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Bitcoin price crash becomes even more drastic as crypto owners lose hundreds of billions
Yahoo! News ^ | 1/22/2022 | Andrew Griffin

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 ...


TOPICS: Business/Economy; Computers/Internet; Local News; Society
KEYWORDS: bitcoin; cryptocurrency; finance
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To: millenial4freedom
A few years ago I attended a seminar and some "experts" were talking about cryptocurrency. During a break, I talked to one of them and asked what the source of the accumulated wealth is that supports cryptocurrency. He gave me a deer in the headlights look and admitted that he had no idea.

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.

21 posted on 01/22/2022 8:35:33 AM PST by Bernard ("The refusal to take sides on great moral issues is itself a decision." Fulton Sheen)
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To: millenial4freedom

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.


22 posted on 01/22/2022 8:36:04 AM PST by adorno
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To: Rurudyne

“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?


23 posted on 01/22/2022 8:37:46 AM PST by SaxxonWoods (If It Aint Woke Don't Fix It.)
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To: millenial4freedom

It all depends on what price you paid when you bought it. People who got in early are still ahead.


24 posted on 01/22/2022 8:38:01 AM PST by nuconvert ( Warning: Accused of being a radical militarist. Approach with caution.)
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To: Rurudyne

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.


25 posted on 01/22/2022 8:38:34 AM PST by God luvs America (63.5 million pay no income tax and vote for DemoKrats...)
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To: cuban leaf

> 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.


26 posted on 01/22/2022 8:39:29 AM PST by Leaning Right (The steal is real.)
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To: Mount Athos
There's one problem with digital currency and it's called quantum computing.
The blockchain accounting algorithms that power cryptocurrencies could be vulnerable to sophisticated attacks and forged transactions if quantum computing matures faster than efforts. There is huge money being invested in quantum computing and who has the largest and most computer centers in the world? The answer would be the NSA.

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/

27 posted on 01/22/2022 8:39:48 AM PST by WMarshal ("Those who would give up essential liberty, to purchase a little temporary safety, deserve neither.")
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To: Bernard

GREATER FOOLS SUPPORT CRYPTO.


28 posted on 01/22/2022 8:40:22 AM PST by BiglyCommentary
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To: BiglyCommentary

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.


29 posted on 01/22/2022 8:41:47 AM PST by Bernard ("The refusal to take sides on great moral issues is itself a decision." Fulton Sheen)
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To: Leaning Right

The one good thing that bitcoin brought us: Blockchain. And that can be applied to many things.


30 posted on 01/22/2022 8:44:11 AM PST by cuban leaf (My prediction: Harris is Spiro Agnew. We'll soon see who becomes Gerald Ford, and our next prez.)
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To: God luvs America

Once it gets closer to $30,000 I am getting back in.

Interesting. What’s magic about $30,000?


31 posted on 01/22/2022 8:44:47 AM PST by SaxxonWoods (If It Aint Woke Don't Fix It.)
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To: SaxxonWoods

Human nature. People get excited when things go on sale at 50% off the “retail” price.


32 posted on 01/22/2022 8:48:13 AM PST by BiglyCommentary
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To: God luvs America
Once it gets closer to $30,000 I am getting back in.

Probably a good idea for a short-term ride. But be careful, it's eventually heading to $15,000.

33 posted on 01/22/2022 8:49:00 AM PST by politicket
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To: millenial4freedom

Sounds like it’s almost time to buy.


34 posted on 01/22/2022 8:49:18 AM PST by Pollard (PureBlood -- https://youtube.com/watch?v=VXm0fkDituE)
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To: SaxxonWoods
Interesting. What’s magic about $30,000?

Lot's, if you're into financial charting. It's a huge gamble - but a reasoned one.

35 posted on 01/22/2022 8:50:18 AM PST by politicket
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To: cuban leaf
Well, at least fiat money is backed by a government that doesn’t want it to collapse

Have you seen our government lately? Spending trillions, printing trillions, lockdowns, supply chain issues.

36 posted on 01/22/2022 8:51:14 AM PST by Pollard (PureBlood -- https://youtube.com/watch?v=VXm0fkDituE)
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To: SaxxonWoods

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.


37 posted on 01/22/2022 8:54:04 AM PST by webheart (I thought I was helping by getting vaccinated but they say I didn’t help at all. )
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To: WMarshal

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.


38 posted on 01/22/2022 8:55:04 AM PST by Honest Nigerian
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To: millenial4freedom
Imagine: Going to the imaginary casino with some once-real money and buying other imaginary money, because it is being valued as real by others just like yourself. The Ponzi scheme rule still advises: “Last fool in” is a fool.

What's imaginary is imaginary. Like climate change and equity and pandemics which aren't actually pandemics....

39 posted on 01/22/2022 8:55:27 AM PST by Worldtraveler once upon a time
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To: Bernard

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.


40 posted on 01/22/2022 8:56:27 AM PST by Pollard (PureBlood -- https://youtube.com/watch?v=VXm0fkDituE)
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