Crypto Currency Thread (Vol.2)
Discussion
98elise said:
I don't doubt funds invest in crypto, but how is it secretly making money?
If I invest in a fund that says it's say a FTSE100 tracker, then I don't expect it to actually be in Bitcoin. The fund managers would be in a bit of trouble if that's what was happening.
Correct. All funds have mandates and are not allowed to stray beyond them (at least not without first going back to investors to let them know). Some have mandates that permit crypto trading (though normally that would be in a separate crypto-specific fund), but none will "secretly" syphon off money into crypto either directly or via some third party. If I invest in a fund that says it's say a FTSE100 tracker, then I don't expect it to actually be in Bitcoin. The fund managers would be in a bit of trouble if that's what was happening.
https://www.coindesk.com/markets/2022/06/07/morgan...
“Systemic spillover” risks from the crypto markets to the fiat banking system appear limited, the bank said, because the leveraged crypto companies usually borrow from each other.''
Good hint of how tether is being utilised to boost prices.
''However, if USDT falls materially under its $1 peg, this would have a larger negative impact on crypto and risk markets.''
The fact non of this is audited independently by competent people. Basically IOUs are fuelling it all.
“Systemic spillover” risks from the crypto markets to the fiat banking system appear limited, the bank said, because the leveraged crypto companies usually borrow from each other.''
Good hint of how tether is being utilised to boost prices.
''However, if USDT falls materially under its $1 peg, this would have a larger negative impact on crypto and risk markets.''
The fact non of this is audited independently by competent people. Basically IOUs are fuelling it all.
Edited by Ouroboros on Thursday 16th June 19:48
Ouroboros said:
https://www.coindesk.com/markets/2022/06/07/morgan...
“Systemic spillover” risks from the crypto markets to the fiat banking system appear limited, the bank said, because the leveraged crypto companies usually borrow from each other.''
Good hint of how tether is being utilised to boost prices.
''However, if USDT falls materially under its $1 peg, this would have a larger negative impact on crypto and risk markets.''
The fact non of this is audited independently by competent people. Basically IOUs are fuelling it all.
With 24 year old ex porn stars running the books. What could go wrong?“Systemic spillover” risks from the crypto markets to the fiat banking system appear limited, the bank said, because the leveraged crypto companies usually borrow from each other.''
Good hint of how tether is being utilised to boost prices.
''However, if USDT falls materially under its $1 peg, this would have a larger negative impact on crypto and risk markets.''
The fact non of this is audited independently by competent people. Basically IOUs are fuelling it all.
Edited by Ouroboros on Thursday 16th June 19:48
Musk being sued for $258 beeeeellion over Dogecoin
https://www.forbes.com/sites/billybambrough/2022/0...
https://www.forbes.com/sites/billybambrough/2022/0...
Ouroboros said:
in reality based on past jumps and dumps, nothing really new.
The issue is the shear amount of money lost this time, 100s of billions.
Exactly, crypto has crashed several times in the past, but it the amount of money lost this time that is the major issue. Today the market cap is $838.55B, the ATH was $2,904B on 10-11-2021. So in 7 months the market has lost over $2 trillion in value.The issue is the shear amount of money lost this time, 100s of billions.
I would imagine lots and lots of people have been totally wrecked by this, I am sure lots of them "invested" money they didn't really have.
I am certain it will eventually recover and a whole new group of "investors" will think they can make money. If you believe this will follow all the previous crypto crashes then it should bounce back to over $100K.
Has anyone ventured into the bitcoin reddits for some amusement? It's wall-to-wall Baghdad Bob - "nothing to worry about, everything is fine, bitcoin has done this hundreds of times before and always bounces back, just keep HODLing, now is a great opportunity to buy more while it's on sale, will be 100k by the end of the year" etc 
Ouroboros said:
Old diamond hands (Hairdo Musk) 700 million down, yes throw away money, funny similar amount killed off 200+ year old Barings Bank.
The numbers are crazy really.
With that amount of money involved and his understanding of the technicals - I'm sure he has made a LOT of money on this drop. I'm not a fan but the guy is a lot sharper than most give him credit for. Even an average trader would have taken a hedge - and I'm sure he's done a lot better than that - whether declared or notThe numbers are crazy really.
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