Cryptocurrency mega-thread

[Gigantic]

LUNA is now at 5 cents, I mean far out, is this the largest and quickest collapse in crypto history?

In the history of financial assets even? I don't know a single stock that has collapsed like this by magnitude and velocity.

 

[Shupe]

Did you manage to sell the remainder before the major carnage started?

Nope.

 

[BACCS]

Nope.

Did you hold thinking it might bounce back? I remember a brief bounce a couple of days ago back to 40ish, but that didn’t last long

 

[BACCS]

In the history of financial assets even? I don't know a single stock that has collapsed like this by magnitude and velocity.

Good point! It’s basically wiped 30+ billion from the market cap in 48 hours, and the rest of it (another 10ish billion) within the last 5 weeks. Someone please correct if my maths is off! It’s gone from top 10 to 108 market cap in the last 2 days too, ****.

 

[The Dice Man]

They've also increased the supply massively in the last few hours, and even at 0,02c it's probably over-valued

 

[Evolved1]

LUNA is now at 5 cents, I mean far out, is this the largest and quickest collapse in crypto history?

No.




BTC did better in its early days.

 

[BACCS]

No.

View attachment 1398462


BTC did better in its early days.

I did think of Bitconnect, how fast was that drop to zero? I also read TRON in 2018 dumped majorly, what happened there?

 

[BACCS]

Going to near zero by the looks of it, still massive sell pressure even at 2 cents!

 

[BACCS]

 

[Evolved1]

I did think of Bitconnect, how fast was that drop to zero? I also read TRON in 2018 dumped majorly, what happened there?

From memory, I think bitconnect dropped from a few hundred dollars to maybe $3 within a day. The entire crypto community was warning everyone it was a ponzi well before that point.

I bought tron at 4c and was riding high when it hit 20c. I was at break even within a couple days from the peak.

In 2017, marketing was everything. The entire market (outside BTC) was pumped solely by shilling, much like doge has been during this run. If a token was on the mailing list of BMW or an ISP, it would pump 100% in 2 hours once the 'partnership' announcement was made. Good times.

The market is still very early and amateurish. You only need look at the BTC conferences to see that. We've come a long way though.

 

[BACCS]

 

[Evolved1]

For all the shit that's gone down recently, we're still at the same price we were 12 months ago.

 

[beez]

I watch most of the Blockworks vodcasts and this below was one of the best ever. The guy being interviewed was just spot on. He spoke about that exact thing about losses in % terms, and had a quick drive-by of how all the stablecoins are ponzis. Very apt since it was recorded on May 3rd.



The last 6-7 mins in on Tether and crypto. Very illuminating for a novice like me.

 

[ash_1050]

From memory, I think bitconnect dropped from a few hundred dollars to maybe $3 within a day. The entire crypto community was warning everyone it was a ponzi well before that point.

I bought tron at 4c and was riding high when it hit 20c. I was at break even within a couple days from the peak.

In 2017, marketing was everything. The entire market (outside BTC) was pumped solely by shilling, much like doge has been during this run. If a token was on the mailing list of BMW or an ISP, it would pump 100% in 2 hours once the 'partnership' announcement was made. Good times.

The market is still very early and amateurish. You only need look at the BTC conferences to see that. We've come a long way though.

Finally something old enough in the crypto space that I actually know what’s going on. Bitconnect was a ponzi, people were getting some insane rate of return like 2% a day or something stupid like that, and plenty of people saw it as a sure thing.

As it became more obvious it was a ponzi those who believed in it dug in even more and sunk more cash into the scheme, while YouTube personalities like Trevon James were shamelessly spruiking it, encouraging more people to invest. Carlos Matos became the meme out of it, but it was people like Trevon who caused the most damage.

Crypto finished 2017 with a bang, and had a raucous couple of days where everything went absolutely nuts, just look at the XRP or ETH chart from that time and you’ll see what I mean. The golden age of crypto had dawned, 2018 was going to see the mainstream adaptation of coins, and even your mum was asking you if you knew about bitcorn. Crypto holders were invincible, and now they were on track to cause the long awaited disruption that had been prophesied.

