Meltdown: Bitcoin crashes to $576

[Throttle2]

10 hours ago, Windwaver said:

Want to see young people talk about investing?

 

Thats why so many Singaporeans are down there.  Even a Malaysian boy who is giving textbook lessons gathers so many subs and people asking him as if he was Charlie Munger.

 

*shakes head*
 

let it be let it be

[Wt_know]

cool .. i am going to invest $50 to open a YT channel for crap-to-trading ...

[Windwaver]

1 hour ago, Throttle2 said:

Thats why so many Singaporeans are down there.  Even a Malaysian boy who is giving textbook lessons gathers so many subs and people asking him as if he was Charlie Munger.

 

*shakes head*
 

let it be let it be

Young people can't be bothered by fundamentals , tells you a lot about how they work as well.

Not all are like that, some are still good but it's quite worrying when quite a significant proportion are like the above. 

[Wt_know]

1 hour ago, Windwaver said:

Young people can't be bothered by fundamentals , tells you a lot about how they work as well.

Not all are like that, some are still good but it's quite worrying when quite a significant proportion are like the above. 

just talk cock sing song no 10x no talk …

all are SOLD 100% …. hehe

Edited May 22, 2022 by Wt_know

[Windwaver]

3 hours ago, Wt_know said:

just talk cock sing song no 10x no talk …

all are SOLD 100% …. hehe

Nvm, their own money they ownself song can already , hopefully not retirement funds of their parents 

[Karoon]

4 hours ago, Windwaver said:

Young people can't be bothered by fundamentals , tells you a lot about how they work as well.

Not all are like that, some are still good but it's quite worrying when quite a significant proportion are like the above. 

My time 20 years ago also have these types. Dot com boom got those who do FA, those who do TA. The TAs talk got dragon got tiger. Dotcom crash all disappear.

[Windwaver]

1 minute ago, Karoon said:

My time 20 years ago also have these types. Dot com boom got those who do FA, those who do TA. The TAs talk got dragon got tiger. Dotcom crash all disappear.

Can you imagine people still lose $$ with SA and TA, these young people just gambling.

Never listen to Ravi la

 

[Windwaver]

 

 

[Windwaver]

 

[Windwaver]

 

[Jellandross]

Call a spade a spade

[Windwaver]

46 minutes ago, Jellandross said:

Call a spade a spade

Nice article

https://www.straitstimes.com/opinion/forum/forum-when-financial-vocabulary-turns-gambling-into-investing

https://www.financialexpress.com/digital-currency/terra-crypto-crash-impact-cryptocurrency-is-gambling-modi-govt-news/2534375/

Cryptocurrency = Casino? Has Terra crash given a shot in the arm to govt’s plan to treat crypto as gambling?

One good thing about gambling is you can be a millionaire overnight. But the worse part is that you wouldn’t even know when and how you were suddenly thrown out on the road with literally nothing in hands. Scores of cryptocurrency investors who had put their money in Terra (Luna) witnessed the latter situation recently as one of the top cryptos of the world lost nearly 100 per cent of its value within a few days. 

Just before the crash, Terra (Luna) ranked among top 10 cryptocurrencies on CoinMarketCap, with each of its token trading at around $85. However, by 11th May 2022, Luna crashed to $15 and within the next 48 hours it lost almost 100 per cent of its price value. Interestingly, Terra (Luna) didn’t go down alone. It rather tanked the entire crypto market. 

In what was literally a bloodbath in crypto markets, Terra’s algorithmic stablecoin TerraUSD (UST) lost it peg to the dollar and is presently trading at just $0.0761. Meanwhile, prices of Bitcoin, Ethereum, Solana, Cardano, Matic, Polkadot, XRP, BNB and several other top cryptos also crashed to massive lows and they are still struggling hard to recover, with experts saying price recovery cannot be expected so soon. 

Interestingly, or rather worryingly for the nascent crypto industry in India, the Terra debacle and associated crypto market crash appear to have given weight to the Government of India’s intended move to treat cryptocurrencies as equivalent to gambling (for taxation).

