It's there. It continues to happen almost hourly. https://twitter.com/whale_alert https://twitter.com/usdcoinprinter Two hours ago $100m USDC went into circulation. Almost another $100m two hours before that.
USDC = Tether now?
Always has been (c) meme. They never had an independent audit, just like Tethers. They were lower on the radar because previously they were much smaller fish. They are still smaller, but catching up while Giancarlo and Paolo aren't printing.
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.
If you own cryptocurrency, and its all gone down, you're invested and can do two things. You can keep hold of your assets, or you can sell. If you sell, you can decide to share such or not, but since you are no longer invested, there's no incentive to share such (and if you're part of a pump and dump scheme, you don't want people to lose trust so your incentive is to say HODL while doing otherwise). So it makes sense we see a lot of HODL posts; these are people who are invested and don't want an implosion. There's also no way to verify whether the people who claim HODL actually do as they say. Thinking about it, seems awfully close to game theory like prisoner's dilemma.
Are you making leveraged trades in a retirement account? It's off 9%. If someone told you you'd have to make do with only 91% of your planned income, you'd be OK. This is what markets do.
I won't touch leverage with a 10 foot pole. With that being said, 9% is a lot depending on how much you have in the account.
It's annoying, but it doesn't matter too much unless you're retiring soon.
I suspect it will drop another 20% though, back to mid 2020 levels. Fed will start to intervene if it goes beyond that, too many votes. Its like house prices in the UK, the government won't allow them to drop.
This is on top of all the carnage the market has seen in the last few months. Everything is on sale.
> Everything is on sale. Such meaningless phrasing. If something wasn't on sale, nobody could buy it. The crypto meme of dips in the price being 'a sale' is key to hooking the uniformed new fish into the great ponzi scheme.
It's not just a crypto meme to call price dips a sale. Same language has been used on stocks prior to the existence of crypto.
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?
It's there. It continues to happen almost hourly. https://twitter.com/whale_alert https://twitter.com/usdcoinprinter Two hours ago $100m USDC went into circulation. Almost another $100m two hours before that.
Those are almost always “chain swaps” meaning the same amount is burned off of another chain, and the total supply remains the same.
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.
Yeah if you’re just looking at the graph trend, you might only start panicking if BTC drops below the previous 2017 cycle’s peak of $19k.
Only for people who invested (I mean, speculated) before 2017. Those who started to speculate when BTC was 50k stepped right into the big pile of poo, and they have the choice to take their losses for current price, or to keep their assets ('HODL'). Either way, it remains speculation.