Houngan
4053
I just liquidated my tiny crypto holdings, 100% Bitcoin and ETH will be on a rocketship in a week or two.
(putting this in for context/posterity) Bitcoin is tanking today due to fallout from the collapse/takeover of FTX overnight. Right now Bitcoin is down 9.7% today.
Houngan
4055
I was all ETH, so didn’t notice.
JonRowe
4056
lol
I put so little into crypto (less than 500$) that I will just ride this baby to the moon (or more likely into the ground)
JoshL
4058
One of the coins I like to watch is Solana. A year ago, when I was still working at a crypto-related company, we were scrambling to support Solana in our product because it was such a hot property, the next big thing.
The value of Solana is now down about 95% in one year. I guess they were exposed to the FTT/FTX failure in some way, but they were down about 90% even before, it’s just down another 50% this week.
KevinC
4059
Bitcoin having a day (1M chart to show the drop in context).
Thrag
4060
Oof, barely above 16k! I bet there are more rigs shutting down today due to non-profitability of mining with them.
I see Solana, which was hovering in the 30s for some time, is now around $12. Losing almost half its value just today.
Brutal. It would be fitting if Binance making it’s power move on FTX destroys them both and the entire crypto economy with them.
looks like we found the red wave
I mean… Lehman moment right here.
Thrag
4063
Damn, the following posts are just sticking the knife in. Plus this line is laughable “and as the industry continues to evolve toward greater decentralization”.
Menzo
4065
Be nice to Mr. Bankman-Fried, he just got kicked out of the tres-commas club.
Sam Bankman-Fried's net worth collapses 94% in a single day | CNN Business.
Aceris
4066
There was full transparency. Everyone knew they were fluffing their balance sheet with their own coin. They were just all incentivized to ignore it to keep the number going up, until Binance decided to prove the emperor was naked.
It’s under 16k as I write this.
This is the first time Bitcoin has fallen below 18k since the fall of 2020 - and a long, long way from its high of 64k a year ago.
I thought that the reason the major Bitcoin players were throwing massive amounts of money to shore up Bitcoin during this crash was because bad things happen if it dropped below $20K.Here we are at $16K. Are those bad things happening?
KevinC
4069
It just lost 1/5 of it’s value in a 24-hour period after losing 2/3rds of it’s value already this year. Seems pretty bad to me. $15,800 from $64,000 – ouch!
Thrag
4070
If the price gets so low that it’s not worth the energy cost to mine even for the whales with rooms of customized boxes it may collapse completely. What that price is is not a simple question. It’s an individual price depending on mining hardware and electricity costs and in the last crash the rush of used video cards we saw was from mining hardware that was below profitability to run. The big players have incentive to run at a loss to keep things going for a while.
Tether hasn’t collapsed, if that’s what you mean. Quickly looking at the numbers, they just issued/reissued a bunch more, presumably to deal with liquidity needs as people get out of Bitcoin. As a result, the Tether price is facing pressure (it’s only “fallen” to $0.999, mind you, but you can see the price pressure is there.)
