Crypto carnage—Bitcoin, Ethereum, Dogecoin all bomb lower?

Yep, and this isn't hate @mpcusa at all as I'm thinking when Bitcoin gets down to $20,000 many on this forum are going to be buyers and I may be one of the buyers! What ya' all thinking about this bubble losing air??

https://fortune.com/2021/05/19/crypto-carnage-bitcoin-ethereum-dogecoin-selloff/

 

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My guess is that Bitcoin will be "churned" the same way gold is.

 

Crypto ain't going away. It's going to be more and more prevalent moving forward.

 

its anybody's guess how low it will go but $20,000 ? the only reason the price is coming down is because of fear, these are the short term investors who are selling
since I am long term this has no affect as a matter of fact I am buying more then
ever people are wasting time on a great opportunity to invest.

 

Especially since the Central Banks are looking to develop their own. Currently, MIT is working with the Boston Reserve Bank to develop one for the US.
Also, Facebook’s Diem (formerly Libra, I believe) foray recently came back to the US from Switzerland, so they may be working with the US govt, as well, but who knows.
ICP tokens seem to be going after cloud services, like AWS, as a decentralized hosting service that can’t take down (de-platform) a company they don’t like, such as what happened with a certain Twitter competitor, recently.

 

Getting its butt kicked might be the best thing for BTC, maybe people will wake up and smell the coffee !

 

Wasn't bitcoin designed to be a way to purchase retail goods without the tax?

 

I agree, seems to me that not too many are worried about it and that's okay. As the price goes down, it makes the prospect of people jumping in on the ground floor that much more likely. Not sure what the ground floor price will be but it's certainly interesting to follow!

 

I think you might be right. Tesla has invested at least $1.5 billion in Bitcoin (even Warren Buffett would say that's not an small stake you just dump on a slump). The selloff is linked to fears of a crackdown from regulators in China and that is to be expected. The People's Republic and their government controlled financial institutions want to collect some yuan anyway they can, just like any other gov. But how you gonna pocket what you can't hold?
Besides, Musk just said they would no longer be accepting cryptocurrency as payment. He didn't say he was not against investing in it, Telsa is going to keep it's shares. Short timers can bail out now. Savvy souls need to Diamond Hand, JMHO.

 

Thats the rub , when do you jump in ?

 

Its funny that Tesla still has millions of dollars in bit coining just cashed out 101 million dollars, why torpedo your own boat...LOL

 

If the governments ban trading of BitCoin and other cryptocurrencies, these digital balonies are going alot lower.

I see support for BitCoin at about $1,000.

 

fretboard, posted: "I agree, seems to me that not too many are worried about it and that's okay. As the price goes down, it makes the prospect of people jumping in on the ground floor that much more likely. Not sure what the ground floor price will be but it's certainly interesting to follow!"

Friend, AFAIK, the "ground floor" was much less than $100. Don't hold your breath about ever seeing it again.

 

This whole crypto dump started last week when Elon / Tesla stopped taking Bitcoin as payment. They believe it isn't Green and leaves a carbon footprint
Tree Huggers ruin everything

 

Institutions moving to gold and away from BitCoin:

https://www.cnbc.com/2021/05/19/big...n-and-going-back-into-gold-jpmorgan-says.html

 

I guess printing presses,ink,paper and the electric to run them 24 hrs per day printing fiat currwncy aeound the clock is greener? Huh you learn something every day.

 

One of the theories floating around was crypto's were a distraction from precious metals

 

They sucked tens of billions away from gold, maybe hundreds of billions.

Without crypto, that money goes into gold....U.S. Treasuries......safe assets...etc.

My friends on the Street tell me gold would be $2,200...maybe $2,500....without BitCoin etc.

 

All the while countries, governments, banks, top %'s
where buying on the cheap

 

Precious metals that is.