Cryptocurrency

[seafoid]

Crypto is a Ponzi scheme

https://www.ft.com/content/f15ed364-ea62-40f0-ab7e-395b29e4b23a

The risk of widespread losses — and of crypto's turmoil spilling over into the real world — is sufficient that some guardrails are needed. There has been some progress in the US, UK and EU to begin designing frameworks, despite internal turf wars and concerns that complicating the current simplicity of a mostly unregulated, unprotected product may bring its own unintended consequences. But how can a phenomenon that is everywhere yet nowhere be properly regulated? Crypto's decentralised structure is designed to be out of the reach of national governments — a red flag or a libertarian goal, depending on viewpoint.

A start would be to focus on where crypto and fiat currencies meet, namely stablecoins, which claim to be underpinned by real-world assets as a way for traders to park their cash safely between bets on more volatile coins. That promise needs to be audited, and stablecoins should be subject to capital and liquidity requirements. But unless there is lockstep action taken around the world, little will be accomplished to control an online industry that operates beyond borders. Until then, investors ought to remember another adage that the crypto industry has not pushed: if it looks too good to be true, it probably is.

[seafoid]

   https://www.ft.com/content/f2faeec9-6d42-4d78-9c68-1f59795789a7

   The crypto crash (and preceding bubble) shows that cryptocurrencies are objects of speculation rather than stores of value. That also makes them unusable as units of account. As the BIS notes: "The prevalence of stablecoins, which attempt to peg their value to the US dollar or other conventional currencies, indicates the pervasive need in the crypto sector to piggyback on the credibility provided by the unit of account issued by the central bank. In this sense, stablecoins are the manifestation of crypto's search for a nominal anchor."

[Dougal Maguire]

I hear that Elon Musk has got rid of his Bitcoin. I'd say that won't help it recover anytime soon

[rrhf]

In years to come people will ask what did it once feel like to be a virtual millionaire.. Really difficult for many people if this is the end.. 

[clarshack]

I hear that Elon Musk has got rid of his Bitcoin. I'd say that won't help it recover anytime soon

think he sold in q2 but it's only becoming knowledge now. would explain the crash then.

[clarshack]

In years to come people will ask what did it once feel like to be a virtual millionaire.. Really difficult for many people if this is the end..

I follow a girl on twitter who was a virtual millionaire last year. she's down a good bit now.

[trailer]

Complete dogshit. It is all makey uppy shite. A complete waste of time. But there will be another bull run. You just have to hold on. I'm actually buying some most weeks.

[OrchardOrange]

Think about it. 99% of investments are assets or commodities you never see or use. That can be currencies, tech, shares etc. Investor  confidence vs supply is what keeps prices high. Btc will come again. Buy btc now when confidence is low

[RedHand88]

Bitcoin is up 18% in the last month. No idea what you naysayers are talking about.

[Milltown Row2]

Bitcoin is up 18% in the last month. No idea what you naysayers are talking about.

If you sold your bitcoins today would you be up? (If you have any)

[Milltown Row2]

Watching bbc doc ... El Salvador president is loving the bitcoin, he's shoved the countries full economy into it...

[rosnarun]

Think about it. 99% of investments are assets or commodities you never see or use. That can be currencies, tech, shares etc. Investor  confidence vs supply is what keeps prices high. Btc will come again. Buy btc now when confidence is low

And it will go again and who knows
Where it'll stop.
Invest in block chain bit coin is a distraction

[RedHand88]

Bitcoin is up 18% in the last month. No idea what you naysayers are talking about.

If you sold your bitcoins today would you be up? (If you have any)

Don't currently have any.

Bought at 13k a few years ago. Sold a year later for little more. (Missed  the 60k run)

[bennydorano]

Article in today's Sunday Times magazine - Crypto Inferno, how more than $2 trillion went up in flames.

[Jell 0 Biafra]

Netflix doc "Trust No-One: The Hunt for the Crypto King"   is good.