark on their uptime graph. If I remove the `disabled` attribute then clicking the button does nothing but I get a CORS error in the console.

Post by arcticbull » Wed, May 19, 2021, 3:25 PM UTC

celticninja wrote: post #257

arcticbull wrote: post #217

Earlier quoted context omitted.

It's a substantially-manipulated negative-sum distributed Ponzi scheme. The most blatant example of a naked emperor I've seen in my lifetime. And it consumes the energy of Argentina to achieve as much work as a Raspberry Pi.

Missed a couple of early opportunities to buy eh? Don't worry about, expending your energy is going to get you nothing. Even if it all implodes tomorrow all you can do is say "I told you so". And you may feel superior to others, but no one will care. And if it doesn't implode you are here expending energy unnecessarily, which, we have already gathered, is an activity that you don't appreciate.