Cryptocurrency. Are the chickens coming home to roost?

[Mikeoxenormous]

Bitcoin price falls sharply amid Wall Street sell-off, with value cut in half since November

A dramatic sell-off in bitcoin and other cryptocurrencies has outpaced a marked retreat in the U.S. stock market, as the Federal Reserve’s pivot from emergency support spooks investors who piled into highflying but risky assets during the pandemic.
The price of bitcoin has fallen from its November highs of nearly $70,000 to now around $35,000. On Saturday, bitcoin, the world’s largest cryptocurrency by market value, had fallen around 9 percent in just 24 hours. Since the start of the year, it has fallen around 23 percent. Meanwhile, Ethereum, the second largest cryptocurrency, fared even worse, dropping around 15 percent over 24 hours and roughly 35 percent since the new year.

I have been asking people, what is the backing of this data mining of bits, that gives the currency its backing? What tangible asset does it provide? Or has crypto been a racketeering way to get people to give up their money just so others can make lots of money while stiffing those who are left holding......bits?

Gold and silver can and always will be assets that people want. It can be used for electronics or jewelry thus making it desirable for those who want it. But who wants bits? If the internet ever goes down, who owns those bits? The scam of the cryptocurrency, imho has finally been exposed... Take a big risk if you want to invest in...bits...

 

[rightwinger]

There is nothing behind cryptocurrency other than rarity and supply and demand

What happens when the market decides this currency has no value and demand dries up?

 

[Otis Mayfield]

You'd think crypto would be like gold. When stocks tank, crypto should go up, right? But crypto kind of follows stocks.

I don't why.

 

[MisterBeale]

I'd say now is the time to buy as the global oligarchs are rolling out Governance 4.0 and CBDC's.

If I had the money, I would buy them up. Even dogecoin would be a good one to get now.

 

[52ndStreet]

Bit coin, Dog coin Etherium, I hear its all one big computer geek ponzi scheme. Like you said there is nothing backing up all these electronic currencies. You've got to be a little crazy to even think of buying into any of those electro coins, schams. boonedogle, snakeoil coins. !!