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  • Cryptocrash

    Stablecoin collapse sends tokens tumbling

    The term "cryptocrash" has been trending on Twitter and Google Search.

    And the combined market value of all crypto-currencies is now reportedly $1.12trillion, about a third of its November value, with more than 35% of that loss coming this week.

    One Bitcoin is now worth about $27,000, its lowest value since December 2020 and down from a high of nearly $70,000 late last year.

    Ethereum, the second largest coin by value, has lost 20% of its value in 24 hours.

  • #2
    This was bound to happen at some point. Pump and dump by big money market movers. It's a bloodbath for those who decided to get into crypto within the past 8 months.

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    • #3
      Imagine - the hype over crypto was just that.

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      • #4
        Originally posted by W*GS View Post
        Imagine - the hype over crypto was just that.
        Everyone wanted to get rich quick with crypto. Some investments may bounce back, but most crypto investors would have been just as well off dumping their hard earned money into Vegas slot machines. The big dogs always come out on top.
        Last edited by Fireball; 05-13-2022, 12:20 PM.

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        • #5
          Originally posted by Fireball View Post
          Everyone wanted to get rich quick with crypto. Some investments may bounce back, but the most crypto investors would have been just as well off dumping their hard earned money into Vegas slot machines. The big dogs always come out on top.
          You mean suckers (errr, "investors") got fleeced? Silly suckers.

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          • #6
            Originally posted by W*GS View Post

            You mean suckers (errr, "investors") got fleeced? Silly suckers.
            That’s one way of saying it..lol

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            • #7
              I don't know how many times I heard "I wish I bought bitcoin for $30,000!" Now's their chance, but they're scared now. Suckers love to buy when everybody's greedy and the price is high and they have a big case of FOMO. Then they miss out when it's historically the best time to buy. Good investors buy low and sell high. Suckers buy high and sell low. It's counter-intuitive to buy when greed is lowest and fear is highest, but that's been proven countless times to be the best time to buy. Suckers buy when it's green. Suckers sell when it's red. Now is the time to buy. The best strategy is to dollar cost in while it's red, and take profits while it's green.
              Attached Files

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              • #8
                I think we wish we would have all invested in BTC when it came out all those years ago. 😁

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                • #9
                  Im quite enjoying my crypto stuff.


                  Such odd statements to make. The entire market is down

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                  • #10
                    Crypto sucks, I’m glad it’s down…

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                    • #11

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                      • #12
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                        • #13
                          Lol at the broke people in here

                          it will go back up

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                          • #14
                            Originally posted by Ark View Post
                            I don't know how many times I heard "I wish I bought bitcoin for $30,000!" Now's their chance, but they're scared now. Suckers love to buy when everybody's greedy and the price is high and they have a big case of FOMO. Then they miss out when it's historically the best time to buy. Good investors buy low and sell high. Suckers buy high and sell low. It's counter-intuitive to buy when greed is lowest and fear is highest, but that's been proven countless times to be the best time to buy. Suckers buy when it's green. Suckers sell when it's red. Now is the time to buy. The best strategy is to dollar cost in while it's red, and take profits while it's green.
                            Bitcoin price when you posted this (May 13th): $30,068.40
                            Bitcoin price as of today (June 23rd): $20,717.60

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                            • #15
                              Matt Damon released this commercial on October 21st, 2021, essentially calling you a pussy if you didn't start buying cryptocurrency immediately.

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                              Bitcoin on October 20th, 2021: $67,582,.60
                              Bitcoin price as of today (June 23rd): $20,717.60

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                              • #16
                                Originally posted by Ark View Post
                                I don't know how many times I heard "I wish I bought bitcoin for $30,000!" Now's their chance, but they're scared now. Suckers love to buy when everybody's greedy and the price is high and they have a big case of FOMO. Then they miss out when it's historically the best time to buy. Good investors buy low and sell high. Suckers buy high and sell low. It's counter-intuitive to buy when greed is lowest and fear is highest, but that's been proven countless times to be the best time to buy. Suckers buy when it's green. Suckers sell when it's red. Now is the time to buy. The best strategy is to dollar cost in while it's red, and take profits while it's green.
                                Humans are emotional, emotion and investing do not go hand and hand. Unless you are a professional drop your $ in an index fund or robo account and forget about it until you need to retire. If you are one of those misguided souls that is going to beat the market.... good luck.

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                                • #17
                                  OP :


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                                  • #18
                                    Originally posted by Drunk Monkey View Post
                                    Humans are emotional, emotion and investing do not go hand and hand. Unless you are a professional drop your $ in an index fund or robo account and forget about it until you need to retire. If you are one of those misguided souls that is going to beat the market.... good luck.
                                    My wife and I have discussed investing many times and I think it's driven by irrational factors - FOMO, gambler's fallacy, herd mentality, etc., etc.

                                    All the financials and hard data are irrelevant when folks decide GameStop is a meme and invest based on that.

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                                    • #19
                                      Originally posted by W*GS View Post

                                      My wife and I have discussed investing many times and I think it's driven by irrational factors - FOMO, gambler's fallacy, herd mentality, etc., etc.

                                      All the financials and hard data are irrelevant when folks decide GameStop is a meme and invest based on that.
                                      Get rich quick mentality is a born loser when it comes to the stock market. One of Warren Buffets favorite things is compounding interest.

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                                      • #20
                                        You can't sell high if you don't buy low. Felt like you missed the boat? Now might be the time

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                                        • #21
                                          Some of you guys need to learn about risk.

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                                          • #22
                                            Originally posted by Drunk Monkey View Post
                                            Get rich quick mentality is a born loser when it comes to the stock market. One of Warren Buffets favorite things is compounding interest.
                                            Since equities markets aren't driven by reason, attempting to deduce patterns and/or make predictions based on "fundamentals" or facts is foolish.

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                                            • #23
                                              Originally posted by OmegaBronco View Post
                                              Some of you guys need to learn about risk.
                                              I've played plenty of Russian Roulette in my life and have always won. Thank you very much.

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                                              • #24
                                                Originally posted by Requiem View Post

                                                I've played plenty of Russian Roulette in my life and have always won. Thank you very much.
                                                Right.

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                                                • #25
                                                  Originally posted by Drunk Monkey View Post

                                                  Humans are emotional, emotion and investing do not go hand and hand. Unless you are a professional drop your $ in an index fund or robo account and forget about it until you need to retire. If you are one of those misguided souls that is going to beat the market.... good luck.
                                                  Cryptocurrency is not investing -- it's a ponzi scheme that depends on the 'greater fool' theory to produce profits.

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