“Yes, this (crypto crash and Terra debacle) has fueled the notion that crypto is nothing but a gamble to those who do not believe much in crypto future,” Dileep Seinberg, founder and CEO of MuffinPay, a crypto fintech company, told FE Online. 

Recently, reports said that the Government of India was viewing crypto at par with lottery, casinos, betting, gambling and horse racing, for taxation purpose. All of these activities attract 28 per cent GST on the entire value plus 3 per cent in case of Gold. 

However, crypto industry insiders say it won’t be justified to treat crypto as gambling as it has many practical use cases. 

“Terming Cryptocurrencies as gambling is not justified where it is compared to risky assets like stocks and commodities. The sole reason for such a speculation is due to less liquidity as fewer people have migrated into web3. More regulations in the Crypto space are welcomed to avoid situations like the Terra Luna debacle but gambling is indeed not the right term to define it,”  Om Malviya, President, Tezos India, told FE Online. 

Malviya further said that Luna was one unfortunate scenario which was amplified by irresponsible influencers and VCs, who certainly have resources to know better. 

“But at the end, there are fundamental values to cryptocurrencies like Store of Value, Remittances, DeF, NFTs, Web3 Games,” he added. 

Regulations welcome

The US government has proposed the Stable coin TRUST Act, clarifying how a stable coin should function and adhere to a few significant guidelines.

“This will be long term beneficial for the Crypto world. Probably the most crucial step to realise the power of cryptos being stable. In this similar model, I believe other governments will also make reasonable regulations protecting people’s interests. Good regulations will fuel crypto innovation and exemplary projects for the market,” said Seinberg. 

[Throttle2]

Definitely a Casino.

Roll the dice! Go for broke! Yeah!

[Windwaver]

Damn funny 

[Windwaver]

https://coincodecap.com/taiwanese-man-commits-suicide-following-2-million-loss-from-terrausd-crash

Taiwanese Man commits Suicide following $2 Million loss from TerraUSD Crash

May 28, 2022

News

Key Takeaways

• The man in his text messages had said that he had invested US$2 million in Luna tokens, but after the crash was left with only US$1,000.
• He was found dead on May 24 in Taichung’s 7th Redevelopment Zone.

A man in Taichung City jumped from his apartment tower in an apparent case of suicide after losing US $2 Million from the collapse of TerraUSD. He was found dead on May 24 in Taichung’s 7th Redevelopment Zone.

A security guard working on the night shift was the first to find the man severely injured lying on the ground. When police arrived at the scene, the man had already died. A floor-by-floor inspection of the apartment building revealed the deceased was a 29-year-old man named Wu, who resided on the 13th floor.

Wu left no apparent suicide note, and after a through inspection of his phone, prosecutors found that he had recently complained to his relatives and friends that the value of the Luna tokens he had purchased had collapsed by 99% within just two days. In his text messages, Wu talks about how the crash cost him a great deal of money and depressed him. In one text message, Wu reveals that he had invested US$2 million in Luna tokens, but after the crash, he was left with merely US$1,000. The police state that his financial investments and the cause of his suicide is still under investigation.

Until the crash, nearly 265,000 cryptocurrency addresses had deposited TerraUSD to Anchor Protocol, according to blockchain analytics firm Nansen. The crash has caught many investors off guard since TerraUSD as a stablecoin was pitched as a harbor from volatility. The unprecedented crash have left investors in complete shock. Many investors who amassed TerraUSD where unaware of its vulnerability and the design of the stablecoin itself. TerraUSD was prone to collapse mainly because it was an “algorithmic” stablecoin not backed by real assets.  

 

[Wt_know]

age 29, whack usd$2M, if fu er dai ... definitely no worries

probably over-leverage 10x 20x and hard to repay loan+interetest for usd$2M ...   

