UST/Luna - Worthless now!

And why not? It must be pretty easily to start a marketplace that buys and sells nothing.

 

Yes - but so many flavours of nothing! Way more flavours than Baskin Robbins! I wonder if there's an ice cream flavour called "crypto" - it tastes of absolutely nothing and people bid for cones. Opening price - $50,000.

 

Hey, don't knock it! Fat free and vegan!

 

Bitcoin fell another 1,000 dollars today to just above 19,000.

 

Give it another flush -- and jiggle the handle.

 

It is difficult to imagine anyone buying this thing now.

 

There's always someone out there trying to catch the falling knife.

 

"...a man with moonlight in his hands has nothing there at all."-Man of La Mancha

 

I was just reading some 2021 predictions for 2022 about Bitcoin. A fair number of high-on-crypto pundits were predicting $100K by Q1 of 2022 and up to $325K during the year. The Feds are taking crypto seriously. Biden has signed on to an Infrastructure bill, they say, which includes disclosure by crypto dealers of all transactions. Janet Yellen has said IRS should have the info. If they get it, I think that's the end.

Are we at the end of it now? I think we ought to be - but there have been big falls and big rebounds before. Irrational products don't behave rationally, I guess.
Anyway my Islamic-oriented financial thinking won't let me get involved - gharar - gambling and speculation. Haram! Estrictamente prohibido!

It's financial porn. I can't take part, but I can watch!

 

Bitcoin lost about $1,000 yesterday. The slide continues.

 

Continuing to drift down. There must have been a big sale for $18,000 earlier today because there's a knife wound in the daily chart. There may be another, fatal panic or the slow deleveraging might continue for a year or so. At some point selling or holding won't make much difference to the early buyers.

 

Funny thing about all that $2 trillion market cap loss..."hodlers" keep saying that the amount of Bitcoin is fixed. Well, in terms of tokens, maybe but the amount of actual spending power of existing bitcoin goes up and down like fireworks at the state fair. All those dollar gains have now simply vanished. That's how money works.

 

Actually the Bitcoin world apparently includes fractional reserve banking so no, the amount of Bitcoin itself rises and falls.

 

The number of tokens, yes, but people are running crypto "banks" that accept deposits and make loans. Those activities create and destroy the money they deal in. That's probably why Celsius failed. They created more bitcoin than they had tokens to cover in the event of a run. My guess is that there was a run.

 

I said earlier that this is 'financial porn.' It is. You know exactly what the ending involves - you just don't know quite when it will occur. When it's imminent -- you'll know...

I think what's happening to Bitcoin right now is known um- elsewhere, as "edging." When the implosion / explosion finally happens, it should be spectacular. Bang, not whimper!

 

@nosborne48

Your meantone comments have not gone unnoticed -and I know you're not referring to the atmosphere of this board.
I used to think meantone was only for you classical guys, but I found out Ray Charles experimented with it -- and it's been used at times by other jazz and R&B musicians.

I guess the all-blues guys aren't much into it. I'll admit a few bluesmen (and also yours truly) seem to be more comfortable with "out-of-tune." An exception might be the formidable Howlin' Wolf, (The late Chester Arthur Burnett.) Maybe Wolf used the "wolf fifth." You know what I'm talkin' about, I'm sure.

 

Um. Then what is it?

 

There are meantone guitar fretboards available and there are little stick on frets you can get to add to the (very) traditional equal temperament fretboards you're used to. Luthiers have been building equal tempered instruments for centuries mostly because the frets can be straight and are easily located not because equal temperament sounds particularly good. It doesn't.