Over $170 billion wiped off cryptocurrencies as market tanks on Mt. Gox bitcoin payout fears

CNBC (Business News) ^ | 05 July 2024 | Ryan Browne

[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]

[zeestephen]

As I write this, Bitcoin is down 6% and trading at $55,000 per coin.

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

[Malsua]

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.

[Gay State Conservative]

later

[aMorePerfectUnion]

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.

[Right_Wing_Madman]

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!

[Vaquero]

Ah. Ponzi-coin. Meh.

[MeneMeneTekelUpharsin]

Bump.

[Right_Wing_Madman]

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.

[Vermont Lt]

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

[Bishop_Malachi]

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

[EQAndyBuzz]

“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.

[Vermont Lt]

There are plenty of basic explanations on the web.

You are not likely get that in FR.

[sten]

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

[butlerweave]

A bitcoin is math ,LOL

[EnderWiggin1970]

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

[Freest Republican]

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

[fatboy]

Buy low, sell high