Edited May 29, 2022 by Wt_know

[Volvobrick]

15 hours ago, Windwaver said:

https://coincodecap.com/taiwanese-man-commits-suicide-following-2-million-loss-from-terrausd-crash

Taiwanese Man commits Suicide following $2 Million loss from TerraUSD Crash

May 28, 2022

News

Key Takeaways

• The man in his text messages had said that he had invested US$2 million in Luna tokens, but after the crash was left with only US$1,000.
• He was found dead on May 24 in Taichung’s 7th Redevelopment Zone.

A man in Taichung City jumped from his apartment tower in an apparent case of suicide after losing US $2 Million from the collapse of TerraUSD. He was found dead on May 24 in Taichung’s 7th Redevelopment Zone.

A security guard working on the night shift was the first to find the man severely injured lying on the ground. When police arrived at the scene, the man had already died. A floor-by-floor inspection of the apartment building revealed the deceased was a 29-year-old man named Wu, who resided on the 13th floor.

Wu left no apparent suicide note, and after a through inspection of his phone, prosecutors found that he had recently complained to his relatives and friends that the value of the Luna tokens he had purchased had collapsed by 99% within just two days. In his text messages, Wu talks about how the crash cost him a great deal of money and depressed him. In one text message, Wu reveals that he had invested US$2 million in Luna tokens, but after the crash, he was left with merely US$1,000. The police state that his financial investments and the cause of his suicide is still under investigation.

Until the crash, nearly 265,000 cryptocurrency addresses had deposited TerraUSD to Anchor Protocol, according to blockchain analytics firm Nansen. The crash has caught many investors off guard since TerraUSD as a stablecoin was pitched as a harbor from volatility. The unprecedented crash have left investors in complete shock. Many investors who amassed TerraUSD where unaware of its vulnerability and the design of the stablecoin itself. TerraUSD was prone to collapse mainly because it was an “algorithmic” stablecoin not backed by real assets.  

 

When bitcoin crashes to 1 dollar, how many thousands will do the same? 

 

[t0y0ta]

15 hours ago, Windwaver said:

https://coincodecap.com/taiwanese-man-commits-suicide-following-2-million-loss-from-terrausd-crash

Taiwanese Man commits Suicide following $2 Million loss from TerraUSD Crash

May 28, 2022

News

Key Takeaways

• The man in his text messages had said that he had invested US$2 million in Luna tokens, but after the crash was left with only US$1,000.
• He was found dead on May 24 in Taichung’s 7th Redevelopment Zone.

A man in Taichung City jumped from his apartment tower in an apparent case of suicide after losing US $2 Million from the collapse of TerraUSD. He was found dead on May 24 in Taichung’s 7th Redevelopment Zone.

A security guard working on the night shift was the first to find the man severely injured lying on the ground. When police arrived at the scene, the man had already died. A floor-by-floor inspection of the apartment building revealed the deceased was a 29-year-old man named Wu, who resided on the 13th floor.

Wu left no apparent suicide note, and after a through inspection of his phone, prosecutors found that he had recently complained to his relatives and friends that the value of the Luna tokens he had purchased had collapsed by 99% within just two days. In his text messages, Wu talks about how the crash cost him a great deal of money and depressed him. In one text message, Wu reveals that he had invested US$2 million in Luna tokens, but after the crash, he was left with merely US$1,000. The police state that his financial investments and the cause of his suicide is still under investigation.

Until the crash, nearly 265,000 cryptocurrency addresses had deposited TerraUSD to Anchor Protocol, according to blockchain analytics firm Nansen. The crash has caught many investors off guard since TerraUSD as a stablecoin was pitched as a harbor from volatility. The unprecedented crash have left investors in complete shock. Many investors who amassed TerraUSD where unaware of its vulnerability and the design of the stablecoin itself. TerraUSD was prone to collapse mainly because it was an “algorithmic” stablecoin not backed by real assets.  

 

2m USD "investment" at age 29

Wow this is really a new-age casino

No need 双天至尊