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- Apr 12, 2003
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- 19,145
People are committing suicide. Seems it was a bad idea to bet the farm on crypto or something.
Bitcoin?
- Thread starter theMot
- Start date
People are committing suicide. Seems it was a bad idea to bet the farm on crypto or something.
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- Jan 16, 2014
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- 3,856
Be curious to see where the bottom is. I pulled my paltry sum out a couple of months ago (save for like $100 worth of shitcoins) and that $100 is now worth $20. All markets are built on smoke and mirrors but crypto always seemed prone to collapse at any moment.
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- Jun 2, 2006
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- 5,189
bing bong!
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- Jan 22, 2012
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- 7,844
I was up 170k at the peak last year, after starting with 30k at the start of this thread. In January I was down to 100k, pulled out 50k and “gambled“ the other 50k on a couple of high risk node tokens that look to be toast. It’s been an interesting ride.
- Joined
- Sep 22, 2004
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- 4,197
That one way playing it , hard to call a top or bottom .best to play with house money .
- Joined
- Jan 22, 2012
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You’re lighting your money on fire. There is still 6 billion trapped in UST. For that to exit they need to keep printing LUNA. It will just keep adding zeros to infinity at this point. The only way to make money from LUNA is to short it but it’s too late for that now. I saw on twitter someone shorted it on Binance with $300 when it was over $100 with 50x leverage and made 600k from that trade.
- Joined
- Jan 7, 2013
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- 4,237
Wagering a combination of stimmy/unemployment drying up, hyper inflation, and everyone dumb enough to really "invest" in this just spent their tax returns.
Also, headline:
People discovering intangible digital objects actually have no tangible value, more at 11.
- Joined
- Sep 22, 2004
- Posts
- 4,197
Absolutely this pandemic created the perfect storm allow unlimited government money printing , stimulus checks to push one of the hottest run in the stock market in the last 2 years , and have a few company with trillion dollar market cap . The good times are ending .
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- Mar 19, 2001
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- 11,388
Why on earth would you have thought that was a good idea?
- Joined
- Apr 21, 2001
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- 4,189
Eh, you know, I'm a Vegas guy. Unwise gambling is our thing.
I figured it would probably dip more, but I didn't expect THAT much more.
It's a couple hundo. I can live with losing that compared to the other folks who lost upwards of millions and possibly all their savings.
I figured it would probably dip more, but I didn't expect THAT much more.
It's a couple hundo. I can live with losing that compared to the other folks who lost upwards of millions and possibly all their savings.
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- Joined
- Jun 2, 2006
- Posts
- 5,189
the simple way to summarize it is that a bad actor(s), probably taking advantage of uncertainty in the overall market, threw a bunch of money to de-peg UST. there are some other factors like curve and anchor, but basically, once the peg was lost terra foundation used their reserves (in btc, luna, avax, and maybe some others) to try to re-peg. when that failed, investors panicked and sold off LUNA at a massive rate to initiate a death spiral. the on-chain swap works so that for every luna burned you get the equivalent USD values worth of UST and vice versa. so, once the bottom fell out of luna well below a dollar it created hyper inflation as the system tried to absorb the excess UST.
- Joined
- Dec 1, 2002
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- 22,302
Yeah but at least Blackjack is kinda fun.
The real question is, are there crypto Super Bowl commercials next year?
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- May 22, 2013
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- 10,733
Sounds like a lot of pegging occured.
- Joined
- Dec 31, 2002
- Posts
- 8,373
Crypto blew up before and then the bros crawled back. Probably will happen again.