Bitcoin
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- NBQ002
Oopsies
- AQUTE3
What's the lowest it will go this year? Place your bets, place your bets.
8k
- 18750drgs
- 666Krassy
- half life was under $1K so...
with nothing to prop it any longer and a recession coming up, I doubt it will even survive - the entire market going with itgrafician - the entire market is layers upon layers of scams, leverage, etc. so dominos will fall
then, if they're lucky, hard regulation or bye byegrafician - -5k ...u have to be fined killing the ecosystem for literally nuffin but toxic air.neverscared
- spartans u have to pay up for you eco-desaster hustle.neverscared
- Below $1000formed
- $14300 - I think BTC will lose 80% of its value from its previous highest price... like last timeSlashPeckham
- But what does that mean for all the crypto bros? will they have to go back to being poker bros?_niko
- $14kshapesalad
- at least to the level where microstrategy goes bust...neverscared
- It's at 18,650 nowpinkfloyd
- Your mommonospaced
- ^crazypinkfloyd
- 11kYakuZoku
- when this shit started i was set to 18k for a buy, now i'm having doubts. 11-12 maybested
- i think there will be a shitshow around 17 and 15ksted
- $60 ishHayoth
- fucker ran awaysted
- grafician2
- "JUST IN: Michael Saylor’s MicroStrategy #Bitcoin investment is currently at a $1,665,000,000 unrealized loss."grafician
- 1btc = 1btc ..hehehheneverscared
- sarahfailin1
The Coin That Could Wreck Crypto
As cryptocurrencies have plunged, attention has focused on a potential point of vulnerability: the market’s reliance on a so-called stablecoin called Tether.
June 17, 2022
SAN FRANCISCO — Cryptocurrency prices are plummeting. A so-called stablecoin lost all its value in a matter of days. A newfangled crypto bank halted withdrawals. And investors have been plunged into financial ruin.Now the crypto industry is grappling with an even grimmer prospect: The worst may be yet to come.
Concern is mounting over another potential vulnerability in the crypto market: Tether, a company whose namesake currency is a linchpin of crypto trading worldwide. Long one of the most scrutinized companies in the industry, Tether is facing heightened pressure from regulators, investors, economists and growing legions of skeptics, who argue it could be another domino to fall in an even bigger crash.
“Tether is really the lifeblood of the crypto ecosystem,” said Hilary Allen, a finance expert at American University. “If it imploded, then the entire facade falls down.”
Tether is the dominant issuer of stablecoins, a type of cryptocurrency pegged to a stable asset like the U.S. dollar. Unlike traditional cryptocurrencies such as Bitcoin and Ether, whose monetary value can fluctuate widely, stablecoins are typically designed to maintain a constant price of $1 and are backed by large reserves of funds or other financial engineering. That consistency allows crypto traders to conduct safe, predictable transactions without relying on banks or other financial gatekeepers.
...
Even by crypto’s often-surreal standards, Tether has a peculiar history. The company was founded in 2014 by Brock Pierce, a cryptocurrency evangelist who, as a child actor, starred in the “Mighty Ducks” movies. He and his partner, Reeve Collins, later handed control of the firm to a former plastic surgeon named Giancarlo Devasini, who has stored some of Tether’s assets in a bank in the Bahamas run by one of the creators of the “Inspector Gadget” cartoon.
Tether has grown rapidly. Last year, it issued roughly 50 billion stablecoins, more than tripling the worldwide supply. “If we have to redeem till the last cent, we can do it,” Mr. Ardoino said in the interview.
...
Last October, the Commodity Futures Trading Commission found that over a 26-month “sample period” between 2016 and 2018, Tether had held sufficient reserves in its accounts only a quarter of the time. The company paid a $41 million fine to the commission.
Since the New York settlement, Tether has issued periodic statements disclosing the composition of its reserves. But its announcements have done little to quash skepticism.
Last month, Tether revealed that about a quarter of its reserves, or $20 billion, consisted of commercial paper, down $4 billion from February. At the same time, it increased its exposure to money market funds, which may invest in commercial paper, to about $7 billion from $3 billion. Tether also revealed that $5 billion of its reserves were tied up in “other investments,” including digital currencies. Critics argued that the report was essentially a wash, with the project still lacking the kind of stability that many investors expect.
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The growth of stablecoins presents “the same kind of risks that we have known for centuries in connection with bank runs,” she said.
Mr. Ardoino said Tether was eager to work with regulators to devise a global framework governing disclosures that stablecoin issuers must make about their reserves. But Tether has resisted more aggressive proposals, which would subject it to regulatory requirements like those of traditional banks.
“Everyone’s freaking out — like, ‘I lost my life savings,’” said Mr. Collins, who founded Tether with Mr. Pierce and now runs a crypto venture called BLOCKv. “That’s a tragedy, but it’s just as much of a tragedy when someone says, ‘I went to a casino and lost my life savings.’ But that doesn’t mean let’s regulate casinos out of existence.”
The Coin That Could Wreck Crypto https://nyti.ms/3xW3Wch
- NBQ002
18K
- Continuity2
Sub-17k.
I suspect the bottom is a long way down. But what's made it plunge this time? It's Saturday.
- Ah, my bad. I'm looking at BTC to EUR.Continuity
- Was gonna say..sarahfailin
- sarahfailin0
"At times, crypto has looked like a combination of Beanie Babies, dot-com stocks and the Velvet Underground: It is manic, it is money, and all the cool people are into it."
