Bitcoin?

100proof

Insert Something Clever Here
Joined
Jan 16, 2014
Posts
2,525
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.
 

theMot

Moterator.
10 Year Member
Joined
Jan 22, 2012
Posts
6,976
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.
 

Fygee

Bewbs! Z'OMG, Teh BEWBS!,
20 Year Member
Joined
Apr 21, 2001
Posts
3,353
And now it would be worth $2. Down to a penny.

I'm going to through a couple hundred bucks at it. If it rebounds to even a dollar, that's a hefty profit.
 

racecar

Setsuna's Owl Keeper
15 Year Member
Joined
Sep 22, 2004
Posts
3,639
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.
That one way playing it , hard to call a top or bottom .best to play with house money .
 

theMot

Moterator.
10 Year Member
Joined
Jan 22, 2012
Posts
6,976
And now it would be worth $2. Down to a penny.

I'm going to through a couple hundred bucks at it. If it rebounds to even a dollar, that's a hefty profit.
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.
 

skate323k137

Professional College Dropout
10 Year Member
Joined
Jan 7, 2013
Posts
3,678
200B up in smoke, in a day.

What triggered the calamity?
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.
 

racecar

Setsuna's Owl Keeper
15 Year Member
Joined
Sep 22, 2004
Posts
3,639
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.
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 .
 

Fygee

Bewbs! Z'OMG, Teh BEWBS!,
20 Year Member
Joined
Apr 21, 2001
Posts
3,353
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.
 
Last edited:

basic

Back to Basics
15 Year Member
Joined
Jun 2, 2006
Posts
2,793
200B up in smoke, in a day.

What triggered the calamity?
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.
 

lithy

hønefuld
20 Year Member
Joined
Dec 1, 2002
Posts
16,014
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.

Yeah but at least Blackjack is kinda fun.

The real question is, are there crypto Super Bowl commercials next year?
 

wyo

The Cable Guy
10 Year Member
Joined
May 22, 2013
Posts
8,041
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.
Sounds like a lot of pegging occured.
 

madmanjock

Accept no substitute
15 Year Member
Joined
Dec 31, 2002
Posts
4,899
Crypto blew up before and then the bros crawled back. Probably will happen again.
 

Fygee

Bewbs! Z'OMG, Teh BEWBS!,
20 Year Member
Joined
Apr 21, 2001
Posts
3,353
Tossed another 200 on Luna when it hit rock bottom and now I'm sitting on a nearly $2000 profit.

I'm sure the big bounce is only a temporary pump and dump, but there you go.

Crypto's a funny thing.
 
Top