Bitcoins (and other crypto currencies)

[The Psychedelic Socialist]

Anyone who hasn't worked out that crypto is still a Ponzi scheme (for now)

A Ponzi scheme ends when the scammer skips town with your money or gets arrested and everyone realises they've been had.

Crypto adds a new and exciting twist where you lose 95% of your money but convince yourself that you've actually just been given another great opportunity to get in on the ground floor...

... doesn't mean I'm not tempted to buy some more though. Like an idiot.

 

[R3k1355]

Is this the dip of the dip, or the dip of the dip of the dip of the dip?

It's been a great time to buy since November when it first started crashing down, but it's not stopped crashing down.

Please don't look if you're all in on Luna :/

Some flannel was in the news earlier, all in on it, even bet the house. Close to half a mil upside down and could be losing everything.

 

[GiT]

Just bought 350k of Luna. £100 worth. Worth a giggle for a few years.

 

[Clio182mike]

Watch for a fake out though.

Anyone who hasn't worked out that crypto is still a Ponzi scheme (for now)

Is it? How?

 

[R3k1355]

Just bought 350k of Luna. £100 worth. Worth a giggle for a few years.

How did you buy?

Everyone assumed no-one would be selling.

 

[GiT]

How did you buy?

Everyone assumed no-one would be selling.

Binance mate. BUSD is open

 

[PoppinCherries]

Can buy on Kraken again now aswell.

 

[Jack!]

Only buy what you can afford to lose 100% of on Luna.

Here's the dev for the project, saying they're considering rolling back to a previous point in time, which will render any LUNA bought now worthless.

 

[R3k1355]

How can anyone have confidence in a crypto currency if they can just restore from a backup every time something happens they don't like?

Isn't the whole idea is it's supposed to be free from control?

 

[R-Sport.]

Most of our whatsapp group did 3-5X gains on LUNA this weekend.

From a buying POV > Buying some however some expecting another dip down to 20k.

For perspective - last bear
Jan18 Etherium was $1400
Dec 18 Etherium was $88
94% down from ATH.

 

[brisa4984]

Will wait for btc to drop further

 

[eves]

Buy da dips [emoji573][emoji573][emoji573][emoji573]

 

[Cookie]

Hope nobody was too moronic and had too much tied up in Luna 🤣

 

[R3k1355]

Looks like it recovered (slightly) probably from people buying it for nothing in the hope it bumps back up, now it's fallen back down.

The supply is bonkers though, surely that has some impact on it's price?

The current circulating supply is 6,533,536,135,983.838 LUNA.

 

[AdDaMan]

Yes it does. 😅
Never going back up

 

[Steve]

Everything is shaky at present look at S&P 500, Tesla, Amazon dropping.
Going to be some unlucky punters out there?

 

[Cookie]

Looks like it recovered (slightly) probably from people buying it for nothing in the hope it bumps back up, now it's fallen back down.

The supply is bonkers though, surely that has some impact on it's price?

Yeah, hyper inflation now. Never, ever going up again

People will never learn though, can't wait for the next one of these to appear

 

[R3k1355]

Yes it does. 😅
Never going back up

Yea looks like you're right there, seems that any remaining money in the project is being shuffled back to investors.

Infusion of $3.5bn not enough to revive Terra's 'stablecoin'

Estimated $42bn vanished with collapse of UST, Luna – we explain what all this means

www.theregister.com

and the guy leading the project is already looking to move on

Do Kwon Proposes Creating Another Blockchain From Terra’s Ashes

www.bloomberg.com

 

[R3k1355]

Yeah, hyper inflation now. Never, ever going up again

People will never learn though, can't wait for the next one of these to appear

I can't believe they burned up $42 billion

 

[Cookie]

On to his next Ponzi scheme. Don't blame the guy really, seems there are enough mugs to follow him

 

[R3k1355]

He's f**king rolling in it, and laughing his ass off.

You can't make this kind of money illegally, and he's got off relatively blame free here.

 

[Steve]

Hope the owners earlier in this thread sold up price is tanking, how low will it go?

