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Cryptocurrencies

Stickler

Stickler

VIP Member
Oct 28, 2010
279
207
Yep....NASTY. Times are looking crazy for all asset classes. When even gold had a 3% daily drop you have to wonder. We may be in for some very crazy times ahead. I am not sure anything is safe and they are not trying to burn all economies to the ground.

I still believe this may be a good opportunity to buy crypto, but FAURK.....I dont know what I would want to put more money into if I had cash. Maybe ammo would be the only thing I would feel safe buying! ;)


If you want to laugh while I cry, I have about 500k stuck on celsius that may all be gone now for all I know. But I knew the risks.... It is not all my crypto holdings, but it represents a sig amount of them.....
Not laughing. I'm sorry you have holdings stuck on Cel at the moment. I hope you can get your shit out before they file bankruptcy. They are however still buying BTC to lower their liquidation position. Problem is, who's going to use them once (if) they allow trading to resume. Keep us posted brother.
 
I

Iron1

VIP Member
Jul 7, 2021
103
155
The energy crisis is hitting crypto hard. It was already very difficult to run a profitable mining operation and the increase in energy costs around the world aren't doing anything to help that. The largest scale operations were already globetrotting in search of cheap power long before this particular crisis since the margins were so thin.

If the energy consumption exceeds profitability long term, the crypto market is gone.

Coinbase has already admitted that customers may lose their accounts if they go bankrupt. I imagine this is the same as other wallet providers.

Yet the exchange noted that in the event it ever declared bankruptcy, “the crypto assets we hold in custody on behalf of our customers could be subject to bankruptcy proceedings.” Coinbase users would become “general unsecured creditors,” meaning they have no right to claim any specific property from the exchange in proceedings. Their funds would become inaccessible.

Losing vast sums of money with the possibility that the rest of your money may be used to settle bankruptcy debt is a bleak outlook for anyone in the game. We may see even more panic selloff as people pull out to avoid being stuck holding the bag for their broker.
 
Stickler

Stickler

VIP Member
Oct 28, 2010
279
207
Losing vast sums of money with the possibility that the rest of your money may be used to settle bankruptcy debt is a bleak outlook for anyone in the game. We may see even more panic selloff as people pull out to avoid being stuck holding the bag for their broker.
That's the problem with using CEX's for anything other than a ramp on/off for fiat. If you don't hold a decentralized/hardware/paper wallet then you don't truly own your holdings. There needs to be a super simple way for people to interact and trade w/ minimal expenses (like a normal CEX app like Coinbase) w/in a DEX environment in order to streamline true decentralized finance through the blockchain. Hopefully ETH gas fees drop, but we won't see that until ETH 2.0 gets finalized or we use other blockchains to acquire our cryptocurrencies. Unfortunately, we are all Guinea Pigs during the beginning of this experiment before anything will go easily mainstream. Let's face it, it'll get regulated which defeats the purpose of DeFi, but it'll push for more mainstream adoption.

My opinion, those who are lucky and involved in the beginning could make BIG money and those during the mainstream stages will grow a retirement portfolio, b/c volatility could be less prevalent due to regulation and government oversight.
---
Man, I almost sound like I know what I'm talking about. :oops:
 
Tomas Payne

Tomas Payne

VIP Member
Jul 29, 2014
1,182
727
In the voice of King of the Hill, “Do I look like I know what a crypto is” LOL


Sent from my iPhone using Tapatalk Pro
 
USMCRabi

USMCRabi

VIP Member
Feb 26, 2012
404
71
Bitcoin hitting its lowest in over a year.
 
macgyver

macgyver

TID Board Of Directors
Nov 24, 2011
1,955
1,609
Bitcoin hitting its lowest in over a year.


Along with:

S&P
Dow
Nasdaq
Even gold is at best flat which is a 15% loss factoring in inflation. Stuff is a mess right now.

Pretty much every asset class in existence besides realestate.

Will be an interesting shake up with some good buying opportunities, but no one knows where the bottom is.

My crypto still worth in excess of 500k is still locked in Celsius. I may or may not recover any of it. Not much I can do but wait. But I will be looking at additional buying opportunities when they come. Unfortunately, I am not liquid enough to replace what is tied up, but I at best hope I can get a significant portion back.

Luckily the majority of my assets are all in real estate. I only started buying crypto again last couple year because RE prices seemed so high....

Still long term bullish on BTC. You will see blood and carnage and some stuff will just evaporate and go away. Big question is what will happen with ETH SOL Cardano...etc. That will be the eventual big winner. That will be the 'gas and oil' of the future economy. BTC is a long term hold, but the other are true tech platforms. Much like the internet.
 
Swiper

Swiper

VIP Member
Jan 8, 2011
1,393
1,292
e04b3a1b9e5816dc06a719ba4fa04c42.jpg
 
M

Massive G

VIP Member
Apr 10, 2020
505
459
I don't ever think we are ever going back to normal on anything again. I hope the stock market will return to normal and crypto no idea I hope it comes back.
 
ItalianMuscle

ItalianMuscle

Drama Queen senior Vip
Sep 1, 2010
2,538
924
Yep....NASTY. Times are looking crazy for all asset classes. When even gold had a 3% daily drop you have to wonder. We may be in for some very crazy times ahead. I am not sure anything is safe and they are not trying to burn all economies to the ground.

I still believe this may be a good opportunity to buy crypto, but FAURK.....I dont know what I would want to put more money into if I had cash. Maybe ammo would be the only thing I would feel safe buying! ;)


If you want to laugh while I cry, I have about 500k stuck on celsius that may all be gone now for all I know. But I knew the risks.... It is not all my crypto holdings, but it represents a sig amount of them.....

You have $500K stuck and unable to move on the celsius network? Or you have $500K invested in CEL the crypto?
 
macgyver

macgyver

TID Board Of Directors
Nov 24, 2011
1,955
1,609
You have $500K stuck and unable to move on the celsius network? Or you have $500K invested in CEL the crypto?

It is BTC and ETH. Over 20btc and rest eth.

I know. My own fault. I was getting paid about the equiv of 50k in interest/ year paid in BTC, so that annual interest would actually be greater if btc goes up etc.

Was just greedy and felt that the company w/ 11 bil in assets was being managed properly, given they had no issues with the 50% drop in one day a year and a half ago...etc.

It is looking more and more like this is a coordinated attack on celsius. But CEL deserves some blame. Locking up 400 mil in locked ETH makes you very ill-liquid to start. Good news is they are fortifying their positions and margins. I am hopeful that this may have a positive end.

But it might not, and I will end up with nothing. If that happens, it is my own fault. The current crypto market is something I would actually be totally OK with and looking for buying opportunities soon.

But I never planned on losing control of my assets. Again 100% my fault and not a flaw in crypto. Just a fault in my greed level.
 
macgyver

macgyver

TID Board Of Directors
Nov 24, 2011
1,955
1,609
Selective zooming. Weird timeframe to pick. Almost like cherry picking. Whey 4 1/2 years? Why not just do a comparison over 1,3,5, and 10. Even with BTC down significantly, showing the numbers in a standard fashion would not support his argument. But that is just it.. That is what he does. But you ought to realize his presentation is far from being an 'honest' one.
 
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