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Lol. I can't believe it's 3 trillion. PT Barnam was too optimistic about people
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Jun 13, 2022 18:06
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I had a feeling crypto losers would be horrible babies about it in the end. Crying about losing everything after being told by everyone to stop investing in obvious scams. What goddamn babies.
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Jun 13, 2022 18:07
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Hey guys wait... line goes... down?
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Jun 13, 2022 18:08
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Dr. Video Games 0031 posted:The faster and harder this crash happens, the less likely crypto is to bounce back a year or two later like what happened after the last crash. There appears to be some bipartisan traction in the US Senate to regulate crypto somehow. The proposed regulation is incredibly soft right now, but if the crash is utterly ruinous to not just regular people but the financial institutions who also bought in, then maybe they'll consider stricter regulation It would be very on brand for Congress to step in and regulate this stuff after the horse is out of the barn and millions of small investors are left broke.
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Jun 13, 2022 18:08
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To the moon! Note: the moon is now on the opposite side of the planet so you have to go down.
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Jun 13, 2022 18:10
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tpink posted:For those interested, this is a pretty good read, from October 2021 (so obviously before the Luna crash and all that). well there isn't anywhere close to 3 trillion of actual fiat in the system so seems like we'll find out pretty soon what happens when that much leverage collapses
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Jun 13, 2022 18:10
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Booyah- posted:well there isn't anywhere close to 3 trillion of actual fiat in the system so seems like we'll find out pretty soon what happens when that much leverage collapses The ripple effects are going to be nasty
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Jun 13, 2022 18:12
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Hihohe posted:To the moon! *Desperately buying "Introduction to Orbital Mechanics" on Amazon to save my pension fund* Of course we're going to the moon, you see ΔA=12rΔs=12r(vΔtsinθ)=12mr(mvsinθΔt)=12mr(mvperpΔt)=L2mΔt.  Lor fucked around with this message at 18:16 on Jun 13, 2022 |
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Jun 13, 2022 18:13
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tpink posted:Right now, the crypto market is about $3 trillion. That obviously pales in comparison to something like the US equities market (~$50 trillion), but you are crazy if you think that a $3 trillion market can explode in isolation without doing real harm to other portions of the economy. The problem with that thinking is that there isn't $3 trillion in the crypto market. There is a lot of money, but I'd be surprised if the real cash was over $20 billion. Small amounts of real transactions have hugely inflated the "value" of crypto. Let's pretend that there's a crypto thing with 100 coins. People have been buying and selling them for $100 each for years so you can reasonably say it has a market cap of $10000. But then some crazy guy comes in and starts buying them at $1000 each and buys ten of them. Then the "market cap" would be reported as $100000, a tenfold gain! Except the actual money in the system would be $19000 (90 coins at $100 each and 10 coins at $1000 each). Keep in mind a lot of money has been drained out of the crypto ecosystem, too. There's a lot of bagholders out there who put in their thousand dollars when bitcoin was at $50k, but that money was sucked right back out just as fast by the dumpers who finished their pumping. Everything here is smoke and mirrors and when the big collapse finally comes, I won't be surprised to find that even the pessimistic estimates of how much real cash is in the crypto ecosystem is hugely over-estimated. Random Stranger fucked around with this message at 18:20 on Jun 13, 2022 |
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Jun 13, 2022 18:15
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tpink posted:Right now, the crypto market is about $3 trillion. That obviously pales in comparison to something like the US equities market (~$50 trillion), but you are crazy if you think that a $3 trillion market can explode in isolation without doing real harm to other portions of the economy. "Overall, the total crypto market cap has lost more than two-thirds of its value since peaking in November, according to Coinmarketcap, falling from $3 trillion at its apex to $985.6 billion as of noon Monday New York time." Less than a trillion now!
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Jun 13, 2022 18:16
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tpink posted:Oh yeah, I am by no means taking the position that bitcoin is too big to fail and therefore should be rescued or anything like that. I wish it never got big to the point of bilking millions of retail investors out of money that I am pretty sure they don't really have to lose. LifeSunDeath posted:I had a feeling crypto losers would be horrible babies about it in the end. I was listening to NPR over the weekend (Marketplace I think) and there was a puff piece story on whether Matt Damon etc advertising crypto really drew in retail people. They cited some survey that said roughly 20% of people said they would trust a celebrity if they recommended to invest in something and make that an important part of their decision making process. The number for people already invested in crypto was over 40% Some dumb survey so take it with an ocean's worth of salt but still: lmao At this point I'm thinking crypto is going to be ending up like the purposefully obvious scam emails in that you have a group of people that self-select for being credulous and easy to part with their money. Doesn't make it right and we're going to see some absolutely heartbreaking stories about morons losing their houses because they were 10x leveraged on Cosby Coin or whatever but yeah. Still having a dark chuckle.