 

[R3k1355]

Hope the owners earlier in this thread sold up price is tanking, how low will it go?

Buy in the dip IIRC?

 

[Jack!]

This must be the dip of dip, heading below 20k on BTC.

 

[BoatNonce]

HODL until it’s 50p 😂 Just wait until Nvidia’s 4000 series cards come out, that’s what usually sends it up diddly up again

I’m still making my money mining.

 

[Steve]

If you have anything on the exchanges I would be cashing out!



IF BTC hits 21k s**t will hit the fan!

A Bitcoin margin call. If the world’s leading cryptocurrency drops below $21,000, Michael Saylor’s MicroStrategy will be forced to pay up.

Bitcoin just sank under $24,000. If it drops below $21,000, Michael Saylor's MicroStrategy will be forced to pay a Bitcoin margin call worth millions.

fortune.com

 

[R3k1355]

Just like their bitcoin holdings, the companies share price has fallen pretty steeply from it's peak last year.

They have $2.3bn in debt and about $3bn in bitcoin

 

[Jack!]

I really hope the whole thing burns to the ground; lifetimes supply of comedy will ensue.

 

[Jack!]

If you've been fucked by Celsius today, and you want to watch them getting fucked (kinda), you can.

Search for the Head Of Institutional Lending at Celsius, you'll probs find her in a Forbes 30 under 30. She also did a bit of p**n in the past; DYOR for that.

 

[R3k1355]

👀👀👀👀

 

[Ray Gin]

Someone PM me a link pls.

 

[R3k1355]

Someone PM me a link pls.

Let Me Google That

For all those people that find it more convenient to bother you with their question than to google it for themselves.

letmegooglethat.com

I hear the link from xdporner has the video

 

[Ray Gin]

Weak facial tbh.

 

[eugegall]

Here we go!
BTC down 15% in a day!!

 

[R3k1355]

Here we go!
BTC down 15% in a day!!

I think it was more than that in the end, it dropped to $20,800 in the early hours.

 

[eugegall]

I think it was more than that in the end, it dropped to $20,800 in the early hours.

Wow.

what does everything think will be the bottoming price? Based on the last Bear Market % drop I think £10/12k could be the bottom.

If it gets to that level I might be tempted to buy 2 or 3 and see where it goes in a couple of years.

 

[R3k1355]

Wow.

what does everything think will be the bottoming price? Based on the last Bear Market % drop I think £10/12k could be the bottom.

If it gets to that level I might be tempted to buy 2 or 3 and see where it goes in a couple of years.

I'm no-where near experienced enough to say, but usually significant price figures are a test for if it's going to stabilise or keep on falling. Would imagine $20,00 is a big one, if it can't hold above there it'll drop a bunch.

But things could be worse, things could be El Salvador.

El Salvador loses half its investment in Bitcoin as crypto plunges

President Bukele has gambled away taxpayer money.

mashable.com

😬😬😬😬😬

 

[R-Sport.]

If your into Crypto these are the days we have been waiting for...

20K is touching the 200 EMA but there is usually 1 capitulation wick down below -
So estimated bottom of the wick at some point 14 - 17500.

I missed it but celcius hit 0.13 at the bottom. It hit 1.87 today for a moment- 14X in 2 days.

 

[Jack!]

Crypto is one hell of a drug man.

Never seen something else where people can lose so much and somehow mindfuck themselves into thinking it's a good thing.

 

[Mavez]

Everything is just fucked, Crypto, Stocks, purchasing power of our fiat currencies, Inflation rampant, aggressive rate hikes to tackle inflation will probably put us into a recession.

Just looking on the RAC foundation website for average petroi/diesel prices over the last 2 years petrol from 107p to 185p that's almost a 75% increase or should I say a 75% decrease in purchasing power of the pounds and pennies in our pockets, unless you were able to almost double your salary in 2 years. And that's just fuel prices.... food, energy etc.. all the same.

As funny as it is to laugh at crypto and stocks etc.. taking a nose dive. Having money in the bank ain't any better, we're all getting raped.