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Is Crypto dying or just dropping for the moment?

Artemus

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Every time there's been a crash like this I've thought that surely they must have run out of greater fools to scam, but the cycle always seems to repeat. I think what's happening is that newly minted college graduates who have a disposable income for the first time and believe themselves to be much more savvy than the last group start driving it up (see this article, for example) The bubble inevitably once again bursts and they lose everything, but there is a replacement set in a few years to make the same mistakes. It may never end.
So you’re saying invest for the long term?
Uh...no.
 

Jarhyn

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Every time there's been a crash like this I've thought that surely they must have run out of greater fools to scam, but the cycle always seems to repeat. I think what's happening is that newly minted college graduates who have a disposable income for the first time and believe themselves to be much more savvy than the last group start driving it up (see this article, for example) The bubble inevitably once again bursts and they lose everything, but there is a replacement set in a few years to make the same mistakes. It may never end.
So you’re saying invest for the long term?
Yes, if you're investing in a cryptocurrency which has viability for black market use.

At some point there will be a stabilization where the only people who remain are the ones with an actual use for the currency.

Granted buying in now is kinda dumb.
 

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Every time there's been a crash like this I've thought that surely they must have run out of greater fools to scam, but the cycle always seems to repeat. I think what's happening is that newly minted college graduates who have a disposable income for the first time and believe themselves to be much more savvy than the last group start driving it up (see this article, for example) The bubble inevitably once again bursts and they lose everything, but there is a replacement set in a few years to make the same mistakes. It may never end.
So you’re saying invest for the long term?
Yes, if you're investing in a cryptocurrency which has viability for black market use.

At some point there will be a stabilization where the only people who remain are the ones with an actual use for the currency.

Granted buying in now is kinda dumb.
Are you sure? I just looked and bitcoin-US is down 15% today. But I wouldn’t buy and hold unless I was filthy rich.
It will likely follow the Game Stop curve form … comes out of nowhere and shoots up to the sky, goes up and down dramatically as if to attract attention while theres a long, slow inexorable decay in value. But as long as there’s lots of ups and down there will still be players.
 

rousseau

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Every time there's been a crash like this I've thought that surely they must have run out of greater fools to scam, but the cycle always seems to repeat. I think what's happening is that newly minted college graduates who have a disposable income for the first time and believe themselves to be much more savvy than the last group start driving it up (see this article, for example) The bubble inevitably once again bursts and they lose everything, but there is a replacement set in a few years to make the same mistakes. It may never end.

I believe at least some people are becoming marginally smarter with their money and avoiding speculation / putting their money in robos. But I doubt there are many who understand that markets can't fly into the sky, so they keep dumping money into growth portfolios no matter how over-valued markets are.

The amount of misinformation I come across on platforms like Instagram is alarming, over-simplified memes that convince people if they put 100 dollars per week away they'll be millionaires in retirement. For people who aren't savvy enough to do their homework riding the wave is likely the way to go, but consistently buying stock no matter what the price is, isn't strictly rational behavior, and I'm guessing plays a part in why the market has been so cyclical recently.
 
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Jarhyn

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Every time there's been a crash like this I've thought that surely they must have run out of greater fools to scam, but the cycle always seems to repeat. I think what's happening is that newly minted college graduates who have a disposable income for the first time and believe themselves to be much more savvy than the last group start driving it up (see this article, for example) The bubble inevitably once again bursts and they lose everything, but there is a replacement set in a few years to make the same mistakes. It may never end.
So you’re saying invest for the long term?
Yes, if you're investing in a cryptocurrency which has viability for black market use.

At some point there will be a stabilization where the only people who remain are the ones with an actual use for the currency.

Granted buying in now is kinda dumb.
Are you sure? I just looked and bitcoin-US is down 15% today. But I wouldn’t buy and hold unless I was filthy rich.
It will likely follow the Game Stop curve form … comes out of nowhere and shoots up to the sky, goes up and down dramatically as if to attract attention while theres a long, slow inexorable decay in value. But as long as there’s lots of ups and down there will still be players.
I'm not talking about bitcoins particularly. Those are on the way out. There will be a normal coin and blockchain or two that survives all this, maybe ETH maybe not, and then at least one "privacy coin", probably XMR.

Everything else will burn.
 

barbos

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Problem with this crypto-crap is that a lot of rich and powerful people invested in that crap and they will keep it alive by buying politicians.
 

