Cryptos are crashing!

[EE_]

WTF, gold doesn't crash like this? -30-35% in a week.

[Cebu_4_2]

http://bitcoinity.org/markets

32.8

[mamboni]

WTF, gold doesn't crash like this? -30-35% in a week.
Gold is money, nothing else.

Silly wabbit, cryptos are for kids.

[EE_]

Wow everything is falling and "boomer rocks" are up!

[Ares]

Wow everything is falling and "boomer rocks" are up!

Ok Boomer :rolleyes:

lol j/k

[EE_]

Ok Boomer :rolleyes:

lol j/k

Boomer rocks strong and steady, cryptos rise and fall like a plate of spaghetti*

Boomer rocks you hold them in your hand, cryptos in the air, catch them if you can

Boomer rocks shiny and old, cryptos let's don't be fooled, they ain't internet gold

Boomer rocks anonymous to trade, cryptos are subject to an FBI raid

Boomer rocks with cash, lets be frank, cryptos you'll need the internet and a bank

That's all I got...

[Ares]

Boomer rocks strong and steady, cryptos rise and fall like a plate of spaghetti*

Boomer rocks you hold them in your hand, cryptos in the air, catch them if you can

Boomer rocks shiny and old, cryptos let's don't be fooled, they ain't internet gold

Boomer rocks anonymous to trade, cryptos are subject to an FBI raid

Boomer rocks with cash, lets be frank, cryptos you'll need the internet and a bank

That's all I got...

With the amount of manipulation (naked shorts in Gold and Silver) its a weak barometer to what it used to be. It would indicate inflation, but when you can print unlimited shorts they can keep the price supressed.

Crypto's however are a good indicator as you know how many are in existence so naked shorts are not possible. This is a panic sell off due to Elon stop taking Bitcoin and complaining about the energy it takes to mine it.

The coins I have invested in thankfully haven't dumped to the extent that Bitcoin did.

[EE_]

With the amount of manipulation (naked shorts in Gold and Silver) its a weak barometer to what it used to be. It would indicate inflation, but when you can print unlimited shorts they can keep the price supressed.

Crypto's however are a good indicator as you know how many are in existence so naked shorts are not possible. This is a panic sell off due to Elon stop taking Bitcoin and complaining about the energy it takes to mine it.

The coins I have invested in thankfully haven't dumped to the extent that Bitcoin did.

I'm not opposed to making money on cryptos, but I will continue to hate the concept and push for a cashless society.

How many are in existence? There are almost 10,000 different cryptos x how many coins? There looks to be 100's of trillions of coins?

How many ounces of gold in the world? The estimate is only 5.9 billion ounces.
https://www.brrcc.org/how-many-ounces-of-gold-are-there-in-the-world/

[Ares]

I'm not opposed to making money on cryptos, but I will continue to hate the concept and push for a cashless society.

How many are in existence? There are almost 10,000 different cryptos x how many coins? There looks to be 100's of trillions of coins?

How many ounces of gold in the world? The estimate is only 5.9 billion ounces.
https://www.brrcc.org/how-many-ounces-of-gold-are-there-in-the-world/

Definitely there are a lot of different cryptos, some with completely different use cases, others jockeying for the same use case. Bitcoin itself is limited from its original intent, even with lightening network it's not possible to be used as "digital cash" as it cannot scale to hundreds of thousands to millions of transactions per second. Its just not feasible. Other cryptos can.

I've diversified away from Bitcoin, I still own some, but not anywhere near to what I used to have just because I saw its limitation and its long term viability to be sustainable. Digital gold?? eh maybe? Its likely going to be used as a reserve vehicle of some kind in the digital space. But transaction fee's and limitations will keep it regulated speculation / holding.

[EE_]

Definitely there are a lot of different cryptos, some with completely different use cases, others jockeying for the same use case. Bitcoin itself is limited from its original intent, even with lightening network it's not possible to be used as "digital cash" as it cannot scale to hundreds of thousands to millions of transactions per second. Its just not feasible. Other cryptos can.

