Discussion in 'Off-Topic Discussions' started by AsianStew, May 14, 2022.
Pretty flat last couple of hours - just below $19,000.
Last post today on the subject - Down to around $18,300. This is too morbid, checking on it frequently - so I won't. Lesson learned.
A big daily drop. I read an "expert" who said that the price would recover because there is no government to bail Bitcoin out so the moral hazard risk will keep...something...I'm not sure what exactly, from happening. Such a statement is breathtaking in its ignorance of financial history.
I'm not sure we can conclude that.
The price is what is being offered, not what is being paid. The price continuously edging lower tells me it is likely no--or very few--people are buying it. But, because there is no pressure to sell, except for personal reasons, the price can sink lower slowly, even if no one is buying it.
Is there a public record of how much is being bought and sold, and at what price? If not, the price you see quoted is the asking price, not what someone has already paid for it.
Yes, the crypto exchanges do seem to publish volume transfered but I'm not sure how to read their charts. Maybe they do reflect only ask and not bid or sale.
Having said that, there is possibly quite a lot of pressure to sell because there's apparently a lot if margin trading going on.
Multiple exchanges holding withdraws and a single sell order today of just a few hundred btc, led to a reported 5% drop in valuation… Not sure we’re seeing the death of crypto… but for those still gambling on a dead cat bounce…
There is a real estate company in my city that promises to sell your house within 72 hours and for more than you list it for. From everything I can gather, they merely create an artificial sense of urgency by limiting the time the house is on the market. But it looks like there's not really a "there" there. Now that the housing market has calmed down a bit, their smoke-and-mirrors act is getting exposed as a big nothing-burger.
As for crypto, it looks like some companies took money in and sold their crypto to people who are now wanting to sell that crypto back, but can't. This is exactly what a pre-FDIC bank run looks like. Once panic sets and and people begin to fear they will not be able to get their money out, a slew of them will show up to try, threatening to collapse this unregulated charade.
It's the buying and selling of nothing.
You mean these crypto-wonks could actually collapse Degreeinfo?
The way Bitcoin was designed essentially guarantees bank runs and failures. Why the people behind the whole project didn't see that remains a mystery to me.
Wait, you all stopped commenting on the price of Bitcoin. That means it dropped to zero, right?
No, because it seems to be bumping along between about $20 and $21k. Who knows? It might make a full recovery!
Gotta admit that you're right, though, SF. No schadenfreude, no fun.
Unrelated: Betting on Zero is a great documentary about the activist investor (Bill Ackman) betting Herbalife will fail because it's an MLM.
It came out in 2016. Herbalife is down 37% over the last 5 years but still has a market cap of $2.5bn.
No, Dr. Nosborne. The patient has been too traumatized by his fall from - what was it - $60,000? I looked at the neurological workup. If he survives, the poor guy now has the brain of a rutabaga!
That's an improvement, isn't it?
For our patient, Mr. Bitcoin - no, unfortunately.
For the guy who invented him - possibly, although I've never met Satoshi Nakamoto. There's some doubt as to whether a person of that name exists. Several suspects, no admissions - or positive ID.
It's like Elvis sightings. Maybe there should be a cryptocurrency - the Elvis coin. Oh yeah, seems I forgot. there actually IS an Elvis crypto-coin. Here it is:
That's because people are inherently silly - and sometimes pathetic. They continue to believe in stuff forever because they CAN'T admit to themselves they were wrong. As long as a MLM scheme can find a just a few rubes and hicks to flesh out the bottom layer - it'll slowly digest their money and cling to life. In Canada, I've seen them last for years and slowly fade away. It's a whimper thing - hardly ever a bang. Nutri-Bio, Swipe, Amway, Coppercraft, Tupperware, Sex toys, fragrances, cosmetics, candles ... I'm sure people still have basements full. Sometimes a load of the stuff shows up at a Sunday flea market.
I think Satoshi Nakamoto might have been a collective - like Nicolas Bourbaki - q.v. https://en.wikipedia.org/wiki/Nicolas_Bourbaki
I doubt the companies themselves collaborated on bitcoin, but I like that theory on where the name came from.
Interesting - but I think maybe coincidental. You can probably find three corporate names to spell anything - particularly in Japanese. Satoshi is not an uncommon name and neither is Nakamura. Satoshi means "intelligent history" and Nakamura means "one who lives in the middle."
Separate names with a comma.