Crypto-Currency Crash

[biku324]

I believe the market is going to continue to have significant issues this year. I'm shocked it's held up this long, and has only done so through historic manipulation by the Fed. The US Dollar is just about dead, that's why something even more useless ("Digital" currencies/Bitcoin) has gotten so much traction.

If you research the crash of the overnight repo market just prior to this whole China Flu fiasco, it's a real eye opener, and not discussed in the "news/media." There's a reason they've printed trillions and trillions of dollars in the last couple of years, and it's not to send you a couple of $1k checks...! There's a lot that goes into this, it's global in nature, and a lot that is not being made public, and being hidden by the powers that be.

I'm very concerned about this house of cards, we'll see what the puppeteers can come up with, and how it plays out over time..,

And yet oil continues to be priced in USD worldwide and our dollar remains the business currency over most of the world. I can spend USD directly just anywhere at all. That's not yet as true for the Euro or even the yuan.

"The report of my death was an exaggeration.' - Mark Twain

 

[Chief Wiggums]

Crypto---- Nope
If I wanna gamble, Ill go to Vegas

 

[BigBoy99]

I can not see how someone would put money into something and get nothing in return. If people are that stupid, I think I'll open an concession stand where I sell cubic meters of air. Maybe start off cheap - only $1000 for the first one and offer quantity discounts if more cubic meters are bought. And to make them feel like they own/have something, I'll issue a computer generated "receipt" which "guarantees" they are entitled to that specific cubic meter of air.

 

[dmar]

And yet oil continues to be priced in USD worldwide and our dollar remains the business currency over most of the world. I can spend USD directly just anywhere at all. That's not yet as true for the Euro or even the yuan.

"The report of my death was an exaggeration.' - Mark Twain

I stand by my remarks. And I did say, 'just about dead,' not "dead." Fortunately, we're good at resuscitation efforts, and other countries are in similar shape. Time will tell.

"The only thing more dangerous than ignorance is arrogance," Albert Einstein.

 

[03hemi]

I never got "Crypto" currency either?
I mean really, what backs it? It ain't gold or silver, just internet hyperbole?
Pass!

 

[Oldfrt]

It is crashing up today.

 

[biku324]

I never got "Crypto" currency either?
I mean really, what backs it? It ain't gold or silver, just internet hyperbole?
Pass!

Investor confidence and avarice - tax cheats get away more easily, and money launderers can launder at a fraction of conventional currency cost. Both sets figure if they lose even 30%, they're still money ahead.

 

[petepeterson]

I never got "Crypto" currency either?
I mean really, what backs it? It ain't gold or silver, just internet hyperbole?
Pass!

What can you do with gold or silver? Aren't those items of imaginary value, as well? Just longer standing?

 

[Sevens]

Besides the fact that both gold and silver can be physically held in your hands (tangible proof that each literally exists), both have plenty of industrial uses.

 

[Rustyt1953]

As an FYI, it seems that the Crypto companies are going to sink big bucks on advertisements during the Super Bowl. Some as high as $7M for 30 seconds. It will be interesting to see how they pitch themselves.

Crypto Goes Mainstream As Exchanges Buy Super Bowl Ads - TheStreet

PS: I found a good WSJ link but it hits a paywall.

 

[doublesharp]

Crypto rallied today. Not for me but good luck to those that invest.

My latest buys: Nov 11, 2021 BPMP - BP Midstream partners @ $13.03.

Dec 6, 2021 ARLP - Alliance Resource Partners LP @ $10

Both are energy sector heavy in coal. Pay 7.5% div and I've got a fat share price gain in just a couple months. Going to take a lot of coal to charge the Tesla batteries.

 

[ladder13]

Crypto rallied today. Not for me but good luck to those that invest.

My latest buys: Nov 11, 2021 BPMP - BP Midstream partners @ $13.03.

Dec 6, 2021 ARLP - Alliance Resource Partners LP @ $10

Both are energy sector heavy in coal. Pay 7.5% div and I've got a fat share price gain in just a couple months. Going to take a lot of coal to charge the Tesla batteries.

And to keep those Crypto computers mining whatever they mine.

 

[biku324]

And I rest my case...

U.S. authorities arrested a New York City couple Tuesday for allegedly conspiring to launder $4.5 billion worth of bitcoin stolen during a hack of cryptocurrency exchange Bitfinex in 2016, $3.6 billion of which federal authorities have recovered in what the Department of Justice is calling the largest financial seizure ever.

According to court filings, 34-year-old Ilya Lichtenstein and his wife, Heather Morgan, 31, conspired to launder the proceeds of 119,754 bitcoins—currently worth about $5 billion—that were stolen from the Bitfinex platform after a breach of the cryptocurrency exchange's systems in 2016.

At the time, the unnamed hacker allegedly made more than 2,000 unauthorized transactions transferring the stolen cryptocurrency to a digital wallet under Lichntenstein's control, authorities said Tuesday.

Feds Seize $3.6 Billion In Stolen Bitcoin, Arrest Couple Five Years After Massive Crypto Exchange Hack

 

[quikdraw67]

And to keep those Crypto computers mining whatever they mine.

I saw a piece on the TV news where a former power plant in Western PA was burning culm, and the power generated was used to mine bitcoin.

 

[johngalt]

I find the NFT thing — virtual objects that people buy and sell — baffling. Heard on the news some guy bought a virtual house for $450K.

Yep - don't get that one at all.

 

[johngalt]

What can you do with gold or silver? Aren't those items of imaginary value, as well? Just longer standing?

They're worth whatever someone else is willing to pay.

But gold and silver do have practical, useful value beyond just taking up space.

 

[Oldfrt]

I speculated less than two days pay about a year ago. The plan for me is to hold for at least three years. If I get rich then me and the tax man will have a party, if not then I am out a couple days of pay.

One useful purpose is that more places are being added every day that will accept some crypto's as legal tender. Think going across the country with tens of thousands of dollars to purchase a car/truck only too have your cash seized at an airport or traffic stop.

 

[biku324]

There truly is no such thing as 'something for nothing.'

 

[Old 44 Guy]

I've got all my money tied up in cash. LOL.

 

[petepeterson]

They're worth whatever someone else is willing to pay.

But gold and silver do have practical, useful value beyond just taking up space.

Yes, but the practical side is not nearly what they're worth compared to other elements that do the same thing.