I've diversified away from Bitcoin, I still own some, but not anywhere near to what I used to have just because I saw its limitation and its long term viability to be sustainable. Digital gold?? eh maybe? Its likely going to be used as a reserve vehicle of some kind in the digital space. But transaction fee's and limitations will keep it regulated speculation / holding.

At this point in time, cryptos only have to uses, to profit by holding them and to move money illegally around the world.
Virtually no one is buying anything with them, so few do, they don't count. Maybe in the future when society is cashless, their other uses will be utilized.

[Ares]

At this point in time, cryptos only have to uses, to profit by holding them and to move money illegally around the world.
Virtually no one is buying anything with them, so few do, they don't count. Maybe in the future when society is cashless, their other uses will be utilized.

Eh I wouldn't say that. There are companies that do accept crypto currencies as a form of payment and it continues to grow. There is even a metals dealer that accepts crypto currencies so you can buy precious metals with cryptos.

apmex.com

[osoab]

Could this be considered the Elon Shuffle?

[EE_]

Eh I wouldn't say that. There are companies that do accept crypto currencies as a form of payment and it continues to grow. There is even a metals dealer that accepts crypto currencies so you can buy precious metals with cryptos.

apmex.com

If I had a million dollars worth of bitcoin, I'd be calling apmex to trade them for gold!

I don't believe many people are buying anything with cryptos, because they believe they are going higher. At least with gold your fortune can continue to grow.

[EE_]

Oh shit! LOL
Fuck them, I'm not giving them back! Imagine getting 700 bitcoins, that $28 MILLION DOLLARS! Try and find me!

DeFi Defunct? Crypto Lender Cock-Up Mistakenly Credits Users With Millions In Bitcoin
BY TYLER DURDEN
WEDNESDAY, MAY 19, 2021 - 05:40 PM
BlockFi Inc., a crypto-lending startup, mistakenly sent some users millions of dollars in Bitcoin as part of a promotion and is now rapidly working on reversing it.

Just under 100 BlockFi users are reported to be affected, with some allegedly receiving as many as 700 Bitcoin due to the mishandled promotional offer.

As CoinTelegraph reports, crypto promotional schemes are an old hat in the industry, with many businesses trying to secure customer loyalty through a range of perks and mini handouts.

Yet a small furor over the exchange’s allegedly threatening tone to clients who don’t comply instantly with its directives to return the funds has already erupted on social media.

One user has reportedly posted a photograph of an email allegedly from BlockFi notifying them that “failure to return the erroneously received assets by 5.00 PM EDT today (May 18th, 2021) may constitute a crime and will result in BlockFi taking legal action.” The company has also offered clients a $500 payout in Gemini Dollars (GUSD) as compensation for “any trouble this may have caused.”

Another Reddit user in the r/blockfi thread has alleged that “2 days after their blunder, I made a withdrawal of USDC which I had deposited a month earlier. Completely unrelated to their claim. Now they send me an email accusing me of withdrawing funds that aren’t mine saying it’s fraud and a crime they will act on if not returned in the next 2 hours.”

The user continued to criticize the platform, claiming that BlockFi “can’t even look through the records to verify what they are talking about. My account with them is only one month old.” “Great way to treat a new customer,” the user wrote.

In its official statement on Reddit, BlockFi tried to reassure customers by noting:

“The situation does not affect any of BlockFi’s ongoing operations and measures have been taken to ensure that an error like this will not be possible in the future. BlockFi’s latest publicly reported AUM is $15B as of Q1 2021. Client funds are not impacted and are safeguarded.”
Bloomberg reports that the firm’s exposure is around $10 million, though that amount is decreasing as more users return the coins, said Zac Prince, co-founder and chief executive officer of BlockFi.

