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Crypto crash deepens, stocks slip

reuters.com

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Re: Crypto crash deepens, stocks slip

#521

Post by telotortium »

Avalaxy wrote: post #341
woeirua wrote: post #184

Everyone should take some time now to learn about Tether, the high likelihood that it is in fact a Ponzi scheme, and that it poses a big systemic risk to the crypto exchanges and therefore the markets themselves [1]. People have been sounding the alarm on Tether for a long time now, but we’re finally getting some hard evidence now to back the allegations [2]. Don’t say you weren’t warned. [1] https://mobile.twitter.c…

As a noob who owns some bitcoin and ethereum (both stored on an exchange), how does tether being a scam (which I do believe in) affect me? I don't hold any tether myself.

OMG don't store your coins on an exchange long-term. During a real crash, the exchanges have a tendency to be down just when you want to get your coins out. The less reputable exchanges (i.e., everyone but Coinbase) have a history of absconding with the coins during a crisis (see: "exit scams"). I would put your wallet on a hardware wallet, or at least an encrypted removable drive (this might not apply if you're in a dangerous area where break-ins are common).

Re: Crypto crash deepens, stocks slip

#522

Post by inter_netuser »

onemoresoop wrote: post #413
inter_netuser wrote: post #127

Earlier quoted context omitted.

Gold's monetary premium dwarfs its industrial value. Something like 90%+ is purely monetary usage.

And that consists of taking gold out of the ground and putting it back under the ground - in vaults and adding an extra dash on paper. That's a lot of energy expenditure with destruction of the environment as well (cyanide is still used in gold mining). What we need is a more efficient digital currency and stores of value. Gold is not the answer either.

Yes. That currency/store of value is Bitcoin.

No cyanides, no blown up mountains, and can be powered by clean energy.

Everyone thinks it will boil the oceans, for some reason. If renewables cannot provide power - then we have to either improve renewables, or accept that nuclear is the answer and move on.

Re: Crypto crash deepens, stocks slip

#523

Post by inter_netuser »

usrusr wrote: post #390
usrusr wrote: post #235

Earlier quoted context omitted.

Which effectively make the total amount of live tokens (the rough equivalent of share count or money supply in stocks or currencies) more deflatory than useful for any application outside of pyramid games. All projections of market cap that include the dead tokens are even more worthless than other market cap projections. Problem is: there's no way to tell the dead from the merely sleeping. The bigger the share of da…

PS: makes me wonder if we might eventually see something like "tokens not transferred since ${some generous date horizon} will get blacklisted starting ${some era switch date reasonably far into the near future for living address to create a lifesign transcribe}" merged into mainline. Or even "get reissued to miners". If that ever happened it would be at a time when total supply uncertainty would already noticeably i…

Blacklists will be incredibly contentious and will likely never get merged. Even if they do - a fork is guaranteed to happen.

Re: Crypto crash deepens, stocks slip

#524

Post by arcticbull »

celticninja wrote: post #507
arcticbull wrote: post #269

Earlier quoted context omitted.

Classic coiner arguments. "Have fun staying poor!" For the record I: (1) Bought during the 2017 run-up, and sold around $17,000 in early 2018, and parlayed that into various other investments that have done quite well. I've posted to that effect here in the past. (2) Shorted CME futures at $56,000, and a bunch of Coinbase and a bunch of Tesla. That's roughly $100,000 USD per contract in profit - deposited directly in…

I wasn't asking for a breakdown of you wealth, the fact you felt the need to provide it to me indicates that you are someone who puts great store in their ability to accumulate wealth. So, as much as you may dislike the implication that part of your dislike is rooted in having missed an opportunity, you are certainly not strengthening your case for the opposite. My point is more that people who are always on the look…

> Missed a couple of early opportunities to buy eh?

I was referring to the above. You are incorrect. I'm thoroughly enjoying myself, and this particular advocacy is making the world a better place.

Re: Crypto crash deepens, stocks slip

#525

Post by JohnJamesRambo »

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…

And I consider the current stock market and money printing the greatest ponzi propagated in the history of mankind. That’s why I crypto.

Re: Crypto crash deepens, stocks slip

#526

Post by jasonlaramburu »

distances wrote: post #180
jasonlaramburu wrote: post #155

Earlier quoted context omitted.

I wonder what % of our Economic stimulus was used to buy crypto, and how much of that money has simply disappeared over the past 24 hours.

It wouldn't disappear, money is just changing hands. Bitcoin doesn't add or destroy any value, it's just a speculative way of zero-sum trade. When you buy bitcoin, someone else gets your money.

Except it's not zero sum. It's turning out to be one of the most leveraged assets out there. If I borrow money (or print tether) to buy BTC at $50k and then the price drops to $35k that money is gone.

Re: Crypto crash deepens, stocks slip

#527

Post by [deleted] »

vmception wrote: post #487
kllrnohj wrote: post #363

Earlier quoted context omitted.

> 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

[deleted]

Re: Crypto crash deepens, stocks slip

#528

Post by [deleted] »

gruez wrote: post #392
deschutes wrote: post #301

Earlier quoted context omitted.

What's stopping your adversaries from seizing hardware? Nothing? So the system relies folks playing nice in the physical world? The whole thing is a ridiculous fantasy with an asinine threat model.

Because there's threat models with less threat than "US sending a fleet of aircraft carriers to go after you".

[deleted]

Re: Crypto crash deepens, stocks slip

#530

Post by hnalien »

Has anyone noticed how many Crypto rooms are currently on Clubhouse? Mostly led by paid clubhouse admins, trying to pump up crypto and who always have a extra stash to 'buy the dip'. This entire scenario smells of a scam led by companies like A16Z (investor in Clubhouse and other Crypto companies) and other whales like Musk, who have been playing with these coins/token prices since last year.
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