Tesla has to book $40 million in Q2 losses for every $1k drop in Bitcoin value below ~$33k. So around $560 million so far.
[edit] I so hope that Tether fails, lmao
17.8k now
it's crazy how fast it's falling, even percentage-wise I don't think the correction in 2018 was this fast
Just saw a tik tok claiming coinbase is on the verge of insolvency and employees are telling each other to pull their money out.
lmaooooooooo
i know it's kind of bad to laugh but this is all morbidly hilarious.
lol a public crypto company going under will result in so many US regulations that will destroy the main value in them (buying illegal shit)
Where will I source horse tranquilisers from now?
I can't afford a real horse.
It boggles my mind why people are still holding at this point, seems like the writing is on the wall.
Is there some wisdom that even a marginal chance of a future upswing makes it worth risking losing the money you could get by selling when it's dropping like this?
There holding cuz it's done this before. But like people are saying on the crypto sub. This is the first time it's happening with the money printer turned off.
Interesting. When they're saying that are they referring to 2018 when after a peak around $20K it lost like 90% of its value?
Yeah so the guys that got in early don't care. Everyone else gets liquadated.
Someone sent me some on Christmas and I held onto it (partly because I was partying and forgot about it). I remembered I had it when Cashapp alerted me to the first big drop a few weeks later. I held on thinking it might recover and I still have it, though it's at about a third of its original value.
I think I'm gonna send it back next Christmas to complete the joke.
I got in fairly early when I was still a lib thinking this is the next big thing and also I didn't really invest any money I can't afford to lose so I don't give a shit tbh.
There's still a chance the world economy gets even more stupid and this thing bounces back, who the fuck knows at this point anymore.
Also it buys me weed.
I bought like 15 dollars worth in 2017 lmao what do I need to pull out for
My fav take today on reddit was that Bitcoin always was and still is an inflation hedge. Because people who bought it at whatever levels it was before now are still in the green and bought it to hedge against inflation. So if you bought bitcoin in 2014 for $1000 or whatever it was, then you're still up and because you fell for the inflation argument, that makes it an inflation hedge.
lmfao, most people who bought into bitcoin bought in during the last surge (some explaining it to themselves as a hedge against currency devaluation), I assume most non-institutional
ponzisinvestors have lost most of what they put in at this point.
It was at -12% for today lmao. It's lost 75% of its value at the peak only eight months ago.
one of my favourite things to do recently is to go to coinmarketcap and customise the view to show the YTD % listing, and then just scroll down the page and see the sea of red with almost every single crypto having lost 60-90% of their 'value' in the last 6 months :sicko-pog:
That huge drop had to be someone dumping a ton at once right?
It's exchanges moving money out of cold storage selling it to stay solvent. If you have any money in exchanges right now i would highly suggest wiring it too your bank asap.
If you have any money in exchanges right now i would highly suggest wiring it too your bank asap.
Several exchanges are just straight up not allowing people to take their crypto currency out
Yeah that's what I'm getting at. If the largest ones signal anything like that the whole thing is done.
I honestly would be wary of leaving money you need right now in Robin hood. But it's insured by the government so you'll eventually get it. But crypto. Most of it is not backed by any significant amount of cash. Most of them are ponzis.
