Bitcoins are officially donkdown

[Sanlmar]

When Matt Damon said, “Fortune favors the brave,“ he was talking about those who had the courage to sell in December.

[Forum Wars]

What in the actual what? No talk on this site since yesterday...I'd have expected 5-10 Kermit memes since then...Also, can someone please check on Bellybuster...

[Forum Wars]

Also: A reminder that a bitcoin (all crypto for that matter) is just a snippet of code that some dweeb created the algorythm for and doesn't produce anything like the company represented by a good stock does. There's nothing behind it...it's a digital code - that's it. Admit it, it's stupid and it's not an investment.

[TheXFactor]

[Sanlmar]

It’s breathtaking and painful to some but there isn’t a lot of sex or mystery at work.

Bitcoin was the beneficiary of all the stimulus of the past number of years. Stonks and nearly every other asset too but bitcoin for real. Bubble up.

There is now a concerted effort by central planners (Fed) to remove chips from the table. Less dollars, less purchasing power, less inflation. That’s the idea. Less dollars to gamble/speculate with though

Central planning hasn’t worked very well thru history. I think they have broken everything that needed breaking and they are somewhat surprised at the current state of things. They are clueless but more importantly THEY CANT STOP MEDDLING. They will ease sooner than you think.

There is a global debt crisis afoot. Argentina, Turkey, Japan are those I’m following. It’s a start.

Some institution is gonna fail. WHEN WE WERE AWASH WITH QUANTITATIVE EASING AND STIMULUS THERE WAS NO FEAR. When you are unfraid of risk you get leveraged. Relative value trades by cum lords like JP Morgan and Credit Suisse are played at max limits. When something unexpected happens (like now) shit breaks bad. Sorta 2008 but I think this is worse.

Anyway, when the Fed swoops in with rising liquidity to save the day BITCOIN IS GONNA RISE faster than any other asset imo.

This riff is really written expressly to tweak my boy Sonatine but I really believe the playbook described above to be true.

Absolutely fascinating but absolutely logical economic developments.

How ya doin Tellafriend? Kid knows.

There really isn’t a lot to say Forum.

[Shizzmoney]

rut roh

Embedded Tweet

https://twitter.com/twt/status/1536193019178647553

a few moments later...

https://blog.celsius.network/a-memo-...y-59532a06ecc6

We are writing with a very important message for our community.

Due to extreme market conditions, today we are announcing that Celsius is pausing all withdrawals, Swap, and transfers between accounts. We are taking this action today to put Celsius in a better position to honor, over time, its withdrawal obligations.

Acting in the interest of our community is our top priority. In service of that commitment and to adhere to our risk management framework, we have activated a clause in our Terms of Use that will allow for this process to take place. Celsius has valuable assets and we are working diligently to meet our obligations.

We are taking this necessary action for the benefit of our entire community in order to stabilize liquidity and operations while we take steps to preserve and protect assets. Furthermore, customers will continue to accrue rewards during the pause in line with our commitment to our customers.

[Sanlmar]

Nowhere to run, nowhere to hide. You hold cash, you lose. You hold stocks, you lose. You hold crypto, you lose, more. Even private companies are taking down rounds.

The real solution would be to have a sustainable income producing business. Lol

[Shizzmoney]

The phone number for Celsius is 1-866-HODL-NOW

Embedded Tweet

https://twitter.com/twt/status/1536175853238947841

[Tellafriend]

It’s breathtaking and painful to some but there isn’t a lot of sex or mystery at work.

Bitcoin was the beneficiary of all the stimulus of the past number of years. Stonks and nearly every other asset too but bitcoin for real. Bubble up.

There is now a concerted effort by central planners (Fed) to remove chips from the table. Less dollars, less purchasing power, less inflation. That’s the idea. Less dollars to gamble/speculate with though

Central planning hasn’t worked very well thru history. I think they have broken everything that needed breaking and they are somewhat surprised at the current state of things. They are clueless but more importantly THEY CANT STOP MEDDLING. They will ease sooner than you think.

There is a global debt crisis afoot. Argentina, Turkey, Japan are those I’m following. It’s a start.

Some institution is gonna fail. WHEN WE WERE AWASH WITH QUANTITATIVE EASING AND STIMULUS THERE WAS NO FEAR. When you are unfraid of risk you get leveraged. Relative value trades by cum lords like JP Morgan and Credit Suisse are played at max limits. When something unexpected happens (like now) shit breaks bad. Sorta 2008 but I think this is worse.

