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Started By
Message
Crypto Selling Continues Friday.....
Posted on 11/11/22 at 9:16 am
Posted on 11/11/22 at 9:16 am
Crypto resumed selling Friday after the official FTX bankruptcy filing. Blood bath.
This post was edited on 11/11/22 at 9:18 am
9
Posted on 11/11/22 at 9:19 am to Billzbobo
Posted on 11/11/22 at 9:33 am to Billzbobo
quote:
Blood bath
Meh, we'll see if my comment ages like milk, but BTC and ETH are only down like 3% for the day. That's a a normal day in cryptoworld. Monday and Tuesday saw a 30% drop. Now, that's a bloodbath.
Posted on 11/11/22 at 9:34 am to Billzbobo
Guessing the fan boys aren’t loading up on it like they say they do online
Posted on 11/11/22 at 9:40 am to 21JumpStreet
Thy body tis ready
Posted on 11/11/22 at 9:52 am to SlidellCajun
quote:
Guessing the fan boys aren’t loading up on it like they say they do online
I'm loading up on it. Many people are.
Posted on 11/11/22 at 9:53 am to AUCE05
quote:
In one sense, this is an all-too-familiar story, of companies built on excess leverage. It’s the story of Lehman Brothers or the dot.com boom. But Lehman’s bonds were supported by overvalued houses, and pets.com actually shipped a lot of dog food. Crypto is more like tulip mania—there is nothing much holding it up except the belief it eventually will go higher. If that belief goes away, what’s left? We may soon find out.
From a headline article from Fortune.com on the FTX situation. Tulips, boys. Tulips.
Posted on 11/11/22 at 9:56 am to skewbs
The FTX bankruptcy could hit 50B. It would have an enormous effect on the space. Sub-1000 btc is back on the menu, boys!
Posted on 11/11/22 at 10:00 am to Billzbobo
FTX in their bankruptcy filing was up to 50B in liabilities. 130 companies filed along with it, mostly shell companies that probably kept this whole ponzi going. This was not a liquidity problem in the end, the whole company was insolvent.
It is going to take some time to unwind all of this. But knowing the crypto space I'm sure most of their borrowing was from other crypto firms. So good luck to you bag holders trying to figure out who isn't exposed to this.
It is going to take some time to unwind all of this. But knowing the crypto space I'm sure most of their borrowing was from other crypto firms. So good luck to you bag holders trying to figure out who isn't exposed to this.
Posted on 11/11/22 at 10:07 am to UltimaParadox
They are all scrambling rn to stay out of federal prison. All of us who lived through the past crypto winter knew BTC/ETH were the only options moving forward. All the new people are getting a hard lesson in the crypto world.
Posted on 11/11/22 at 10:20 am to AUCE05
quote:
They are all scrambling rn to stay out of federal prison. All of us who lived through the past crypto winter knew BTC/ETH were the only options moving forward. All the new people are getting a hard lesson in the crypto world.
What's so fundamentally different with these coins? Does being early/first mover really make that much difference over the long haul?
That's the problem I have with the whole space. Y'all were discussing Amazon the other day. Historic lows, etc etc etc. If all I had to go on was price of the stock, I might have bought. But I have other fundamentals I can look at, like PE ratio, dividends (there isn't one), balance sheets, revenues, etc. Looking at it I'm still not sure it's for me. But at least there's something beyond "belief" that I can use to make decisions.
This post was edited on 11/11/22 at 10:23 am
Posted on 11/11/22 at 10:25 am to Grievous Angel
They literally bring nothing to the table. These guys are leveraging FOMO and scamexit. I could even argue ETH is the head "shitcoin." Every cycle you have the same scams repackaged and the droids fall for it.
Posted on 11/11/22 at 10:27 am to AUCE05
I’m listening to Mike Novogratz of Galaxy Digital right now. His firm is going to take a $70+ million hit from FTX… and needless to say, he’s pretty pissed (yesterday he was cursing on CNBC). He said that his firm isn’t in danger of folding, but others are. I’m not directly invested in the crypto space. But for you guys who are deep in it, would you agree that centralized exchanges need to be tightly regulated, since that’s where the majority of the fraud and funny business has come from? I’m not including the crap coins that are technically defi, since people should know what they’re getting into there.
This is truly fascinating to me. So that’s an honest question. I’d like to know what the players here think about how these centralized exchange issues are affecting the overall space.
TIA
This is truly fascinating to me. So that’s an honest question. I’d like to know what the players here think about how these centralized exchange issues are affecting the overall space.
TIA
This post was edited on 11/11/22 at 10:30 am
Posted on 11/11/22 at 10:31 am to BottomlandBrew
quote:
Meh, we'll see if my comment ages like milk, but BTC and ETH are only down like 3% for the day. That's a a normal day in cryptoworld. Monday and Tuesday saw a 30% drop. Now, that's a bloodbath.
Down 6% now and bleeding worse.
Posted on 11/11/22 at 10:48 am to Billzbobo
ZERO RISK
Posted on 11/11/22 at 12:12 pm to Jag_Warrior
quote:
But for you guys who are deep in it, would you agree that centralized exchanges need to be tightly regulated, since that’s where the majority of the fraud and funny business has come from?
ABSOLUTELY NOT.
These centralized exchanges are the exact opposite of why crypto was founded. It was founded to GET RID OF MIDDLE MEN.
NOT YOUR KEYS, NOT YOURS COINS.
A few of us were screaming this at the top of our lungs during the bull. People are just lazy
This post was edited on 11/11/22 at 12:15 pm
Posted on 11/11/22 at 12:14 pm to Billzbobo
You hate to see it… hahahaahaha losers
Posted on 11/11/22 at 12:34 pm to Jag_Warrior
(no message)
This post was edited on 2/9/23 at 3:36 pm
Posted on 11/11/22 at 12:35 pm to TheWalrus
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