BITCOIN

cobracide

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Suit yourself but you sure seem to be defensive about it......must be your "Cacky Lacky" acting up!!??

I've made my share of dumb investments over the years and Bitcoin sure sounded like one from the start.......hope you make a gang of money with it!!
Please post more about your "trusted source" LoL.
 

q6543

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The U.S dollar just hit a 20 year high.

And bitcoin still is holding a higher low.
FWIW last time the dollar was close to this price bitcoin was around $1000.

It's up 3500%

I'm still allocating, week in and week out to the top layer 1's.
It's part of a diversified portfolio.
 

Weather Man

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The U.S dollar just hit a 20 year high.

And bitcoin still is holding a higher low.
FWIW last time the dollar was close to this price bitcoin was around $1000.

It's up 3500%

I'm still allocating, week in and week out to the top layer 1's.
It's part of a diversified portfolio.

It's an interesting investment conundrum that the whales in BTC can only sell around the edges of their fortune, because if any of them tried to sell their position, not good.
 

Weather Man

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Crypto carnage: Bitcoin under $34K, down 50% from all-time high​

May 09, 2022 4:31 AM ETBitcoin USD (BTC-USD)ETH-USDBy: Yoel Minkoff, SA News Editor10 Comments

Bitcoin Cryptocurrency trends Graphs and charts

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The big swings in equities are being echoed in crypto markets as volatility sends risk assets into a tailspin. On Monday, Bitcoin (BTC-USD) dropped another 3.6% to as low as $33,316, more than 50% off the record high of $67,802 seen in November 2021. Ethereum (ETH-USD), the second-largest cryptocurrency, was also under pressure, as well as most of the cryptosphere.
"If risk sentiment continues plummeting, the chicken bones on the technical charts suggest Bitcoin could be on its way to $28,000 and then $20,000," said Jeffrey Halley, a senior market analyst at OANDA Asia Pacific. "HODL on for dear life."
Is the everything bubble deflating? Markets are up against a series of forces that are challenging the investing landscape.
 

Weather Man

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When one ponzi backs another.

As Terra UST stablecoin continues to plunge, backer says rescue plan in the works​

May 11, 2022 7:00 AM ETTerraUSD (UST-USD), LUNA-USDBy: Yoel Minkoff, SA News Editor6 Comments


It's not easy to engineer a new currency, especially an algorithmic stablecoin. Terra (UST-USD), the world's third-largest stablecoin, lost its peg to the U.S. dollar on Monday, dropping to as low as 69 cents and causing a swathe of investors to liquidate their holdings. Things recovered somewhat on Tuesday, before it tumbled below 40 cents early Wednesday, causing widespread panic as the controversial stablecoin (which has a circulating supply of nearly 17B tokens) went into freefall.
Snapshot: There are basically two types of stablecoins, which use distributed ledger technology to attach the value of tokens to something that already exists. One is backed by cash and assets to maintain their value, like Tether (USDT-USD) and USD Coin (USDC-USD), while others do not have any collateral behind them like algorithmic stablecoins. Instead, the pegs on which these coins are built are supposed to be maintained through an arbitrage relationship with another cryptocurrency (in the case of Terra, it relies on a sister token named Luna (LUNA-USD)).
The problem is that it hasn't been working (at least for the past few days). The relationship solely depends on the belief that there is a particular floor to the currencies, hoping that one can always exchange (or print) Luna (LUNA-USD) to guarantee the $1 peg for Terra (UST-USD). Aware of this dynamic, Do Kwon, the founder of Terraform Labs (which powers the Terra blockchain) has been diversifying into Bitcoin (BTC-USD) reserves for currency support - in case confidence eroded in Luna (LUNA-USD) and Terra (UST-USD) - but that could also be dangerous if Bitcoin becomes devalued as it has over the past six months. "Close to announcing a recovery plan for $UST. Hang tight," tweeted Kwon in response to the crisis.
 

