Bit coin, Etherium hit new all time lows as investors flee to stocks

[SixFoot]

@SixFoot

Here’s hoping and praying for all crypto to die a painful death.

Thanks, Universe!!

[johnwk2]

@DougBH

It’s no different than printing play money and convincing people to give you real money for it. The fact that it’s value is determined by how many US dollars it is worth should tell you that.
Unlike gold, there is nothing of intrinsic value behind it.
A stock relies ultimately on the production capacity behind it.

The troubling thing is, our big media refuses to make the distinction between a dollar:

and a Federal Reserve Note:

JWK

“Of all the contrivances for cheating the laboring class of mankind, none have been more effectual than that which deludes them with paper money. This is the most effectual of inventions to fertilize the rich man’s field by the sweat of the poor man’s brow.”_____ Daniel Webster.

[SixFoot]

@Gaius

Added note:
The fact that the fleeing bitcoin investors switched over to stocks explains part of today’s stock market bounce.

My money says the stock market will fall again next week, but who knows?

Oh man, if you thought supply lines were bad over the last year, just wait until alllll those ships loitering off of China’s coast clash with consumer demand (think California’s clogging was bad?).

Less than 2 months to go.

[GWH]

I always said I wouldn’t invest in something I didn’t understand where it got it’s worth. Bitcoin is a pyramid. So now that I understand where it gets it’s worth, I’m still not investing in it.

[Gaius]

Below are the four largest cryptocurrencies (by market cap)

Notice #3, and #4. Those are “stable coins.” They are stably tethered to the USD, just like Terra/Luna. Invest a $1.00 today and it is intended to be worth $1.00 ten years from now.

You know . . . in case you don’t trust dollars you can buy something tethered to the dollar. LMAO

[SottoVoce]

Does “all time low” now mean “last year or two?” Neither Bitcoin or Ethereum are at all time lows. Those two are the workhorses and will bounce back.

[Gaius]

I stand corrected, I read and repeated without checking.

I now see
the “new lows” they reached are not “all time lows.”

[GWH]

They look overvalued X2 to me. Should be around the 10,000 mark of 2020. Maybe $12,000.

[BonAppetit]

Welcome to Joe Biden’s America.

The economy is crippled and the stock market and crypto currency are on life support due to his negligent leadership!

[Gaius]

Meanwhile not including Terra/Luna, at least five cryptos now trade for under a penny.

Even at that rate they have market caps LOW = $400m HIGH = $5.8B
It’s called inflation. It’s what can happen when entities acting as central banks have no concept of currency.

Notice it especially Shiba Inu.
Its current value: $0.00001069 each
Even so it’s current market cap is $5.8 b.

If ever were really worth a penny each, it would have been worth
$5.8 Trillion
More than the GDP of the UK and France and Finland and Greece and New Zealand combined.

It is one of over 10,000 crypto currencies traded and available.

Does ANYONE really think these things were worth their Day-1 value?

[SottoVoce]

@GWH

They look overvalued X2 to me. Should be around the 10,000 mark of 2020. Maybe $12,000.

Perhaps. Until/unless cryptocurrencies are widely accepted for day to day transactions they will be a high-risk, high-reward venture. Even then they’ll be subject to significant volatility. I have invested some in crypto but not any more than I’m willing to lose. The extreme short term changes are at first unsettling and then just a part of it. The long term trajectory of crypto is fine but when looking in shorter time frames looks like a mess. Especially when compared to fiat currencies and traditional stocks.

[DMK]

@GWH

I always said I wouldn’t invest in something I didn’t understand where it got it’s worth. Bitcoin is a pyramid. So now that I understand where it gets it’s worth, I’m still not investing in it.

Same here. I never understood bitcoin. Maybe for folks who work in the medical marijuana industry who cannot make dollar deposits?

If the value is tied to the dollar then why not just use a dollar?

[SottoVoce]

@Gaius

Meanwhile not including Terra/Luna, at least five cryptos now trade for under a penny.

There are many more than that trading for way less than a penny. They are primarily ■■■■■■■■■■■■ They’re the result of cryptocurrency makers and investors trying to get rich quick or with overly optimistic pipe dreams. Somewhat analogous to investing in a startup company. Very few go on to become the next Google or Amazon. Most fail and some are straight up scams.

EDIT: The censored word is another word for feces + coin. It’s a pretty standard term for a cryptocurrency that is a scam or not worth anything from the start.

[SixFoot]

@DMK

@GWH

I always said I wouldn’t invest in something I didn’t understand where it got it’s worth. Bitcoin is a pyramid. So now that I understand where it gets it’s worth, I’m still not investing in it.

Same here. I never understood bitcoin. Maybe for folks who work in the medical marijuana industry who cannot make dollar deposits?

If the value is tied to the dollar then why not just use a dollar?

Grandma paid all her bills off, shredded her plastic cards, and maintained a savings account for the rest of her life. She lived debt-free and paid her way through life in cash. When she passed away, she left hundreds of thousands of those savings to her children.

Grandma was smart.

[DMK]

@SixFoot

Grandma paid all her bills off, shredded her plastic cards, and maintained a savings account for the rest of her life. She lived debt-free and paid her way through life in cash. When she passed away, she left hundreds of thousands of those savings to her children.

Grandma was smart.

I have the same philosophy. Except I get cash back on my credit cards and pay them off every month

If I cannot afford to buy it, it doesn’t go on the credit card. I get to suck it up until I can.

[Gaius]

@DMK

snip
. . .

If the value is tied to the dollar then why not just use a dollar?

Well said!

[SixFoot]

@DMK

@SixFoot

Grandma paid all her bills off, shredded her plastic cards, and maintained a savings account for the rest of her life. She lived debt-free and paid her way through life in cash. When she passed away, she left hundreds of thousands of those savings to her children.

Grandma was smart.

I have the same philosophy. Except I get cash back on my credit cards and pay them off every month

If I cannot afford to buy it, it doesn’t go on the credit card. I get to suck it up until I can.

I’ve learned through applying this to my life that 99/100 times, if I only have enough cash to get that “shiny” on the shelf, I end up forgetting all about it by the end of the day, as if I never even wanted it in the first place.

Weird how that works, huh?

[DMK]

@SixFoot

I’ve learned through applying this to my life that 99/100 times, if I only have enough cash to get that “shiny” on the shelf, I end up forgetting all about it by the end of the day, as if I never even wanted it in the first place.

Weird how that works, huh?

Wants versus needs. I always ask myself that question.

[DougBH]

Well true. Beyond that, most American dollars are electronic too. At least there is a country behind those dollars. That doesn’t mean it’s impossible to destroy their value, it is just harder to do than when some individuals make their own play money.
I wouldn’t want all my savings in dollars, either, for that matter.

[Safiel]

@DougBH

Well true. Beyond that, most American dollars are electronic too. At least there is a country behind those dollars. That doesn’t mean it’s impossible to destroy their value, it is just harder to do than when some individuals make their own play money.
I wouldn’t want all my savings in dollars, either, for that matter.

Actually, it is very easy to destroy their value. The Federal Government/Federal Reserve/Banking Cartel does that every day and has done that every day since 1913.

Monetary inflation as practiced by the Federal Reserve is just a more sophisticated form of currency debasement, which has existed almost as long as currency itself has existed.

Roman Emperor Nero debased Roman currency in 60 A.D. But debasement is known from antiquity.