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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: cuban leaf
Well, at least fiat money is backed by a government that doesn’t want it to collapse

Name me a government that does that as they all are furiously running their printing machines. The only thing they have going for it is that it is fiat, meaning you can accept it as settlement of a debt or forget about colleting.

Go read your Milton Friedman. Money is whatever people accept as a means of storing and exchanging value. It has few principal measures: faith, quantity and convenience.

Anyone having to try to execute a transaction through any of the small number of too-big-to-fail banks realizes that convenience was long ago sacrificed in the US currency system. Quantity is however much of the stuff the Fed wants to print and faith, well I don't know how much faith people really have since they are looking for alternatives.

41 posted on 01/22/2022 8:58:09 AM PST by AndyJackson
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To: SaxxonWoods

> Everything else has been in a pending collapse all my life... <

Ha! As the old saying goes, economists have predicted ten of the last two recessions.


42 posted on 01/22/2022 8:58:10 AM PST by Leaning Right (The steal is real.)
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To: millenial4freedom

i invest in bitcoin but not much. They are half right. There was a crash but I didn’t go bankrupt LOL. If you dont do your homework, especially in bitcoin, dont go into it.


43 posted on 01/22/2022 8:58:33 AM PST by max americana (FIRED LEFTARD employees at our office every election since 2008 and enjoyed seeing them cry.)
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To: millenial4freedom
Revenge of the GameStop Losers.

...and your little dog too.

44 posted on 01/22/2022 8:58:59 AM PST by RckyRaCoCo (Please Pray For My Brother Ken.)
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To: Governor Dinwiddie

Tulip bulbs should have already been in the ground.


45 posted on 01/22/2022 8:59:31 AM PST by pas
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To: SaxxonWoods

IMO people will start getting back in at that mark. I have no immediate need for the money so even if i buy at $30K and it drops to $20K, i am willing to hold on for the ling term.

I’ll also buy an ETF rather than the bitcoin itself.


46 posted on 01/22/2022 8:59:32 AM PST by God luvs America (63.5 million pay no income tax and vote for DemoKrats...)
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To: politicket

I have no issue with long term so if i buy at $30K (i invest in ETF’s, not bitcoin itself) and it drops to $15K, I’ll just hold on.


47 posted on 01/22/2022 9:00:46 AM PST by God luvs America (63.5 million pay no income tax and vote for DemoKrats...)
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To: AndyJackson

Don’t get me wrong. They have already kicked the can much further down the road (trying to avoid the inevitable) than anyone imagined they could. They simply are out of weapons to undo what they created over the last 100 years. We are at the day of reckoning. But even then, what is protecting crypto other than raw faith?

i.e. as bad as Fiat money is as a stable store of wealth, Crypto is worse, IMO.


48 posted on 01/22/2022 9:01:50 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: millenial4freedom
If you bought anytime in the first few years, you're still doing good.

Even in the past year, it has been lower.


49 posted on 01/22/2022 9:02:22 AM PST by Pollard (PureBlood -- https://youtube.com/watch?v=VXm0fkDituE)
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To: God luvs America

“Chicom military; no combat experience, “

My cousin who serves really CLOSE to the DMZ in Sokor, told me many years ago, if there was a one vs one battle with US and chicoms, they will LOSE.

Why? When was the last time china was at “war’ with anyone? The closest are the border “skirmishes” with India.

That’s why the deep state sends us to idiotic wars like Iraq 2003 to train our soldiers. We gain experience everytime, they dont. and that’s why they hesitate to invade Taiwan.


50 posted on 01/22/2022 9:03:20 AM PST by max americana (FIRED LEFTARD employees at our office every election since 2008 and enjoyed seeing them cry.)
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To: politicket; All

I have just a few thousand in, just to keep track of the price movement.

The interesting thing is that the people who bought crypto because the dollar isn’t “real” value are now trading their crypto back into those “worthless” dollars. Why didn’t they all buy gold or silver, which haven’t made a new high (adjusted for inflation) since the 80’s? Gold and Silver have moved very little so they didn’t go there.

