Bit-O-Coin. This is a very, bad, bear market. 'Speculation on speculation'.

[empedocles]

[Bitcoin high, Nov.11, 2021 was $65,066]

" . . . Bitcoin is down 15 percent over the last 24 hours, falling to about $23,000, its lowest value since December 2020, according to CoinMarketCap, an industry price tracker. Ether, the second-most valuable cryptocurrency, is down about 16 percent.

The crash extends a dire period for cryptocurrencies, illustrating in graphic terms the risks of these experimental investments. Just a month ago, the implosion of a popular coin helped trigger a crypto meltdown that erased $300 billion in value across the market. The back-to-back crashes have fueled criticism that many of the complex crypto banking and lending projects known as DeFi are high-risk schemes teetering on the brink of ruin.

“DeFi is a house of cards,” said Cory Klippsten, the chief executive of Swan Bitcoin, a financial services firm focused on Bitcoin. “It’s speculation on speculation, and there’s no real-world use case for any of this stuff.”


https://www.nytimes.com/2022/06/13/technology/bitcoin-ether-price.html

[brush]

1. Bear market for crypto investors maybe, but it's not...

there yet for the rest of the economy. And those kind of value plunges aren't unusual for bitcoin and other crypto currencies. They happen frequently.

[empedocles]

3. Agree, crypto not big for the rest of the economy.

Crypto, however, does have allusions to some of the famed manias of the past, ilike tulip bulbs.

[bucolic_frolic]

2. Margin calls could leak into mainstream investments

[empedocles]

4. OMG! Today I get an email, from Apple Federal Credit Union, ''inquiring

should Apple make cryto currencies available, etc. . . . ''

[Happy Hoosier]

5. Crypto "currency." LOL.... yeah right.

Just unbelievable the crap some folks fall for.

I mean, I guess if you got in early, you still made a shedload of cash, but the "me too" types are losing their shirts.

But honestly, it was never going to be a real currency.

[empedocles]

6. You inspired me to send Apple Fed a copy of my OP.