Economy Bitcoin/Crypto is imploding

[Gas121]

I don't even care if people want to gamble like this if they've got it.

The packaging they've been trying to sell over the decades though is just straight up snake oil.

Just be honest about it, but they can't be. The speculation is fueled by their fairy tales.

Put it this way brokerages have capitalized on cryptocurrency hence they are all over it and happy to endorse it whilst they cash in on trading fees. They are making millions in the process pivoting to it notably Robinhood.

Other schemes in crypto include launching useless coins and running pump and dumps to make money from it. And yes it's fairytales.

Strategy (NASDAQ:MSTR) is now $630 million underwater on its Bitcoin (CRYPTO: BTC) holdings, wiping out $47 billion in unrealized profits from just four months ago as Bitcoin plunged below the company’s $76,037 average cost basis.

The Profit Wipeout​

Bitcoin fell 15% in the first four days of February, pushing Strategy’s position underwater for the first time since the company began accumulating in August 2020.

The company is down on its total Bitcoin holdings as long as the price stays below $76,000, despite BTC still being up 550% since Michael Saylor’s first purchase.

Strategy purchased heavily near Bitcoin’s October peak, leaving the company exposed when prices collapsed.

Saylor posted “The Rules of Bitcoin: 1. Buy Bitcoin 2. Don’t Sell the Bitcoin” on Tuesday, doubling down on his strategy despite the massive profit wipeout.

To quote the following in his interview 'If a company is NEGATIVE cashflows and generates no profits, it's not a good business'. The irony? His company makes no money

Saylor is nothing more than a talking head to pump crypto and will be sailing into the sunset whatever happens.

 

[Jacket time]

could be, I don't follow them.

 

[Rob Battisti]

You all are funny. Anyway, best of luck to all of you in achieving whatever you want in life.

I’ll be over here achieving financial freedom and generational wealth.

 

[Rob Battisti]

This is the core issue with crypto, it's basically a trading mechanism rather than an investment, hence why 99% of crypto coins do not exist. Many just use it as a trading vehicle and hope to get rich from it, then convert back to USD lol. Then you've got huge gritters involved like Saylor.



Bitcoin to 1 million? $20.5 trillion market cap? It's more than likely we won't be around by that point. The 1M price for BTC is just a magic number that people created and like, there is literally no merit to it at all. Have a listen to Michael Saylor most recent interview when you get a chance, Honestly mate he is an absolute nutcase. This guy is the face of cryptocurrency.

Bitcoin will 100% hit a million. Id guess by 2033.

The naysayers love coming out of the woodwork when it drops. When it was 15k, everyone laughed at me when I said it would hit 100k.

 

[b34stmode]

This is the core issue with crypto, it's basically a trading mechanism rather than an investment, hence why 99% of crypto coins do not exist. Many just use it as a trading vehicle and hope to get rich from it, then convert back to USD lol. Then you've got huge gritters involved like Saylor.



Bitcoin to 1 million? $20.5 trillion market cap? It's more than likely we won't be around by that point. The 1M price for BTC is just a magic number that people created and like, there is literally no merit to it at all. Have a listen to Michael Saylor most recent interview when you get a chance, Honestly mate he is an absolute nutcase. This guy is the face of cryptocurrency.

ive tried to watch Saylor. Hes one of those people who really believes what he says and talks loud and acts as if what he is saying is important, but he says a whole bunch of nothing. I can't watch him for long periods at a time.

Its also absolutely insane to know his total balance is now negative. I mean how does someone cope with that? Knowing that everything he has done up until this point has been pointless if we are keeping it real?

 

[Rob Battisti]

Called it lol

What did you call?

 

[Jacket time]

I hope it drops alot more, I have alittle dry powder to add and finally hit 1 token

 

[Travis Alexander]

Bitcoin will 100% hit a million. Id guess by 2033.

The naysayers love coming out of the woodwork when it drops. When it was 15k, everyone laughed at me when I said it would hit 100k.

Paper handed fools don’t have the testicular fortitude to ride the wave long enough to financial freedom.

 

[Rob Battisti]

Paper handed fools don’t have the testicular fortitude to ride the wave long enough to financial freedom.

people see 50% drops. I see the next best time to buy. I think we hit 55k and then crab for months.

I’m hoping for SOL under $50 so I can go balls deep again like I did last time when it was under $20.

 

[b34stmode]

This is the core issue with crypto, it's basically a trading mechanism rather than an investment, hence why 99% of crypto coins do not exist. Many just use it as a trading vehicle and hope to get rich from it, then convert back to USD lol. Then you've got huge gritters involved like Saylor.



Bitcoin to 1 million? $20.5 trillion market cap? It's more than likely we won't be around by that point. The 1M price for BTC is just a magic number that people created and like, there is literally no merit to it at all. Have a listen to Michael Saylor most recent interview when you get a chance, Honestly mate he is an absolute nutcase. This guy is the face of cryptocurrency.

