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 ...
I agree. My general point is this: Fiat money is bad. Crypto is worse. That’s it.
There’s a reason fiat money has lasted since the cavemen used clamshells as money.
Reminds me of the commercial now running about the guy screaming he is a millionaire and then two minutes later saying he is not......lulz
“In all seriousness, it’s different now. The hyperbolic curves bear it out. Get with me in a couple of years and we can compare notes - assuming it even takes that long.”
Once again, the same thing I’ve been told since 1965.
I’m old but if I’m still around in a “couple of years” I’ll be glad to listen once again.
You buy "air" and hope someone else will pay more for it for fear of losing out.
And it works...
...until it doesn't.
Remember "business lists"?
What was your previous FR “name/handle”...??
I’ve heard this stuff my whole life as well (I’m 68). I see what’s happening now as very different and absolutely historic. And it is international.
In all seriousness, this time it’s different. By several orders of magnitude. IMO
“know what supports the various cryptos?”
Ever see Wile E. Coyote run off the edge of a cliff? He is fine until he looks down.
Interesting. What’s magic about $30,000?
So, for the last year, BTC seems to have ~$30K as the low support and ~$65K as the upper threshold. Both of those could change. If BTC goes below $25K, it could collapse below $10K.
I sold all my BTC and ETH last summer after it had rebounded some (but before it high the Nov highs). If it goes below $10K, I might buy more.
One should only buy if they can afford to speculate (and I can).
Yeah, faith in other people's stupidity.
Interesting. What’s magic about $30,000?
—
It’s a round number? Humans like round numbers.
Hold on to what? There's no real asset behind it. Even at $15,000 it would just be backed by hopium.
It's not about the value of the asset, but the psychology of the market, when trading crypto.
Actually, in a lesser sense the same came be said about gold and silver.
Right, and this will be of those self-fulfilling levels for a while. People anticipate a bounce off of 30k and so start buying or placing buy orders that get filled at or just above 30k and lo and behold, the price goes up - “Yea, it’s holding at 30k...”.
And the crypto currency “miners” are making money. These are large data centers who get free bitcoin for doing the blockchain calculations which currently require enormous computing power.
But if you’re sitting on top of a data center in Montreal being powered by “free” hydroelectric power from Quebec’s huge lakes, you can make some Bitcoin.
https://www.google.com/search?q=Quebec+hydroelectric+supply&tbm=isch
For this reason, a great deal of the storage and data access power for New York City is via Montreal data centers.
“When it reaches a certain low level people will see it as good value and get back in.”
How do they know what the ‘low level’ is?
What level would be too high? What is the analysis of value based on?
This is the one and only thing we have gained from our decades of strategic over-reach. It is muted by the fact that far too much of our treasure went to MIC contractors not for high end weaponry - there are only a few who can deliver supersonic fighters, high tech missiles and advanced submarines - but rather logistics and sustainment, developing training courses to teach people who to be woke and utterly useless stuff like that.
Battle tested men, weapons, doctrine and support systems are vital and are the huge advantage we have enjoyed since the collapse of the Soviet Union. It's the advantage the Royal Navy had over the French Navy, whose ships were arguably superior. The French returned to port for refit every time the got salt water on the taff-rail of their beautiful new ships. The British stayed at sea for years at a time fixing what needed to be fixed to keep themselves at sea.
Just remember the period we went through where the US Navy couldn't row a boat across a harbor with crashing it into something or going aground. It's a huge concern.
To me the top was the IPO of SNOW -
but snow won’t turn informa.
I wonder what a 1 oz gold coin would have set you back in those days?
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