Columns like this shit me. It is well written and makes interesting points, but they decide to only finally write about crypto (a subject they say they don’t know a heap about) during the depths of a bear market. It reeks of engagement farming during a time that many are piling on the crypto world. Why not write this article in 2021?
Crypto crash bears all the hallmarks of classic non-bank financial crisis...
The crypto crash has been fascinating to watch and bears the hallmarks of a standard non-bank financial crisis that inevitably arises every time there is a liquidity shock. Unfortunately, it is likely to get worse. For years this column resisted the temptation to write about the crypto craze...www.livewiremarkets.com
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Cryptocurrency mega-thread
- Thread starter DapperJong
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beez
A*mazing
"Finance" will not "flee" to crypto. Especially given what has just happened with FTX. I will hazard a guess that most of your crypto friends have the argument for growth backward.
Yes, there is a high likelihood that the crypto space will see a quite significant uptick in the next 12-24 months. Yes, it will likely be because of an economic downturn. Yes, you will see significant pools of money in the financial space again go into tech development and into Bitcoin. And, why? Because of loosening monetary policy and stimulus in the banking sector. Because of, yes, that economic downturn. It is not a lifeboat asset. It is the exact opposite.
The irony is that statist monetary and fiscal policy will be the reason the crypto space rises again.
- Jun 14, 2013
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People speculate that every cycle. Why is this time different?
What's an insane boom anyway? We only did a 3.5x on the all time high from the previous cycle. I can't see why its not feasible to go from 14k BTC and 700 ETH to 100k BTC and 10k ETH in the next cycle. That's not even a 2x for BTC.
You'll continue to get shitcoins that moon. This happened a week or so ago on binance:
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- Jun 14, 2013
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LongBombFromOutside50
How do you view the future of Solana post SBF? Are you looking to buy again at some stage?
How do you view the future of Solana post SBF? Are you looking to buy again at some stage?
It's tempting, but probably not. Unless it goes sub $5 then I may be a buyer, as there is still lots of development happening on the chain as far as I can see. The dinosaur coins never seem to perform as well as the new ponzis in the next bull cycle. And by the next bull cycle Solana will already be a dinosaur coin.
Are you looking to buy some? If not then what Alts are you following
And now SNM is back below $1. Just Binance making back the money it lost on it's FTT tokens. Nothing more than that.
CZ is trying to be the "white knight" in this FTX situation, but he's almost as bad as SBF tbh, albeit in different ways.
The public reaction to this has been understandably…
Who the **** thought this would still be a good idea? He oversaw one of the largest acts of financial fraud in history and should be punished, not celebrated and given a platform at a conference with major political leaders. Other speakers at this include the Ukrainian President and it costs $2,400 for a ticket!
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Do you think that is a sign of a stable, healthy marketplace?
Why did it go up? for what reason? Any new tech or news? Or is that just market manipulation?
Don't forget, this "coin" is meant to be a currency......
I suspect the day(if that ever happens, which I highly doubt), Crypto starts to be actually a stable transfer of wealth(ala, an actual Currency) is the day you guys will stop caring for it. People are risk-averse, no one sane wants to hold something which goes down as fast as it goes up. The fundamental issue is still this. For Crypto to be a currency, it needs to stop being a wild range of human emotions and be reliable. And that "goal" is worst than it has ever been. And for every "bull" and "bear" run, the further away Crypto gets to actually be useful, outside being a fool's gamble on the nature of emotions and following the pack.
Any financial investment is based largely on human emotions, many studies have been done to confirm this. Crypto is no different to real estate in this regard, it’s just that the risk profiles are different. I am generally risk adverse in most aspects of life, but I invest in crypto, so does that make me and all others in this asset class insane? That’s a pretty major over generalisation there.
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- #14,589
But it is different. Real Estate is something you can live in, rent out or just wait. Land is always useful.
Even Shares in companies sometimes have reasons to go up and down. Outside macroeconomics, you are betting on the company, which should have assets and revenue. Heck, you might even get a dividend if you are lucky. But share markets are highly emotive, and hence higher risk. The shares which lack these solid foundations are far riskier than others.
And this is the issue with Crypto. You invest because you believe these currencys will be useable in the future. And that's it. No numbers, just a gut feel of the tech. Solely emotion. And so, the risk is off the roof.
The issue is that they are failing to be currencies because of this risk. They are way too unstable to use as a means to transfer wealth and full of frauds and major collapses. Include issues with the environment, energy and other spaces, such as NFT's and goal of Crypto, etc. a currency, drifts further and further off in the future. IMO, that would make Crypto worthless, because that is what you gambling on. Uptake in the future.
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I wasn’t disputing that real estate is a safer investment, I was pulling you up on saying it that only crypto is an emotional purchase, when real estate is a prime example of an emotional purchase.
There are many crypto projects that are not trying to be currencies for everyday purchases like a coffee. That statement alone tells me all I need is to about your knowledge of the space, which is surface level at best. Your view of what the crypto space it seems is very much in 2015.
As an example, there are tokens that can be used in online marketplaces (NFTs a prime example for ETH). In game purchases that require a certain token is another huge market that will continue to grow in Web 3 as more AAA game developers enter the space. Both of these are real world products that are helping to provide legitimate use cases for crypto outside of say BTC as a currency, but we are obviously still early. I understand that regular currencies can be used for both of the examples above, but that doesn’t mean there aren’t better technologies out there for applications such as these.
Of course the risk profile in crypto is higher as it’s still a very young space compared to other asset classes, anyone in the space is aware of that.
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and this is the thing. why?
Why add another layer to a transaction?
ps. All your examples are of crypto being a currency btw. And NFT are a waste of space, only existing because people were bored and needed something to spend their "currency" on. And everything still gets quoted on USD in the end anyway.
And if you have ever played a Gacha game, you know being able to transform $ into diamonds doesnt need a wasteful blockchain calculation.
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I’m not looking to get into an endless debate, so let’s just agree to disagree.
Crypto is all about one thing. Trust. The technology ensures trust in open ledgers and eliminates any kind of manipulation.
The goal of crypto is not to be a currency...
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- Jun 14, 2013
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I'm not the best at picking dinosaur coins with potential, so I'll target some top 100 alts that have been smashed the most. Solana is likely to be part of that list.
Any buy price targets you have in mind for SOL? Or have you already started accumulating?
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I've bought a small bag, but looking for bigger buys around the $3-$5 range.
There is but traditional banking is no different in regards to liquidity, they just know the government will bail them out, unlike crypto currently.