Bitcoin fukking DESTROYED

[venditto]

LOL its dead, there's no intermediary and not a shred of positive news

Gemini, BlockFi, Genesis announcing new restrictions as FTX contagion spreads

The lending arm of the crypto investment bank Genesis Global Trading is pausing new loan originations and redemptions.

www.cnbc.com

Here's another crypto company halting business

I saw today 'BINANCE' launching a recovery fund lol

What's going to happen is incredibly tight crypto legislation followed by banks entering the market w private currency and HOPEFULLY that gets us off the Federal Reserve system for a generation or two. A little austerity in social programs being cut, coupled w a shift of money to private decentralized banks will force the US political class to get in line w reality in spending.

Crypto as we see it today is done, it's an inverse mirror of the dollar. Rates go up, coins go down.

Overreacting to dips and hyping green waves like everyone else

 

[MinnesotaFats]

99% of news is propaganda waste of time

Correct

But that doesn't mean there isn't some truth in there.

They halted lending because rates are going up over the next 24 months meaning crypto is going down further.

This correlation cannot be denied based on the last 18 months. What is the purpose of BitCoin? It's supposed to be decentralized financing, why did it boom? Because institutions dump massive sums of sovereign funds into it, why is I'd dead? Because sovereign funds are tied to the dollar strength; and if the dollar strength (not equity markets) is what dictates the value of crypto, then crypto isn't defined as decentralized and thus has no true value.

 

[venditto]

Correct

But that doesn't mean there isn't some truth in there.

They halted lending because rates are going up over the next 24 months meaning crypto is going down further.

This correlation cannot be denied based on the last 18 months. What is the purpose of BitCoin? It's supposed to be decentralized financing, why did it boom? Because institutions dump massive sums of sovereign funds into it, why is I'd dead? Because sovereign funds are tied to the dollar strength; and if the dollar strength (not equity markets) is what dictates the value of crypto, then crypto isn't defined as decentralized and thus has no true value.

Don't overreact

 

[Pimike]

Don’t buy now

 

[Seahawkharry]

I just took the last of it out of my wallet wasn't much under a G. But losing g 25-50$ a day wasn't good so I added more to my 2 accounts and put the rest in savings I'm not touching crypto again for a while

 

[venditto]

Don’t buy now

 

[Pimike]

Lol

 

[Tanko]

LOL its dead, there's no intermediary and not a shred of positive news

Gemini, BlockFi, Genesis announcing new restrictions as FTX contagion spreads

The lending arm of the crypto investment bank Genesis Global Trading is pausing new loan originations and redemptions.

www.cnbc.com

Here's another crypto company halting business

I saw today 'BINANCE' launching a recovery fund lol

What's going to happen is incredibly tight crypto legislation followed by banks entering the market w private currency and HOPEFULLY that gets us off the Federal Reserve system for a generation or two. A little austerity in social programs being cut, coupled w a shift of money to private decentralized banks will force the US political class to get in line w reality in spending.

Crypto as we see it today is done, it's an inverse mirror of the dollar. Rates go up, coins go down.

I think you left out the most important aspect of the Bianance and Geneis issues.... Their FTX holdings that are now worthless have screwed them. FTX is the 1st domino, and others are falling due to investments in FTX. It will domino some until there is only a few big boys left and they will be even stronger than before.

This happened after Lehman too with other banks the difference is the FED/Treasury stepped in to stop any more dominos from falling. Here, there is no intervention. Only the biggest, well financed exchanges will like survive.

 

[Tanko]

Don’t buy now

Correct, wouldn't be wise timing. Bottom is yet to come after all the hevaily leveraged exchanges drop out of existance.

 

[Leisure]

Should I be worried about Gemini ? , that’s where I store my Bitcoin which is less than a grand .

 

[MinnesotaFats]

I think you left out the most important aspect of the Bianance and Geneis issues.... Their FTX holdings that are now worthless have screwed them. FTX is the 1st domino, and others are falling due to investments in FTX. It will domino some until there is only a few big boys left and they will be even stronger than before.

This happened after Lehman too with other banks the difference is the FED/Treasury stepped in to stop any more dominos from falling. Here, there is no intervention. Only the biggest, well financed exchanges will like survive.

FTX isn't the 1st or last to go up

 

[Tanko]

FTX isn't the 1st or last to go up

As I mentioned, many exchanges are just starting to unravel.

 

[MinnesotaFats]

Crypto firm BlockFi files for bankruptcy as FTX fallout spreads

BlockFi was one of the first firms to be "rescued" by former billionaire Sam Bankman-Fried's FTX earlier this year.

www.cnbc.com

 

[uh_uh_eugine]

I think the coin survives this Mini Madoff thing.

Still good for workin with books.