UPDATE: Losses accelerate.
Equity larpers might be cavorting in the most disgusting names since Pompeii listed ‘The Volcano clean-up Recovery Company’ — but at least they can sell when shares drop. Right now the entire crypto-fag sector is being bludgeoned, just in time for Goldman to open up a BTC trading desk — which I am certain will be used to rig the price of cryptos.
And like clockwork @coinbase is down. https://t.co/8RFsh2yAK2
— brett (@brettcwestbrook) December 22, 2017
As the evening wears on and Bitcoin nerds sweat profusely in their basements watching their net worths wither away to nothing, Dow futures are +55.
I cannot stress enough how deleterious this decline is for the crypto sector. Let’s have a look, shall we?
Bitcoin -14%
Ethereum -13%
Ripple +31%
Bitcoin Cash -24%
Litecoin -11%
Cardano -14%
Ioata -26%
Total market cap is down to just $550 billion, off by nearly $100 billion from the tops.
Is this decline any different from the others?
Yes. The drop is from all time record highs, which means the amount of capital being destroyed is at a zenith. Ergo, all of the new investors are getting shoveled quickly into shallow graves.
This may in effect offer a unique opportunity for crypto stocks during tomorrow’s inevitable pullback. We’ve all gotten fat and rich off them in recent days. It may be time to give a little back, soak the tree of prosperity with the blood of the weak and the poor.
THIS IS NOT A DRILL. CRYPTOS IN FULL PANIC CRASH MODE, RETARDED TRADING ACTION. EXCHANGES FROZE UP AND COLLAPSED. NO ONE IS ALLOWED TO SELL, ONLY LOSE VAST SUMS OF MONEY. Full Dunkirk. #BTC #LTC pic.twitter.com/s9FNMbsRTz
— The_Real_Fly (@The_Real_Fly) December 22, 2017
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Perfect opportunity to enter the fray, Le Fly. Balls deep!
I’ll stick with crypto proxies for now.
Ripple will be the defacto standard … banks will use it. All other crypto will be denied deposit. All exchanges will be forced to hand over customer records to prospective countries and the IRS will eliminate the Bitcoin millionaires.
Crypto is like a check. It’s here to stay. It’s a great method to transfer money from my account to yours. However the check itself is not worth anything. Crypto is done but will be a medium used going forward.
I’m now a Bitcoin Expert!
Oh except I forgot to mention 99.9% of the exchanges aren’t even accepting the 100k+ customers trying to get in and trade this crap. So there’s literally a heard of freshies with cash ready to get into the game but the exchanges can’t handle em.
Excellent use of the Dunkirk soundtrack. Many a crypto geek will end up bloodied one day like the poor men who end up as sponges on the beaches of France. They can only hope their parents will let them seek refuge in their basements.
This IS only a drill. When the real “event” happens, BTC et al. will drop by 40% – 50% in one day. The sheep will all try to get out at once… to no avail (“we are experiencing problems in completing your transaction, please try again later…”).
Result, BTC < $100 in 1 – 2 days.
Mark it.
Precipitated by Charlie Lee selling his stake in Litecoin. The bull run is not over yet, but the risks are increasing exponentially.
He said he would be happy if LTC was at $300 at the end of 2018. He was probably already starting to sell then.
So basically, this means we are all going to watch John McAfee eat his own “dick” live on the YouTube streamer???? The HORROR!!
XRP +31%….what crash?
https://www.nytimes.com/2017/12/21/technology/bitcoin-blockchain-stock-market.html
This article is LOL funny.
Alabama. Judge Roy Moore. 19666. Cheers.
Fly, I don’t think this is dotcom 2.0 just yet. Anybody could easily buy dotcoms. You can’t say that for crypto. Bears suck people into “bargains”. Bulls kick them off their backs.
Cryptos will be heading higher come Sunday.
This is not the final crash. If it was, there’s no fucking way that Ripple would be up.
Classic. The crypto liquidity is so thin that when a few insiders tries to take some profit off the table (in fiat, of course) to support their smack habit, the entire crypto market goes into a dive. Goes to show this “crypto market cap” is nothing but phantom fantasy. Hotel California baby – You can check-out any time you like but you can never leave!
or maybe Jamie over at JP Morgan finally figured out how to short it
https://tinyurl.com/yc9ocv4b
Time to martingale $MGTI, $PYDS and $BTCS
“soak the tree of prosperity with the blood of the weak and the poor”
Great stuff
Ideud!