Current Events > What happened with cryptocurrency THIS time?

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Did Bitcoin really get wiped out, or has it just suffered a serious setback? What happened?

The bubble popped, as did many other stocks overly inflated from the pandemic.

Prismsblade posted...

The bubble popped, as did many other stocks overly inflated from the pandemic.

federal interest rates are also at their highest since the gfc. a lot of industries and indeed emergent downstream social/economic patterns for lack of better words which emerged and/or thrived in the abnormal monetary glut zeitgeist over the past 15 years are now under financial pressure.

the pandemic hurt supply chains and economic productivity, leading to inflation, leading to interest rate hikes. the explosion in monetary issuance during the pandemic probably had less to do with it, since money seemingly always found plenty of ways to hide in different asset classes in the years prior without significantly affecting prices.

The most recent relevant thing was FTX going under. For a while Binance, the #1 exchange for crypto (by volume), and FTX, the #2 exchange for crypto, have been in a bit of a spat. IIRC it was FTX making a poor jab at Binance a long time ago, but really it's a case that both are just helmed by complete children and any drama caused very real rage. This culminated when Binance, sensing blood in the water due to it coming out that FTX had been doing a ponzi scheme (and by that I mean they were entirely one) they did the sensible thing and announced publicly that they had no faith in FTT and that they would liquidate the entire thing (and yes, this was a bit of an illegal move but no one actually gives a crap because lol crypto). As crypto is only held together by memes this caused its complete failure, and as FTX was held up substantially by the value of FTT this caused their ability to pay off the ponzi scheme nonsense to go away and thus sunk them. Shortly afterwards Binance announced that they would buy FTX as the whole thing was just a giant pissing match in the end.

And as with all times that something like this happens because the entire thing is basically just gliding along on a paper plane every major coin gets jostled about as the whole thing gets held aloft by the economic-illiterate.

Sunhawk posted...

Did Bitcoin really get wiped out, or has it just suffered a serious setback? What happened?

Chuds had to use a log chart to make it look as bad as past dips
https://gamefaqs.gamespot.com/a/user_image/2/1/5/AARLwzAAD3nH.jpg

ellis123 posted...

The most recent relevant thing was FTX going under. For a while Binance, the #1 exchange for crypto (by volume), and FTX, the #2 exchange for crypto, have been in a bit of a spat. IIRC it was FTX making a poor jab at Binance a long time ago, but really it's a case that both are just helmed by complete children and any drama caused very real rage. This culminated when Binance, sensing blood in the water due to it coming out that FTX had been doing a ponzi scheme (and by that I mean they were entirely one) they did the sensible thing and announced publicly that they had no faith in FTT and that they would liquidate the entire thing (and yes, this was a bit of an illegal move but no one actually gives a crap because lol crypto). As crypto is only held together by memes this caused its complete failure, and as FTX was held up substantially by the value of FTT this caused their ability to pay off the ponzi scheme nonsense to go away and thus sunk them. Shortly afterwards Binance announced that they would buy FTX as the whole thing was just a giant pissing match in the end.

And as with all times that something like this happens because the entire thing is basically just gliding along on a paper plane every major coin gets jostled about as the whole thing gets held aloft by the economic-illiterate.

lol, thats some nice word salad.

ellis123 posted...

binance reportedly walked away from the deal. some chatter about tron potentially assisting, but all in all, ftx/alameda's dead as is the credibility of their leadership.

solosnake posted...

they perfectly described the situation in layman's terms. nothing word salad about it.

Tyranthraxus posted...

Chuds had to use a log chart to make it look as bad as past dips
https://gamefaqs.gamespot.com/a/user_image/2/1/5/AARLwzAAD3nH.jpg

I hate absolutely everything about this chart

shit wouldnt be so bad if people stopped going heavy into crypto some people sink all there money into it never more than 10% in anything

This time it's entirely Joe's fault