How soon until Bitcoin crashes?

[Liar Loan]

Crypto.com bought naming rights to Laker's arena for 20 years...lol they absolutely paid  at top of the market, and they may not exist 5 years from now, let alone 20...

There was a discussion about this earlier in the thread.  Stadium naming rights have been a contrarian indicator of companies/industries that are at the peak and ready to fail.  Lots of examples throughout history... Enron, subprime lenders, etc.

 

[irvinebullhousing]

Crypto.com bought naming rights to Laker's arena for 20 years...lol they absolutely paid  at top of the market, and they may not exist 5 years from now, let alone 20...

There was a discussion about this earlier in the thread.  Stadium naming rights have been a contrarian indicator of companies/industries that are at the peak and ready to fail.  Lots of examples throughout history... Enron, subprime lenders, etc.

There is a lot of truth to this. Next one on the list SOFI stadium.

 

[zubs]

[youtube]twpEgYnc-jA[/youtube]

 

[morekaos]

Black boxes NEVER work...this so reminds me of CDO's and synthetic super CDO's, interest rate short carry trades (Aka Robert Citroen and Long Term Capital) and the like....amazing people fall for this over and over....

Terra is a stablecoin ? a cryptocurrency that is intended to have a fixed value, typically $1. Stablecoins function similarly to a bank in the crypto ecosystem, providing a safe place to store money and greasing the wheels of commerce.

Many stablecoins, such as USDC and tether, get their stability from large reserves, and are supposed to keep enough liquid assets on hand to cover all of the coins in circulation. But terra is a new breed of ?algorithmic stablecoin?, which effectively prints money out of thin air and uses a complex set of ?smart contracts? to try to ensure the value hovers as close to $1 as possible. That arrangement worked ? until it suddenly didn?t.

Terra ?broke its peg?. After hovering about $1 for almost a year, the value of one coin plummeted, first to 70?, and then further, settling around 35? on Wednesday afternoon. The complex algorithmic deal that was supposed to keep the coin trading at a fixed price failed, as investors raced to liquidate their positions faster than the automatic stabilisers could kick in.

The other half of the terra stablecoin is a floating token called Luna. In theory, when the terra value drops too low, Luna holders are supposed to automatically trade their coins in, propping the price up. But the value of Luna has also fallen precipitously, from $86 last week to just 86? today. The charismatic co-founder of Terraform Labs, which developed the stablecoin, Do Kwon, has promised action, telling investors: ?I understand the last 72 hours have been extremely tough on all of you ? know that I am resolved to work with every one of you to weather this crisis, and we will build our way out of this. Together.?

 

[Kenkoko]

The only remaining stablecoin is the $1.50 Hot Dog at Costco

 

[morekaos]

When your financial plan is based on faith...criminals will take advantage to part the fool from his money...Charlie Munger is not such an idiot after all, Huh?

How Crypto Disappeared Into Thin Air

Since November, something like $1.5 trillion in cryptocurrency value has been erased. Bitcoin and Ethereum, the market?s bellwethers, are both down about 60 percent from their peaks. And most strikingly, the so-called stablecoin Terra and its sister token, Luna, which together were valued at about $60 billion six weeks ago, imploded in a matter of days and are now essentially worthless. 

This huge sell-off of course raises a natural question: What happened? You can certainly point to potential culprits. Inflation and interest rates are rising?though cryptocurrencies were supposed to be hedges against inflation, and indifferent to what?s happening in the ?fiat? financial world. Stocks are being sold off?though one of crypto?s big selling points was that it was supposed to be uncorrelated with other assets. But really, there?s a much simpler explanation: People?s faith in crypto wavered. And faith, not fundamentals, is what most of crypto?s value depends on.
https://www.msn.com/en-us/money/markets/how-crypto-disappeared-into-thin-air/ar-AAXvAQU

 

[morekaos]

100%...I?m a keep it simple stupid kind of guy. Made a pretty penny my way and it works consistently. Not to be a ?turn down that rock and roll music!? Kind of adult but you wippersnappers have fun! I will stick to
My knitting for now. In my experience it is never really ?different this time?...the names can change but the results remain the same.

It's never "different this time"...

Crypto firms say thousands of digital currencies will collapse, compare market to early dotcom days

There are more than 19,000 cryptocurrencies in existence and dozens of blockchain platforms that exist.
Several cryptocurrency industry players told CNBC that thousands of digital tokens are likely to collapse while the number of blockchains in existence will also fall over the coming years.
https://www.cnbc.com/2022/06/03/crypto-firms-say-thousands-of-digital-currencies-will-collapse.html

 

[morekaos]

If only there was a way to short this...would've made a bundle as the fools rush out...