Jimmy Higgins

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Problem with this crypto-crap is that a lot of rich and powerful people invested in that crap and they will keep it alive by buying politicians.
Except the funny money banks that have them are dissolving, along with the crypto deposits made to them.
 

Jimmy Higgins

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Except the funny money banks
I was under impression that crypto-crap was immune to that in principle.
I mean that was the whole idea behind it.
Umm... no. They were paying 15 to 20% interest for crypto deposits. Once those deposits are in, you need to get it back out.

Luckily Celsius is keeping everyone apprised of the situation.


Info? Their depositors don't need "info", they want their funny money back. Working quickly... on alchemist schemes likely. But we've seen this with the Great Depression and the S&L scandal. And now, it is the DeFi Scandal. It worked so well, until Bitcoin stopped growing, as most of these needless finance scandals do.

Funny how the unregulated angle of bitcoin was a selling point... and yet, it is the unregulated angle that killed it.
 

bilby

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Except the funny money banks
I was under impression that crypto-crap was immune to that in principle.
I mean that was the whole idea behind it.
Well there was a scheme in the 1920s that was (in principle) immune to downturns in the market. That was the entire basis of Mr Ponzi’s investment program.

Not to be immune, but to give investors that impression.
 

steve_bank

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Crypto servr farms are energy hogs. A crpto company near Seneca NY is using a retired natural gas power plant.

From the link companies skim a percentage from transactions.


 

Artemus

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Looks like another crypto "bank" may be about to collapse. From their Terms of Use (emphasis mine):
Finblox Terms of Use said:
When using your Finblox Account, you hereby agree and acknowledge that it is not a bank account, savings account, deposit account, checking account, or any other type of asset account characterized as a banking product or service. All Digital Assets transferred as part of the Services offered by Finblox are held by third-party custodians. We do not under any circumstances hold Digital Assets on your behalf as custody as part of any Services offered by the Company. All Digital Assets within your Account shall not suggest or establish any form of custody relation.


Finblox reserves the right to suspend, terminate, or limit your right to use your Account at any time at its sole discretion. You agree that the Company shall not be held liable to you for any loss or damages resulting from such suspension or limitation.

But their home page says Earn up to 90% APY on your crypto! so it must be a great place to put your "assets".

Stolen from another board: "The Celsius subreddit has been a great place to score free Schaden coins this week." Too funny.
 

Jimmy Higgins

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FDIC helped keep this from happening in 2008 to real banks with real money.

DeFi companies lacked any liquidity and are incapable of managing a run as people try to sell out their funny money as it collapses likely below where they initially bought it. People in long probably weren't panicking, but the anxiety probably steps up a bit when they start seeing the DeFi's collapsing now.
 

Jimmy Higgins

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Except the funny money banks
I was under impression that crypto-crap was immune to that in principle.
I mean that was the whole idea behind it.
Well there was a scheme in the 1920s that was (in principle) immune to downturns in the market. That was the entire basis of Mr Ponzi’s investment program.

Not to be immune, but to give investors that impression.
Then in the 90s, the invention of the CDS would be made to help prevent major crashes.
 

Jimmy Higgins

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According to Forbes $43 billion is locked in DeFi's. Or around 5% the value of all of Bitcoin right now. And it looks like 10% of that is close to or completely doomed, with an unknown amount still at risk.
 

barbos

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Umm... no. They were paying 15 to 20% interest for crypto deposits.
15% in crypto-crap?
You mean there were "banks" which were paying people for crypto-deposits?
But what they ("banks") were doing with it to get profit?
Using it to speculate on up/down swings?
I did not know that. I think crash was long time coming.
 

Jimmy Higgins

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Bitcoin crashed a while ago, but DeFi (Funny Money "Bank") is a new thing, which is leading to an odd 'even though your Crypto hasn't lost enough value for you to lose money... we are insolvent and can't give you back your funny money'.

This can cascade to other DeFis as three notable DeFi's have paused or limited withdrawals. And then that can impact the value of Crypto, wash, shampoo, rinse, repeat.
 

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Bitcoin crashed a while ago, but DeFi (Funny Money "Bank") is a new thing, which is leading to an odd 'even though your Crypto hasn't lost enough value for you to lose money... we are insolvent and can't give you back your funny money'.