And then a week or so into the new year a backwater part of the Texas Government released an article calling Bitconnect a Ponzi scheme and warning people not to invest in it. The fallout was immediate, as people scrambled for the door the price crashed unlike anything I’ve seen, up until the Luna run over the last few days.

It was nearly identical to Luna, and you saw people on Reddit going through the stages of grief in real time as their savings dropped in value every time they hit the refresh button. Some maintained it’s not a scam and held rather than be proved wrong, others threw even more cash at it trying to buy the dip in a desperate hope that it would, or should, recover. There was also the inevitable pile on of the ‘I told you so’ brigade, which didn’t help things.

The crypto media picked up the story, and while the market had already started to unwind after its incredible 72 hour New Years even run, the Bitconnect firestorm proved to be a cooler on the market as a whole, as the euphoria was replaced with a realisation that crypto is a speculative asset, and your portfolio too may one day suffer the same fate. While Bitconnect ultimately wasn’t the catalyst for the subsequent downturn, it was certainly one of the contributing factors.

 

[Evolved1]

I watch most of the Blockworks vodcasts and this below was one of the best ever. The guy being interviewed was just spot on. He spoke about that exact thing about losses in % terms, and had a quick drive-by of how all the stablecoins are ponzis. Very apt since it was recorded on May 3rd.



The last 6-7 mins in on Tether and crypto. Very illuminating for a novice like me.

They were talking about tether being a ticking timebomb 5 years ago. Look up bitfinex'ed if you want to go down the rabbit hole.

All you need to know about tether, the cryptocurrency that could have 'devastating' effects on the market

Some cryptocurrency insiders believe that tether is being used to prop up the price of bitcoin.

www.cnbc.com

 

[Evolved1]

Finally something old enough in the crypto space that I actually know what’s going on. Bitconnect was a ponzi, people were getting some insane rate of return like 2% a day or something stupid like that, and plenty of people saw it as a sure thing.

As it became more obvious it was a ponzi those who believed in it dug in even more and sunk more cash into the scheme, while YouTube personalities like Trevon James were shamelessly spruiking it, encouraging more people to invest. Carlos Matos became the meme out of it, but it was people like Trevon who caused the most damage.

Crypto finished 2017 with a bang, and had a raucous couple of days where everything went absolutely nuts, just look at the XRP or ETH chart from that time and you’ll see what I mean. The golden age of crypto had dawned, 2018 was going to see the mainstream adaptation of coins, and even your mum was asking you if you knew about bitcorn. Crypto holders were invincible, and now they were on track to cause the long awaited disruption that had been prophesied.

And then a week or so into the new year a backwater part of the Texas Government released an article calling Bitconnect a Ponzi scheme and warning people not to invest in it. The fallout was immediate, as people scrambled for the door the price crashed unlike anything I’ve seen, up until the Luna run over the last few days.

It was nearly identical to Luna, and you saw people on Reddit going through the stages of grief in real time as their savings dropped in value every time they hit the refresh button. Some maintained it’s not a scam and held rather than be proved wrong, others threw even more cash at it trying to buy the dip in a desperate hope that it would, or should, recover. There was also the inevitable pile on of the ‘I told you so’ brigade, which didn’t help things.

The crypto media picked up the story, and while the market had already started to unwind after its incredible 72 hour New Years even run, the Bitconnect firestorm proved to be a cooler on the market as a whole, as the euphoria was replaced with a realisation that crypto is a speculative asset, and your portfolio too may one day suffer the same fate. While Bitconnect ultimately wasn’t the catalyst for the subsequent downturn, it was certainly one of the contributing factors.

I don't know much about luna tbh. Was it a ponzi from the start, did it become one after UST, was their downfall due to backing their stable coin with unstable BTC, or other?

From memory, bitconnect had next to no influence on the rest of the market when it fell. You couldn't say the same for luna.

