MiamiSlice | 3,096 Posted November 9, 2022 Share Posted November 9, 2022 The fallout from this is going to be really bad. Whatever your expectations are, lower them. Link to comment Share on other sites More sharing options...
Gloves | 11,785 Administrator · Posted November 9, 2022 Share Posted November 9, 2022 Just now, MiamiSlice said: The fallout from this is going to be really bad. Whatever your expectations are, lower them. I've not been paying much attention. Was there a specific reason for the sudden slide? Link to comment Share on other sites More sharing options...
MiamiSlice | 3,096 Posted November 9, 2022 Share Posted November 9, 2022 1 minute ago, Gloves said: I've not been paying much attention. Was there a specific reason for the sudden slide? Turns out a massive crypto exchange with a massive prop house and a massive venture capital arm was playing loose with customer funds and their balance sheet is a total disaster. Lots of people cannot withdraw their funds and we have no idea yet how bad the debt situation is but when these things happen the debt can’t possibly be repaid. Link to comment Share on other sites More sharing options...
Gloves | 11,785 Administrator · Posted November 9, 2022 Share Posted November 9, 2022 Just now, MiamiSlice said: Turns out a massive crypto exchange with a massive prop house and a massive venture capital arm was playing loose with customer funds and their balance sheet is a total disaster. Lots of people cannot withdraw their funds and we have no idea yet how bad the debt situation is but when these things happen the debt can’t possibly be repaid. Oh, I'd NEVER have expected something like THAT! 1 Link to comment Share on other sites More sharing options...
Bearcat-Doug | 5,105 Posted November 9, 2022 Share Posted November 9, 2022 18 minutes ago, MiamiSlice said: The fallout from this is going to be really bad. Whatever your expectations are, lower them. Me everytime I check the price. Link to comment Share on other sites More sharing options...
Bearcat-Doug | 5,105 Posted November 9, 2022 Share Posted November 9, 2022 13 minutes ago, Gloves said: Oh, I'd NEVER have expected something like THAT! This is financial advice. 3 Link to comment Share on other sites More sharing options...
Code Monkey | 2,011 Posted November 10, 2022 Share Posted November 10, 2022 I looked into it, Binance tried to buy out FTX and discovered their books were under water. Bitcoin dropped $3000 in 3 hours and it's still going. 1 Link to comment Share on other sites More sharing options...
Gloves | 11,785 Administrator · Posted November 10, 2022 Share Posted November 10, 2022 Thankfully all my money is in tender tapes! 1 Link to comment Share on other sites More sharing options...
MiamiSlice | 3,096 Posted November 10, 2022 Share Posted November 10, 2022 47 minutes ago, Code Monkey said: I looked into it, Binance tried to buy out FTX and discovered their books were under water. Bitcoin dropped $3000 in 3 hours and it's still going. You have to go back further. Binance started selling their FTT stash and Caroline from Alameda openly asked them to sell OTC at $22 instead of impacting the market and CZ was like nah and FTT crashed and then it became obvious that FTX couldn’t pay their loans because they were using their FTT position as collateral and they suffered a liquidity crunch and in the span of 2 days they ended up having to beg CZ to buy them out which is just total defeat and they paused withdrawals around the same time which meant that they didn’t have people’s money which meant they were running a fractional reserve exchange and now Tom Brady is broke. Link to comment Share on other sites More sharing options...
Dr. Morbis | 2,089 Posted November 10, 2022 Share Posted November 10, 2022 This is what happens when you try to decouple liquid "currencies" from government supervision. Congrats to everyone who was able to make real world money on this crypto shit, but for those of you who lost money, now maybe you'll begin to understand why real banks are so highly regulated... 1 Link to comment Share on other sites More sharing options...
Bearcat-Doug | 5,105 Posted November 10, 2022 Share Posted November 10, 2022 40 minutes ago, MiamiSlice said: You have to go back further. Binance started selling their FTT stash and Caroline from Alameda openly asked them to sell OTC at $22 instead of impacting the market and CZ was like nah and FTT crashed and then it became obvious that FTX couldn’t pay their loans because they were using their FTT position as collateral and they suffered a liquidity crunch and in the span of 2 days they ended up having to beg CZ to buy them out which is just total defeat and they paused withdrawals around the same time which meant that they didn’t have people’s money which meant they were running a fractional reserve exchange and now Tom Brady is broke. It's all Matt Damon's fault. 1 2 Link to comment Share on other sites More sharing options...
