Is Crypto done?

[vandamit]

I'm having a hard time deciding if I should buy buy buy right now or if crypto is toast. Really crazy to see, not sure anyone knows what to do. Right now I'm out of it watching on the side lines. Just wondered what all you guys think.

[boneil]

crypto has been around for several years now and I still don't see a good use case for it. Why any of it should be $5 or $50,000 I just don't know.

[ecoast]

once the gubmint goes to digital currency we're all fawked...

[TampaJim]

Crypto is like freeze dried ice cream on a hot sunny day.

[NitroZ7]

I think the Stablecoin collapse is going to be a problem. Regulators were already concerned about how they marketed it as a money market pegged 1 to 1 with the dollar and now it is like 30 cents to a dollar. This reminds me of when money market mutual funds broke the buck back in GFC. People were literally using these as high yield savings accounts. This could really light a fire under the regulators.

[boneil]

MSTR gets margin called at bitcoin $21,000 according to the CFO. As the price of bitcoin falls and gets closer to $21K people will sell to avoid what happens if MSTR gets margin called. MSTR holds over 125,000 bitcoins. If they are forced to liquidate, there will be a flash crash like nothing we've ever seen. Crypto markets don't have breakers like the stock market does. The only thing to stop the fall will be a big buyer or buyers at whatever level they want.

[OHellnofishin]

youll see the use cases very soon i believe.

[NitroZ7]

That disclosure that Coinbase made about custodial assets in bankruptcy certainly didnt help.

[boneil]

Everybody is like what? Bankruptcy? why would you bring that up now.

And now Coinbase is having issues completing trades and accessing accounts. Nothing to see here.

I keep seeing comments, this isn't a Lehman situation..........................this is dam near exactly Lehman. people are using leverage to buy derivatives. People are using leverage to buy crypto punk NFTs and virtual land with using ETH and Bitcoin as collateral.

When they tell you it isn't Lehman..........it is.
When they tell you it isn't systemic.......it is.
When they tell you not to worry about bankruptcy......it's too late

[NitroZ7]

That disclosure that Coinbase made about custodial assets in bankruptcy certainly didnt help.

[NitroZ7]

Everybody is like what? Bankruptcy? why would you bring that up now.

And now Coinbase is having issues completing trades and accessing accounts. Nothing to see here.

I keep seeing comments, this isn't a Lehman situation..........................this is dam near exactly Lehman. people are using leverage to buy derivatives. People are using leverage to buy crypto punk NFTs and virtual land with using ETH and Bitcoin as collateral.

When they tell you it isn't Lehman..........it is.
When they tell you it isn't systemic.......it is.
When they tell you not to worry about bankruptcy......it's too late

Charlie Munger was right

[RockOn]

Definitely not done. We gonna discuss it again and again in the future.
For people who didn't invest yet it is a very good possibility to jump in the train now.
I am discussing possibility to open our own crypto trading company and do it with the help of estonia company registration.
Some of the European countries offer much better conditions than our local companies and that's a good example.

[BarryFL]

I still don't see a good use case for it

You must not buy and sell people, weapons or drugs on the dark web. Seriously.

[BarryFL]

Crypto Hedge Fund Three Arrows Capital Founders Are Missing (nymag.com)