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Meltdown: Bitcoin crashes to $576

Viceroymenthol
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Wt_know

Wt_know

Supersonic
(edited)
19 minutes ago, DOBIEMKZ said:

They still got the cheek! 

just like love scam .... can cheat, lie and deceive ... AGAIN and AGAIN and AGAIN ...

dumb and dumber still bite the bait .... lol

Edited by Wt_know
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Wt_know

Wt_know

Supersonic
(edited)

well if people believe this LJ ape jpeg cost $300K to $600K ... what's not to believe

probably transfer ETH from one wallet to another wallet to jack up the price 

:grin:

2023-01-18_104731.jpg

Edited by Wt_know
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Throttle2

Throttle2

Supersonic

Unfortunately the crypto industry is simply full of crooks and we will contine to hear of various failures for various reasons.

To me, the crypto story is over for now, until the next big batch of dreamers get sucked in

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t0y0ta

t0y0ta

Supercharged
On 3/4/2023 at 12:07 PM, Throttle2 said:

Unfortunately the crypto industry is simply full of crooks and we will contine to hear of various failures for various reasons.

To me, the crypto story is over for now, until the next big batch of dreamers get sucked in

Crypto is MLM or worse

Initially Block-chain (which BTC was based on) was supposed to be a game changer tech - even that tech honestly is now a solution looking for a problem - Web3 is the new hocus pocus buzzword - real ppl working in IT know that that is just marketing by a few vested interests.

Later crypto became just virtual banana notes - the LUNA guy can just create a billion coins overnight - without even needing to buy paper and printers.

In short crypto is a mirage - the price is equivalent to what the current speculator is willing to pay for it - and it has no real life usage beyond speculation.

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Mkl22

Mkl22

Twincharged
On 3/4/2023 at 12:56 PM, t0y0ta said:

Crypto is MLM or worse

Initially Block-chain (which BTC was based on) was supposed to be a game changer tech - even that tech honestly is now a solution looking for a problem - Web3 is the new hocus pocus buzzword - real ppl working in IT know that that is just marketing by a few vested interests.

Later crypto became just virtual banana notes - the LUNA guy can just create a billion coins overnight - without even needing to buy paper and printers.

In short crypto is a mirage - the price is equivalent to what the current speculator is willing to pay for it - and it has no real life usage beyond speculation.

Crypto “jiak dian” la 😂. Give it a bit of credit! 

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Ginyu

Ginyu

4th Gear
(edited)

Early adopters of crypto have already cash out their gains and enjoying their retirement. Only those who missed the boat and went in  later hoping to make those gains too are cursing or swearing on their losses and blame it on scam 😂 

Edited by Ginyu
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Windwaver

Windwaver

Turbocharged

GG to crypto

https://cryptoslate.com/usdc-depeg-everything-we-know-so-far-as-contagion-spreads-from-tradfi-banking/

USDC depeg – Everything we know so far as contagion spreads from TradFi banking

Coinbase and Binance both suspend USDC conversions until the dollar peg stabilizes, while BlockFi and Avalanche both reveal ties to SVB.

What we know so far about the SVB collapse and USDC/DAI depeg (updated):

  • Crypto firm Circle reveals $3.3 billion stuck in SVB
  • DAI/USDC depeg as stablecoin pressure continues after Silicon Valley bank collapse
  • Binance suspended USDC conversions due to volatile market conditions
  • Coinbase suspended USDC conversions “over the weekend while banks are closed”
  • SVB contagion: crypto firms hurt include BlockFi, Circle, and Avalanche
  • Circle $1 billion in net redemptions since the SVB collapse
  • On Saturday, March 11, during Asian afternoon hours, DAI, the decentralized stablecoin of MakerDAO, reached its lowest value ever at 0.88 cents
  • Contagion is thought to be part of “Operation Choke Point,” a remnant from Obama-era Justice department policy
  • Tether, the stablecoin USDT, surged momentarily on news it is unaffected by SVB

TradFi banking contagion

A day after the west-coast bank Silicon Valley Bank (SVB) was placed into federal receivership and b both deposits and withdrawals ceased, Circle, the issuer of the stablecoin USDC, lost its $1.00 peg to the US dollar, prompting fears of a run on the stablecoin similar to what happened during the wind-down of UST in the wake of its depegging from Terra Luna.

Overnight, USDC lost 14 cents from its $1.00 peg, tumbling to as low as .86 cents.

“Following the confirmation at the end of today that the wires initiated on Thursday to remove balances were not yet processed, $3.3 billion of the ~$40 billion of USDC reserves remain at SVB,” Circle said in a tweet.

“Like other customers and depositors who relied on SVB for banking services, Circle joins calls for continuity of this important bank in the U.S. economy and will follow the guidance provided by state and Federal regulators.”

That news followed fears that the contagion from the SVB collapse would also affect other crypto institutions, which it has, with both BlockFi and Avalanche also revealing connections to the distressed bank.

The news has prompted renewed fears that fiat on/off ramps in crypto can become “choke points” for the government to target the crypto industry at large.

CZ took to Twitter to speculate if it was time for exchanges like Binance to start buying up distressed banks.

Leveraged positions open up

Some traders are purchasing USDC in anticipation of a potential 10% gain if the tokens return to the intended dollar mark. These traders are betting on this gradual recovery to $1 due to the relatively cheap price of USDC. Leveraging could potentially amplify returns for these traders, as evidenced by the futures funding rates on Bybit, which reached as high as 0.3% on Saturday morning.

 

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Wt_know

Wt_know

Supersonic
(edited)

LUNA kaput

Celsius, Voyager, BlockFI kaput

3AC kaput

FTX kaput

Silvergate kaput

and now USDC .... going to kaput issued by Circle .... their funds are in SVB ... kaput

jit dong jeng!

 

2023-03-12_112331.png

Edited by Wt_know
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Wt_know

Wt_know

Supersonic
(edited)
On 3/12/2023 at 11:35 AM, Volvobrick said:

My question is..... Why takes so long? 

i think the LAST STRAW to break the camel break will be USDT up lorry .... [sweatdrop] 

the company behind usdt also sibei doggy back alley mom and pop shop

Edited by Wt_know
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t0y0ta

t0y0ta

Supercharged
On 3/12/2023 at 11:53 AM, Wt_know said:

i think the LAST STRAW to break the camel break will be USDT up lorry .... [sweatdrop] 

the company behind usdt also sibei doggy back alley mom and pop shop

All crypto is fiat - no intrinsic value

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Throttle2

Throttle2

Supersonic

I remember a young chap why made afew tens of thousands feeling like he was invincible telling me that he can read the crypto markets and he can trade it to make money over and over again.   I said to him, do it!  Guess where he is now

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Ginyu

Ginyu

4th Gear
(edited)
On 3/4/2023 at 4:40 PM, Ginyu said:

Early adopters of crypto have already cash out their gains and enjoying their retirement. Only those who missed the boat and went in  later hoping to make those gains too are cursing or swearing on their losses and blame it on scam 😂 

Where were they when btc was just around few k in 2018, they adopt the wait and see attitude. Then they decide to go in when it reached 60k hoping it will appreciate higher but things turn for the worst. This kind of opportunity is only once in a lifetime, they did not grab it when they have the chance so just move on to other investment instruments 😂 

Edited by Ginyu
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