Also meant to respond to your first point. This is one of the main reasons I thought NFTs would continue to get huge, and I still believe so. You can tie utility, whatever you want it to be, directly to NFTs. They have an endless amount of functions/utility PLUS they have or have the potential to have the craze like Pokémon cards and collecting items in general have.

 

[Jacket time]

I’m hoping for SOL under $50 so I can go balls deep again like I did last time when it was under $20.

Good lord, congrats

 

[b34stmode]

Paper handed fools don’t have the testicular fortitude to ride the wave long enough to financial freedom.

Well except a ton of people are or were into leverage trading and got wiped out on purpose, constantly, by billionaire whales.

Leverage trading should be made illegal on crypto, it’s basically stealing money at this point in time.

 

[Corona]

Should’ve jumped on the wagon when our mans @WorldofWarcraft said so 12 years ago smh

 

[Gas121]

ive tried to watch Saylor. Hes one of those people who really believes what he says and talks loud and acts as if what he is saying is important, but he says a whole bunch of nothing. I can't watch him for long periods at a time.

Its also absolutely insane to know his total balance is now negative. I mean how does someone cope with that? Knowing that everything he has done up until this point has been pointless if we are keeping it real?

As I said above he said 'A business with no cashflow is a bad business'. Saylor is just a talking head for crypto trying to push the narrative for crypto bros.. Who knows how it ends.

Paper handed fools don’t have the testicular fortitude to ride the wave long enough to financial freedom.

Many are only use to seeing green candles since 2020. The bear market in 2022 was short lived. Most don't really have skin in the game when things go south. The narrative is just buy the dip and it goes up' but sometimes they tell the algos to do different things lol.

Have a few bros on leverage in crypto, I know it's not going well right now. I knew it was a bad idea but it's not my business.

 

[Travis Alexander]

people see 50% drops. I see the next best time to buy. I think we hit 55k and then crab for months.

I’m hoping for SOL under $50 so I can go balls deep again like I did last time when it was under $20.

I had SOL at like 12$ in 2023 and rode it up to like 150ish before cashing out to buy a car and put some money into my business. If it drops below 50$ I’ll pick up a ton for sure. I believe in their product and know some people that have worked with their dev team and head of gaming (my boy Johnny) he worked with us for a while at our company. That train ain’t stopping.

 

[b34stmode]

people see 50% drops. I see the next best time to buy. I think we hit 55k and then crab for months.

I’m hoping for SOL under $50 so I can go balls deep again like I did last time when it was under $20.

IDC what people say, this dip is fucking glorious. Anyone seeing these prices and have money to spend and not buying some crypto are morons. I'm going to splurge a decent amount into btc/eth, especially if the prices stay down here for a while.

 

[AmonTobin]

I'm fully anti - crypto. I hope it crashes and never recovers. If it doesn't crash, I hope it becomes outlawed in all countries and all banks. I have no ill will for anyone who invested honestly in it, but it goes against my personal ethics.

 

[Travis Alexander]

Many are only use to seeing green candles since 2020. The bear market in 2022 was short lived. Most don't really have skin in the game when things go south. The narrative is just buy the dip and it goes up' but sometimes they tell the algos to do different things lol.

Have a few bros on leverage in crypto, I know it's not going well right now. I knew it was a bad idea but it's not my business.

I have a business that is heavily reliant on crypto (although not directly beholden to the fluctuations) more from the utilization aspect. So obviously I’m very mu ch a maximalist when it comes to using crypto since it’s something that provides tremendous value in my daily life. When I buy or hold it’s for long term though and it has served me fantastically as an investment vehicle. I am unconcerned with the monthly ebbs and flows….or even qtrly at this point unless I just want to stack more into my wallets and buy.

 

[b34stmode]

As I said above he said 'A business with no cashflow is a bad business'. Saylor is just a talking head for crypto trying to push the narrative for crypto bros.. Who knows how it ends.




Many are only use to seeing green candles since 2020. The bear market in 2022 was short lived. Most don't really have skin in the game when things go south. The narrative is just buy the dip and it goes up' but sometimes they tell the algos to do different things lol.

Have a few bros on leverage in crypto, I know it's not going well right now. I knew it was a bad idea but it's not my business.

Leverage crypto should be illegal. im dead serious. Ive lost 100k on leverage trading, i had 8,000 get wiped out in 2 minutes with nothing for me to do but watch the money evaporate, knowing some retarded Chinese billionaire did it on purpose to take my money.

You aren't on a level playing field, ever. There are people who have infinitely more money and resources and physical assets to beat you, and will beat you. It should be illegal to let people trade crypto that way.

 

[b34stmode]

I'm fully anti - crypto. I hope it crashes and never recovers. If it doesn't crash, I hope it becomes outlawed in all countries and all banks. I have no ill will for anyone who invested honestly in it, but it goes against my personal ethics.

How so? What personal ethics is crypto violating?