OptOut | 8,888 Posted November 10, 2022 Share Posted November 10, 2022 So many people are just absolutely fucked by this whole crypto phenomenon, it's got to have been the biggest boom-bust wealth decimation of all time, at least from the number of common folk burning to the ground! No way people get back into it after this, way too many people have lost it all. It will take a whole new generation of dumb marks to mature before they can try and sell this scam again, and hopefully by then crypto currency will be nothing more than a forgotten fad anyway. It's just sad so many regular people got sucked into it and spat out along the way. Link to comment Share on other sites More sharing options...
Brickman | 3,989 Posted November 10, 2022 Share Posted November 10, 2022 20 minutes ago, OptOut said: So many people are just absolutely fucked by this whole crypto phenomenon, it's got to have been the biggest boom-bust wealth decimation of all time, at least from the number of common folk burning to the ground! No way people get back into it after this, way too many people have lost it all. It will take a whole new generation of dumb marks to mature before they can try and sell this scam again, and hopefully by then crypto currency will be nothing more than a forgotten fad anyway. It's just sad so many regular people got sucked into it and spat out along the way. I think the great depression is probably still the biggest, I barely even hear about bitcoin over here except for that small boom bust a few years ago and the Matt Damon ads. Like bank runs back in the day there will probably be people trying to liquidate right now and unable to which is going to send this down further. I don't have any interest in bitcoin but if it stands any chance of being taken seriously it needs higher regulation, which is the opposite of what it stands for ironically 1 Link to comment Share on other sites More sharing options...
Splain | 2,571 Editorials Team · Posted November 10, 2022 Share Posted November 10, 2022 1 hour ago, OptOut said: No way people get back into it after this, Unfortunately, since there WAS money to be made if you played your cards right, crypto isn't going to disappear after this. 1 Link to comment Share on other sites More sharing options...
OptOut | 8,888 Posted November 10, 2022 Share Posted November 10, 2022 1 hour ago, Splain said: Unfortunately, since there WAS money to be made if you played your cards right, crypto isn't going to disappear after this. It's true that there will always be desperate, reckless and/or gullible people who can be sucked into schemes like this, and the barrier to entry for actually getting one of these crypto schemes off the ground is very low, so yeah they will still be around. But, and this is a big BUT, the hype and publicity around the crypto boom/crash is so total, I think the damage has already been done for the vast majority of people, I don't think they will ever be able to suck in the same mass of marks again without a serious overhaul to the packaging of the (alleged) product. The way I see it, it's a branding thing... between 2018 and 2021, you were the SMARTEST GUY IN THE WORLD if you got into crypto, the echochambers were full of people telling you how all the fudders were jealous, or they didn't "get it", and that you were special and cool and smart and a rebel for taking financial independence into your own hands!!! Now, in 2022, cryptocurrency and bitcoin and NFT buyers are universally laughed at and pissed and shat on by basically EVERYONE. Being a crypto "investor" in 2022 makes you a laughing stock of your friends and family (if they are even still talking to you after you convinced them to bankrupt themselves "investing" in APECOIN, or whatever). The sheen is gone, the spell has been broken. I just don't see it getting any more mainstream than it was in 2021, that was the high watermark. The dream of "mass adoption" is dead. Link to comment Share on other sites More sharing options...
jonebone | 1,307 Posted November 10, 2022 Share Posted November 10, 2022 (edited) I still have never bought any crypto but this is nothing new. Just go back in history and you see the pattern repeats itself. When it gets to a nearly flat period where no one is talking about it then it's close to finally turning. In 2013 BTC went from $100 to $1000 in a month, then a slow 2 year decline where it bottomed out around $250. Recovered to $1000 around 2017 then ran to $20,000 within a year. Then next year a steep sell off until bottoming around $3,000. Chopped around a little bit then this run started from about $10,000 in Oct 2020 to a peak around $69,000 in Nov 2021, basically a year run. So what happens? Probably another 18 month - 2 year decline to around $7500 - $12.5k range. Picking the bottom is impossible but you're one year into it and probably have at least 6 months to go. Good luck. Edited November 10, 2022 by jonebone Link to comment Share on other sites More sharing options...
captmorgandrinker | 1,649 Administrator · Posted November 10, 2022 Share Posted November 10, 2022 2 minutes ago, jonebone said: I still have never bought any crypto This statement right here speaks volumes, and further justifies my never ever ever buying into any of it. Wonder how those peeps' crypto retirement portfolios are looking these days? Link to comment Share on other sites More sharing options...
sp1nz | 612 Posted November 10, 2022 Share Posted November 10, 2022 Me who never bought into the crypto: People still holding the crypto: Link to comment Share on other sites More sharing options...
