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Merged Bitcoin - Part 3

Yep, got the wrong name. They call it #cryptocrash.


Samson said:
Just curious, whose 4 billion is in the stash?
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Apparently 70% owned by institutions.

14.5% Capital International Investors Incorporated
9.5% Growth Fund Of America Incorporated
7.0% The Vanguard Group Incorporated
6.5% Blackrock Incorporated
6.5% Capital World Investors

5.0% Morgan Stanley
4.0% Fundamental Investors
4.0% American Funds Insurance Service Growth Fund
2.0% American Funds Insurance Service Asset Allocation Fund
2.0% First Trust Advisors, Limited Partnership
 
Your magic beans don't become "currency" just because you get someone else to buy them.
 
Chanakya said:
That's brutal.

And the weirdo Prez is apparently building BTC City next a volcano now. What's that about? Like a city in the Wild West, except one where only BTC is accepted? Sounds like a cool fictional plot for a sci fi or a fantasy, though.
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Not “only” bitcoin, no. Even on bitcoin beach today, only a tiny fraction of transactions are done with Chivo (bitcoin). Most is in US dollars and credit cards.

https://restofworld.org/2022/el-salvador-bitcoin/
 
JoeMorgue said:
Again because crypto currencies are trying to be or claiming to be:

- An actual functional day to day alternative currency for normal purchases.
- A secret underground "That coin from John Wick" currency.
- A get rich quick scheme.
- A quasi-legal money laundering method.
- Basically a purely symbolic handshake for people super into deep state economy conspiracy theories.

And it can't be all of those things at once.
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Coiners say it's anything you want it to be, just don't say the obvious: that it's an unlicensed, unregistered security.

This crash is as much as embarrassment for our regulatory system as anything else. It's wild that this parallel, unregulated security exchange has been allowed to operate so long and grow so large, all the while rife with all kinds of fraud, manipulation, and other unsound practices.

SEC should be busting skulls now, but I wouldn't hold your breath.
 
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Gord_in_Toronto said:
Except, my dear friend, there are some billions of people on the planet who will take cash from me and a few thousands (just a WAG) who will take bits. It is easier to find one of the former than the latter.
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What has that got to do with the value of commodities? Are you trying to argue that bitcoin is a currency?
 
This can't be good news:

Whereabouts of Terra’s Bitcoin Reserve a Mystery After Transfers
https://www.bloomberg.com/news/arti...a-s-bitcoin-reserve-a-mystery-after-transfers

The $3.5 billion in Bitcoin purchased as a reserve by the foundation set up by the creators of the failed Terra blockchain became untraceable after it was moved to two cryptocurrency platforms, according to blockchain forensics firm Elliptic.
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Nor yet this:

Terra $45 Billion Face Plant Creates Crowd of Crypto Losers
https://www.bloomberg.com/news/arti...n-face-plant-creates-a-crowd-of-crypto-losers

This week’s undoing of the TerraUSD algorithmic stablecoin and its sister token Luna has ramifications for all of crypto. First, there’s the immediate impact: The rapid collapse of a once-popular pair of cryptocurrencies sent a ripple effect across the industry, contributing to plummeting coin prices that wiped hundreds of billions of market value from the digital-asset market and stoked worries over the potential fragility of digital-asset ventures.
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If only there was someone to ask for my money back. :rolleyes:
 
SuburbanTurkey said:
Coiners say it's anything you want it to be, just don't say the obvious:
that it's an unlicensed, unregistered security.

This crash is as much as embarrassment for our regulatory system as anything
else. It's wild that this parallel, unregulated security exchange has been allowed
to operate so long and grow so large, all the while rife with all kinds of fraud,
manipulation, and other unsound practices.

SEC should be busting skulls now, but I wouldn't hold your breath.
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Well... There are rumblings.


Plunge In Crypto Values Boosts Calls For Regulations by Sylvan Lane

A plunge in cryptocurrency values and the collapse of popular tokens are
stoking panic among some investors and boosting pressure on Washington
to act. “The very lack of a tangible value anchor for cryptocurrencies can,
at times such as now, make them appear extremely high risk – contrary to
the original concept that attracted many original investors.”, Lil Read, senior
analyst at GlobalData, in a Friday analysis.

“What we’re really seeing in the crypto community is a really powerful,
real-time proof of why securities laws and banking laws exist,” he continued.
“We’re recreating the very same messes — using new technologies — that
bedeviled our great-grandparents and our grandparents,” said Tyler Gellasch,
executive director of the Healthy Markets Association.

The Treasury Department and a Biden administration working group
in November proposed a much tougher regulatory regime for stable coins,
arguing they should only be issued by financial firms backed up by federal
deposit insurance. That would limit stablecoin issuance only to businesses
subject to strict bank regulations meant to guard against future financial
crises. The Biden administration proposal, however, evoked fierce opposition
from Republican lawmakers and many cryptocurrency industry advocacy
groups, arguing it would wipe out entire swaths of the sector.
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Removing risk from this sector would burn it all to the ground.

P. S. Is there anything that would remain? I cannot think of anything.
 
psionl0 said:
I think you know what I am getting at but are trying to shift the goal post.

"Someone that accepts it is worth something" means someone that is willing to give money in exchange for it (ie buy it).
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Seems like bitcoin has reached the same status as used underwear or bathwater from 'famous' youtubers.
 
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