Banzai
3404
millions of people were convinced to buy houses they couldnt afford to drive profits for the ultra wealthy. same song, different verse, but hopefully doesnt require a taxpayer funded bailout (and recession) for crypto coins that are ‘too big to fail’ this time.
capitalists love unregulated free trade (and government subsidies) until the bottom falls out and then they want the government to bail them out. the marks are the drivers of wealth for the 0.01%.
What’s really crazy about this is that when I saw the report, 15% of the liquidations were shorts!! That means that people were so greedy that they leveraged their short positions so heavily that they couldn’t tolerate a tiny bump, and instead of making a crap ton of money by using more reasonable leverage amounts they lost a ton in a downturn.
And it’s not just bitcoin. Some crypto people are calling it “black Monday” already as almost all coins are in free fall. Looks like most coins (except those supposedly pegged to USD) are down 10-20% in the last 24 hours, and it’s far worse in the last 7 days.
I know but Bitcoin is the OG. BTC and ETH are the only real cryptos that possibly could have been legit.
Granted if you bought piles of BTC at $.30 in 2010 you’re still laughing but you’re laughing 1/3rd as hard as you were when it was trading at $60k a few months ago.
Thrag
3413
Binance has stopped withdrawals of BTC. Apparently due to technical issues.
Stuck due to low transaction fees!?
Oh man I really, really hope this is because they don’t have the cash to cover the withdrawals. I want this whole pyramid scheme to come tumbling down. The twitter and reddit threads will be epic entertainment, and the Netflix documentary about it in 2025 will be lit.
Jesus H Christ. Invest in real things, kids! Like land! Or Pokemon cards~
KevinC
3416
Long overdue. I’d say I feel bad about people losing their shirts but… well, I don’t.
JoshL
3418
BTC withdrawals on other networks (BEP20 & ERC20) remain open as normal.
I would just like to point out that this is nonsense. Bitcoin can only be moved from wallet to wallet on the bitcoin network. That’s what the bitcoin network is. If you’re trading ERC20 (which is on the Ethereum network) which represent bitcoin in some way, you’re just trading promises to move bitcoins from wallet to wallet on the bitcoin network.
Ooh ooh I want to trade someone a promise to move 50 Bitcoin to their wallet for 1 million dollars! I will totally do it, one day.
Thrag
3420
I still can’t get over that they are saying their entire network is stuck to a “stuck transaction”. I’ve commented before on how the people behind most crypto seem to be terrible programmers. A single transaction getting stuck brings down your entire capability? That’s the level of fault tolerance they have!? Writing some sort of task or transaction queue that doesn’t get completely stuck if an exception occurs is not exactly a difficult task or unsolved problem.
It’s probably a bullshit excuse, but claiming that extreme level of incompetence as an excuse is a bold strategy.
Aceris
3421
The technical issues being that they would lose too much money, presumably?
If the price of BTC falls below the price of mining they will be even more fucked, since mining is what keeps transactions flowing.
Timex
3423
Is what they’re saying has happened? That low transaction fees have caused no one to bother processing the transactions anymore?
