The crypto crash has begun
 

https://www.vice.com/en/article/88gy...-crash-is-real

I have always said crypto was short term fantasy, and it will crash to zero.

It as clear with ALL bubbles that crypto was short term, and the only ones who would make money from it were those who purchased early and sold at the right time.

Most people will purchase as it rose high, then because of greed would not sell hoping it would rise more, and they will probably loose the most.

These threads come every cycle :1orglaugh

Getting worse now:

https://www.dailymail.co.uk/news/art...-24-hours.html

The sky is falling! The sky is falling!

The Coinbase part is FUD, they were required by regulation to update their TOS, similar to what all exchanges are required to do. And nobody should be storing their assets on Coinbase or any exchanges anyways.

As for Luna/TerraUSD, that was a shitcoin ponzi, and those invested in it because of cool name, without learning or caring fundamentals get rekt, sadly but rightfully so.

Stick with the fundamentals, digital scarcity and the only secure one, Bitcoin

Yes beside bitcoin and other major cryptos everything else is shit coin no matter how hard someone would deny.
But the thing is, long time ago, i actually managed to make some money on currency which was doomed to fall - e-gold.
At that time , there was many exchanges which would do exchanges automatically, so while i know how it's only matter of hour till e-gold become extinct,
some auto exchange services were still accepting it, even tho for pretty high commission, like 20%, some other auto exchange were selling it for 30% so it was like guaranteed profit due 10% difference.
Same principle can be applied to crypto as most of exchanges are fully automated.

Right, and you know what the difference of e-gold and Bitcoin?
e-gold fully centralized
Bitcoin fully decentralized

I've been trying to embed this into peoples brains for years, ONLY Bitcoin is decentralized, which means its the ONLY cryptocurrency that will always exist. Anything centralized is at risk of being shut down, misguided, rug pulled, manipulated, destroyed.

Value decentralization & Proof of Work :2 cents:

No matter if you are right or wrong :

https://i.pinimg.com/originals/b0/a3...0ec6f00827.jpg

:1orglaugh

You were right all along and everybody else got fooled.

You've predicted a crash. Nobody could see that coming. This has never happened before in the past decade or so.

Dont buy Bitcoin, bcos it will crash :evil-laug

Bitcoin and Ethereum. Both play an important role.

TerraUSD (UST) which is stable coin now is at 0,35€, so Terra (LUNA) from 80€ now is on 0,02€ !!!!

https://www.bitcoinrollercoaster.com...oaster-guy.gif

:1orglaugh :1orglaugh . . .

Omg it's going down , seems everyone will start to sell now ..who want to get nothing?

Just a little bump in the road

Nasdaq is -7.15% over the past 5 days
S&P 500 is -5% over the past 5 days
FTSE 100 is -4% over the past 5 days

But it's fun to see all these drama queens overreacting on social networks :1orglaugh:1orglaugh

btc will be back at $35-40k within the next 1-3 months

These crypto coins that had zero value, are now becoming worthless.

Who would have guessed.

But some of you will still want to believe.

It reminds me of years ago when work friends told me about this great new thing. I had never heard of a pyramid scheme before, but I knew what they were telling me could never work.

I warned them.

They ignored me.

They lost money.

I also wonder if the reason these coins have not crashed sooner is that there are programmes doing some clever buying and selling to keep the price artificially high.

The truth is these coins have zero value. They do not exist or are linked to anything.

In theory money is linked to gold that banks store. As such in theory money has some value.

I am sure people said that about tulip bulbs.

It looks like some of these coins are going to fail.

Once one or two fail, people will panic sell, and even btc will become worthless.

Stablecoins are struggling to survive the crypto crash

Once pegged to the dollar, Terra’s UST coin is now trading at 40 cents

https://www.theverge.com/2022/5/12/2...-crash-bitcoin

Warnings From the Crypto Crash

As the Federal Reserve withdraws liquidity to fight inflation, stablecoins won’t be the last casualties.

https://www.wsj.com/articles/warning...sd-11652390321

Crypto crash: Stablecoin collapse sends tokens tumbling

https://www.bbc.co.uk/news/technology-61425209

Crypto-currency markets are being rocked after a popular token lost 99% of its value, dragging down a so-called "stablecoin" with it.

The Terra Luna token fell from a high of $118 (£96), last month, to $0.09 on Thursday.

The collapse had a knock-on effect on a linked token, TerraUSD, which is normally stable.

And spooked investors are now pulling out of major crypto-currencies, sending markets plummeting.

The companies behind stablecoins try to ensure they remain in parity with assets such as the US dollar - with one token equalling $1, for example.

But on Thursday TerraUSD fell to $0.4 according to the trading website Coin Market Cap.

Tether, the most popular stablecoin, also fell off its US dollar peg - to an all-time low of $0.95.

every time crypto crashes the mouthbreathers like DVTimes stand up on whatever pedestal they can find for themselves and self-fellate about how crypto is all a scam and they've been calling it from the beginning

when it inevitably recovers they'll be silent

it's almost as boring and stupid as my wife

We're seeing a perfect example of how poor people and poor minds stay poor (re:DVTimes). He refuses to learn. He even refuses to acknowledge historical data. He fights Bitcoin since $1000, and now it's $30,000 and he still thinks he's right.