 

[beez]

They were talking about tether being a ticking timebomb 5 years ago. Look up bitfinex'ed if you want to go down the rabbit hole.

All you need to know about tether, the cryptocurrency that could have 'devastating' effects on the market

Some cryptocurrency insiders believe that tether is being used to prop up the price of bitcoin.

www.cnbc.com

Yeah I've known about the conversation re Tether for a while, and I've always been surprised when people talk about keeping their money to one side in stablecoins. I get the point, but it seemed like a risk to me. But I have nfi really, maybe there are stablecoins out there that are genuine.

 

[ash_1050]

I don't know much about luna tbh. Was it a ponzi from the start, did it become one after UST, was their downfall due to backing their stable coin with unstable BTC, or other?

From memory, bitconnect had next to no influence on the rest of the market when it fell. You couldn't say the same for luna.

Luna will wash out over time, there’s people calling it a ponzi, and things like 20%pa interest suggest it’s a ponzi, but I haven’t done enough digging to confidently say one way or the other whether it was or not.

Disagree regarding Bitconnect and it’s impact on the market, if you look at major coins at that time (XRP, ETH, XMR, BTC) there’s at least a correlation there of downward prices, and I’d argue a bit of causation. The vibe at the time went from one of jubilation to confidence, to reassurance, to concern over the space of about 3 weeks as all prices trended down in varying degrees.

 

[Evolved1]

Yeah I've known about the conversation re Tether for a while, and I've always been surprised when people talk about keeping their money to one side in stablecoins. I get the point, but it seemed like a risk to me. But I have nfi really, maybe there are stablecoins out there that are genuine.

Few of the major exchanges had fiat ramps until recently, so stablecoins made a lot of sense. That's likely due to regulatory issues.

On one hand, you can argue tether aren't independently audited. On the other hand, they've been the subject of regulatory scrutiny and lawsuits for 5 years, yet have been untouched for the most part. If they were printing tethers out of thin air (as some claim), they wouldn't have survived this long.

 

[Evolved1]

Luna will wash out over time, there’s people calling it a ponzi, and things like 20%pa interest suggest it’s a ponzi, but I haven’t done enough digging to confidently say one way or the other whether it was or not.

Disagree regarding Bitconnect and it’s impact on the market, if you look at major coins at that time (XRP, ETH, XMR, BTC) there’s at least a correlation there of downward prices, and I’d argue a bit of causation. The vibe at the time went from one of jubilation to confidence, to reassurance, to concern over the space of about 3 weeks as all prices trended down in varying degrees.

I'd argue the price action was based on technical factors and market psychology rather than bitconnect. We hit peak euphoria for retail at eoy 2017, with a lower high (complacency shoulder) on BTC while alts mooned. Alts follow BTC, so shitcoins dumped soon after.

 

[BACCS]

I watch most of the Blockworks vodcasts and this below was one of the best ever. The guy being interviewed was just spot on. He spoke about that exact thing about losses in % terms, and had a quick drive-by of how all the stablecoins are ponzis. Very apt since it was recorded on May 3rd.



The last 6-7 mins in on Tether and crypto. Very illuminating for a novice like me.

How are all stablecoins ponzis? USDC at the very least is backed by cash I believe (or is mostly and definitely has a lot of very large backers).

 

[BACCS]

 

[kaiserchief13]

Can someone explain to a bit of a noobie how come Luna is so low when UST is heading back towards $1?

 

[BACCS]

Can someone explain to a bit of a noobie how come Luna is so low when UST is heading back towards $1?

Look at the Tweet I posted just above, they’re inflating Luna supply to try and save UST. Minting 95% of the supply in 2 days will be enough to crash any token price. Luna would struggle to get back over a dollar at their current rate of minting.

 

[Pancakes]

Obviously this is just the time that Cardano has been waiting for to rise up and take it's place as the king of crypto.
It is long overdue i can hear you all say, and i agree. ADA #1