“BlockFi carries loss reserves as part of its accounting policies and this is a fraction of existing loss reserves - so no negative impact to equity or ongoing platform operations,” Prince wrote by email.

“The issue that caused the withdrawals was fixed and incremental safeguards have been developed to prevent any similar issue in the future.”

In March of this year, BlockFi had raised $350 million in a series D funding round led by Bain Capital Ventures, Pomp Investments, Tiger Global and partners of DST Global.

The company was valued at $3 billion.

As James Bianco tweeted in an interesting thread, today's massive volatility, combined with this SNAFU at BlockFi are the first real stress tests for the DeFi world...

No coiners (most of which are rich CeFi-ers that see DeFi as a threat) are gloating about the decline in cryptoland.

Yes, the casino speculation in cryptos almost demanded this would happened (when and how impossible to predict).

But if you really understand the space, it is a parallel financial system and is now getting this first real stress test. If it makes it through, it would be incredibly bullish.

Today is not the worst day ever (%24h loss). The last such days were March 2020.

What is different now is DeFI was non-existent in those days.

DeFi really took off in June 2020 and was $100B in size at the peak a few weeks ago. So, this is the first real "test" of DeFi.

Will the DeFi protocols "make it?" Will Uniswap, Maker, Compound and the other sites blow up?

So far they have not, and with "on chain analysis" we can watch what is happening real-time. so far, so good.

So they are holding together, more or less.

As Bianco concludes, this episode will not end today but the narrative could quickly become "the system held, it works" and turn into an incredibly bullish story. Of course, this assumes it actually holds.

Grab the popcorn and watch the show unfold.

https://www.zerohedge.com/crypto/defi-defunct-crypto-lender-cock-mistakenly-credits-users-millions-bitcoin

[Shami-Amourae]

If I had a million dollars worth of bitcoin, I'd be calling apmex to trade them for gold!


Always do the opposite of what your emotions and media tell you. That's what they want you to do.

JPMorgan Reports Investors Abandoning Bitcoin and Going Back to Gold as Crypto 'Deteriorates'
https://www.msn.com/en-us/money/markets/jpmorgan-reports-investors-abandoning-bitcoin-and-going-back-to-gold-as-crypto-deteriorates/ar-BB1gUpsn?ocid=uxbndlbing

JP Morgan: "Don't buy our engineered crash, buy Gold, which we completely control the price of."
That being said I do plan to get more PAX Gold too over time. I think PAX Gold is a good stablecoin to liquidate faster.
https://www.coingecko.com/en/coins/pax-gold

Gold likely will finally start going up (after 10 years), but I doubt it will still keep pace with crypto.

I'm only buying Monero currently. That's it.

[Shami-Amourae]

Could this be considered the Elon Shuffle?

This was an engineered crash with Elon Musk, the CIA/Rothschilds, and JP Morgan/banks.
The CIA/Rothschilds run Reuters, and ran the "China is banning crypto" story, which is a story from 2013, they simply retitled and republished. It was old news and coordinated. If you look at the price points of each market bottom and touch point the coordinate exactly with Elon Musk's tweets. This was fully engineered.


https://www.youtube.com/watch?v=1BlUtM8U5x8
Basically this.

I don't think this means the end of crypto. I think it means the powers that be have a shit ton of control over Bitcoin itself.
That's why the people's money now is Monero.

Cardano and Polkadot look great.
Expect Bitcoin's market dominance to reverse here too.

[EE_]

People should be warned, that if you fuck up and give me too many coins, I'm keeping them and there ain't a damn thing you can do about it.
Unregulated, no laws protecting them. It's the wild west. You may as well have just left a bag full of money in a shopping mall. You ain't getting it back.

[monty]

Eh I wouldn't say that. There are companies that do accept crypto currencies as a form of payment and it continues to grow. There is even a metals dealer that accepts crypto currencies so you can buy precious metals with cryptos.

apmex.com

I bought from Provident Metals with crypto in 2015. I think they still accept some crypto.