Lol at this WSJ article
The Crypto Party Is Over https://www.wsj.com/articles/the…
- shapesalad2
It's all just part of the cycle. And in macro mark terms we've gone very Risk—OFF. It'll cycle around to Risk—ON and Bitcoin will reach a new all time high. Meanwhile a bunch on innovation will happen in the space, across blockchain, defi and nfts tech - some projects will race up in the next rally. You have a couple years to research.
- the pattern is clear.... the circle is broken when ... to the grave.neverscared
- Is this a spin in the old "I don't care about the price I am here for the technology" crypto cult affirmations?jonny_quest_lives
- Looks like one big bubble to me, kinda like the infamous tulip craze. Sure, blockchain will evolve, but so far btc/etc. is nothing of what was 'promised'.formed
- Yup. People will buy again when this is over.monospaced
- tulips? fucking lol. its like a broken record hereinteliboy
- NBQ, neverscared and grafician sucking each other's cocks and drafting plans of sub 3k was a bottom signaldrgs
- 3k lets go..neverscared
- the coiners do their su***ng the anti-coiners do theirs... that´s the way the world spins till it burns up.neverscared
- drgs I'm sorry that chart of yours didn't work out.NBQ00
- only one of the differences is....coiners putting the fuel into the fire much harder with their hustle..neverscared
- Both can be true...it in no way lives up to the original vision, destroys the environment, is basically useless but nonetheless will go up again.yuekit
- There's no reason there has to be a connection between crypto being useful and the bubble continuing, in fact you can argue these things are in opposition.yuekit
- @NBQ00, Which one? I had charts for every occasiondrgs
- Yeah, it's been fun calling a bubble in this, but the difference is I am down $100 (bought $200 ETH), while the "coiners" are losing everything.formed
- Something will survive and emerge, but I am not so sure it'll be anything we can see currently. Look at the dotcom era, who survived that promised a future?formed
- Google, Facebook, etc., emerged, but it took a long time and countless complete failures for something to 'work'.formed
- https://pbs.twimg.co…neverscared
- it's only useful if more people put their money in. hence the posthotroddy
- People will put money in when it’s low and then it will go up as a result. It’s a cycle and it’s not always the same result for each commodity.monospaced
- But BTC isn't really a commodity. It doesn't have any 'real' value. Even wood and copper have a 'real' value.formed
- That's a bullshit graph. lol.dibec
- Why does that matter though formed? The price goes up, that's all people care about :)yuekit
- Exactly formed. It’s not a commodity. That’s why it’s a different t cycle but it still has one.monospaced
- BusterBoy7
Thoughts and prayers.
- neverscared0
Miners sell Bitcoin, refinance as margins collapse
Over the past seven months, the price of Bitcoin has fallen from its November high of $69,047 to a current level of $20,500 – a drop of $48,547 or some 70%. Bitcoin miners landed on the pavement harder, with some North American publicly listed miners down as much as 85% over the same period.
https://lh6.googleusercontent.co…
https://compassmining.io/educati…
- neverscared3
- That might prove a hard sell in a country where about one-fifth of the people live on less than $5.50 per day.neverscared
- 61% of bitcoin addresses have not sold anything in the last 12 months. so there is a solid amount of users who are waiting it out. it's sound adviceuan
- good to hear u take sound advice from a dictator who has fucked up pretty hard so far...politicaly and financialy...neverscared
- how many people will starve and get dumb coz he blew it... because he didn´t invest in infrastructure and education while waiting...good job mr.dictator..neverscared
- 39% have sold... thats a super duper high number..... also pretty useless if u dont know the numbers inside that percentage.neverscared
- 61% of bitcoin addresses maybe hold 61 BTC :)))
only a few percent hold the entire stash of btc = the whalesgrafician - its especially killing when u think about it exponantialy instead on incremental... u lose nearly half the points..like regressing from 3D to 2D... from 10000neverscared
- to 100....in terms of volume thats a massive blow..neverscared
- "good to hear u take sound advice from a dictator..."-> good to know I can control the voices in your head typing stuff on the internet.uan
- BusterBoy2
So will all those "influencers" that put "Bitcoin" as their occupation find something else to describe themselves now?
- neverscared3
GPU Prices Fall Amid Crypto Crash, Here’s How Much You Will Pay Now
After years of shortages and scalping in the graphics card market, the crash of cryptocurrencies is lowering the cost of GPUs across the board.
- grafician-6
- I think if I was an exchange with deep pockets, I'd buy btc while it was low... and sell it to retail peeps over the year as price increases.shapesalad
- They will have to sell all that Bitcoin at some pointdrgs
- define "BOUGHT"jonny_quest_lives
- BINANCE BOUGHT $2B WORTH OF BITCOIN... using/with is the mystery question. house money? BNB? USDT?jonny_quest_lives
- the results matter and it's now over $20K again
it's all fakegrafician - yea this is not trueinteliboy
- grafician-7
^
- neverscared1
Vienna-based cryptocurrency exchange has fired 730 employees due to unfavorable market conditions, according a Friday announcement.
The trading platform, which is backed by PayPal co-founder Peter Thiel, says that the “difficult decision” was taken so that the company would remain “financial healthy.”
