$1 Trillion Gone in Weeks in Bitcoin Crash as Self-Fulfilling Prophecy Takes Centrestage

International Business Times ^ | 19 Nov 25 | Niloy Chakrabarti

[volare737]

No one can even identify who developed it! There is a name, but no one knows who the person really is.

[George from New England]

Keep your hands off my beanie babies.

[volare737]

Same with Lladros and Hummels.

[Magnum44]

It is not a tangible asset.

Cabbage Patch dolls would be a safer investment...

[quantim]

That scenario is almost as scary as a mass murder, but right you are. The Euroweenies have already put in a few metrics for testing, the Chicoms have been testing for years.

I heard something on a podcast a number of days ago that mirrors this, the feds already print digital money anyway and inflation will continue to rise as long as we are alive or our country collapses first. Our congress is largely to blame because they only do two things, spend and spend.

[KobraKai]

Crypto was developed primarily as a delivery vehicle to transfer monies for illicit products like drugs and child sex services. An untraceable money exchange for these purposes.

Change my mind.

[farmguy]

Ran out of “greater fools”?

Patience grasshopper, there will soon be more suckers “catching the knife”.

[Vigilanteman]

Except that people can live without tulip bulbs (and Bitcoin) but not without housing.

I have friends who have made money in Bitcoin, but I won't invest in it simply because I don't understand what, if any, intrinsic value is behind it.

[volare737]

Who do you call if you forget your password, or if for some reason you check your account—and it shows zero?

If my bank account shows zero, I’m immediately going to see the bank manager..

[JesusIsLord]

The dreaded "liquidation cascade"? Economic cycles are the only certainty...

Is gold the next bubble to burst?

[AAABEST]

Exactly - who in their right minds invests in digital nothing?

I’ve never even liked paper assets- the dollar, bonds etc. - and only do hard, tangible assets like real estate, oil, metals and the like. No matter how the markets go, you still have the asset.

At least with stocks and bonds you have the paper or IOU. With crypto, you have nothing but digitized vapor and a passkey.

[montag813]

How is something that has appreciated 31% in just one year - even AFTER the recent decline - in a "crash"?

The average annual return of the S&P 500 is 10%.

[PeterPrinciple]

I have friends who have made money in Bitcoin, but I won’t invest in it simply

---

you used the word invest. your friends placed a bet.

[montag813]

We are about 5 years away from the Federal Reserve rolling out digital currency. All of the money in bank accounts will be converted to government issued digital dollars. All transactions will be electronic. The government through the Federal Reserve will be able to freeze your accounts on a moment’s notice. Cash will become obsolete. A future Democrat administration will be able to prevent citizens from giving money to unapproved charities or use money to buy firearms. Social credit scores will ultimately follow as well as wealth confiscation.

Correct. And we will be in some intersection of the hellscapes of Brave New World, Fahrenheit 451, THX1138 and Red Barchetta.

[PTBAA]

“It’s just 1’s and 0’s in somebody’s computer...”

The same as almost all the money you use right now.

[PTBAA]

“Bitcoin is a scam. Bitcoin is not backed by anything except greed and foolishness.”

What is our dollar backed by?

[Red Badger]

Even Jack had a Bag of Beans...............

[nagant]

Bitcoin is not backed by anything except greed and foolishness.
~~~~~

Wait until Trump finishes off what remains of the cartels.

[kosciusko51]

It is not a tangible asset.

Like most things digital.

It has no intrinsic value.

Nothing has intrinsic value.

[Sicon]

"What is our dollar backed by?"

Liars and crooks.