This is called insanity and/or ignorance.

He's still saying "i told you so" :1orglaugh

DVTimes is struggling in his own mind
He's trying to convince himself
This is sad ... :helpme

btc is back at $30,450 by the way right now, +5% from yesterday

True that. Imagine how terrible a person must be if they're against freedom, fairness & math. He sure is a product (victim) of an authoritarian state, where he'll "own nothing and be happy", he surely supports that. A model citizen :Oh crap

Crypto as a whole ain't about to "crash to zero" and if it did it would be an amazing opportunity to become very wealthy... I almost wish it would so I could collect a bunch at "rock bottom prices" lol

So many crypto haters out there sheesh

I threw some money on Kraken yesterday, bought 5 or 6 random alt's in the top 30 or so that went down the most. Up 50% on one, 20% on others, Lost about 75% of the money I bet on LUNA but at this point there's so little in there that it's not worth selling and I may as well ride it out and see what happens.

That said I do wonder how all the inflation and higher electrical prices in Europe are going to affect crypto prices. I suspect ETH might be the winner once it goes proof of stake because it will be the most 'green' of the major coins and lately governments have had a hard-on for ecological stuff.

Problem with ETH is it's centralized & doesn't have a max supply, nobody can validate its supply, very similar to fiat currency. It's a great gamble though, as it fluctuates more than boring old Bitcoin.

Once it goes POS there won't be any miners, and some ETH will get burned in every transaction making it a decreasing supply not an unlimited supply.

You're still putting trust in people rather than protocol. That's the mistake gamblers in Luna did, or people who irresponsibly stored their crypto on exchanges (ie QuadrigaCX, MtGox, Cryptopia, etc etc)

ETH/Vitalik seems more reliable than those I just mentioned, but he changes his tune & misses targets often. I don't trust him. Thankfully we have BTC for less trust in greedy, irresponsible, unreliable humans.

Hmm, time to buy? :winkwink:

Actually, the people holding LUNA did put their trust in protocol rather then people. No one knows if tether actually holds those reserves it claims to - but it's supposed to hold collateral. LUNA and USC was pegged to the dollar algorithmically by minting/burning LUNA.

Now we have like 500 billion LUNA so it's basically a meme coin.

False. Luna/TerraUSD were both centralized and they needed a huge trust in DoKwan/LFG, who had too much power, similar to Vitalik/ETHfoundation.

USDT/USDC/BUSD are also centralized but the reason they won't fail is they're backed by reserves $1 to $1 equivalent while UST was algo-based.

Greedy people desperate to make easy money.

Greedy people who believe this bubble is different to all others.

There are greedy & there are stupid, you sir are both

- greedy: you support traditional finance aka fiat currency which steals value and time, through inflation, from unknowing citizens, usually this theft from people who already poor and less educated. :disgust

- stupid: you repeatedly criticize a technology, asset, a money, that you are unwilling to understand. This is ignorance at its finest. :disgust

I understand it, and see it has great use.

However the mistake people have made is to see it as a quick way to make a quick profit.

Its a bubble like all bubbles. Like all these bubbles, people believe and claim this one is different because of xy and z.

Like all bubbles, those who make money, buy at the start, then sell high, even if the price may go up. They sell and move on.

Most people buy when things get more expensive, and rather than sell, will hold on hoping it gets more value. But greed stops them selling. Then when it crashes they loose.

Nor does it have any connection to anything of worth. Plus there are many many crypto coins. You can set up a few thousand crypto coin yourself.

The real money makers are those who set up the coins, and one suspects have found ways to artificially keep the coins rising in value.

The great problem too is trade. If you can find a moron who will trade (sell) you something in exchange for such coins, then great. But I would be surprised if firms would give you hard cash in exchange for such coins, when next day they could be worthless.

But then again, we live in a world of very stupid people who seem to have vast amounts of money to pee away with no problems at all.

Crypto coins would have been great if they had not been used as a silly way to make money.

If one crypto had the value of £1 or $1, and you used them to purchase online only. Then this would have been great and in time more and more would use them.

But instead of being a coin to trade with, most it seems have been purchased to keep as an investment.

As such most people will never use them. Even people into tech wont use them. And that is the problem.

They have turned into a modern scam.

A scam because most people who invest will make zero money.

A scam because many will still buy if the price falls, as they will hope it will rise. Indeed it may do for a bit. But that does not matter as most of those people will never sell, then it will one day fully crash and they loose everything.

But I know I will not convince many, as they only see $$$$ and are blinded by greed. We know that as they are posting above trying to convince themselves they are not wasting cash, and hoping others will tell them things are fine. If you deep down believed in these coins, you would never even bother to reply to me in this thread. But deep down you know its a scam, but you just do not want to face the truth.

The fact they are loosing value quicker than Amber Heard loosing credibility, sort of knocks that argument on its head.

Today all green. Everything goes up