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I don't know where this whole "crypto isn't connected to the stock market" and "bitcoin is a hedge against the USD" stuff is coming from. Who said that? Because no one here did that i can recall. Literally all you have to do is look at a chart to see crypto has never separated from the stock...

And ETH below 1k. Plenty of time to recover before Tuesday, but if they don't I think it spells bad news for the market after the holiday.

Did they actually give a reason? I must have missed it. I was wondering the whole time while they had to use older gen planes

I've got reasonable privacy concerns, sure. The "great news" thing applies to how this is going to impact crypto as a whole, which I think will be very, very positive. I've honestly avoided thinking about the privacy angle because it's a complex issue and I haven't felt like devoting the...

Not sure why they would outlaw competing currencies. Tons of currencies currently compete with the USD. Are they going to outlaw the euro? The yen? I don't think so. I'm not even sure they would be able to do it if they wanted to. Crypto is a ship that has already sailed. Privacy...

This is great news. This will transition millions and millions of new people into the digital currency market. UBI/Stimmy checks would only increase the value of BTC and other coins by inflating the value of the CBDC. Unless you think they will outlaw BTC, I don't see how you can view this as...

Been riding the same train. It's been good so far. When to get off is always the question, but like others in this thread have mentioned, I don't see any reason good economic news in the near future, so I'm going to keep riding.

Sure he does. It's the settlement they are interested in, the asking price is just a number. Pick one out of the sky, it doesn't matter. A lawsuit for more than that crossed my desk last week.

Well, ok... I guess it could be part of some grand conspiracy rather than just a couple of dudes trying to get easy money. You know Musk gets sued on a daily basis for shit like this right? And he has been for years- long before the recent political stuff. Same with Zuckerberg, and Kalanick...

Yes, of course, Occam's razor and all that. Not sure if you're joking, but I'll assume you are since this is a frivolous lawsuit that will have zero impact on anything Musk does. Musk himself will spend zero time on this. One or two of his lawyers (or more likely a legal assistant) will draft...

That guy's lawyer is presumably working on a contingency fee and is probably hoping for a fast settlement. In the case of crypto, a pyramid scheme is pretty close to the long term version of a pump and dump. Plus, I'm sure they took a look at the case law and realized they had a much higher...

I've been shorting using PSQ and REK. You won't get the gains you get by shorting individual stocks but its much much safer and you still make money in a bear market.

I get what you're asking though: why now, and suddenly? As in- did they get some new significant info that substantially changed their outlook for the worse?

Presumably with something like a recession or a crash it could go quite a bit lower though, right?

A lot of people in crypto made a LOT of money in 2020, and I'm sure this is partially a reaction to that. Also, I'm sure the IRS realizes like most of us that crypto isn't going anywhere, and eventually it's going to be headed back up in value.

It may never manifest either. I'm just not personally prepared to dismiss the fairly convincing evidence I've seen as "just FUD" though. I think there are legitimate concerns with tether. Tether has been the elephant in the room that keeps getting larger every year. Hopefully the concerns...

A lot of the people voicing concerns for tether over the last year are very pro-crypto people who gained nothing from producing tether fud.

Shake out the weak and the overleveraged

Yeah, well the Bitcoin and Ethereum maxis are as weird to me as the crypto haters.

Pretty sure they are already the top dog Also, despite the crypto haters, crypto is certainly not going anywhere.

Well, in that regard crypto is more like a currency- which is supposed to be the whole idea behind crypto*currencies* anyway. Currencies can certainly go to zero.

What you've got to understand is that this whole thing was orchestrated to fuck Michael Saylor.

Crypto unlikely to find the bottom until the broader market finds the bottom. I suspect we are a long way from the broader market finding a bottom so....

Saylor's tweet isn't deleted

For sure, another indication that crypto is still just a speculative asset.

Some already happening, some tomorrow, some in the near future. Crypto has been acting as the precursor for the normal stock market though, so keep that in mind.

Nobody with any sense has claimed that BTC (or crypto as a whole) has actually achieved the goal of being hedge against inflation or a refuge from a collapsing USD. Sure, plenty of people believe it has the potential to do that, and ideally at some point it WILL do that, but thus far it has...

Or just continue to sit on our hands?

Going to be lots of pain like this until we hit bottom. I feel bad for the people losing their ass, even if it's their own fault. I believe Microstrategy's "margin call" gets triggered if BTC drops below 21k. No idea what that would look like if it actually happens

Last time this happened the following day was reeeeeeally bad for the stock market.

Haven't sold any crypto in more than a year. Don't intend to anytime soon, either.

https://www.nbcnews.com/tech/internet/opensea-nft-nate-chastain-arrest-charged-insider-trading-rcna31489 Took long enough. Just a drop in the bucket, but it's a start. I guess.

Don't disagree, actually. I was careful not to go as far as saying crypto finally broke away, but I think it has shown a bit more resilience and a bit less volatility than it has in the past, that's all. What you draw from that is up to you, but I see it as a positive sign.

I said "over the last week", not since May 12. When I posted that, BTC was up about 4% over the previous 5 days and QQQ was down 1%.

Take it for what you think it's worth, but crypto has been holding surprisingly steady since the initial drop. It has noticeably outperformed the NASDAQ over the last week. Normally, if the NASDAQ drops, crypto drops 3x or 4x more. NASDAQ has continued to drop and crypto has been a relatively...

I was replying to Tmacs post, so I wasn't talking about exclusively Bitcoin. I'm not challenging your Bitcoin knowledge, don't worry. I'm sure you know more than me

Binance is the biggest exchange in the world afaik, and the cheapest

Binance is the cheapest out there afaik. That's what I use, but it's been a minute. Just keep in mind you have to use Binance.us if you are stateside. The larger Binance site doesn't operate in the US

I'm still sitting on the sidelines. You could be right, but I feel like we have more to go. The news just keeps going from bad to worse and like you yourself mentioned, the market was better than it should have been for so long, I feel like you have to factor that in. Who knows though