Several companies are selling crypto stockpiles in effort to fund share buybacks, shore up stock prices.
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Crypto hoarders dump tokens as shares tumble
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Crypto was always a pump and dump scam with everyone thinking they would know when to dump before others. The orange criminal/traitors family lost a huge amount which is satisfying to see. Of course all of them are the dumbest of the dumb.
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Thanks for the reminder. I just bought some, and the rainy season is about to start. I should get those in the ground.
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Crypto is a weird human absurdity. How did this tech make any headway? Everything about it is flawed by design and because of design. So strange
True story time: I was at one of my favourite bars in Melbourne, Australia, a while ago. An American guy came over and was really chatty. I'm a sociable guy we talked for a while. He was showing off a bit about how he had been travelling from city to city around South East Asia. Boasting about travelling is not new or bad IMO, but I asked him "wow man, how can you afford that?"
Dun, dun dah! CRYPTO!
End of story, he was on a pump and dump mission for drunken chumps. Luckily I am aware of this kind of thing, so I wished him the best and said see-ya.
True story time: I was at one of my favourite bars in Melbourne, Australia, a while ago. An American guy came over and was really chatty. I'm a sociable guy we talked for a while. He was showing off a bit about how he had been travelling from city to city around South East Asia. Boasting about travelling is not new or bad IMO, but I asked him "wow man, how can you afford that?"
Dun, dun dah! CRYPTO!
End of story, he was on a pump and dump mission for drunken chumps. Luckily I am aware of this kind of thing, so I wished him the best and said see-ya.
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It's truly WILD how anyone could seriously believe that a puff of hot air would somehow represent a hedge against economic uncertainty.
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Which is why the savvy peeps knew what the relentless cries of "fake news!" said about the intentions of Trump and those supporting him a dozen years ago.
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The issue is how many companies tied their fortunes to Crypto's rise and relied on that rise to keep going up. Had it been a small investor market ONLY without the manipulation and the deep connections made to the financial health of the real world businesses, it MIGHT have been closer to the "gold standard" ideals they touted.
But given human nature, and the avarice of those who run scams... er... neural network nonsense like AI and other Techbro companies that have no viable business plan, and rely on vibe financing to stay afloat, with no hope whatsoever in the real world of paying back the vibers who threw their money at it, using bitcoins as a last, desperate attempt to ward off fiscal disaster was probably inevitable.
Wasn't on my bingo card, but in retrospect, it should have been.
To me, this signals just how bad shit's going to get for the tech sector, and anyone who has substantial amounts of capital tied up/invested in it. They may as well hold the wake for those funds. They've already been cremated, and their ashes scattered to the winds...
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You ninja'd me by 8 hours*, but I'm glad somebody pointed out this insane comment early on. This comment is Peak Insanity.
*AKA you tai chi'd me.
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it ain't worth shit unless you can unload it. just like anything else. you can't eat it or wear it and it it won't keep the rain off your head.
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could well be this time. people are having money problems I am told.
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This.
We’re in a weird time where people claiming they can reduce scarcity are reviled for costing jobs. And the revilers aren’t wrong. What’s wrong is that we live in a system that depends on there not being enough of anything for everyone to have it.
The fundamental moral bankruptcy at the heart of it is the very notion that somebody’s ability to survive should depend on their economic value to someone else. It’s a necessary evil when the only source of survival necessities is human labor, but that doesn’t make it good. It just means that we should celebrate anything that moves us further away from having to tie your life to how much money you can make for someone else.
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The Smarter Web Company "is valued at £132 million while the bitcoin it holds is worth about $232 million. "
But only if it doesn't sell the bitcoin! Because selling that much would drive the price down or even run out of buyers.
But only if it doesn't sell the bitcoin! Because selling that much would drive the price down or even run out of buyers.
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OR at least heavily taxed. They are the current way to avoid company taxes.
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Good thoughts, and I support the sentiment, but the money being poured into this is not being done to reduce scarcity for the masses. It is being done to make them irrelevant.
I could applaud an intent to reduce scarcity. The issue I have with this current effort is that they are lying about that as their intent.
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As mentioned upthread, cryptocurrency was marketed as a hedge against the stock market. However, economist Paul Krugman observed that right now crypto is correlated to AI stocks. When Nvidia stumbled last week, crypto fell on its face.
Dare I hope for two birds with one stone, and get to see the collapse of both the LLM bubble and and crypto?
Dare I hope for two birds with one stone, and get to see the collapse of both the LLM bubble and and crypto?
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Yeah. Bitcoin doesn't have to go to zero for these companies to get completely wiped out. It may only be another 20% down... or perhaps even the current price level is bad enough where the current debt can not be serviced and new equity can't be issued (or some other, more complicated and technical reason I have no understanding of)
And everything collapses for that particular speculator, even if bitcoin itself goes up in price later.
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Because just like the 2008 housing B.S. they've shown they are perfectly happy to gamble with "our" money, and then they will expect us to bail them out again with our tax dollars when the whole house of cards comes crumbling down.
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[world's tiniest string quartet solemnly playing hymns while the Bit-tanic slips beneath the waves]
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The Greater Fool theory works because it relies on the truth that new suckers are born every minute.
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Umm. I don't think that is the case. TrumpCo minted their crypto & people paid USD to buy in, which TrumpCo kept. The coins turning to shit was expected; the whole crypto scheme was just a way to money-launder bribes to Trump.
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Hah. Which bar? (I am also from Melbourne, but haven't been to a bar in years.)
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OK...But this is all just rational claptrap that doesn't apply to the current world.
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Do we really have an independent press? I mean sure, it exists in a tiny amount, but with the number of press outlets bought out or ran by right-wing billionaires (Sinclair propaganda in OTA, Fox and other right-wing owned cable TV, CBS now run by Trumpists, etc.) over the last 2 decades, I'm not sure that's the case anymore unless you count independent journalists on YouTube and Substack (which of course have their own problems, mostly the lack of editors and such to check things in detail before publishing).
In many parts of the country, it's not so much choosing to believe the lies, but the lies being so prevalent in every form of media that it's much like the proverbial fish in water asking the other fish "what is water?" They're so surrounded by right-wing media, that they don't understand they are in fact in a bubble of nothing but right-wing slant. Even on Youtube I have to search out left wing content (the algorithm never feeds them to me), and have to be careful on what I click on to avoid the algorithm spiraling into right-wing nonsense for weeks until I fix it with nonstop "Not Interested" clicking.
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I'd have gone with "Abide with me"
Abide with me: fast falls the bitcoin price;
the losses deepen; Lord, with me abide.
When other HODLers fold and comforts flee,
Help of the helpless, O abide with me.
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Question for these companies now?
Will the market remain rational for longer than they can remain solvent?
Will the market remain rational for longer than they can remain solvent?
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I mean, almost everyone who has avoided crypto has done so because they believe it's going to zero at some unpredictable point in the near to mid future. How could it not? It has no intrinsic value, little to no legitimate functional use case, and "holding" is just typing up capital that could be put to better use elsewhere.
I'm happy to be shown why I'm wrong, but "it's always rebounded" is not a valid argument. The question isn't whether, but why. If it's just a case of people getting greedy again, without any fundamental reason for a price increase, then at some point people are going to get gun shy. Or not. But I don't want to essentially gamble on the timeframe for people to wise up. Anyone who thinks this can carry on forever should buy some tulip stocks.
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