BITCOIN

onthebench

HansOndabush said:

Anyone notice it's gone very quiet on this thread? Think they are busy buying the dip?

Should be. The greed/fear index seems to have shifted well into "fear" if Reddit etc are anything to go by. Buying at £30k yesterday could well turn out to be a pretty good move. (Not for me though, I have enough exposure to crypto - in fact with Cardano's 1000%+ rise since the start of the year I should probably rebalance!)

HansOndabush

What is it the Crypto bros. like to say ....'Have fun staying poor'; ...seems very apt for someone who invests thousands in a number on someone else's computer.

HansOndabush

Grenage said:

Regardless of anyone's take on cryptocurrency, Elon is scum.

Michael Burry is shorting Tesla to the tune of $0.5 Bn; let's hope he kicks some butt. Tesla's investment in bitcoin has gone pear-shaped which is a good start.

https://www.cnbc.com/2021/05/17/michael-burry-of-the-big-short-reveals-a-530-million-bet-against-tesla.html

BearWhite

For those of us who see Crypto as a long term investment I don't see that these price changes make any difference at all. This month I've stuck 95% of my money into global trackers and 5% into BTC and ETH. Nothing has changed for me, I guess if you were in it for the short term you may see it differently.

snooloui

China has effectively banned financial institutions from transacting in cryptocurrencies. I am sure other Governments will follow suit in time, especially as many will seek to establish their own digital currencies. I don't knock anyone who has made a handsome profit so far, but I wouldn't want to be the one left holding the bag.

Malthusian

Grenage said:

Regardless of anyone's take on cryptocurrency, Elon is scum.

No, he's just a bog-standard billionaire securities fraudster. If you buy crypto tokens because a guy with form for pumping the price of his own company by tweeting about imaginary private equity bids said you should, you deserve what you get.

Like the guy said, "Ever heard of PayPal? I know more than you realise about how money works." We can safely assume what Musk knows about money includes 'punters' money in == punters' money out'.

HansOndabush

snooloui said:

China has effectively banned financial institutions from transacting in cryptocurrencies. I am sure other Governments will follow suit in time, especially as many will seek to establish their own digital currencies. I don't knock anyone who has made a handsome profit so far, but I wouldn't want to be the one left holding the bag.

Link on this here:

https://www.independent.co.uk/life-style/gadgets-and-tech/bitcoin-price-crash-china-crypto-b1849889.html

What do crypto fans say about this? They were saying last week it will never happen.

webjaved

HansOndabush said:

snooloui said:

China has effectively banned financial institutions from transacting in cryptocurrencies. I am sure other Governments will follow suit in time, especially as many will seek to establish their own digital currencies. I don't knock anyone who has made a handsome profit so far, but I wouldn't want to be the one left holding the bag.

Link on this here:

https://www.independent.co.uk/life-style/gadgets-and-tech/bitcoin-price-crash-china-crypto-b1849889.html

What do crypto fans say about this? They were saying last week it will never happen.

I'm not sure how they predict that kind of thing. I bet they are feeling a little uneasy at the moment and not that confident.

RichTips

Banning crypto is a bullmarket tradition in China. Not like it's the first time for these headlines to be plastered all over the place.

[Deleted User]

Down another 10%.
That's another $80 billion of wealth gone in a day. Must impact stock markets.