Monitoring the Crypto Bubble

[jultorsk]

 

[TreasureHunter]

View attachment 55755

This is the level of seriousness out there.

In the end, the entire environment will self-ridicule and turn into a playground for crazy-children.

NOTHING can be taken seriously:
- "joke" coins that gain more strength than certain (real) fiat currencies solely for the reason that 1-2 celebrities start Tweeting about them and the mainstream media mentions them
- the entire market gets brought down, because 1 "celebrity" happens to post a "negative attitude" Tweet
- as a result of the crash, billions of (perceived) dollars get wiped off the charts (like they never even existed... or, did they? )
- countless coins appear and countless people buy and buy for the sole purpose of waiting and hoping they will go up in value
- it's a hope-based MLM environment, where people jump aboard an investment and wait for others to join and bring up the price

 

[tdtwedt]

China bans financial, payment institutions from cryptocurrency business

China has banned financial institutions and payment companies from providing services related to cryptocurrency transactions, and warned investors against speculative crypto trading.

Under the ban, such institutions, including banks and online payments channels, must not offer clients any service involving cryptocurrency, such as registration, trading, clearing and settlement, three industry bodies said in a joint statement on Tuesday.

https://www.reuters.com/technology/...es-barred-cryptocurrency-business-2021-05-18/

 

[TreasureHunter]

^
Didn't they recently kind-of encouraged people to make savings in these assets?

 

[ParanoidAndroid]

D

^
Didn't they recently kind-of encouraged people to make savings in these assets?

Didn't they just recently repeat that same article every year for the past 5 years?

 

[dozerz]

its not fud if you only announce it once, needs to be repetative.

 

[IfUdonotholditUdonotownit]

In the end, the entire environment will self-ridicule and turn into a playground for crazy-children.

There's a tobacco heir up on the Gold Coast who calls himself "the Candyman", and he surrounds himself with lots of buxom women. Surely, with his *fame*, it must be time for the crypto "Candyman coin." I like the sound of it, because it sounds so tacky. Probably be quite popular with the in-crowd; e.g. do you have any candyman coins on you? I'm buying candyman, cause I reckon it will go up big-time, what about you? etc etc ad nauseam

 

[willrocks]

China bans financial, payment institutions from cryptocurrency business

Haven't they banned cryptocurrency about 5 times now?

 

[hawkeye1]

This is the level of seriousness out there.

In the end, the entire environment will self-ridicule and turn into a playground for crazy-children.

Actually a 40% drop is quite normal for a Bitcoin bull market.

As is a bunch of stupidity happening on the margins.

 

[TreasureHunter]

Notice the clickbait videos on YouTube promoting various coins with the photos of Elon Musk (a talentless individual), but there even are thumbnails with the face of Bill Gates and Jeff Bezos.



Hilarious. This is why I say, you can't take the entire crypto market seriously.

Meanwhile: PM's are up.

 

[mmm....shiney!]

USDT seems pretty unaffected.

 

[tdtwedt]

Big institutional investors are dumping bitcoin and going back into gold, JPMorgan says

https://www.cnbc.com/2021/05/19/big-institutional-investors-are-dumping-bitcoin-and-going-back-into-gold-jpmorgan-says.html

 

[Ipv6Ready]

Any mainland users verify if you can still send or receive money from major exchanges using Alipay?

Likely Ma is being strict with interpretation of the new directive

 

[mmm....shiney!]

Big institutional investors are dumping bitcoin and going back into gold, JPMorgan says

https://www.cnbc.com/2021/05/19/big-institutional-investors-are-dumping-bitcoin-and-going-back-into-gold-jpmorgan-says.html

I wish they'd make their mind up:

JPMorgan Says Gold Will Suffer for Years Because of Bitcoin

Read more at: https://www.bloombergquint.com/markets/jpmorgan-says-gold-will-suffer-for-years-because-of-bitcoin
Copyright © BloombergQuint

 

[TreasureHunter]

Big institutional investors are dumping bitcoin and going back into gold, JPMorgan says

https://www.cnbc.com/2021/05/19/big-institutional-investors-are-dumping-bitcoin-and-going-back-into-gold-jpmorgan-says.html

I was kind-of expecting this. See more bullion shortage in the near future.

 

[hardyakkagold]

With most of the cryptos down over 30% today, I was quite frankly expecting gold to do a bit better than what it is doing.

Maybe the "Big institutional investors going into gold" story is a load of JPMorgan bullshit.

I guess we will know in the next few days if there is any truth in that story.

PS: I think I may have spoken too soon, gold up 1% quickly, this may the start of something.

 

[Jason1]

$46k and $820b market cap Ouch

 

[Ipv6Ready]

With most of the cryptos down over 30% today, I was quite frankly expecting gold to do a bit better than what it is doing.

Maybe the "Big institutional investors going into gold" story is a load of JPMorgan bullshit.

I guess we will know in the next few days if there is any truth in that story.

PS: I think I may have spoken too soon, gold up 1% quickly, this may the start of something.

I think there is very little correlation between Gold vs Bitcoin vs inflation anymore.

Mainstream crypto buyers go to and back between shares to cash to crypto.

Many multiple hundred percent BTC gains or 50% dumps should move gold more than few percent if they BTC was used for Hedge

 

[hawkeye1]

Your love is like a rollercoaster baby.

 

[mmm....shiney!]

Haven't they banned cryptocurrency about 5 times now?

https://cryptonews.com/news/another-year-another-crypto-ban-in-china-10358.htm