Anyway, when the Fed swoops in with rising liquidity to save the day BITCOIN IS GONNA RISE faster than any other asset imo.

This riff is really written expressly to tweak my boy Sonatine but I really believe the playbook described above to be true.

Absolutely fascinating but absolutely logical economic developments.

How ya doin Tellafriend? Kid knows.

There really isn’t a lot to say Forum.

Balboa = Fed

[Shizzmoney]

LOL

Embedded Tweet

https://twitter.com/twt/status/1536181614325157889

[Shizzmoney]

This is gonna be a fun week

Embedded Tweet

https://twitter.com/twt/status/1536317704990208000

[The Boz]

CNBC, who to be fair has never understood Crypto, is basically laughing at what’s happening in the industry. Calling the entire business a “con” and blaming anyone holding the stuff for their own greed and stupidity. Saying they feel bad for the young people who fell for it and even borrowed money to buy it.

Not that stocks are doing much better. As someone above said, there is no where to run.

[sonatine]

CNBC, who to be fair has never understood Crypto, is basically laughing at what’s happening in the industry. Calling the entire business a “con” and blaming anyone holding the stuff for their own greed and stupidity. Saying they feel bad for the young people who fell for it and even borrowed money to buy it.

Not that stocks are doing much better. As someone above said, there is no where to run.

thanks for that super nuanced take. looking forward to your riff on the housing market after youre done emptying out the trash cans in the principles office and waxing the hallways.

[The Boz]

CNBC, who to be fair has never understood Crypto, is basically laughing at what’s happening in the industry. Calling the entire business a “con” and blaming anyone holding the stuff for their own greed and stupidity. Saying they feel bad for the young people who fell for it and even borrowed money to buy it.

Not that stocks are doing much better. As someone above said, there is no where to run.

thanks for that super nuanced take. looking forward to your riff on the housing market after youre done emptying out the trash cans in the principles office and waxing the hallways.

Fuck you and the n-word in your picture.

I’m retired in my mid 50’s, certainly not happy about the drop in my net worth in the past 6 months, but Ill bet it’s still a hell of a lot larger than yours.

No clue who or what you are, but I’m guessing it’s not much of value to anyone.

[BetCheckBet]

Keep in mind most in crypto community have been predicting a drop to 22k. Will be intersting to see where things go from here as many have been waiting for this drop to buy. Whether it is dead cat bounce remains to be seen.

The reality of the situation is that the crypto fanatics already made tons and this won’t hurt them much. Micon is multi millionaire no matter what. It’s the people who got in during the last year who are fucked. Also the alt coin market has crashed worse than bitcoins.

[Sanlmar]

They just arrested Kevin Spacey. Was he shilling crypto for FTX too?

[Sanlmar]

Keep in mind most in crypto community have been predicting a drop to 22k. Will be intersting to see where things go from here as many have been waiting for this drop to buy. Whether it is dead cat bounce remains to be seen.

The reality of the situation is that the crypto fanatics already made tons and this won’t hurt them much. Micon is multi millionaire no matter what. It’s the people who got in during the last year who are fucked. Also the alt coin market has crashed worse than bitcoins.

[JoeD]

I don't want to say its a bloodbath out there but I drove by the LA Crypto.com arena fka Staples Center and it's not looking so good

[Dan Druff]

I wonder when the next stablecoin will become not so stable

Froggy market in 2022

[The Boz]

Keep in mind most in crypto community have been predicting a drop to 22k. Will be intersting to see where things go from here as many have been waiting for this drop to buy. Whether it is dead cat bounce remains to be seen.

The reality of the situation is that the crypto fanatics already made tons and this won’t hurt them much. Micon is multi millionaire no matter what. It’s the people who got in during the last year who are fucked. Also the alt coin market has crashed worse than bitcoins.

I agree, Those who made millions and hundreds of millions like Micon are the exception in pure numbers. Absolutely there are a good amount who believed in it and made money. But the majority in numbers are general public who heard the stories, saw the Matt Damon and the black rapper lady commercials, and thought they were missing out and bought in near the top with money they borrowed or needed for bills. They heard the “experts” saying $100,000 or even a million was coming.

That’s the reality of this scam. No different than tulips in Holland or any other ponzi over the years. That might not have been the plan, but that’s what happened.

Oh yea, Fuck that Sonatine guy.