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Jun 13, 2022 18:17
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Booyah- posted:well there isn't anywhere close to 3 trillion of actual fiat in the system so seems like we'll find out pretty soon what happens when that much leverage collapses Another at least hypothetical consequence of this collapse is that retail investors have also been pumping tons of money into equities for the past few years, and getting wiped out in the crypto space is also going to reduce the flow of money into equities (or at least make people more risk averse and make even equities seem less attractive), which is not super helpful given the overall direction of the market since the start of 2022. Like, basically, the market is already a shitshow currently, and anything else that further dampens investor enthusiasm is not a great thing.
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Jun 13, 2022 18:18
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Dragonshirt posted:"Overall, the total crypto market cap has lost more than two-thirds of its value since peaking in November, according to Coinmarketcap, falling from $3 trillion at its apex to $985.6 billion as of noon Monday New York time." lol Jesus. I really should have known better than to pull that number from memory, since it’s Bitcoin and all, but I am still floored by how much “value” (very heavy air quotes) it lost since then.
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Jun 13, 2022 18:19
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Hihohe posted:To the moon! but the moon is in space and space is up? god your as dumb as those females at NASA. let me tell you how space really works and how Musk is a real life ironman rick-
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Jun 13, 2022 18:19
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tpink posted:It would be very on brand for Congress to step in and regulate this stuff after the horse is out of the barn and millions of small investors are left broke. Nah, on-brand for Congress would be to step in and regulate after some big bank or hedge fund loses their shirt and bend over backwards to make them whole via a bailout - while leaving the millions of small investors flat rear end broke AND taxpayers on the hook to make sure Goldman Sachs doesn't have an ugly quarterly report.
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Jun 13, 2022 18:20
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Random Stranger posted:The problem with that thinking is that there isn't $3 trillion in the crypto market. There is a lot of money, but I'd be surprised if the real cash was over $20 billion. Small amounts of real transactions have hugely inflated the "value" of crypto. Totally agree and this is a big part of the reason why the prices of Bitcoin and the entire market as a whole is so unstable - it’s largely built up of non-real money. Real markers don’t behave this way!
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Jun 13, 2022 18:20
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re: ^^^ Today's movement was specifically oriented around GMT 00:00, which means a bunch of poo poo relying on GMT reset, which included the celsius loan. This poo poo happens to every market and all markets are blatantly manipulated, no different in crypto.JammyB posted:This is from back in May. Don't know if it's still true today or not but lol if so. No, they have a bunch of bitcoin not in the loan, so they can add collateral all day. So it's not going to do much. They *will* start feeling pain at 21k though. Even small drops from there are going to impact them exponentially, but they said liquidation is at $4k. So probably unlikely.
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Jun 13, 2022 18:26
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LifeSunDeath posted:she has the same loving face: Senator Sweeney! Show us your crypto! We need to see it for SPECIAL JOURNALISTIC PURPOSES!
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Jun 13, 2022 18:29
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Random Stranger posted:The problem with that thinking is that there isn't $3 trillion in the crypto market. There is a lot of money, but I'd be surprised if the real cash was over $20 billion. Small amounts of real transactions have hugely inflated the "value" of crypto.
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Jun 13, 2022 18:34
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Nessus posted:Does this mean I should hold off a week or two on forming the gayboy berserkers? There is never a wrong time for gayboy berserkers.
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Jun 13, 2022 18:38
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https://twitter.com/AdamUltraberg/status/1536395398524219392?s=20&t=eDP0h2ZTpFwqCDvBnWGHeg
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Jun 13, 2022 18:43
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LifeSunDeath posted:Hold on guys, I'm just trying to work out what happened...oh yep there it is: the toilet where I flush all the money got clogged. Anyway, it's going to take a lot of money to fix, so just keep slamming money into it while I keep telling you I'm working on fixing it. lmfao
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Jun 13, 2022 18:45
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notwithoutmyanus posted:No, they have a bunch of bitcoin not in the loan, so they can add collateral all day. So it's not going to do much. They *will* start feeling pain at 21k though. Even small drops from there are going to impact them exponentially, but they said liquidation is at $4k. So probably unlikely. 