The other interesting thing is, crypto went up nicely until the market had a 5% hiccup and then crypto dropped huge. Crypto is tied to stocks? Why?

Which is the stronger currency, stocks/dollars or crypto? Imagine if the stock market or dollar trading was as volatile as crypto.

If crypto is the better alternate currency it should be going up right now, not down.


51 posted on 01/22/2022 9:03:46 AM PST by SaxxonWoods (If It Aint Woke Don't Fix It.)
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To: Jonty30

I had someone that worked for me abruptly resign last year, and told me to my face they had 100 Bitcoin worth $5M, which would have been at $50K each near its peak.

Rather than give them the shocked and I’m so impressed look they were probably expecting, I simply shrugged and said “that’s great, but I would probably sell most of that if I were you, if you’re going to retire now.” After that, they quickly left, but I hope they’e doing ok, as we quickly filled that opening.


52 posted on 01/22/2022 9:04:59 AM PST by Golden Eagle (What's in YOUR injection?)
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To: webheart

“Something that is 30000 dollars a share has a lot of air underneath it.”

That amateur investor silly talk. If 1 share goes from 30k to 15k you lost 50% of your money, same as a $3 share where you own a thousand shares and it goes to 1.50.


53 posted on 01/22/2022 9:05:57 AM PST by BiglyCommentary
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To: God luvs America

“IMO people will start getting back in at that mark.”

Why? Round number effect? Prior trading level? I’m not trying to be a jerk I just don’t get what supports any particular value for crypto.


54 posted on 01/22/2022 9:06:55 AM PST by SaxxonWoods (If It Aint Woke Don't Fix It.)
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To: BiglyCommentary

Agree.


55 posted on 01/22/2022 9:07:29 AM PST by SaxxonWoods (If It Aint Woke Don't Fix It.)
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To: Rurudyne
"It’s about the pending collapse of the ChiCom real estate bubble."

Some of you are missing his point. The problem with crypto is that it has democratic distribution, and is even heavily saturated in communist countries (even though 'outlawed' lofl) in personal holdings; and many of those mandarins hold crypto as their greatest asset, their only asset (hello, communism).

Apartment not worth spit, no ronger refi, must still eat bang bang shrimp, ru unroad Ritcoin!

It's remarkable that BTC could lose more than half their value, recover, then lose over half again, in less than 12 months...

Where hath history witnessed a bubble acquire a late-stage vortex before? Gee, I can't imagine...but surely a Terribly Unbelievably Lame Investment Protocol.

56 posted on 01/22/2022 9:13:42 AM PST by StAnDeliver (Each of you have at least 1 of these in your 401k: Pfizer, Moderna, AstraZeneca, J&J, Merck and GSK)
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To: SaxxonWoods

History. When it reaches a certain low level people will see it as good value and get back in.


57 posted on 01/22/2022 9:14:59 AM PST by God luvs America (63.5 million pay no income tax and vote for DemoKrats...)
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To: cuban leaf
...at least fiat money is backed by a government that doesn’t want it to collapse

No, fiat money is backed by governments that want to steal your money by printing more and devaluing yours.

"The way to crush the bourgeoisie is to grind them between the millstones of taxation and inflation." [emphasis mine]
-Vladimir Lenin

58 posted on 01/22/2022 9:16:15 AM PST by T.B. Yoits
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To: Bernard
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.

I have seen that look. My contemporaries (millennials) are fond of crypto but haven't a clue what they're playing with. Me, I flip real estate. You can see it, touch it...sometimes I have to fix it but by God it never vanishes overnight.

59 posted on 01/22/2022 9:18:52 AM PST by Buttons12 ( )
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To: cuban leaf

“We are at the day of reckoning.”

You do know that’s a 60 year-old claim, right?

There’s a reason fiat money has lasted since the cavemen used clamshells as money.


60 posted on 01/22/2022 9:23:25 AM PST by SaxxonWoods (If It Aint Woke Don't Fix It.)
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