UST/Luna - Worthless now!

Discussion in 'Off-Topic Discussions' started by AsianStew, May 14, 2022.

  1. nosborne48

    nosborne48 Well-Known Member

    Oh. Down again so far today. There has been an intra-day recovery after Bitcoin touched 20,000 but overall still trending down, down, down.
  2. nosborne48

    nosborne48 Well-Known Member

    Bitcoin fell another $1,400 today and sits just under $21,000. I'm not seeing the panic selling I have been expecting though. Yet. On the other hand there doesn't seem to be a bottom yet either. Not quite a death watch.
  3. Johann

    Johann Well-Known Member

    "I've looked at the chart. Pretty grim. There's only so long we can keep patient Bitcoin on life-support, Dr. Nosborne. We'd better notify the family that their "B" could go at any time. Let's see the names .... Ethereum, Cardano, Dogecoin..."
    Last edited: Jun 15, 2022
    Dustin likes this.
  4. Dustin

    Dustin Well-Known Member

    You think I could get some cheap Bitcoin t-shirts from people getting out? Getting a "Crypto Millionaire" shirt from Goodwill would be great.
  5. Johann

    Johann Well-Known Member

    Hard to find one in good condition. Mostly worn for jumping off buildings ... like 1929.
    nosborne48 likes this.
  6. nosborne48

    nosborne48 Well-Known Member

  7. Johann

    Johann Well-Known Member

    "We're gonna party like its 19-29!" :rolleyes:
    (Apologies to the late Prince Rogers Nelson - The Artist Formerly Known as Prince)
    Last edited: Jun 15, 2022
  8. LevelUP

    LevelUP Active Member

    I'm putting my own money, my friends, and my Grandma's life savings into Elon Goat Token baby!!!
  9. Johann

    Johann Well-Known Member

    I can't really get excited about something worth $0.0002386 - even if it was up 8.41% today. As far as I know, the name is a tribute to Elon Musk (The Goat Token people say so.) I don't know whether Mr. Musk owns any of these tokens, or has any further association with them - or not. And I don't care. He's not someone I follow.

    Do what you want - it is/was your money. If I were doing that -- I wouldn't tell A SOUL.
  10. Rich Douglas

    Rich Douglas Well-Known Member

    "I paid a lot of money for this nothing! Why won't someone buy it from me?"
    Johann likes this.
  11. nosborne48

    nosborne48 Well-Known Member

    Well, it is not ordinary nothing. It's artificially scarce nothing.:p
  12. nosborne48

    nosborne48 Well-Known Member

    Dragging myself away from the slow motion train wreck that is Bitcoin today, there is a fundamental reason that crypto, gold, and even the major stock indices are dropping and that's the Fed's decision to raise interest rates. In the case of gold and crypto, the complete lack of any current return on investment makes bonds more attractive and the higher the rate the more attractive they are.

    As to stocks...well, the markets are supposedly overvalued and therefore risky. Can't say much about that, though, because I really have no idea whether it's true.
  13. Johann

    Johann Well-Known Member

    Two days now - nothin' happenin' - very little movement in Bitcoin either way. "Hey, Bitcoin - you OK, buddy? Not safe for you to go to sleep! Here - drink this black coffee. Then I'll walk you around a bit. Easy does it ... once more down the hall and back ..."

    Patient looks pretty shocky, Dr. Nosborne. My take - he's fighting an O.D. I'll get the naloxone.
    Last edited: Jun 18, 2022
    Dustin likes this.
  14. nosborne48

    nosborne48 Well-Known Member

    Nope, lost another $1,100 so far this morning. Now below the "psychologically important" $20,000 level.

    I would like to know how many transactions that fall required. On the daily chart the price fell off a cliff. I wonder if a single large holder decided to get out.

    The Bitcoin market is itself an amazing phenomenon. There seem still to be buyers willing to put real money into the crypto currency. Or perhaps a single buyer?

    I read yesterday where some "miners" are cashing out because the cost of mining in energy is too high to make the activity worthwhile. Yes, and once the last Bitcoin is mined, what becomes of the public ledger? I'm sure some provision has been made but I don't know what it might be.
  15. nosborne48

    nosborne48 Well-Known Member

    I'm not ready to talk about a "death watch" just yet but the absence of a government behind Bitcoin is starting to show. At some point there may be no buyers at all.
  16. nosborne48

    nosborne48 Well-Known Member

    Interesting. Some of the crypto columnists have started talking about "forced selling" and "inability to hedge properly" due to the falling price. I don't know, of course, but those things sound to me like de-leveraging. That is to say, some "hodlers" bought Bitcoin on margin meaning with borrowed money with the Bitcoin posted as collateral for the loan. When the price drops, the lender sells out to protect himself. They could dump huge amounts of Bitcoin on the market for whatever it will bring.

    That will be the end.
  17. nosborne48

    nosborne48 Well-Known Member

    I am shocked, shocked to learn that hodlers have been buying Bitcoin on margin. Of course they have.
  18. SteveFoerster

    SteveFoerster Resident Gadfly Staff Member

    You use scare quotes, but that really is the "uh-oh" point for a lot of people.

    As a public ledger, I'm sure one could look it up somehow to know for sure. But I'm guessing it's a lot of smaller people, both in terms of getting out and in terms of buying more.
  19. nosborne48

    nosborne48 Well-Known Member

    Getting out or being forced out.

    I've enjoyed making snarky comments and watching the price fall but $18,000 is possible today and there's no reason to think there will ever be a recovery. This isn't funny.

    If this rash of unregulated margin buying is as extensive as its internet presence seems to indicate a lot of ordinary people will lose all they have and perhaps much more.

    Yes they were fools to buy into crypto but that's why regulation is so necessary. People will always be fools. And we've seen a financial environment where returns are low to non existent. Some were driven by desperation.
  20. nosborne48

    nosborne48 Well-Known Member

    Yet more fallout from the 2008 Crash.

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