Cryptocurrencies Melt Down in a 'Perfect Storm'

[RandySF]

“The crypto world went into a full meltdown this week in a sell-off that graphically illustrated the risks of the experimental and unregulated digital currencies. Even as celebrities such as Kim Kardashian and tech moguls like Elon Musk have talked up crypto, the accelerating declines of virtual currencies like Bitcoin and Ether show that, in some cases, two years of financial gains can disappear overnight.”

“The moment of panic amounted to the worst reset in cryptocurrencies since Bitcoin plummeted 80 percent in 2018. But this time, the falling prices have broader impact because more people and institutions hold the currencies.”




https://www.nytimes.com/2022/05/12/technology/cryptocurrencies-crash-bitcoin.html

[Binkie The Clown]

1. P.T Barnum said it best. nt

[TlalocW]

9. And he didn't even say it

That makes it even better for me.

TlalocW

[dweller]

2. ...

Just sayin


✌🏻

[hedda_foil]

3. Condolences

[Hekate]

10. I was scrolling along thinking, "Dutch tulip bulbs, Dutch tulip bulbs..."

Thank you for the hearty laugh.

[BootinUp]

4. sorry for other folks that I was right. I avoid the subject now

with my boss.

[greenjar_01]

5. Start saying this out loud and try not to laugh at these fools

"But TerraUSD was not backed by cash, treasuries or other traditional assets. Instead, it derived its supposed stability from algorithms that linked its value to a sister cryptocurrency called Luna."



Bunch of fucking wankers.

[dalton99a]

6. It is the most important financial innovation in human history.

Only Luddites refuse to acknowledge this new and amazing technology

It can be mathematically proven that the true value behind Terra and Luna is Uranus

[Effete Snob]

7. You're being sarcastic

But, you just wait. Any day now, the Metaverse is going to be an every day reality and you are going to wish you had pretended to buy a jpeg of a poorly-drawn monkey when it was only $1,000.

What will you do then, eh wise guy?

[Hugin]

8. If you go to a gamer website to check your investments...

Maybe you should rethink your financial strategy.

[dixiegrrrrl]

11. So what is the current value of all those NFTs now?

Bet someone is glad they didn't spend on Melania's NFT.
Or did that never get sold?

[Phoenix61]

12. Hi-Tech Ponzi scheme. nt

[greytdemocrat]

13. Don't write off Crypto just yet...

Sell offs happen all the time.

[A-Schwarzenegger]

14. Well, uh, i mean, it's called "crypto,"

meaning hidden, secret, like Xenu in Scientology. You
don't get to find out the $ecret until you've proven
your$elf worthy. "How can we sell this shit, this meme
money? Call it crypto!"

[Hekate]

15. I kind of look for currency that is backed by the full faith and credit of an enormous government...

… recognized around the planet. Call me old-fashioned, but that feels more secure to me than something called “crypto.”