This can cascade to other DeFis as three notable DeFi's have paused or limited withdrawals. And then that can impact the value of Crypto, wash, shampoo, rinse, repeat.
And of course none of this nightmare would have happened if people had just kept to using their internet money for hookers and blow and pizza.

Speculators ruin everything.
 

Artemus

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Three Arrows Capital hedge fund is collapsing (or already has). Apparently that is affecting everyone across the crypto industry. I can't keep track of all of it.

I can't help but wonder what kinds of games are being played to keep the Bitcoin price teetering around $21-22 K for the last couple days. Idle speculation: Are people/groups selling between different wallets that they own to keep it there? Worth long prison sentences if they were legitimate securities but can they get away with it since crypto is (big selling point follows) unregulated? Maybe we'll see some academic papers in the next year that tracked the blockchain to see what has been going on.
 

steve_bank

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He who lives by Monopoly money dies by Monopoly money.
 

steve_bank

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If you rember the Pet Rock would have been a better investment. If I had kept all my comics and baseball cards I'd be rich today. I knew a guy in the 80s who bought electric guitars and stored them in a climate controlled room as an investment.

Crypto was predictable and there were those who pointed out it had no intrinsic value other than what people imagined it was. The ultimate legal scam. Everybody involved made money except the people who invested thinking they'd make money.

I use a credit card and pay it off every month. A credit card affords me fraud protection. Crypto does not.
 

Jimmy Higgins

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If you rember the Pet Rock would have been a better investment. If I had kept all my comics and baseball cards I'd be rich today. I knew a guy in the 80s who bought electric guitars and stored them in a climate controlled room as an investment.

Crypto was predictable and there were those who pointed out it had no intrinsic value other than what people imagined it was.
I don't think much of Crypto was predictable. Bitcoin got up to $3 trillion! That is insane. Yes, the deregulated part of crypto is predictably falling apart, but Crypto is like Trump, it just doesn't go away, even when it crashes.
The ultimate legal scam. Everybody involved made money except the people who invested thinking they'd make money.
Suzie Orman said that when the average joe starts talking about a particular investment, that is the time to get out, not in.
 

Jarhyn

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If you rember the Pet Rock would have been a better investment. If I had kept all my comics and baseball cards I'd be rich today. I knew a guy in the 80s who bought electric guitars and stored them in a climate controlled room as an investment.

Crypto was predictable and there were those who pointed out it had no intrinsic value other than what people imagined it was. The ultimate legal scam. Everybody involved made money except the people who invested thinking they'd make money.

I use a credit card and pay it off every month. A credit card affords me fraud protection. Crypto does not.
The issue is "investment" rather than "adoption".

Speculators ruin everything.

Crypto does in fact provide fraud protection in particular cases: it allows escrowed third party "multisig" arbitration powers, and particular forms of trustless exchange on those same lines, particularly for large transactions.

Someone can list an exchange rate for a virtual currency, and you can arrange a swap strategy and order of operations by which neither party has to trust the other to make the exchange.

The algorithmic atomic swap is truly a thing of beauty.

It would be really cool to have a payment system wherein you sign on a transaction to purchase and the delivery company has to sign a transaction to release funds to the seller, while the seller knows the buyer can't revoke payment.

There is a particular form of security built into currencies that operate by cryptographic principle and it would really be cool if we could have nice things like that available.

Then, when you've adopted a currency rather than speculate on it, it's really only the people holding the big stakes,bthe speculators on the market that get slammed when the speculation goes tits.
 

Jimmy Higgins

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Another company pauses withdrawals It is a "smaller" one with only 500 clienteles, allegedly valued at $2 billion back in May.

Bitcoin keeps trying to recover the last few days, but it is trending downward and is fishing dangerously close to a notable psychological point of $20,000.
 

steve_bank

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If you want to invest in something as a thing of beauty that is up to yiu and how much yiu are willing to loose.

As art moved from the physical to digital assets you can ow have ownrship of a unique disgtal asset and charge whatever the market will bear.

What is non-fungible technology?



Image result for digital non fungible
A non-fungible token (NFT) is a unique digital asset that represents ownership of real-world items like art, video clips, music, and more. NFTs use the same blockchain technology that powers cryptocurrencies, but they're not a currency.Feb 17, 2022
 

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Steve, NFTs are at best unenforceable ledgers on asset ownership, mere imaginary declaration of deed, given that there is no regulation on their creation.

One cannot trust the NFT declarations of deed except that they were made, at a time, by "someone controlling a signing certificate".

