iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
18,093 Blog Posts

BITCOIN LOSES ALL SUPPORT — CRASHES THROUGH 9,000 — CRYPTO LOSSES APPROACH $400 BILLION FROM HIGHS

The recriminations are going to be surreal — a green investor class with zero experience and ability to sustain losses — leveraged to the hilt through credit cards and second mortgages — sold on the idea that Bitcoin and other cryptos would trade higher forever — are now under siege — getting ripped from lion to limb in broken elevator trading action akin to what equity traders bore during the 2008 market crash — only this is happening with decentralized, non-regulated, alacrity.

I do not poke fun at anyone enduring loss, but merely find it interesting when a nonsensical narrative falls apart. Bear in mind, I too got sucked into this trade, but with only a very small amount of iBC assets. My plan was and still is to dollar cost average over the next 12 months. I will be making some cheap purchases for the month of February, perhaps even cheaper ones in March.

With the crypto market cap now at just $420 billion, total losses from crown to root now approach $400 billion, aka real money. This is AIG bailout type money, Citigroup government emergency bailout at midnight type money.

The ramification will be deflationary and we should expect volatility to increase, as HODLers run for dear heavens into the comfort and confines of the US dollar.

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25 comments

  1. husaria

    Crypto crashing, futures fading….guess only bottom you saw was looking up grandma yellen’s dress. Double bottom?

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    • it is showtime

      Who said there was a more likely chance for a general pivot based on Monday Tuesday

      Who said they thought bitcoin was tied in to overall market pumping or eventually dumping

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    • Cricket

      Say what you will but the genius in the room is Charlie Lee who founded then unloaded all his holdings in Litecoin at a price around $350. Billions from thin air will go down as the greatest trade in history.

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  2. sarcrilege

    Not a bubble.
    Guess who’s gonna be making excuses why not eating his dick…..$8K is long way below $100K, yes?

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    • ho_chi_min

      bitcoin went from less than 1k to 20k in 1 year…..IF BTC settles at 5k and one year later hits 100k then dosent seem like a long way guy

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  3. it is showtime

    God i fucking love seeing people lose especially when i told them it’s fucking bullshit and you’re a dumbass and I’m a genius and I’m not really a genius it’s just Basic Cogitative Common Sense Processing

    as middle finger vindication sets in

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    • Lyndon Keltner

      You are a stable genius compared to them indeud.

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      • metalleg

        All of you geniuses who called the end of cryptos are fucking amazing. I really mean it. How did you figure it out when us mere mortals were counting on BTC and other alts going to the moon?

        Please pat yourselves on the back for a job well done. Brilliance!

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        • bob smith

          Let’s get something straight. You being a doofus for getting sucked into a ponzi scheme does not make anyone else a “genius.”

          It just makes you a doofus. K?

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        • iflyjetzzz

          Not genius, just sooo fucking obvious that this is a mania. No different than the baseball card, beanie baby and dutch tulip manias.
          Having watched the same morons chase baseball cards and beanie babies as are now chasing cryptocurrencies, it’s gotten pretty damned easy to spot a mania. It’s simply a question of looking at the intrinsic value of the asset. Baseball cards have an intrinsic value of ~1 penny. Beanie babies ~50 cents. Cryptocurrencies are worth nothing. Zero. There is nothing of value backing cryptos.

          Cryptocurrencies are for uneducated gamblers and anyone who gets caught up in cryptos is a fool. I look forward to reading how some clowns here are/will double/triple/quadruple down on a falling knife.

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  4. Lyndon Keltner

    Autistic teenagers losing all their savings for Tamagotchis. OWIE!

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  5. cancel19

    Bitconnect! Bitconnect! Bitconneeeeect!

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  6. Marc David

    About the join the #HODLGANG

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  7. sierra water

    Ok, I’m gonna start cost averaging into bitcoin over the next 2 months, 1 buy a week, until I have 1 BitCoin.. Then will HODL such Coin on my Trezor until the Year of the SNAKE. 2025. Hoping for a 1 Million dollar surprise. Gotta have better odds than buying a lotto ticket.

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  8. sierra water

    Good Remix..

    https://www.youtube.com/watch?v=6K-m6D5X-lw

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  9. chuck bennett

    You’re dead.

    All of you.

    Bitcoin is more criminals.Ethereum is for gentlemen.

    Regards

    Chuck Bennett

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    • bob smith

      I’m still alive. Crypto is and always has been for idiot, lazy, uneducated, unemployed, living-in-their-mom’s-basement freeloading criminals. I would distance myself from crypto unless of course you belong to this class… in which case you should buy the dip and HODL.

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  10. Lyndon Keltner

    My bots just bought a bunch of NDX futures sub-6474. Let’s bounce.

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