Bearcat-Doug | 5,105 Posted November 10, 2022 Share Posted November 10, 2022 25 minutes ago, sp1nz said: People still holding the crypto Also this: Link to comment Share on other sites More sharing options...
Bearcat-Doug | 5,105 Posted November 10, 2022 Share Posted November 10, 2022 1 hour ago, captmorgandrinker said: Wonder how those peeps' crypto retirement portfolios are looking these days? A lot like this. Link to comment Share on other sites More sharing options...
RH | 4,907 Posted November 10, 2022 Share Posted November 10, 2022 14 hours ago, MiamiSlice said: The fallout from this is going to be really bad. Whatever your expectations are, lower them. I said a while ago it will get down to $8,000/BTC. I stand by that. I couldn't foresee this event, but considering the shape of this latest crash, I felt it had a way to go and when prices get squeezed, the manipulators get crushed and it repeats the cycle of pushing down prices. Link to comment Share on other sites More sharing options...
MrWunderful | 2,927 Posted November 10, 2022 Share Posted November 10, 2022 How are NFTs faring nowadays? Link to comment Share on other sites More sharing options...
Code Monkey | 2,011 Posted November 10, 2022 Share Posted November 10, 2022 13 hours ago, Dr. Morbis said: This is what happens when you try to decouple liquid "currencies" from government supervision. Congrats to everyone who was able to make real world money on this crypto shit, but for those of you who lost money, now maybe you'll begin to understand why real banks are so highly regulated... Highly regulated? Okay, everyone that has their money in the bank, let's all try and go get our cash out together and see what happens. The banks only hold 10% of your money on site at any given time, the rest is loaned out and who knows what is done with it. On top of that, some studies show only 3% of the entire money supply is even physical anymore so where is all of our money? They regulate the supply with inflation and that just makes new 1s and 0s, inflating the money supply without printing any more bills to match it. Debit cards are just another form of digital currency and you'll see panic if people try to get their money out at the same time. There's nothing regulated about our fiat money system, that's why it's no longer backed by gold, it's backed by hopes and dreams. 3 hours ago, jonebone said: I still have never bought any crypto but this is nothing new. Just go back in history and you see the pattern repeats itself. When it gets to a nearly flat period where no one is talking about it then it's close to finally turning. In 2013 BTC went from $100 to $1000 in a month, then a slow 2 year decline where it bottomed out around $250. Recovered to $1000 around 2017 then ran to $20,000 within a year. Then next year a steep sell off until bottoming around $3,000. Chopped around a little bit then this run started from about $10,000 in Oct 2020 to a peak around $69,000 in Nov 2021, basically a year run. So what happens? Probably another 18 month - 2 year decline to around $7500 - $12.5k range. Picking the bottom is impossible but you're one year into it and probably have at least 6 months to go. Good luck. Congratulations, you figured it out, it's not because it was a fad and people are no longer interested. Bitcoin goes through a halving period every (I think) 2 years. The time period between a Bitcoin being mined was 10 minutes but in order to dribble out the coins, every so often the blockchain will go through a halving period where it will permanently half the number of coins produced so then it will take 20 minutes. In the beginning there were so many coins, people had thousands of them because they were just being mined and thrown out constantly but now it's much slower and takes more time to receive one. So what happens is people hold during the lows (now) and then right before it halves, it spikes (like it has every 2 years), the smart people get out with their profits and then it crashes again right after the half because people no longer want it. If you have money to spare and want to make some nic profits, purchase Bitcoin now and then hold it until it halves again. Instant double wealth. 1 Link to comment Share on other sites More sharing options...
G-type | 2,482 Posted November 10, 2022 Share Posted November 10, 2022 9 hours ago, OptOut said: Now, in 2022, cryptocurrency and bitcoin and NFT buyers are universally laughed at and pissed and shat on by basically EVERYONE. Being a crypto "investor" in 2022 makes you a laughing stock of your friends and family (if they are even still talking to you after you convinced them to bankrupt themselves "investing" in APECOIN, or whatever). OptCoin is still a "buy" though, right? 1 Link to comment Share on other sites More sharing options...
OptOut | 8,888 Posted November 10, 2022 Share Posted November 10, 2022 7 minutes ago, G-type said: OptCoin is still a "buy" though, right? Well, let's just say there are probably more than a few people out there who wish they'd bought OPTcoin instead! Link to comment Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now