At least with the currency, the deed is meaningful: "They remitted an asset with shared acknowledged value".

This is just "they remitted an asset they invented on the spot". It's a fucking digitally verifiable post-it note.
 

Artemus

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Another company pauses withdrawals It is a "smaller" one with only 500 clienteles, allegedly valued at $2 billion back in May.

Bitcoin keeps trying to recover the last few days, but it is trending downward and is fishing dangerously close to a notable psychological point of $20,000.

With all these failures, does anyone believe that someone out there is legitimately buying at slightly over $20K? I still suspect that there is some kind of artificial prop-up going on.
 

Jimmy Higgins

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Who knows. I'd say that the trouble the DeFis are having is that they lack real liquidity. Funny money investments to loan out or self-invest in funny money. So, it works until funny money drops in value.
 

Jarhyn

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Another company pauses withdrawals It is a "smaller" one with only 500 clienteles, allegedly valued at $2 billion back in May.

Bitcoin keeps trying to recover the last few days, but it is trending downward and is fishing dangerously close to a notable psychological point of $20,000.

With all these failures, does anyone believe that someone out there is legitimately buying at slightly over $20K? I still suspect that there is some kind of artificial prop-up going on.
Well, here's the thing: you still need to buy bitcoins to buy drugs at scale without risk or trust.
 

Artemus

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Another company pauses withdrawals It is a "smaller" one with only 500 clienteles, allegedly valued at $2 billion back in May.

Bitcoin keeps trying to recover the last few days, but it is trending downward and is fishing dangerously close to a notable psychological point of $20,000.

With all these failures, does anyone believe that someone out there is legitimately buying at slightly over $20K? I still suspect that there is some kind of artificial prop-up going on.
Well, here's the thing: you still need to buy bitcoins to buy drugs at scale without risk or trust.
Hasn't that moved to Monero since Bitcoin proved to be too trackable?
 

Jarhyn

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Another company pauses withdrawals It is a "smaller" one with only 500 clienteles, allegedly valued at $2 billion back in May.

Bitcoin keeps trying to recover the last few days, but it is trending downward and is fishing dangerously close to a notable psychological point of $20,000.

With all these failures, does anyone believe that someone out there is legitimately buying at slightly over $20K? I still suspect that there is some kind of artificial prop-up going on.
Well, here's the thing: you still need to buy bitcoins to buy drugs at scale without risk or trust.
Hasn't that moved to Monero since Bitcoin proved to be too trackable?
How do you think Monero is purchased? People buy bitcoins and process an atomic swap for Monero. They need immediate coins and are going to buy the coins that are out there, if only to swap them off ASAP. Then the coins go back round the ringer and hopefully don't depreciate too much to make the swap providers quit. Granted this allows dealers to use the swap to get clear currency, and the laundry process is then complete almost seemlessly, owing ironically enough to the "losses" on running swap.

You still need a coin you can buy easy enough and Bitcoin is where it's at currently. FDIC orgs won't touch Monero because no traceability.
 

Artemus

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Another company pauses withdrawals It is a "smaller" one with only 500 clienteles, allegedly valued at $2 billion back in May.

Bitcoin keeps trying to recover the last few days, but it is trending downward and is fishing dangerously close to a notable psychological point of $20,000.

With all these failures, does anyone believe that someone out there is legitimately buying at slightly over $20K? I still suspect that there is some kind of artificial prop-up going on.
Well, here's the thing: you still need to buy bitcoins to buy drugs at scale without risk or trust.
Hasn't that moved to Monero since Bitcoin proved to be too trackable?
How do you think Monero is purchased? People buy bitcoins and process an atomic swap for Monero. They need immediate coins and are going to buy the coins that are out there, if only to swap them off ASAP. Then the coins go back round the ringer and hopefully don't depreciate too much to make the swap providers quit. Granted this allows dealers to use the swap to get clear currency, and the laundry process is then complete almost seemlessly, owing ironically enough to the "losses" on running swap.
OK, makes sense. Trading fake money for fake money at the hope you can trade it for real money at some point. Yet another reason to hope that the whole thing collapses.

ETA: And if most Bitcoin is bought with Tether there is yet another layer. And then with Tether not what it claimed to be, the whole thing is balanced on an essentially nonexistent foundation. What a joke.
 

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Another company pauses withdrawals It is a "smaller" one with only 500 clienteles, allegedly valued at $2 billion back in May.