cobracide

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JUST LIKE STOCKS - you have to understand what you invest in and pick and choose your winners. Investing in a stablecoin that is not fully backed and relies on an algorithm for it's peg is a fool's errand. Tether and USD Coin are the standard for stablecoins.
 

me32

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JUST LIKE STOCKS - you have to understand what you invest in and pick and choose your winners. Investing in a stablecoin that is not fully backed and relies on an algorithm for it's peg is a fool's errand. Tether and USD Coin are the standard for stablecoins.
Difference is the major advocates for crypto tend to be the ones pumping and dumping. The old Ponzi scheme.
 

Weather Man

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Terra's nearly 100% drop has rest of crypto market on edge, with Bitcoin under $30K​

May 11, 2022 8:57 AM ETTerra (LUNA-USD), UST-USD, BTC-USDSOL-USD, ADA-USD, DOGE-USD, DOT-USD, AVAX-USD, NEAR-USD, ALGO-USD, ICP-USDBy: Max Gottlich, SA News Editor21 Comments

Gold Bitcoin trading crash red chart

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Terra (LUNA-USD) coins are dropping almost 100% in Wednesday morning trading as its sister token TerraUSD (UST-USD), an algorithmic stablecoin, falls substantially further from its $1 peg in the midst of a broad selloff in cryptocurrencies.
Moreover, LUNA tokens, which are governance tokens designed to stabilize the price of TerraUSD (UST-USD), are collapsing 97% to $1.04 as of shortly before 9:00 a.m. ET, as coin supply surged in recent days. Specifically, ~46.24M LUNAs were issued on May 10 and more than 80M additional LUNAs have been issued in the past four days," according to a Twitter post by Wu Blockchain. As for TerraUSD (UST-USD), "supply burned more than 1.89 billion for 4d, and on May 10, 1.2 billion UST was burned, setting a new record for single-day destruction," Wu Blockchain added.
“The market is displaying a clear lack of confidence in this ship’s ability to right itself,” said Quantum Economics Chief Executive Mati Greenspan, as quoted by Bloomberg.
Selling pressure comes as bitcoin (BTC-USD -8.3%) remains around 50% below its all-time high in Nov. 2021. At the time of writing, bitcoin (BTC-USD -8.3%) is sliding below its key psychological level of $30K to $29.2K, testing levels not seen since July 2021. Note that the Luna Foundation Guard has reserves of 80K bitcoins, though the "LFG have been selling their Bitcoin in order to raise funds to push the price of UST back up," GlobalBlock wrote in a note.
Also, cardano (ADA-USD -21.5%), solana (SOL-USD -32.8%), dogecoin (DOGE-USD -26.7%), polkadot (DOT-USD -30.2%), avalanche (AVAX-USD -44.6%), shiba inu (SHIB-USD -29.2%), polygon (MATIC-USD -30.3%), NEAR protocol (NEAR-USD -46.3%), algorand (ALGO-USD -34.8%) and internet computer (ICP-USD -29.7%) are making pronounced moves to the downside.
April's inflation report released earlier is perhaps impacting crypto prices more broadly, with the consumer price index jumping more than expected both M/M and Y/Y.
 

q6543

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Yeah I took a total loss on Luna, I only had 100... but literally from 12k to 8k ... normal fluctuations... then from 8k to 300 in like 48hrs.

What's bad now is this was a top 6 protocol, so I'm sure there will be contagion bleed.

I guess I'm lucky it wasn't big money, they attracted billions in V.C. funding.
 

Weather Man

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Yeah I took a total loss on Luna, I only had 100... but literally from 12k to 8k ... normal fluctuations... then from 8k to 300 in like 48hrs.

What's bad now is this was a top 6 protocol, so I'm sure there will be contagion bleed.

I guess I'm lucky it wasn't big money, they attracted billions in V.C. funding.

That sucks, don't like to see anyone lose money.
 

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