I know nothing about crypto
Coinbase IPO’d last year and spent most of its trading at 230 to 320 a share. It’s now at 58.
I’m seeing articles about how previously top 10 cryptos have lost 99% of their value (“LUNA”) and how some crypto ETFS have lost 75% of their value in the last year.
What you guys make of all this?
The meme economy crashing pleases me greatly.
Long time coming
Whatever it takes for concrete to go back to $3.50 a square foot.
let me get more specific: is this the bottom or is this just the start?
Noone knows. Alan greenspan said that he couldn’t predict where interest rates would be in a few years.
We are in the mid-high 90 percentiles historically, though the last few decades may very well be better comps than prior to that.
To me, I understand that bitcoin needed to exist simply as a proof of concept. They just needed something to demonstrate that the blockchain could communicate node to node. Makes total sense that their little digital token would cost fractions of a penny too. The entire thing made sense at that point.
Then human psychology took over and a zero regulated industry became a darling for justifying bitcoin as an inflation hedge. Banks just want your money, they’ll forget about cryptocurrency as fast as they adopted the technology too.
95th percentile of what? interest rates or stock market valuations (low P/Es)?
Valuations
I’m not buying until it’s 4.20 PE on SPX. Let’s see a real bear market.
No for real though, like, wake me up when we start hitting circuit breakers again.
Its actually a gossip, Crypto and its shares are unpredictable. Sometimes it may crash , sometimes it may may reach high returns. In common, investment return are unpredictable in any firm so there is nothing to panic.
That’s not really useful information. That sounds like something someone who had swallowed the meme/crypto kool aid would say.
If they’re unpredictable, then they’re not useful as investments, and they’re not really investments, they’re gambling.
Not all investments are comparably unpredictable or as risky as crypto.
That said, you’re also incorrect that crypto is unpredictable. Bitcoin is now highly correlated to the stock market. We saw a significant crash over the past 6 months or so, just as assets started moving away from a lot of speculative, long duration assets. The same can be said for other crypto.
Also, I think its safe to say that the vast majority of crypto will fail within 5-10 years.
So while I also wouldn’t panic, that would be because I wouldn’t invest in a lottery ticket like crypto that has no underlying value. It also seems like you don’t think you understand it either, which would suggest you shouldn’t invest in it.
BTC didnt join the rally today hmm
not all, but part of the whole justification for investing in crypto was diversification (lack of correlation) with the equities market. Is that bogus now? Let’s zoom out and compare it to other asset classes like real estate and bonds. How correlated are those to the equities market in real life?
i saw this last week lol
def a leading indicator
lol 1.5 trillion dollars of retarded money.
Like Dave Portnoy said, ponzi schemes are great so long as you get out before the rug pull.
BUMPING THIS:
How does this bode for Coinbase?