Bitcoin keeps trying to recover the last few days, but it is trending downward and is fishing dangerously close to a notable psychological point of $20,000.

With all these failures, does anyone believe that someone out there is legitimately buying at slightly over $20K? I still suspect that there is some kind of artificial prop-up going on.
Well, here's the thing: you still need to buy bitcoins to buy drugs at scale without risk or trust.
Hasn't that moved to Monero since Bitcoin proved to be too trackable?
How do you think Monero is purchased? People buy bitcoins and process an atomic swap for Monero. They need immediate coins and are going to buy the coins that are out there, if only to swap them off ASAP. Then the coins go back round the ringer and hopefully don't depreciate too much to make the swap providers quit. Granted this allows dealers to use the swap to get clear currency, and the laundry process is then complete almost seemlessly, owing ironically enough to the "losses" on running swap.
OK, makes sense. Trading fake money for fake money at the hope you can trade it for real money at some point. Yet another reason to hope that the whole thing collapses.
More, trading in one fake money because banks sell it and it can be trustlessly, banklessly swapped for another fake currency that can be traded trustlessly, banklessly, and anonymously, and as a seller in this market of drugs, you:

Keep a supply of bitcoins and sell them at market rate to finance immediate supply chain payment and cost of living (small loss, usually).

Swap Monero for Bitcoin. This is how you get cash (see above).

Swap Drugs for Monero. This is how you get Bitcoin (see above).

If done in this way, the drug dealer suffers no exposure as all their gains of Bitcoin can be from "selling NFTs" or whatever. Assuming that their swap engine launders the purchase of an NFT with the shared Bitcoin txid, they are invisible tax-wise. Their business is apparently entirely legitimate and they have a real product, and it's DRUGS.

They can even resell the NFT to some pharmabro or whatever and make more money.

*I have never actually done this. I just figured it out because I'm a heck of a reverse engineer. I realized parts of the whole structure... Well, while I was writing the post.

There are probably other transactions that can be milled from crypto "sale", but it essentially amounts to "launder the XMR sale with some other crypto sale to the BTC."

I keep saying this, cryptocurrency discussions are fundamentally discussions about the drug trade and it is... Frankly quite shocking that so few people understand this.

It's just that in addition to the drugs thing, people started legitimately speculating and the speculation... Obscures the drug market even further.
 

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Honestly, if the drug war ended, cryptocurrency would just pop like a fart bubble in the bath.
 

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I just assumed drugs were sold via Amazon with those third-party seller products with obscene prices.
 

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I just assumed drugs were sold via Amazon with those third-party seller products with obscene prices.
Nope. They are sold on darknet markets, for Monero, often in wholesale quantities. Bitcoin is just the surface that trades on.

And then they just anonymously sell the shit coins they bought from themselves for their own Bitcoin they got at the same time as they sold their monero off again, to some real sucker who just saw Shitcoins selling for a Bitcoin a piece or whatever. NFTs upgrade the scheme because they can be minted without rolling a new Blockchain.

Those bitcoins came from selling Monero, not from the Shitcoins. Or from Ethereum. Or whatever dirty money the market operates on. That's the point of the Bitcoin. To be the publicly useful patsy for... That. And the Shitcoins or NFTs are just the digital pollution, the "clean book" over the dirty.
 

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Crypto Hedge Fund looking for help.
article said:
Cryptocurrency hedge fund Three Arrows Capital Ltd is exploring options, including the sale of assets and a bailout by another firm, the Wall Street Journal reported on Friday.

The crypto market has suffered heavy losses, with companies such as Coinbase, Gemini, Blockfi and Crypto.com laying off thousands of employees, as investors sell risky assets in a rising interest rate environment.

On Thursday, the Financial Times reported that Three Arrows Capital failed to meet margin calls last weekend.

The 10-year-old hedge fund, founded by Su Zhu and Kyle Davies, has hired legal and financial advisers to help work out a solution for investors and lenders, according to the Wall Street Journal, which quoted the founders
The trouble here is when your assets are funny money which has a dubious basis for value, that has got to be difficult for people with actual money to want to invest in them.
 

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I just assumed drugs were sold via Amazon with those third-party seller products with obscene prices.
Nope. They are sold on darknet markets, for Monero, often in wholesale quantities. Bitcoin is just the surface that trades on.

