Crypto Crash

[Abyss1]

@Abyss1 I’m dying to know what you do for work…

I run my own business, the work is split between green building codes, energy compliance, and designing HVAC systems for buildings in CA.   

[manysnakes]

Exchanges are freezing transactions in a liquidity crisis and some major margin calls on bitcoin will take place when it drops below $20k. Potential for an absolute institutional bloodbath this week.

[manysnakes]

The real question for me isn’t if crypto collapses but does the crypto collapse take a significant sector of the economy with it. I just have no idea what sort of public exposure there is, but for example I would expect this doesn’t bode well for Tesla and anyone whose 401k is invested in them.

[DaleSr]

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The real question for me isn’t if crypto collapses but does the crypto collapse take a significant sector of the economy with it. I just have no idea what sort of public exposure there is, but for example I would expect this doesn’t bode well for Tesla and anyone whose 401k is invested in them.

[close]

Elon hypes Dogecoin to inflate the price, so I think your're right, so he has a vested interest. It's now 5 cents a coin and was 77 when he appeared on SNL.

[manysnakes]

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The real question for me isn’t if crypto collapses but does the crypto collapse take a significant sector of the economy with it. I just have no idea what sort of public exposure there is, but for example I would expect this doesn’t bode well for Tesla and anyone whose 401k is invested in them.

[close]

I'm not so sure, but GPUs would come down considerably in price. Hoping I can get a new one to run Illustrator without my PC crashing every hour. Elon hypes Dogecoin to inflate the price, so I think your're right, so he has a vested interest. It's now 5 cents a coin and was 77 when he appeared on SNL.

I would imagine there will be a bunch of used GPUs entering the marketing in a few months time.

[fakie nollie]

I’m down 82% from November of last year. Yay, crypto!

[fakie nollie]

I know numerous people who bought in when it was 12-20k and who didn't sell at last years peak. WHY WHY WHY did you not cash out? ay yi yi

and also, how about binance not allowing sales. folks being played and hollering for decentralization and now ya can't cash out. honest to goodness, I hope Tesla fails miserably now too. suckers

Please, tell me more of your secrets, wise investor

[TheLurper]

It is interesting that crypto is acting like every other financial asset. Instead of hedging against inflation, it is losing value with the rest of the market.

Also, weird that the dollar is down in comparison to the price of commodities but up in comparison to a lot of currencies (the Canadian dollar is sucking balls considering how expensive oil is right now).

[Sativa Lung]

https://arstechnica.com/tech-policy/2022/06/cryptocurrency-plunges-as-crypto-bank-celsius-suspends-withdrawals/

The house of cards continues to tumble. I really have no sympathy for anyone who got so swept up in the propaganda and converted their life savings to crypto. I'd honestly be more supportive of taking it to the roulette table and putting it on red. Seems about equal risk but the casino at least gets you drunk and cooks you dinner before they fleece you.

[behavioralguide]

- Tristan Funkhauser didn't jam onto the bench

[Abyss1]

https://arstechnica.com/tech-policy/2022/06/cryptocurrency-plunges-as-crypto-bank-celsius-suspends-withdrawals/

The house of cards continues to tumble. I really have no sympathy for anyone who got so swept up in the propaganda and converted their life savings to crypto. I'd honestly be more supportive of taking it to the roulette table and putting it on red. Seems about equal risk but the casino at least gets you drunk and cooks you dinner before they fleece you.

yea, never heard of Celsius, here is a good summary

[exlurker]

I was really enjoying all the Crypto commercials during last night's Warriors/Celtics games.

Basically the burning house dog saying "this is fine" in sleek advertisement form

[manysnakes]

I know numerous people who bought in when it was 12-20k and who didn't sell at last years peak. WHY WHY WHY did you not cash out? ay yi yi

and also, how about binance not allowing sales. folks being played and hollering for decentralization and now ya can't cash out. honest to goodness, I hope Tesla fails miserably now too. suckers

I saw someone on Twitter say "I believe in Bitcoin, and I won't sell even if it hits zero." IT'S A FUCKING CURRENCY! What the fuck is there to believe in if it has no value? Just absolutely insane, cargo cult behavior.

