Another Crypto Disaster

[imabass]

I am by no means an expert but I do follow it casually.

Crypto currencies getting hammered again because one of the large institutions was taking customer deposits and investing in other things. And now there is a run on the “bank” and they are now filing for bankruptcy. There is ripple effects throughout the industry.

Be careful if you are a crypto investor. With one of the greatest benefits of crypto (peer to peer and no gov’t intervention) comes with no insurance like FDIC. I know someone that lost hundreds of thousands when Celsius went belly up.

Bitcoin Slides Anew After FTX Bankruptcy Filing

[brobbs]

@imabass

I know someone that lost hundreds of thousands when Celsius went belly up.

Crypto goes up and down. It is speculative in nature.

Diversification is just as important there as in stocks & bonds. If your acquaintance’s big loss was against millions gained, that is one thing.

If he had all his eggs in that one basket, however, that is extremely unwise no matter what kind of investment.

[BMWMTBer]

I know nothing about crypto but I know the government will protect its interests. I think eventually crypto will be regulated into oblivion.

[brobbs]

@BMWMTBer

I think eventually crypto will be regulated into oblivion.

That’ll be cute, watching the government try to regulate cryptography. I wish them the best of luck.

[kcflyer]

It seems to me that you never really get rich with Crypto until you sell it for real money.

[BMWMTBer]

@brobbs

@BMWMTBer

I think eventually crypto will be regulated into oblivion.

That’ll be cute, watching the government try to regulate cryptography. I wish them the best of luck.

You wont find it cute if youre holding bitcoin and they do regulate it. I think there is more chance crypto is more black market than a widely used currency.

[Henrius]

Had an interesting conversation with a banker-financial type the other day. She said crypto is the result of loose credit and currency debasement policies. In other words, a speculative mania like others that have occurred during inflationary times.

[brobbs]

@BMWMTBer

You wont find it cute if youre holding bitcoin and they do regulate it.

Idiot.

[BMWMTBer]

@brobbs

@BMWMTBer

You wont find it cute if youre holding bitcoin and they do regulate it.

Idiot.

Poo Poo Head!

[imabass]

@brobbs

Crypto goes up and down. It is speculative in nature.

Diversification is just as important there as in stocks & bonds. If your acquaintance’s big loss was against millions gained, that is one thing.

If he had all his eggs in that one basket, however, that is extremely unwise no matter what kind of investment

They didnt have all their eggs in the single basket. They have several miners and all the coins were mined and not purchased. I think they lost about 25 btc in Celsius.

[imabass]

@brobbs

That’ll be cute, watching the government try to regulate cryptography. I wish them the best of luck.

The government can regulate the miners via power company. Sure they wont catch the snall guy with a miner or two in their basement but the larger farms they could.

[brobbs]

@imabass

Sure they wont catch the snall guy with a miner or two in their basement but the larger farms they could.

I look at that as a good thing.

Bitcoin was designed to be mined by individuals, not massive firms seeking profits.

Government controls on the power grid would box the latter out of the equation and make things simpler.

[brobbs]

[Bears54]

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