And then they just anonymously sell the shit coins they bought from themselves for their own Bitcoin they got at the same time as they sold their monero off again, to some real sucker who just saw Shitcoins selling for a Bitcoin a piece or whatever. NFTs upgrade the scheme because they can be minted without rolling a new Blockchain.

Those bitcoins came from selling Monero, not from the Shitcoins. Or from Ethereum. Or whatever dirty money the market operates on. That's the point of the Bitcoin. To be the publicly useful patsy for... That. And the Shitcoins or NFTs are just the digital pollution, the "clean book" over the dirty.
Are you saying the NFT of the Pet Rock I invested $10,000 in was worthless? :D
 

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Oh, I'm sure it was worth 10k to the drug dealer who sold your bitcoins, in addition to the 5k bitcoins they "bought" it for ("100% appreciation check it out!") That they got when they sold 5k worth in bitcoins worth in Monero of cocaine.

That's an easy 15k for a 5k Brick of cocaine.
 

Jimmy Higgins

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Oh, I'm sure it was worth 10k to the drug dealer who sold your bitcoins, in addition to the 5k bitcoins they "bought" it for ("100% appreciation check it out!") That they got when they sold 5k worth in bitcoins worth in Monero of cocaine.

That's an easy 15k for a 5k Brick of cocaine.
Oh thank goodness!
 

Jarhyn

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Oh, I'm sure it was worth 10k to the drug dealer who sold your bitcoins, in addition to the 5k bitcoins they "bought" it for ("100% appreciation check it out!") That they got when they sold 5k worth in bitcoins worth in Monero of cocaine.

That's an easy 15k for a 5k Brick of cocaine.
Oh thank goodness!
You probably would have been better off buying their cocaine though instead.
 

Jimmy Higgins

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Oh, I'm sure it was worth 10k to the drug dealer who sold your bitcoins, in addition to the 5k bitcoins they "bought" it for ("100% appreciation check it out!") That they got when they sold 5k worth in bitcoins worth in Monero of cocaine.

That's an easy 15k for a 5k Brick of cocaine.
Oh thank goodness!
You probably would have been better off buying their cocaine though instead.
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Artemus

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Something big must have cashed out at just before 3 AM EDT this morning. Everything listed on coindesk.com instantly dropped 8% at that time. Maybe a failed DeFi liquidated then?
 

Jarhyn

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Something big must have cashed out at just before 3 AM EDT this morning. Everything listed on coindesk.com instantly dropped 8% at that time. Maybe a failed DeFi liquidated then?
When was it that BTC passed the psychological line below 20k? They might be related.
 

Artemus

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Something big must have cashed out at just before 3 AM EDT this morning. Everything listed on coindesk.com instantly dropped 8% at that time. Maybe a failed DeFi liquidated then?
When was it that BTC passed the psychological line below 20k? They might be related.
That was the instant it went from ~20.5 K to ~19.2 K.
 
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Jarhyn

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Something big must have cashed out at just before 3 AM EDT this morning. Everything listed on coindesk.com instantly dropped 8% at that time. Maybe a failed DeFi liquidated then?
When was it that BTC passed the psychological line below 20k? They might be related.
That was the instant it went from ~20.5 K to ~19.2 K.
Ah... There was a .5 k buffer in 20k to sell "early" but everyone sold right at that boundary point and everyone's 20k stop loss triggered simultaneously.

People expecting the downturn caused a Tinkerbell effect on the predictable boundary condition.
 

Jimmy Higgins

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Meanwhile, Celsius sounds like they are on stable ground with the "pausing" of their "Twitter space".
announcement said:
We are pausing our Twitter Spaces and AMAs to focus on navigating these unprecedented challenges and seeking to fulfill our responsibilities to our community.

Acting in the interest of our community remains our priority and we will continue to work around the clock.
Nothing settles investors concerns as well as saying "we aren't talking anymore to our investors."

Bitcoin fell to $17,700 over the weekend, but "recovered" to $20,600 as of now.
 

Jimmy Higgins

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Something big must have cashed out at just before 3 AM EDT this morning. Everything listed on coindesk.com instantly dropped 8% at that time. Maybe a failed DeFi liquidated then?
The thing I found interesting looking at Bitcoin's chart was that there was virtually no connection between trade volume and Bitcoin value. The volume of Bitcoin seemed relatively cyclical. Bitcoin went up, around the same. Massive crash, about the same.
 
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