[manysnakes]

¯\_(ツ)_/¯

https://mobile.twitter.com/DigiEconomist/status/1535926975151362051

[fakie nollie]

Yeah crypto is a joke

Ps coin base let go of over 1k employees today

[manysnakes]

Yeah crypto is a joke

Ps coin base let go of over 1k employees today

When I was unemployed over the winter, a Coinbase recruiter reached out to me several times and, despite my desperation, I never responded, because I had absolutely no faith that these companies of the periphery of crypto were going to survive.

[DannyDee]

I'm no financial expert, but the two things outside of meme stocks (I get the pressure the shorts theory) that make no sense to me is how Bitcoin reached the values it did (and a so-called currency became so highly speculative), and how Tesla somehow became one of the 10 most valuable companies in the world by Market Cap. Tesla is notably down from its peak but at one point it was the 6th company to reach a 1 trillion dollar valuation.

[Mantracker]

how long before they change the name of the crypto.com arena?

do you think they paid up front for a multi-year deal or is it yearly?

seems like it is not going to last

[Sick_McCrank_]

Bought some ripple years ago at ~3. am I doing it right?

[Abyss1]

I'm no financial expert, but the two things outside of meme stocks (I get the pressure the shorts theory) that make no sense to me is how Bitcoin reached the values it did (and a so-called currency became so highly speculative), and how Tesla somehow became one of the 10 most valuable companies in the world by Market Cap. Tesla is notably down from its peak but at one point it was the 6th company to reach a 1 trillion dollar valuation.

Nah Elon's car was hype in the beginning.
"ooh a fast as fuck sexy looking EV, I'll take one" - Every engineer at Apple, Google, Facebook.   

I actually worked in a wood shop in San Carlos CA that was across the street from the original tesla shop (05-06)...I used to see the first one they made broken down on the side of the main street all the time, at one point I was almost sure the company would not take off seeing their cars broken down all the time.   

They moved into the old Toyota car plant that is now the TESLA stock picture of the company (Toyota killed its production plant because toyotas werent selling - had homies who worked there and got fired).  Don't know if people know this but their top/ senior engineers died in a plane crash in 2010: https://www.wired.com/2010/02/tesla-employees-identified/ 

They paraded the car at a bunch of yuppie malls in the bay area before its first release. 

[DannyDee]

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I'm no financial expert, but the two things outside of meme stocks (I get the pressure the shorts theory) that make no sense to me is how Bitcoin reached the values it did (and a so-called currency became so highly speculative), and how Tesla somehow became one of the 10 most valuable companies in the world by Market Cap. Tesla is notably down from its peak but at one point it was the 6th company to reach a 1 trillion dollar valuation.

[close]

Nah Elon's car was hype in the beginning.
"ooh a fast as fuck sexy looking EV, I'll take one" - Every engineer at Apple, Google, Facebook.   

I actually worked in a wood shop in San Carlos CA that was across the street from the original tesla shop (05-06)...I used to see the first one they made broken down on the side of the main street all the time, at one point I was almost sure the company would not take off seeing their cars broken down all the time.   

They moved into the old Toyota car plant that is now the TESLA stock picture of the company (Toyota killed its production plant because toyotas werent selling - had homies who worked there and got fired).  Don't know if people know this but their top/ senior engineers died in a plane crash in 2010: https://www.wired.com/2010/02/tesla-employees-identified/ 

They paraded the car at a bunch of yuppie malls in the bay area before its first release.

I understand Tesla is trendy and popular. But, I'm just baffled by the valuation of it as the 6th most valuable company in the world, and more valuable than the next 6 auto manufacturers combined. It'd be like if Supreme was valued more than Nike to me. It just feels like a run away train. Outside of Ford at the beginning when has any automotive company deserved a valuation higher than its next 6 competitors combined.

[TheLurper]

Bought some ripple years ago at ~3. am I doing it right?

Doing better than me. I bought at .78 cents... but my ex-wife lost her phone/broke that had the wallet on it. And, I've been unable to recover any of it.

