Posted on 01/22/2022 8:23:11 AM PST by millenial4freedom
An already dramatic crash in the crypto markets has become yet more drastic, with bitcoin and other digital currencies losing hundreds of billions of dollars from their value.
Bitcoin has now fallen 16.8 per cent over the last week. Other coins have seen even more dramatic losses: ethereum is now down 25 per cent.
That follows what was already the worst start of the year for bitcoin in history. After hitting a record high of almost $68,000 in November, it is now worth under $36,000.
(Excerpt) Read more at finance.yahoo.com ...
So, does anybody here know what supports the various cryptos? Is there a stash of gold or platinum under a mountain somewhere or some other actual basis like a government agency for the value of the currency? Or is it just valuable as long as nobody tries to cash it out? Sounds like a pyramid scheme on steroids.
Well, the dollar too has lost a lot of value, and we’re now at about 90% of what it was before Biden.
I think I like the term Before Biden (BB), just like we know about BC.
Things were a lot better BB.
“It’s about the pending collapse of the ChiCom real estate bubble.”
Again?
Everything else has been in a pending collapse all my life, why not Chinese real estate?
It all depends on what price you paid when you bought it. People who got in early are still ahead.
All of china is on shaky ground- the real estate, the economy and the military.
There was a great article in The Epoch Times a few weeks ago about the sorry state of the Chicom military; no combat experience, total corruption, promotions are almost solely bought and sold.
> Well, at least fiat money is backed by a government that doesn’t want it to collapse... <
Good point. Somebody will always be working behind the scenes trying to prop up the dollar. There is no such person with Bitcoin.
Not only could the US government/NSA utilize their supercomputers to generate bitcoin in order to finance clandestine activities (instead of selling illegal drugs to Americans) and flooding the market with digital money leading to digital currency inflation. They could also rob "the right people blind" for political purposes or crash a particular digital currency entirely.
I am not saying “don't invest” but to just be aware of the risks and finding ways to lock in your gains to reduce exposure.
https://www.cnet.com/personal-finance/crypto/cryptocurrency-faces-a-quantum-computing-problem/
GREATER FOOLS SUPPORT CRYPTO.
So you are saying it is a pyramid scheme. That’s what I suspected all along. If/when the Great Crash comes to it, I wonder who will be the George Bailey.
The one good thing that bitcoin brought us: Blockchain. And that can be applied to many things.
Once it gets closer to $30,000 I am getting back in.
Interesting. What’s magic about $30,000?
Human nature. People get excited when things go on sale at 50% off the “retail” price.
Probably a good idea for a short-term ride. But be careful, it's eventually heading to $15,000.
Sounds like it’s almost time to buy.
Lot's, if you're into financial charting. It's a huge gamble - but a reasoned one.
Have you seen our government lately? Spending trillions, printing trillions, lockdowns, supply chain issues.
Something that is 30000 dollars a share has a lot of air underneath it. I would be buying assets with share prices closer to 1 dollar a share. My money is in gold and precious metals mutual funds with share prices closer to 25 dollars. I feel better when the price goes down because I can buy more shares. I don’t think the share price will ever go to zero. Therefore I will always have at least a part of my original investment.
There’s ONE problem with crypto?
That is a huge joke. There are N U M E R O U S problems with crypto.
And we gradually discover more.
What's imaginary is imaginary. Like climate change and equity and pandemics which aren't actually pandemics....
There are some that are backed by gold, silver, US dollars. They call them stable coins. The remain pretty much flat line so they’re not an investment. Mostly just a way to send money peer to peer, especially for people who live in countries with a lack of banking services, no paypal etc.
I saw a video where four guys on four different continents sent $100 worth of stable coin around the world in four transactions that cost 10 cents each and took 30 seconds each.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.