Bitcoin drops 17%, falling below $23,000 as $200 billion wiped off crypto market over the weekend

Bitcoin tumbled below $23,000 on Monday, hitting its lowest level since December 2020, as investors dump crypto amid a broader sell-off in risk assets.
Meanwhile, a crypto lending company called Celsius has paused withdrawals for its customers, sparking fears of contagion into the broader market.
Macro factors are contributing to the bearishness in the crypto markets, with rampant inflation continuing and the Federal Reserve expected to hike interest rates this week to control rising prices.
https://www.cnbc.com/2022/06/13/bit...t-focuses-on-celsius-issue-fed-rate-hike.html

 

[paydawg]

Anybody care to venture how this will all end up in a couple years for Crypto?  I think we'll be left with two (BTC & ETH), with BTC ~ $20K and ETH ~ $1K

 

[morekaos]

Anybody care to venture how this will all end up in a couple years for Crypto?  I think we'll be left with two (BTC & ETH), with BTC ~ $20K and ETH ~ $1K

Said this when BTC was $43,000...it still stands...

I have little doubt that some will survive (criminals need a currency too).  Which one and what form? (Myspace) is an open question.  People will lose a lot of money finding out.

 

[Liar Loan]

People are starting to catch on.

The Clues You Missed: 5 Super-Obvious Signs We Were in a Financial Bubble

1.The stadium-naming-rights curse.

2.Mass-produced monkey cartoons worth billions of dollars.

3.Meme stonk slogans in the sky.

4.The SPAC king was ready to f*** s*** up.

5.The capitulation of the skeptics.
https://nymag.com/intelligencer/202...vious-market-top-signals-everyone-missed.html

 

[morekaos]

Blasphemy?only the pure and believers will survive!!!?be gone!! ;D ;D >

Coinbase CEO tells unhappy employees to 'quit and find a company you believe in'
Coinbase has extended a hiring pause, rescinded some accepted job offers in response to 'current market conditions'
https://www.foxbusiness.com/markets/coinbase-ceo-unhappy-employees-quit

 

[The Motor Court Company]

read a story some  guy chose Coinbase over PHD program in an accredited university and then got his offer rescinded and now he is looking for a way to stay in the US. he got royally screwed.

Blasphemy?only the pure and believers will survive!!!?be gone!! ;D ;D >

Coinbase CEO tells unhappy employees to 'quit and find a company you believe in'
Coinbase has extended a hiring pause, rescinded some accepted job offers in response to 'current market conditions'
https://www.foxbusiness.com/markets/coinbase-ceo-unhappy-employees-quit

 

[usctrojancpa]

read a story some  guy chose Coinbase over PHD program in an accredited university and then got his offer rescinded and now he is looking to a way to stay in the US. he got royally screwed.

Blasphemy?only the pure and believers will survive!!!?be gone!! ;D ;D >

Coinbase CEO tells unhappy employees to 'quit and find a company you believe in'
Coinbase has extended a hiring pause, rescinded some accepted job offers in response to 'current market conditions'
https://www.foxbusiness.com/markets/coinbase-ceo-unhappy-employees-quit

Education > Job

 

[morekaos]

I have always hated these two D-Bags... ;D ;D >

Moment billionaire Winklevoss twins belted out 'Don't Stop Believin' after losing $2 billion EACH and laying off 10% of their staffers at crypto start-up following market crash
A video of the Winklevoss twins singing Journey's hit song 'Don't Stop Believin' has gone viral as they lose billions of dollars in a cryptocurrency crash
The twins were performing at a club in Asbury Park, New Jersey on Thursday, just one week after they laid off 10% of their staff at a cryptocurrency startup
They cited difficulties related to 'current macroeconomic and geopolitical turmoil' as economists fear an impending recession
The Winklevoss' twins have slumped more than $2 billion each since then
They and five other billionaires who made their riches on cryptocurrency lost a combined $114 billion
Trading platforms have since had to lay off much of their staff
https://www.dailymail.co.uk/news/ar...en-richest-lose-114-BILLION-seven-months.html
https://youtu.be/5hXG1tBFIi8

 

[morekaos]

Trying to repeal reality never holds up for very long...gravity is funny that way... ;D ;D >

