The exchange Binance bought over 100,000 Bitcoins yesterday (worth something like 2 billion in dollars) and Bitcoin has rallied some since: it’s now trading at over $19,000 again.
morlac
3607
Lots of loss porn joy going on in here. Kinda gross. Hate Bitcoin all you want but please remember some people are losing their asses here. Not me personally but plenty of mom and pops invested when the institutions started to.
Jazar
3608
Imo the best thing to happen to digital currency is to die a quick death. The longer it lasts the more it will get integrated into other systems and its poisonous tentacles will contaminate real systems of value. Yes there are sadly people that will be impacted but the longer this goes on the more it will hurt.
It’s a hard lesson to learn alas. Don’t take wooden nickels.
morlac
3610
Sure, how’s your 401 k looking? Hahaha.
It’s fine, I’m not withdrawing for 15 + years so it doesn’t matter what it’s at now.
Hahhahahaha???
If I needed it very soon it would be in less volatile holding.
morlac
3612
Me neither but all those retiring soon are screwed…it’s hysterical isn’t it?
It’s perfectly possible to hope for a death to cryptocurreny and blockchauin in their current forms, while still feeling empathy for the folk that are being taken in by the sales pitch.
Thrag
3614
Nobody is unaware of that. It sucks that so many people got suckered into thinking crypto was a good investment to bet their retirement on. For myself, that’s the point. The longer crypto goes on and became more integrated into the economy the more potential damage a temporary or complete crash can do. So instead of people who actually invested in crypto losing their shirts people who had nothing to do with crypto would be screwed too.
They should have a much larger share of their holdings in less volatile investments. There are plenty of plans that will automate that for you.
This is all greed.
I hear some dofus on NPR complaining about how his crypto investment wasn’t doing well. He thought a 15% interest rate was fine when banks were at 1%. He decided to believe too good to be true was real. Shocker - greedy person got fucked. Good thing he had 320k in money to speculate with!
Thrag
3616
You’re trying too hard to provoke a response.
I actually worry we are there already. If BTC/Tether do go pop proper, I worry we’re going to find out there has been a lot more trad-fi institutional investment going on than we realise.
Thrag
3618
We absolutely are, just to a thankfully small extent at this point.
morlac
3619
Sure thing I just saw an overabundance of joy and it rubbed me wrong way. Having a shitty morning so that’s not helping. Sorry everyone, moving along.
What’s the market cap for crypto compared to the s&p 500? Pretty sure we could work out a worst case scenario if no load mutual funds owned 100% of all crypto. Is it really more than a few %?
morlac
3622
Problem is it is now tied to the market and it’s absolutely helping tank it as well. No escaping it beyond liquidating.
Can you back that up with any causal evidence that crypto is driving down the market and not the other way around?
Let me get you started by refuting this:
- “People don’t really use crypto as collateral for real-world debts. Without that, this is just a lot of paper losses. So this is low on the list of issues for the economy,” said Joshua Gans, an economist at the University of Toronto.
Thrag
3624
Some VCs are going to hurt but thankfully I don’t think there’s any big traditional finance bank or brokerage that has massive crypto exposue that would cause a Leeman like failure.
Hopefully this episode will make them leery of doing so if things stabilize and crypto goes on.
Thrag
3626
Nice account you have there…
https://realms.today/dao/7sf3tcWm58vhtkJMwuw2P3T6UBX7UE5VKxPMnXJUZ1Hn/proposal/HuaL6cDtuNtfnJgvwMnYiZDHVCoLAuDtVFgJD8kYChJ4
