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It's been a rough week for crypto. BTC's crashed to a wretched just over 16k, ETH's down to a miserable 1.2k and everyone's beloved DOGE sits and wags its adorable tail at a mere 8 cents. Wipeout across the board. So what happened? Several things, not least the collapse of the ponzi laundromat FTX exchange. Here's a helpful infographic:
Word to the wise, don't put more in than you can afford to lose and while you're at it, think about getting tokens off of exchanges and into secure wallets. That said and for what little it's worth, I'm long crypto and see an opportunity to buy at bargain basement prices, but caveat emptor, buyer beware. Do you dare reach out and catch the falling knife?
Money on the monkey and twice as fast, eh?
Cheers,
LSP
Haven't been watching the prices on crypto lately. My son is still mining like crazy, so I'll talk to him about it.
ReplyDeleteCatch Day by Day
ReplyDeletehttp://www.daybydaycartoon.com/
Been a wipeout, drjim, though I'm still well up on the Peoples' Coin, at least for now. Good to hear the mining's steaming ahead, where does he get the energy? Serious question.
ReplyDeleteThat's excellent, Ed. I think I need to post it.
ReplyDeletePerhaps I'm lucky to be so ignorant about cryptocurrency.
ReplyDeleteFollowing up:
ReplyDeletehttps://www.thegatewaypundit.com/2022/11/breaking-exclusive-tens-billions-transferred-ukraine-using-ftx-crypto-currency-laundered-back-democrats-us/
So in other words Crypto now has as little value as the dollar?
ReplyDeleteI looked at it back in the day and decided not no, but HELL no. Nothing is backing any crypto... Looks like I made the right choice!
ReplyDeleteIt's a wild ride, WSF, have to say.
ReplyDeleteSaw that, Ed, right on.
ReplyDeleteWell that's a very good question, Infidel. Some argue it has more on account of not being a debt instrument at interest to the privately owned Fed. But then, ahem, there's FTX.
ReplyDeleteMy take? Scoop up a lot of ridic cheap tokens and if they win? AWesome, yachts all 'round. If not? Dam, there goes a dinner at the Algonquin.
I'm in, NFO, and up, for the most part, but FTX is certainly cautionary.That in mind, think of all the small retail people who BORROWED $$$ off exchanges to trade in last year's bull run. Man, they're slaughtered to the tune of... lots.
ReplyDeleteImagine, all these mini Lehman's having to sell their house, rent an apartment and get a third job. Miserable.
He has a couple of large solar panels, and a battery bank / inverter that powers his network. Pretty reliable, and puts out plenty of power.
ReplyDeleteI made a few $$ on Bitcoin back-in-the-day, but when I bought Doge I looked at it like going to Vegas. Might be surprised, might not, but I ONLY put in what I could afford to burn at the time.
Smart, drjim!
ReplyDeleteLike the sound of your boy's rig. Nice.