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Crypto crash deepens, stocks slip

reuters.com

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Re: Crypto crash deepens, stocks slip

#481

Post by imtringued »

jasonlaramburu wrote: post #459
imtringued wrote: post #377

Earlier quoted context omitted.

>When the price crashes money disappears. Thought experiment. I buy 1 BTC and pay you $50k. The current market price is $35k. Where did the $15k go?

Aaand it's gone (the $15k). My point is that the Fed effectively devalued the world's reserve currency in order to stimulate the American economy. But some, perhaps significant, percentage of people instead blew that stimulus on a risky, volatile investment that does nothing to boost our productivity. And now the gains have been erased.

By "destroying" are you saying that the seller is stockpiling the USD as if he is Scrooge McDuck? If so, what motivates the seller to hold onto USD despite 4% inflation?

Re: Crypto crash deepens, stocks slip

#482

Post by nroets »

divs1210 wrote: post #454
pradn wrote: post #292

Earlier quoted context omitted.

It doesn't seem like anyone believes cryptos are supposed to be currencies any more. All the talk around them is around them being a new, exciting, and potentially very lucrative investment class. If you go to Coinbase's front page, you see that you can buy and sell them, like you can with Robinhood. It's not trying to be a PayPal. The currency-ness does serve an important purpose. It helps bring in investment for th…

I have used crypto (LTC, BUSD, XLM, XMR) to pay internet strangers so many times I've lost count. Looks like you just haven't tried it yet.

It's a fad[1]. It won't last.

[1]: https://Bitcoin.IsNot.Money

Re: Crypto crash deepens, stocks slip

#483

Post by rawtxapp »

fraud wrote: post #416
rawtxapp wrote: post #297

Even though I'm very bullish on crypto longterm and even though this crash caused me large loses on paper, I'm happy about it. I think a lot of people got very greedy and way overleveraged themselves which is not sustainable in the long-term. For example, almost 9B$ worth of crypto got liquidated in the last 24hr, that's insane. People chasing quick money get burned. 1: https://www.bybt.com/LiquidationData

What makes you bullish about crypto and what need do you see it fulfilling long term?

This is personal opinion and feel free to disagree, but I have zero trust in the government and I don't think central bankers and politicians in Washington care about me. I think the current financial system is highly corrupt, broken and fragile.

So naturally, ideally, I want to completely opt-out of their system. So far in human history, we never had an alternative, but now we do. Bitcoin price in fiat may go up or down, but I believe the Bitcoin network will keep ticking with the same mathematical rules and same transparency today and in 100 years from now.

Re: Crypto crash deepens, stocks slip

#484

Post by onemoresoop »

thebean11 wrote: post #449
onemoresoop wrote: post #423

Earlier quoted context omitted.

> how can you possibly make the claim that BTC was diluted vs the market cap of other coins being net new value? It makes some sense to me. When BTC was smaller in capitalization it was easier to double your money. Now smaller coins attract dollars that otherwise would have pumped up BTC so growth stagnates. BTC was considered the most stable of them all and I now find those claims somewhat dubious, they're all extre…

> When BTC was smaller in capitalization it was easier to double your money. Do you mean perceptually, or in actuality?

Perception plays a big part in this. Remember most of this is based on irrational decisions

Re: Crypto crash deepens, stocks slip

#486

Post by jiminymcmoogley »

paulpauper wrote: post #195
fsflover wrote: post #171

Earlier quoted context omitted.

If you care about privacy, then consider Monero.

i love when ppl say this. you realize that turning monero into usable cash will at some point req. revealing your identity?

the only identifiers i can think of are my height, gait, voice and clothing. Though i get your point and it does seem to be getting harder and harder to find local dealers willing to transact without seeing photo ID. I still think it can be much more private than cash-only purchases, depending on how careful you are about it

Re: Crypto crash deepens, stocks slip

#487

Post by vmception »

kllrnohj wrote: post #363
vmception wrote: post #358

Earlier quoted context omitted.

USDC, DAI, USDT are all used more than ever, orders of magnitude more People dont have to talk about them as currencies because they just work No different than cellular reception in an underground subway, you dont have to think about it anymore

> People dont have to talk about them as currencies because they just work Well that's not really true, it was headline news when Tesla started accepting crypto payments (and then headline news when they stopped). Stores accepting crypto still makes the news, it's not common and not something that "just works." But what you can do is at least semi-reliably convert between crypto & things that stores do accept using t…

There have been debit cards loaded with crypto for almost a decade now

Your fictional higher standard of currency would say that the euro is not a currency because my transferwise debit card converts it to dollars when I spend in the US

The peer to peer payment mechanism works and all crypto assets inherit that

Re: Crypto crash deepens, stocks slip

#488

Post by gruez »

allendoerfer wrote: post #457
gruez wrote: post #406

Earlier quoted context omitted.

That's like saying uber shares are infinite because you can start your own ridesharing startup and issue more shares.

Except you cannot just start your own global ridesharing service, can you?

Can't you say the same for bitcoin? Anyone can make a bitcoin clone, just like anyone can code a ridesharing app in a hackathon, but your clone isn't going to be the one recognized by everyone.

Re: Crypto crash deepens, stocks slip

#489

Post by shrimpx »

kllrnohj wrote: post #26
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…

Bitcoin & Ether are both down -40% from a week to a month ago. Both of those are, in theory, large enough that investors "letting off some steam" shouldn't move them that much. If $SPY dropped 40% we'd all call it a crash. This isn't that different. Also unlike the stock market, crypto is under the delusion of being a viable currency. If USD or Euro dropped even 20% we'd start questioning if it's a recession, much le…

The comparison to SPY is unfair since it’s so diversified. A comparison to a correlated sector of stocks — like EV stocks, which can dip 10-25% in a week in unison — would be more fair.

Re: Crypto crash deepens, stocks slip

#490

Post by cma »

sumedh wrote: post #210
paulpauper wrote: post #165

BItocin has among the worst risk-adjusted returns of any investment. I would not touch it. NASDAQ 100 and or fang portfolio way better.

Why not have 5% or less in BTC, if it does well, good for you, if it does not, its just 5% of your portfolio.

Why not 10% in comic books or any other limited non-productive asset? If we could just convince everyone to put in 10% of their savings into comic book collections, comic books too would become incredibly valuable.
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