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Jun 13, 2022 18:46
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Losses are going Up! Up! Up!
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Jun 13, 2022 18:48
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kdrudy posted:Losses are going Ooooooh, so that's what crypto is getting to the moon. Makes perfect sense. I'll give the coinbase website some credit though, watching the red slowly overtake the struggling, desperate green makes for some thrilling viewing.
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Jun 13, 2022 18:52
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There is not enough discussion about the fact that crypto is a negative sum game. The average investor is mathematically guaranteed to lose. The formula is: avg return = principal - exchange fees - miners' fees - hacks - mistakes (The last two are important, because an investment account hack, scam, mistake would be returned.) This is simply not discussed in mainstream media articles. How the gently caress can Gilibrand say that a negative sum investment should be included in retirement accounts?
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Jun 13, 2022 18:57
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Leon Trotsky 2012 is a brave reddit anthropologist in the Bad With Money thread and he's found this absolute gem (plus others if you go to the post):Leon Trotsky 2012 posted:Fiat and government invested in bitcoin to make it valuable and require a centralized entity to hold all of it. They then pulled the plug. Look at all of the crypto assaults and conveniently timed crises in the past month. Don't give in. Support your brokers and exchanges as much as possible. Put whatever you have in cold storage onto exchanges and consider it a donation to support crypto and against totalitarianism.
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Jun 13, 2022 18:59
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Testimony from crypto companies moved her...TO A HIGHER TAX BRACKET!
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Jun 13, 2022 18:59
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https://twitter.com/schwarz/status/1536364712589500424
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Jun 13, 2022 18:59
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tpink posted:It would be very on brand for Congress to step in and regulate this stuff after the horse is out of the barn and millions of small investors are left broke. And the kicker is that the only bill currently proposed would classify crypto as barely-regulated commodities instead of securities and create generous tax breaks for crypto investors.
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Jun 13, 2022 19:06
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51% of it's value in the shitter in 12mo, this is amazing
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Jun 13, 2022 19:14
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small butter posted:How the gently caress can Gilibrand say that a negative sum investment should be included in retirement accounts? Bloomberg: Insider-Trading Scourge Wooed to Be Crypto Ally in U.S. Senate (from last month) Bloomberg posted:Industry executives sought to woo Gillibrand during a recent trip to San Francisco as she shuttled between a meeting with them at the St. Regis Hotel and breakfast with venture capitalists. Closer to home, a digital-asset lobbyist is planning a Manhattan fundraiser later this month for her re-election.
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Jun 13, 2022 19:15
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Photex posted:51% of it's value in the shitter in 12mo, this is amazing Yeah,....AN AMAZING OPPORTUNITY
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Jun 13, 2022 19:17
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Apparently Coinbase is restricting withdrawals as well...
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Jun 13, 2022 19:20
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Having a dystopian vision where Crypto is the new money, and every time you go to the store for something you get micro deflated as a bait and switch, so like while you're at Kroger suddenly your net worth gets cut in half but you leave and it goes back up...so you end up having to pay double for poo poo. It's the ultimate bait and switch because you didn't change the price, you just force the rube's money to get valuleless temporarily.
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Jun 13, 2022 19:23
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Toilet Terror posted:Apparently Coinbase is restricting withdrawals as well... diamond handcuffs
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Jun 13, 2022 19:23
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small butter posted:How the gently caress can Gilibrand say that a negative sum investment should be included in retirement accounts? Because the Crypto industry threw her a fundraiser in San Fran and New York!
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Jun 13, 2022 19:24
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LifeSunDeath posted:Having a dystopian vision where Crypto is the new money, and every time you go to the store for something you get micro deflated as a bait and switch, so like while you're at Kroger suddenly your net worth gets cut in half but you leave and it goes back up...so you end up having to pay double for poo poo. https://twitter.com/financialprotip/status/1486248150906150912?lang=en
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Jun 13, 2022 19:30
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Can't even parody these people.
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Jun 13, 2022 19:32
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Dr. Video Games 0031 posted:And the kicker is that the only bill currently proposed would classify crypto as barely-regulated commodities instead of securities and create generous tax breaks for crypto investors.  The system works!
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Jun 13, 2022 19:34
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