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Over $170 billion wiped off cryptocurrencies as market tanks on Mt. Gox bitcoin payout fears
CNBC (Business News) ^ | 05 July 2024 | Ryan Browne

Posted on 07/05/2024 3:29:30 AM PDT by zeestephen

Crypto currencies plunged on Friday as investors focused on the payout of nearly $9 billion to users of collapsed bitcoin exchange Mt. Gox...[Mt. Gox was hacked ten years ago and lost almost 1 million Bitcoins - at that time, one Bitcoin was worth just $600 - Traders expect former Gox customers to cash out many of their remaining Coins, which are now worth close to 100X times their 2014 value - huge selling pressure is expected to tank the crypto market]

(Excerpt) Read more at cnbc.com ...


TOPICS: Chit/Chat
KEYWORDS: crypto; cryptocurrency
As I write this, Bitcoin is down 6% and trading at $55,000 per coin.

One month ago, Bitcoin was trading over $70,000.

1 posted on 07/05/2024 3:29:30 AM PDT by zeestephen
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To: zeestephen
As I write this, Bitcoin is down 6% and trading at $55,000 per coin.

The ETFs have been gobbling up BTC faster than it's being created. FUD is good for their business model.

2 posted on 07/05/2024 3:33:53 AM PDT by Malsua
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To: zeestephen

later


3 posted on 07/05/2024 3:39:25 AM PDT by Gay State Conservative (Never Trust A Man Whose Uncle Was Eaten By Cannibals)
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To: algore; aMorePerfectUnion; amorphous; Andyman; ARGLOCKGUY; abishai; Betty Jane; BigpapaBo; ...

If YOU would like to be on a CRYPTO PING LIST, please pm me.

The Crypto Ping List covers the following:

Bitcoin
Ethereum
Other coins built on the Ethereum blockchain mining
etc.

Thanks! For it - or ag'in it, it'll be a wild ride.

4 posted on 07/05/2024 3:40:51 AM PDT by aMorePerfectUnion (🦅 MAGADONIAN ⚔️ )
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To: zeestephen
As I write this, Bitcoin is down 6% and trading at $55,000 per coin.

On 7 May 2018, Warren Buffet told us to sell Bitcoin, when it was trading at $9645 per coin...

Warren Buffett: Bitcoin Is An Asset That Creates Nothing
https://www.youtube.com/watch?v=LtITDtZPYEw

Maybe this is the new Warren Buffet investment model, sell low and buy high!

5 posted on 07/05/2024 3:59:09 AM PDT by Right_Wing_Madman
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To: zeestephen

Ah. Ponzi-coin. Meh.


6 posted on 07/05/2024 4:26:32 AM PDT by Vaquero (Don't pick a fight with an old guy. If he is too old to fight, he'll just kill you. )
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To: zeestephen

Bump.


7 posted on 07/05/2024 4:44:40 AM PDT by MeneMeneTekelUpharsin (Freedom is the freedom to discipline yourself so others don't have to do it for you.)
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To: Vaquero
Ah. Ponzi-coin. Meh.

I think Ponzi-coin's future is brighter than Ponzi-dollar. Only 900 new Ponzi-coins can be created per day. There are no such constraints on the Ponzi-dollar.

8 posted on 07/05/2024 4:46:48 AM PDT by Right_Wing_Madman
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To: Right_Wing_Madman

450 coins are mined a day. The number was halved a couple months ago.


9 posted on 07/05/2024 5:22:17 AM PDT by Vermont Lt (Don’t vote for anyone over 70 years old. Get rid of the geriatric politicians.)
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To: Right_Wing_Madman

The only problem is that bitcoin doesn’t have government statutes which effectively require its use.


10 posted on 07/05/2024 5:26:38 AM PDT by Bishop_Malachi (Liberal Socialism - A philosophy which advocates spreading a low standard of living equally.)
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To: Vermont Lt

“450 coins are mined a day. The number was halved a couple months ago.”

Can someone please explain what the heck bitcoin is, how it gets mined and what exactly is its purpose? I’ve been trying to figure this out and cannot get a straight answer.


11 posted on 07/05/2024 6:05:28 AM PDT by EQAndyBuzz (Paging Dr. Bandy Lee. Dr. Lee please pick up the white courtesy phone.)
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To: EQAndyBuzz

There are plenty of basic explanations on the web.

You are not likely get that in FR.


12 posted on 07/05/2024 6:09:32 AM PDT by Vermont Lt (Don’t vote for anyone over 70 years old. Get rid of the geriatric politicians.)
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To: Vaquero

The ponzi-coin is now worth 55,000+ ponzi-dollars


13 posted on 07/05/2024 6:38:59 AM PDT by sten (fighting tyranny never goes out of style)
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To: EQAndyBuzz

A bitcoin is math ,LOL


14 posted on 07/05/2024 6:54:01 AM PDT by butlerweave
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To: zeestephen

The market is overreacting, if it is losing $170B of value over the unlocking of $9B worth of assets. Sheesh.


15 posted on 07/05/2024 7:59:09 AM PDT by EnderWiggin1970
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To: zeestephen

This is a nothing event, the BTC will be passed into stronger hands. It’s actually healthy for BTC.


16 posted on 07/05/2024 12:22:09 PM PDT by Freest Republican (There is no tyranny that cannot be justified by imbeciles)
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To: zeestephen

Buy low, sell high


17 posted on 07/05/2024 1:33:39 PM PDT by fatboy (')
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