How soon until Bitcoin crashes?

Liar Loan

Liar Loan

Well-known member
irvinehomeowner said:
Truth... who here put money into crypto?

I don't even play stocks... so no crypto for me... someone I know did... lost about $3k in the latest drop... kept telling him to cash it out. I think it was Ethereum.
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There were some true believers on this thread that showed up after the '18 crash, but they haven't posted in awhile.
 
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zovall

Well-known member
I put a small amount in crypto and lost over the past year. My stocks have lost way more in absolute terms.
 
C

CalBears96

Well-known member
zovall said:
I put a small amount in crypto and lost over the past year. My stocks have lost way more in absolute terms.
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What absolute terms are we talking about? %? That's only fair comparison you can make.

Bitcoin went from $60k to $16.6k. That's 70% drop.

The only tech stock comparable to that is META. TLSA dropped more than 50%, but TSLA was way overvalued at $400 (post split). Others, like NVDA and AMD, the ones I invested in, did drop more than 50% at one point, but have now recovered a bit. AAPL barely dropped.
 
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zovall

Well-known member
I’m saying that to indicate that I only put a small amount into crypto and also to note that my stocks have been down big too. The FAANG stocks took a beating in general and there are many other stocks (in tech and other industries) that got hit even harder. I haven’t checked but holding cash or TIPS over the past 12 months might have performed the best.

Yeah, crypto is full of scams. I think Bitcoin and Ethereum are legitimate and have potential especially at this price point.

With my tinfoil hat on, it makes sense to have some along with guns, ammo, food, water.
 
Liar Loan

Liar Loan

Well-known member
zovall said:
I’m saying that to indicate that I only put a small amount into crypto and also to note that my stocks have been down big too. The FAANG stocks took a beating in general and there are many other stocks (in tech and other industries) that got hit even harder. I haven’t checked but holding cash or TIPS over the past 12 months might have performed the best.

Yeah, crypto is full of scams. I think Bitcoin and Ethereum are legitimate and have potential especially at this price point.

With my tinfoil hat on, it makes sense to have some along with guns, ammo, food, water.
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Commodities are the winner. TIPS haven't held up well at all.
 
Liar Loan

Liar Loan

Well-known member

Inflation Was So Bad That It Even Crushed Inflation-Linked Bonds​


Even with the bonds rebounding over the past two months on speculation the Fed is poised to slow its rate hikes, the Bloomberg index of Treasury Inflation Protected Securities, or TIPs, is headed for a loss of nearly 11% this year. That’s the worst since they were created in the 1990s and only slightly smaller than the hit taken by standard Treasuries.

The drubbing caused a pullback from the securities for much of the year, with investors effectively seeing them fail just when they were needed the most — like an insurance policy that didn’t payout when disaster struck.

www.bloomberg.com

Inflation Was So Bad That It Even Crushed Inflation-Linked Bonds

As the US economy veered toward the biggest inflation shock in four decades, investors flocked to the one corner of Wall Street that seemed a sure-fire refuge: Treasuries that provide extra compensation to keep up with rising consumer prices.
www.bloomberg.com www.bloomberg.com
 
Liar Loan

Liar Loan

Well-known member
Sam Bankman-Fried is sitting in a jail cell where he belongs. Almost every major crypto firm is struggling to stay afloat. It is a true house of cards with millions of victims and billions in lost wealth.
 
morekaos

morekaos

Well-known member
Designed by criminals…for criminals…surprise!!

Police in China arrest gang who laundered $1.7 billion via crypto even after Beijing’s crackdown

· Police in China arrested 63 people accused of laundering as much as 12 billion Chinese yuan ($1.7 billion) via cryptocurrency.

· Starting from May 2021, the criminal gang allegedly used the proceeds from illicit sources including pyramid schemes, fraud and gambling and converted it into the cryptocurrency tether.

· The gang are said to have used various different cryptocurrency trading accounts to convert the money back into Chinese yuan.

https://www.cnbc.com/2022/12/12/chi...dered-1point7-billion-via-cryptocurrency.html

The authorities said two of the suspects had fled to Bangkok, Thailand, but were persuaded to return to China. The police did not elaborate on what this involved.

Wonder how that conversation went…😂😂
 
Liar Loan

Liar Loan

Well-known member
Ahh... What a satisfying headline.

Sam Bankman-Fried faces many years in jail​

If he was to be successfully extradited, tried and convicted, the former ftx boss might spend the rest of his life behind bars. When Bernard Madoff, a notorious financier who ran a Ponzi scheme for decades, was sentenced in 2009 the judge noted that: “The fraud loss known to date, which is greater than $13bn, is more than thirty-two times the baseline level of loss that would carry a sentence of life under the us Sentencing Guidelines.” The judge recommended Mr Madoff serve 150 years. The authorities put the cost of the fraud Mr Bankman-Fried is alleged to have committed at $8bn.
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www.economist.com

The game is up for Sam Bankman-Fried

The former boss of FTX has been charged with eight criminal counts
www.economist.com www.economist.com
 
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usctrojancpa

Well-known member
OCtoSV said:
He deserve's Epstein's cell at Rikers. I hope they make his parents perp walk all the way across the Stanford campus to a waiting cruiser on El Camino Real.
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The best would be if mommy and daddy also get charged with something. This guy who thought he was the smartest one in the room deserves to rot in jail for decades.
 
morekaos

morekaos

Well-known member
The matrix has destabilized….

Binance’s native BNB token plunges to lowest since July as concerns mount about withdrawals, FTX ties​

  • BNB, the coin created by crypto exchange Binance, dropped 6.5% in the past day and 15% over the last week.
  • Binance is facing questions over its ability to handle potential clawback demands of $2.1 billion in FTX’s bankruptcy proceedings.
  • Binance had been an early and major investor in FTX and looked as if it may bail out the rival exchange before opting against the acquisition
www.cnbc.com

Binance's native BNB token plunges to lowest since July as concerns mount about withdrawals, FTX ties

Crypto exchange giant Binance, the firm that would potentially bail out FTX, is facing its own questions now, and investors are selling out of its native coin.
www.cnbc.com www.cnbc.com


 
morekaos

morekaos

Well-known member
…and then, when the food ran out…the rats began to eat their own…

Gemini’s Winklevoss accuses crypto mogul Silbert of ‘bad faith stalling tactics’ over frozen funds

· In an open letter, Gemini President Cameron Winklevoss accused Digital Currency Group CEO Barry Silbert of engaging in “bad faith stalling tactics.”

· Gemini is attempting to recoup $900 million of client funds which it lent to Digital Currency Group subsidiary Genesis to generate yields for its interest-bearing Gemini Earn accounts.

· After FTX filed for bankruptcy, Gemini paused redemptions for Gemini Earn as Genesis Global Capital also suspended new loan originations and redemptions.

https://www.cnbc.com/2023/01/03/gen...rce=iosappshare|com.apple.UIKit.activity.Mail

 
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usctrojancpa

Well-known member
Those crypto lenders were just were big ponzi schemes offering above market interest rates with little/no risk....yeah right. As the saying goes, if it's too good to be true....(you know the rest). I hope all these crypto firms go down in flames.
 
morekaos

morekaos

Well-known member
morekaos said:
This has every call sign of a mania. True believers, no fundamentals, new and ingenious ways of justifying astronomical valuations, amateurs making zillions and tempting other fools into the greater fool loop. It will last longer that people expect and the nay-sayers have to start questioning themselves...then it will collapse spectacularly!!!
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All too easy…that was November 20, 2017.
 
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