Posted on 06/18/2022 3:11:09 AM PDT by zeestephen
The price of bitcoin fell 9% in 24 hours to $19,217 according to Coin Metrics data...Crypto investors are grappling with aggressive interest rate hikes from the U.S. Federal Reserve and a worsening liquidity crunch. [Half an hour ago, BTC was at $19,040]
(Excerpt) Read more at cnbc.com ...
There is far, far more speculative leverage in the Bitcoin universe than I ever imagined.
I bought some in 2020 after it had a big dip thanks to the pandemic. I sold all of it last year at a nice profit, but well below the highs it achieved. There was plenty of hype that it was going to $100K, but never believed it. The big reason I sold was because I saw a new crypto coming onto the market nearly every week and they nearly all had the same curve at BTC.
At this point, a lot of people are being taken to the cleaners. I actually may buy some again if BTC craters to about $2K or so.
It all read like
SCAM SCAM SCAM SCAM SCAM SCAM
to me.
One game I have like $11,000 coming.
Sure......oh and $2,000 of free Amazon cards and $1,000 of Visa gift cards.
I never gave them my PayPal accounts both of which I haven’t used in years. The bank accounts no longer exist, either.
There’s some good looking Eastern European chick on there all the time, lying about free money.
She swears she’s not lying.
Honest. 🤣🤣🙄🤣🙄🤣🤣🤪🤪
Her current lie is “the server crashed” soooooo ..... they’ll give you free money.
Honest.
🤪🤣🙄
Very early adoption of BTC led to wild profits for those who got in on the ground floor. That’s why we saw a flurry of new “coins” coming about: everyone wanted to get in on the ground floor of something.
Problem is that when you have dozens of “coins” driven to the stratosphere by speculators, you only really make money if you cash out while there’s actual capital in the scheme.
Once the ability to “cash out” ceases to exist, even if the market says the coin is worth something, it becomes a hard lesson in reality to learn that it doesn’t.
Of all the bad decisions I’ve ever made in my life two recent good decisions I am very proud of
1. Stay away from covid shots
2. Stay away from crypto currency
I’ve got some oceanfront property in Nebraska if anyone is interested. However, I don’t accept Bitecoins.
El Salvador. They embraced this madness fully and hoped it would last forever.
If the madness would last forever they would be in a position to benefit.
El Salvador has 30 volcanos and you can harness these to make very cheap electricity.
Of course you would need complex infrastructure to harness this electricity to create useful products, but they thought they have found a shortcut. They figured they’ll just create bitcoins, that do not need expensive infrastructure.
Exactly the same thing here
Any big con needs folks to make big money early on. Of course, those who could push themselves away from the table in time still made out.
(I’ve got some oceanfront property in Nebraska)
Does it at least come with a free yacht ⛵⛵⛵?
🤪
Anthony Scaramucci and his Sky Bridge Capital are losing big time on his Bitcoin bet and this makes me happy 😃
I got my chunk of it. I bought BTC when it was $10 a coin. Used it often for online trading, and when it started getting to ~$15K a coin, I cashed out. At that point I had fractional shares in BTC, but I still net a decent sum.
Most of that decision was based around IRS changing reporting requirements. I have enough to deal with calculating capital gains. I didn’t want to have to try to make sense of regulations when I needed USD. We took the tax “hit” and used the cash to pay off some debts. Worth it.
The wife watches Dr. Phil......so by osmosis so do I occasionally.
A few months ago he had several “knowledgeable” people on discussing the pros and cons of crypto.
The 3 that were pro crypto were young and cocky to say the least....two of ‘em had these little smirks on their faces like they knew something no one else did. The third was a female and she was all in your face obnoxious about it, loke if your not into crypto your just too stupid.
The one guy that was warning about why NOT to get into crypto asked those 3 a few pointed questions, all the 3 yutes could do was be smartasses and insult the man......if they were selling crypto, it wasn’t a very good sales pitch.
At the end dr Phil admitted he was as lost on the subject as he was at the beginning of the show.......it was a scene man.
As with conventional gambling I like to say I can piss my money away just fine on my own....I don’t need any help.
SMH
That’s El Salvador 🇸🇻 and they are in trouble
to paraphrase an old tale, “When the BestBuy sales kid starts touting his cryptocoin “investments”, it’s time to get out”
“...I can piss my money away just fine on my own...”
I now do that at the gas pump...
$193 for ~ 37 gal of E0 87 Octane two days ago.
Let’s go Brandon!
expenditure of electricity.
Okay, WTH is that?
What is the sound of a bitcoin creation?
Yeah but you really don’t have a choice with the gas......unless you wanna risk setting yourself on fire stealing it. LoL
Bitcoins are some special numbers that are very hard to calculate. The main cost of creating new bitcoins is the electricity your computers or specialized calculating machines take to come up with these numbers.
It’s insane levels. Every day more electricity is used to calculate new bitcoins than the entire 45 million people country of Argentina uses.
A simplified view of it is - you spend tremendous amounts of electricity to create these bitcoins and some people are paying for it. The more electricity you spend the more coins you get.
Nothing more than intangible digital currency....intangible ‘asset’. Much in the same degree as someone in a video game using real money to buy pixels....yes, pixels.
And given how many cryptocurrency agencies were blocking folks from selling their cryptocurrency back into actual cash for the days it was cratering the first few days of this week/past week, smells like one huge ponzi scheme imho.
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