There have been people calling crypto a scam since bitcoin was $1 and those that will continue to do so regardless of price/adoption. Its the wild west out there. If you need the government to hold your hand, I'd agree it's best to stay out of this game.

Word. Please keep crypto the wild west.


All the theory around UST is very interesting. Even more interesting is the implication of Blackrock in this whole thing. Blackrock backs USDC so naturally they have motive to maintain their dominance.

Holy shit

The total crypto GDP is also down by 40% over the last week / two.... Was 2 trillion, now at 1.3

Then again, this is the same thing as 2017, when there was only 500 altcoins.
490 of those dropped like a rock, and stayed there. About 10-20 of those came back for the 2020 pump

Now we are at 20,000 altcoins, safe to assume 19,950 of those will drop like a rock, not to mention 95% of those are already past their pump and dump state....

What I'm really curious to see, in 5ish year time:
is what coins of the original 500 from 2017 will be at the top, and what coins from the current 20,000 will be at the top from 2021 peak

Bitcoin, ETH.. Maybe one other

The rest will be fractions of pennies. Yes, the shoes too

Whoevers behind it (Blackrock came out to deny btw :lol) they made a killing shorting everything

This happens to the stock market too, to the point where the whole world economy gets fucked (Black Friday)... It's still pretty new, so this kind of shit will happen.

Yes the shitty bankers and greedy speculators and scam artists are making a killing while retail customers are getting fucked. That's how it always is, just to a less dramatic extent. I hope most people follow the often reported advice "only bet/invest what you can afford to lose". Because that applies to the stock market, to the casino, and to crypto. Can't blame the casino for someone losing all their money there - they knew what they were getting into.

I think the hope is that all these shitcoins pop up less and less, to be eventually replaced by crypto technologies that are useful. These will be inherently more and more stable as time goes on. Less bankers and speculators, and more people ACTUALLY USING THEM FOR SOMETHING. And no, shoes and apes do not count. It has to be something useful. So far, bitcoin and ETH are the only coins that make any sense. The rest is just people ripping each other off until the pyramid crumbles.

This won't stop after this crash, but hopefully it'll be less and less as people realize what's actually going on. The bankers and speculators simply won't have enough people to steal from.

lol you guys know that BlackRock manages over 10 trillion USD? Market cap of UST is what few billions? Kind of cute to think that BlackRock would severely risk their reputation and potential fines for a few decimal points to their bottom line

There wouldn't be any fines from this because it's crypto

^ You're joking right? If not, just type "sec cryptocurrency fine" in google

Nah, not all, add dogecoin, it's gonna be the greatest meme token of all time

Honestly, if the only standard is that a coin is actually useful, then being a meme qualifies!

Finally something we agree on :fullofwin::devil:

I might buy some on this dip just in case it's the only one that survives EleGiggle

Guys, don't forget when BTC hit ATH of $20k in 2017 and was followed by an 85% drop to $3k.

Not saying BTC will hit $10k, but I can see BTC getting as low as $20k. If we survive this crash, we're going to the fcuking moon boys. If this crash kills crypto, then it was a good run.

I'm hoping for the moonshot, but time will tell.

it's kind of fun watching Luna crash. I just bought 200 coins for 140 which would have costed 24k just 1 month ago, amazing lol
i'm going to get a stack of 500 just for fun, see what happens when ust re-pegs itself

So many people talking about suicide on the Luna subreddit. Goes to show how many people are overleveraged, lol.

Eh keep in mind that reddit and 4chan are like 99% gimmicks

That's only due to investment schemes by exchanges its not set in stone but the sec alleges they have jurisdiction over such aspects, and they are ramping up a crypto investigations team

Blockfi paid the fine bcuz they opted to not go into a legal battle

sigh, it's 2018 all over again if not worse

Feeling the pain on it today?

I've never really gotten in to crypto or had a will to. Now reading all this news about everything tanking is kind of a guilty pleasure. After years of listening to friends and others trying to tell me to dump thousands into certain coins and how they're making a killing is a bit entertaining on the inside right now. Fools. thought they were walking on a magic rainbow to financial success only to listen to them now crying their eyes out.

Are people actually still dumping tons of money back into these coins that have hit rock bottom in hopes they'll make a killing of a profit or is it enough for people to just call it quits?

*edited for spelling/grammar*

Only a small man takes delight in the downfall of others.

How can you fault people for wanting to make money? Especially given affordability issues here… what other chance do you have here to get anything besides taking huge chances on moon shots? And then having giant faceless and crooked corporations or entities change the rules behind their backs?

At least they tried to do something instead of just accepting things how they are.

is there any change Luna comes back up? trying to understand better what caused it to go down in the first place.

https://www.business2community.com/c...crash-02493117

this article correct?

The only people that really know what happened, are the ones that profited. Everyone else can only guess, as the real story will probably be taken to the grave

I want to know why Luna supply went from 300mil, to 3bil in the span of hours

Small man here, I do take joy just like eatman

Not necessarily take joy of the fall of others: I'd say joy, in watching people make poor financial decisions, thinking they found gold, and then watching that poor financial decision show it's true colors

If you want to make money, you do not buy lotto tickets, pink slips on the stonk market, or snake oil your cousin from Bangladesh that said will be 90,000$/lb in a year

Trying "to do something" instead of accepting things how they are, is the root cause of failure my opinion, everyone wants "when lambo" without putting in work.
Alot of people in this thread have 5, 10, 20% of their assets in crypto, and that's completely fine, regardless if it's 500$ or 50k

9/10 new businesses fail
19500 of 20000 cryptos fail
Lotto tickets..... 999999 of 100000 fail? (Big win wise)
60% of stocks over the last 30 years returned less than 1%, not to mention the ones that flopped

You go get an education, in a high demand field, get paid, then you spend years obtaining wealth, then, you can buy a condo, and that sportcar

Don't wish for it, work for it