Economy Bitcoin/Crypto is imploding

[Limbo Pete]

What did you call?

Oh don't worry about it lol

 

[Motivated BJ Penn]

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.

Just dont be greedy and do x50-x100 leverage. I havent had problems using x5 only over longer time frames

 

[AmonTobin]

How so? What personal ethics is crypto violating?

Correct me if I'm wrong but doesn't crypto make it easier to do things like launder money, evade taxes, misrepresent wealth? Isn't crypto mining bad for the environment?

 

[b34stmode]

Correct me if I'm wrong but doesn't crypto make it easier to do things like launder money, evade taxes, misrepresent wealth? Isn't crypto mining bad for the environment?

I wouldn't say it makes it easier, its actually a distinct trail that one can follow if we are being honest. Its a different alternative people use to do illegal things, yes. But if it didn't exist, other ways would be used.

And like I said, if someone wanted to audit or do an actual paper trail, crypto tracks EVERYTHING. Infinitely more secure than cash.


edit: it is bad for the environment, and will only get worse.

 

[Blayt7hh]

Man I really almost dumped my bitcoin when it hit 125k now I’m kicking myself. Would have just used all the money to buy it up around 85k. Oh well

Luckily I sold all my XRP near the high. Not confident in reinvesting in that may put that into bitcoin

Btw I do actually suggest you guys invest in bitcoin now. It will go back up

 

[Blayt7hh]

Isn't crypto mining bad for the environment?

With bitcoin it’s straight retarded and probably the most criminal uses of energy ever

 

[b34stmode]

Just dont be greedy and do x50-x100 leverage. I havent had problems using x5 only over longer time frames

IDK man, I got wiped at least 3 times that I remember from flash crashes that triggered my SL that wasnt even me being greedy at all on my target profits and target SLs. Just straight manipulation wiping my position out. I think all of my trades were below 100x.

 

[Rob Battisti]

Oh don't worry about it lol

I know you’re rooting for me to fail. I’m sorry to disappoint you.

 

[b34stmode]

With bitcoin it’s straight retarded and probably the most criminal uses of energy ever

yeah, the bitcoin mining farms are pretty fucking bad. I think at some point it will actually cost more money to provide electricity than you will make from farming it yeah? I mean i think its already there for small level farming.

 

[Brampton_Boy]

This is wrong, he's in the red currently.

Yeah, but he doesn't have any maturities due. He financed most of the purchases by selling common shares - he didn't technically take on debt that can be called. While he is leveraged, he can technically ride out long stretches of a crypto winter.

With that being said, his shareholders are being absolutely destroyed and the share price will not be insulated from any further downside in the price of bitcoin. The man is a straight up gambler with other people's money. He is a genius and a pundit when crypto is flying, and he is snake oil salesman when crypto crashes. People are very fickle.

 

[Gas121]

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.

Woah 100k is a hefty amount. Lucky for me I took some losses early on trading options and high beta stocks. Now I'm far more experienced and understand the mechanics of markets.

I agree completely. Leverage and option trading is seriously dangerous for anybody that does not understand it. We have already saw headlines of young people calling it quits after catastrophic losses.

A few bros did take it out leverage last year and I gave a Bert stare at the time. They are rookies with no experience at all, it's crazy.

 

[HOLA]

Yeah, but he doesn't have any maturities due. He financed most of the purchases by selling common shares - he didn't technically take on debt that can be called. While he is leveraged, he can technically ride out long stretches of a crypto winter.

With that being said, his shareholders are being absolutely destroyed and the share price will not be insulated from any further downside in the price of bitcoin. The man is a straight up gambler with other people's money. He is a genius and a pundit when crypto is flying, and he is snake oil salesman when crypto crashes. People are very fickle.

He's always a snake oil salesman imo.

But, it is only when the tide goes out, that we learn who is swimming naked.

 

[b34stmode]

Woah 100k is a hefty amount. Lucky for me I took some losses early on trading options and high beta stocks. Now I'm far more experienced and understand the mechanics of markets.

I agree completely. Leverage and option trading is seriously dangerous for anybody that does not understand it. We have already saw headlines of young people calling it quits after catastrophic losses.

A few bros did take it out leverage last year and I gave a Bert stare at the time. They are rookies with no experience at all, it's crazy.

Yeah I was definitely one of them. I made an insane amount of 3 meme coins within a short period of time and the only logical step for me at that time was leverage trading. and I don't give up easy. but Ive had a decent amount of trading experience in otc stocks/crypto before jumping into leverage trading.

But from what i remember is there were 3 distinct times where my position was just evaporated out of nowhere with no explanation on why it happened.

Ive tried to forget about it because its a serious sore spot on my ego, lol.

 

[Limbo Pete]

I know you’re rooting for me to fail. I’m sorry to disappoint you.

You've got the wrong idea lol

 

[Rob Battisti]

Good lord, congrats

Been in it for awhile it’s not hard to have a low average buy price. The Bitcoin hate is always fun to see. The same people said the same things when it was 5k, 10k 20k, 50k, 100k and 125k.

They’ll say the same things when it’s 300k, 500k, 800k and beyond.

Those who live in ignorance are free to criticize. Me? I’ll be happy ensuring I don’t have to be a wage slave my entire life.

 

[Rob Battisti]

You've got the wrong idea lol

Okay? Well, either way, you obviously wish for Bitcoin to fail, know I believe in it and for some reason posted something which tried to paint me in some light. It’s cool if you want to have an inside joke.

Wishing you good will.

 

[HOLA]

And like I said, if someone wanted to audit or do an actual paper trail, crypto tracks EVERYTHING. Infinitely more secure than cash.

Yeah I was definitely one of them. I made an insane amount of 3 meme coins within a short period of time and the only logical step for me at that time was leverage trading. and I don't give up easy. but Ive had a decent amount of trading experience in otc stocks/crypto before jumping into leverage trading.

But from what i remember is there were 3 distinct times where my position was just evaporated out of nowhere with no explanation on why it happened.

Ive tried to forget about it because its a serious sore spot on my ego, lol.

 

[HOLA]

Been in it for awhile it’s not hard to have a low average buy price. The Bitcoin hate is always fun to see. The same people said the same things when it was 5k, 10k 20k, 50k, 100k and 125k.

They’ll say the same things when it’s 300k, 500k, 800k and beyond.

Those who live in ignorance are free to criticize. Me? I’ll be happy ensuring I don’t have to be a wage slave my entire life.

I mean...there's only so much money in the world. If Bitcoin was $1 million a coin, its market cap would be $21 trillion. Where is that money supposed to come from, the Tooth Fairy?

 

[Motivated BJ Penn]

I mean...there's only so much money in the world. If Bitcoin was $1 million a coin, its market cap would be $21 trillion. Where is that money supposed to come from, the Tooth Fairy?

From the fed printing machine. The current debt is impossible to repay without turning it on at some point.

 

[HOLA]

From the fed printing machine. The current debt is impossible to repay without turning it on at some point.

The United States can roll over its debt in perpetuity. It doesn't have to pay it back. We haven't been debt free since 1835.