All asset categories (mutual funds) I follow are down except PRNEX, which is an energy fund. Even the normally safe haven funds like bonds and treasuries are down.
Posted on 12/30/2022 6:42:40 AM PST by catnipman
It’s been a brutal year for the cryptocurrency market.
In the latest blow to the crypto space, Core Scientific, one of the largest publicly traded crypto mining companies in the U.S, which primarily mints bitcoin, filed for bankruptcy on Dec. 21, citing falling crypto prices and rising energy costs.
And the implosion of FTX, a now-bankrupt crypto trading platform that was once valued at $32 billion, has shattered investors’ confidence as the ripple effects of the company’s collapse continue to spread throughout the crypto industry.
“Many Americans are coming to realize that cryptocurrency is just a speculative mania and the industry is rife with crooks,” James Royal, principal reporter at Bankrate, tells CNBC Make It.
To that point, about 60% of Americans now believe investing in digital currency is highly risky — up from 45% in 2021
Prices are likely to fall further when “traders and crypto companies begin to see that they don’t have an unending stream of marks [greater fools] willing to prop up crypto prices,” Royal says.
(Excerpt) Read more at cnbc.com ...
Warren Buffett called it.
Sorry if some of our FReepers were stupid enough to invest in bit shit
yeah, bitcoin isn’t the only Magic Internet Bean in the Sea of Scams ... the total number of ALL crypto is unlimited ... at least 10,000 different types of Magic Internet Beans are currently actively traded, accounting for trillions of crypto Magic Beans ...
new ones are invented daily ... why i myself invented CatNipManBux (CNMB) on the Ethereum chain for only $24.00 ACTUAL dollars in “gas” fees(funny thing about that, paying gas fees in REAL money) ...
when i invented CatNipManBux, i put a hard limit on the maximum amount that could ever be minted, so that makes it REALLY, REALLY, REALLY valuable ... unlike oil and lumber and copper and iron and aluminum and fertilizer and food and the like ...
Wiki and the dude was worth 70 million when he expired>>>>>>
Kinkade was survived by his wife, Nanette, who had filed for divorce two years earlier and was traveling in Australia with their daughters: Merritt, Chandler, Winsor and Everett, who later established the Kinkade Family Foundation. Kinkade’s brother, Dr. Patrick Kinkade, is a professor in the criminal justice department at Texas Christian University in Fort Worth.[60]
After Kinkade’s death, his wife sought a restraining order against his girlfriend to prevent her from publicly releasing information and photos with respect to Kinkade, his marriage, his business, and his personal behavior that “would be personally devastating” to Kinkade’s wife.[61] By the end of the year, in December 2012, Nanette Kinkade and Amy Pinto-Walsh announced they had reached a private agreement.[62]
But, but - it’s got blockchain and mining and transactions and all that other jargon nobody really understands or can explain.
How can it go wrong?
Fer sure I want to buy in. What is the price?
“I used to work in IT, so I somewhat understand “Blockchain”, but I still can’t grasp how you make something like Bitcoin out of nothing?”
first, wash trade it to infinity (illegal in legit investment markets), then pay tens of millions to celeb “influences” to promote FOMO and of course appeal to inherent human greed and ignorance and the desire for spinning gold from dross ... it’s pretty much how ALL Ponzi scheme bubbles work ... the main difference is the patina of high-tech jargon for this one ...
btw, blockchain is nothing more than an EXTREMELY slow and inefficient ledger distributed and maintained on the file systems of millions of so-called “miner” computers that consume enough electricity annually to power a country like Belgium ... blockchain is fundamentally a scam too as no killer application has been found for it in the 14 years that it’s been promoted .... well, unless you count funding terrorists and criminals ...
On her LinkedIn account, she wrote that she helped top employers gain a competitive advantage by solving their consulting and full-time hiring challenges.
She has two children from a previous marriage, one of whom the painter helped when she became ill while she living with the couple in the Monte Sereno home.
Kinkade was married to his wife for more than 30 years and they had four daughters together. However, in the last two years of his life, he had become estranged from her.
Thanks for your almost New Tears eve explanation of block chain coins.
“Fer sure I want to buy in. What is the price? “
one buck per bux, but they’re all taken already and no one wants to sell for a while ....
Ether is the name of the native token of the ethereum blockchain, and it’s down 66% this year ...
“You can still get non-fungible tokens!”
which everybody knows are way better than those icky fungible ones ... yuck ...
Cryptocurrencies are like serial numbers on paper money. Instead of handing someone a paper $20 bill, you transmit the serial number to them and they spend it.
Unlike fiat paper money, Bitcoin has a known upper limit of how many serial numbers can be used. The blockchain prevents someone from counterfeiting it using a duplicate number. Mining Bitcoin is running a computer program to find a number that's not yet issued. As another poster noted, of the 21,000 possible combinations, about a 1,000 are still available to identify. It takes a lot of computer processing to find such unique number combinations that aren't already in use.
Whereas with U.S. dollars, the Fed can print as much as they want, devaluing those already in circulation. The feds can identify billions as shredded that they instead put back in circulation. They can print bills with new numbers or print bills with duplicate serial numbers that they send on pallets to Iran, Afghanistan, or Ukraine.
All asset categories (mutual funds) I follow are down except PRNEX, which is an energy fund. Even the normally safe haven funds like bonds and treasuries are down.
You do realize that the US dollar is being deliberately inflated to oblivion?
I am slightly ahead in stocks during 2022 on last day of trading today. Keeping lots of powder dry to pick up more bargains in 2023.
Just because some item has restricted availability, does not make it valuable. Gold is valuable because it never corrodes, and is malleable enough to make ever lasting jewelry. Silver is valuable because it is rust resistant and excellent conductor of electricity. Not to mention silverware made of silver looks beautiful. Bitcoin has absolutely nothing useful.
How is a US dollar valuable?
I am slightly ahead in stocks during 2022 on last day of trading today. Keeping lots of powder dry to pick up more bargains in 2023.
++++++
Keep up your 2 hours walking each day and do not venture out for entertainment. I almost hit two hours yesterday. Today I am in no-walk mode after ten days straight walking 90 minutes or so
My motto is walk or see doctors and die.
I used to walk 30 miles every week when I belonged to private golf club in Vancouver, Washington. After moving to Florida, I did not join another private club, so now it is treadmill & lifting light weights in community gym 150 steps away from house. I do 30 minutes every other day. Seems to be enough to keep me healthy. If I exercise more often, my leg muscles get cramps, but every other day is working fine. I am 82 years young!
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