ANOTHER Crypto lender stops customers withdrawing their money: Hong Kong based Babel finance blames 'unusual liquidity pressures' amid fears Bitcoin crash has only just begun
Babel Finance has frozen withdrawals of cryptocurrency during the latest crash
Babel said it is 'facing unusual liquidity pressures' after this week's meltdown
The market dropped below $1 trillion on Monday for the first time in 18 months
Bitcoin is down 30 per cent this month - and 55 per cent in 2022 so far
https://www.dailymail.co.uk/news/ar...drawing-money-citing-liquidity-pressures.html
https://youtu.be/wRSHzenjiNA

 

[Liar Loan]

Trying to repeal reality never holds up for very long...gravity is funny that way... ;D ;D >

ANOTHER Crypto lender stops customers withdrawing their money: Hong Kong based Babel finance blames 'unusual liquidity pressures' amid fears Bitcoin crash has only just begun
Babel Finance has frozen withdrawals of cryptocurrency during the latest crash
Babel said it is 'facing unusual liquidity pressures' after this week's meltdown
The market dropped below $1 trillion on Monday for the first time in 18 months
Bitcoin is down 30 per cent this month - and 55 per cent in 2022 so far
https://www.dailymail.co.uk/news/ar...drawing-money-citing-liquidity-pressures.html

It's a good old-fashioned bank run but without the FDIC insurance on customer accounts.  This is going to get really ugly.

 

[morekaos]

Built by criminals for criminals with NO cops...wadda ya expect would happen?  Who says history never repeats? ;D ;D >

I disagree. Unlike a basic startup that peddles a specific product or service this is an attempt at a medium of exchange.  That requires that all participants agree to some form of ground rules and standards. There are no real rules, consequences, cops or recourse there.  Seen it come and go before...remember Flooz??...ask Whoopi how that went. Or Beenz?... This game has too many dark corners for my taste...have fun with it ..while it lasts.

Flooz.com
Flooz was an idea for virtual currency accumulated like frequent flier miles: You would receive them as bonuses from online merchants, or you could go to the site and purchase more of them.  You then could redeem them for merchandise from participating merchants.

The site was founded in Feb. 1999, and it became better known for having Whoopi Goldberg as its spokeswoman than for what it actually did.  The company announced its closure on Aug. 26, 2001, leaving people with completely worthless Flooz currency, even if they had purchased it as opposed to earning it.  It is estimated that the company had burned through as much as $50 million in venture capital by the time it shut its doors.

Robert Levitan, one of the founders of the company, told The Industry Standard that by mid-2001 the company had been informed by the FBI that it was being targets by Russian criminals in a money laundering scheme.  It was discovered that as much as 19 percent of its transactions had been of a fraudulent nature.
https://youtu.be/4s7V9I7LVp4
https://youtu.be/5o9HEjuXsc0

 

[morekaos]

We can thank Matt Damon for calling out the high...thanks Matt!

The end is neigh...

Matt Damon?s sold his soul for crypto?: Actor is roasted on social media for commercial in which he tells people to invest in Bitcoin because ?fortune favors the brave?
Matt Damon spearheaded a commercial for cryptocurrency that aired during Sunday's NFL games and has made Twitter users cringe
The ad likened purchasing Bitcoin to landing on the moon as Damon strolled down a sci-fi-esque hallway talking about how 'history is filled with almosts'
Vignettes nodded to explorers sailing and climbing Mount Everest, as well as nods to the Wright Brothers, before flashing 'Crypto.com' at the last second
Crypto.com, which sells cryptocurrency and NFTs, donates $1m to Water.org, a nonprofit co-founded by Damon that brings safe, clean water to people in need
Many users tweeted that they felt as if the actor, 51, was calling them a p***y for not spending their life savings on crypto such as a '$378,000 cartoon ape'
One tweet called the ad an insult to Damon's 'own cinematic legacy from The Martian,' where he played an astronaut stranded on Mars
https://www.dailymail.co.uk/news/ar...ople-invest-Bitcoin-fortune-favors-brave.html

 

[morekaos]

So with no central bank to throw a lifeline?the thieves must try to save themselves?.

Bitcoin billionaire Sam Bankman-Fried bails out embattled crypto firms BlockFi and Voyager

With no central bank willing to come to the rescue, beleaguered crypto companies are turning to their peers for help.

Billionaire crypto exchange boss Sam Bankman-Fried has signed deals to bail out two firms in as many weeks: BlockFi, a quasi-bank, and Voyager Digital, a digital asset brokerage.
https://www.cnbc.com/2022/06/22/sam-bankman-fried-rescues-crypto-lenders-blockfi-voyager.html?