[manysnakes]

how long before they change the name of the crypto.com arena?

do you think they paid up front for a multi-year deal or is it yearly?

seems like it is not going to last

Before the end of August

[fakie nollie]

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Yeah crypto is a joke

Ps coin base let go of over 1k employees today

[close]

When I was unemployed over the winter, a Coinbase recruiter reached out to me several times and, despite my desperation, I never responded, because I had absolutely no faith that these companies of the periphery of crypto were going to survive.

Good call. Tech overall is heavily leveraged on debt and evaluated on their future vs the present. I can’t believe how many companies mass hired without tangible plans for teams, which resulted in layoffs after board of directors called out the stupidity, in light of raised interest on debt. I got laid off in February because of it at a large tech startup.

Fuck jobs in general. Invest in pants

[Abyss1]

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I'm no financial expert, but the two things outside of meme stocks (I get the pressure the shorts theory) that make no sense to me is how Bitcoin reached the values it did (and a so-called currency became so highly speculative), and how Tesla somehow became one of the 10 most valuable companies in the world by Market Cap. Tesla is notably down from its peak but at one point it was the 6th company to reach a 1 trillion dollar valuation.

[close]

Nah Elon's car was hype in the beginning.
"ooh a fast as fuck sexy looking EV, I'll take one" - Every engineer at Apple, Google, Facebook.   

I actually worked in a wood shop in San Carlos CA that was across the street from the original tesla shop (05-06)...I used to see the first one they made broken down on the side of the main street all the time, at one point I was almost sure the company would not take off seeing their cars broken down all the time.   

They moved into the old Toyota car plant that is now the TESLA stock picture of the company (Toyota killed its production plant because toyotas werent selling - had homies who worked there and got fired).  Don't know if people know this but their top/ senior engineers died in a plane crash in 2010: https://www.wired.com/2010/02/tesla-employees-identified/ 

They paraded the car at a bunch of yuppie malls in the bay area before its first release.

[close]

I understand Tesla is trendy and popular. But, I'm just baffled by the valuation of it as the 6th most valuable company in the world, and more valuable than the next 6 auto manufacturers combined. It'd be like if Supreme was valued more than Nike to me. It just feels like a run away train. Outside of Ford at the beginning when has any automotive company deserved a valuation higher than its next 6 competitors combined.

I dunno after watching a few seasons of shark tank you come to understand most valuations are waaaaay off the companies actual profits. 
At one point Tesla had a choke hold on battery tech probably was what it was valued off...the cars themselves arent even the companies R&D focus.   They also wanted to corner the EV charger market but lost a lost of battles

[ungzilla]

Fuck jobs in general. Invest in pants

trust me i am deeply leveraged in pants

[j....soy.....]

Waste of time…H&M has baggy fits…

[rukes]

Invest in having a good time. You'll never be disappointed.

[keepthefunkalive]

¯\_(ツ)_/¯

https://mobile.twitter.com/DigiEconomist/status/1535926975151362051

I wonder how much energy is consumed for the dumbass stoned-chimps-wearing-hats jpeg files on the blockchain

[KoRnholio8]

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Yeah crypto is a joke

Ps coin base let go of over 1k employees today

[close]

When I was unemployed over the winter, a Coinbase recruiter reached out to me several times and, despite my desperation, I never responded, because I had absolutely no faith that these companies of the periphery of crypto were going to survive.

[close]

Good call. Tech overall is heavily leveraged on debt and evaluated on their future vs the present. I can’t believe how many companies mass hired without tangible plans for teams, which resulted in layoffs after board of directors called out the stupidity, in light of raised interest on debt. I got laid off in February because of it at a large tech startup.

Fuck jobs in general. Invest in pants

There are plenty of IT jobs in established companies, don't go for startups if you're not fresh out of college. I was eyeing a job at BitStamp 3 months ago, but decided against it, since I don't believe in cypto (as in being anything other than a speculative asset) and I had virtually zero experience in their tech stack. Couldn't be happier with the company I choose instead.