Bitcoin

[MU82]

It's just an old fashioned bank run.  They can only meet withdrawls if they have the liquidity to do so.

I am far from a crypto expert, but isn't one of the supreme advantages of crypto supposedly that it is better and more accessible than cash held in a bank? Correct me if I'm wrong. (I know you will.)

[The Sultan]

I am far from a crypto expert, but isn't one of the supreme advantages of crypto supposedly that it is better and more accessible than cash held in a bank? Correct me if I'm wrong. (I know you will.)

I have no idea what the advantages are.  But my guess is that the people who run these exchanges weren't planning for an extreme divestment that was going to hurt their liquidity.  Or maybe they thought they might happen but didn't really care enough about it.

[HouWarrior]

When I was 5 years old I Bitcoin...later that same day I swallowed a quarter.

I still remember the pain ...but it passed

I will never Bitcoin again

[Hards Alumni]

And how about Celcius, one of the largest crypto lending platforms, pausing all withdrawals this morning. And Binance, the world's largest crypto exchange, halting Bitcoin withdrawals for a spell.

Isn't one of the supposed benefits of crypto that one can do what one wants with them pretty much any time without interference from government, the private sector, other individuals, etc?

So if all of a sudden you lose access to the crypto you have spent tens of thousands of dollars (or more) buying, isn't that a pretty big problem?

NYKNYC

Best to just not talk about things you don't understand or only read about in the grey lady, aina?

[Hards Alumni]

I am far from a crypto expert, but isn't one of the supreme advantages of crypto supposedly that it is better and more accessible than cash held in a bank? Correct me if I'm wrong. (I know you will.)

These are exchanges.  They exchange fiat for crypto. 

I have mine on a hard wallet because I prefer to maintain custody of my crypto.

[jesmu84]

My God

[rocky_warrior]

My God

Buy something worthless, get something worthless.

[TSmith34, Inc.]

If I was a bitcoin investor, I don't think I'd want Cathie Wood on "my side" yelling that it's going to $1M.

https://finance.yahoo.com/news/crypto-optimist-bitcoin-to-1000000-by-2030-155113653.html?.tsrc=372

"I think that is pretty lofty," Valkyrie CEO Leah Wald said on Yahoo Finance Live (video above) when asked about Cathie Wood's Ark Invest calling for bitcoin prices to reach $1 million by 2030 in its January 2022 "Big Ideas" report.

"Bitcoin's market capitalization still represents a fraction of global assets and is likely to scale as nation-states adopt as legal tender," Ark stated, listing several factors for its aggressive projection: (1) maturing bitcoin investor base focused on the long-term; (2) bitcoin taking market share as a global settlement network; and (3) institutional investors are being attracted to the space.

[JWags85]

If I was a bitcoin investor, I don't think I'd want Cathie Wood on "my side" yelling that it's going to $1M.

https://finance.yahoo.com/news/crypto-optimist-bitcoin-to-1000000-by-2030-155113653.html?.tsrc=372

"I think that is pretty lofty," Valkyrie CEO Leah Wald said on Yahoo Finance Live (video above) when asked about Cathie Wood's Ark Invest calling for bitcoin prices to reach $1 million by 2030 in its January 2022 "Big Ideas" report.

"Bitcoin's market capitalization still represents a fraction of global assets and is likely to scale as nation-states adopt as legal tender," Ark stated, listing several factors for its aggressive projection: (1) maturing bitcoin investor base focused on the long-term; (2) bitcoin taking market share as a global settlement network; and (3) institutional investors are being attracted to the space.

But the difference between Crypto and the market is Cathie Wood yelling this isn't remotely unique or an outlier 

[TSmith34, Inc.]

True, she isn't the only one, but she is a walking contra-indicator right now. Personally, I think the first two reasons she states are poor arguments as well.

[Hards Alumni]

Buy something worthless, get something worthless.

*checks notes* 

I could sell one today for 20k+ USD

[TSmith34, Inc.]

Coinbase is in deep sh*tcoins—and so is the SEC
https://finance.yahoo.com/news/coinbase-deep-sh-tcoins-sec-191036146.html

"Coinbase is in a world of regulatory pain right now. A report this week said the SEC is investigating the company for selling digital assets that should have been registered as securities—a development that triggered a 20% crash in its share price, and resulted in longtime Coinbase booster Cathie Wood finally dumping her position. All of this comes only a week after the Justice Department charged a Coinbase manager with insider trading.

The news is especially damaging to Coinbase since the company, from its founding, has styled itself as the "white knight of crypto"—a firm that stayed on the right side of regulators even as others in the industry played fast and loose. So what happened?

Bloomberg's Max Chafkin places the blame on Coinbase's ill-advised decision some years back to "pivot to shitcoins." A familiar term in the crypto world, "shitcoins" typically refers to digital tokens that have no obvious utility beyond speculative hype. (The Chafkin piece is illustrated not so subtly with coins bubbling out of a toilet).

Chafkin's broader point is that Coinbase spent years building its reputation, but then squandered all that embracing shitcoins. This included promoting the likes of novelty coin Dogecoin to small and unsophisticated investors, many of whom have taken losses of 80% or more. Meanwhile, the decision to add shitcoins also opened the door for the rogue Coinbase manager's insider trading scheme."

The good news for shareholders is, Wood is such a contraindicator that Coinbase should be in for a sustained climb from here.

[TSmith34, Inc.]

Great investment idea folks--just $99 for this gorgeous NFT. Just one in a series! get it before it sells out.

[JWags85]

Honestly STUNNED it took so long for him, and frankly many other politicians, to get in the NFT grift game.

[Hards Alumni]

Honestly STUNNED it took so long for him, and frankly many other politicians, to get in the NFT grift game.

They should just call it stock and tell the owners they can vote once a year at a rally.   

[ZiggysFryBoy]

He's completely lost it.  Clown show.

[tower912]

He's completely lost it.  Clown show.

Borrowing from a Christmas movie,

Welcome to the party, pal.

[Jockey]

Great investment idea folks--just $99 for this gorgeous NFT. Just one in a series! get it before it sells out.

There are several people here on Scoop that will fall for this hustle. I don't think I need to name them.

[Jockey]

He's completely lost it.  Clown show.

Good deflection.

[Hards Alumni]

Good deflection.

What is your expectation here?

[ZiggysFryBoy]

I'm a no more trumper.

[TSmith34, Inc.]

He's been exactly like this forever.

[TSmith34, Inc.]

Honestly STUNNED it took so long for him, and frankly many other politicians, to get in the NFT grift game.

Yes, only missed the window by 6-12 months

[TSmith34, Inc.]

You naysayers! If you aren't already convinced, the MAJOR ANNOUNCEMENT video will have you running for your wallet.
https://twitter.com/i/status/1603432720062976001

[tower912]

Can't believe the scoop mods haven't tried this to raise funds for scoop.   Picturing several scoop action figure NFT's.