Bitcoin plunges below $24,000 and the crypto meltdown claims another casualty
Source: CNN
The Celsius Network, which has 1.7 million customers, said that “extreme market conditions” had forced it to temporarily halt all withdrawals, crypto swaps and transfers between accounts.
“We are taking this necessary action for the benefit of our entire community in order to stabilize liquidity and operations while we take steps to preserve and protect assets,” the company said in a blog post.
The UK-registered company has about $3.7 billion in assets, according to its website. It pays interest on cryptocurrency deposits, and loans them out to make a return.
Read more: https://www.cnn.com/2022/06/13/investing/bitcoin-price-celsius/index.html
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Tetrachloride
(9,624 posts)
hlthe2b
(113,971 posts)proven in our skepticism and how much we'd regret hanging by the sidelines. Hmm. Okay.
yaesu
(9,328 posts)Tomconroy
(7,611 posts)
paulkienitz
(1,507 posts)
getagrip_already
(17,802 posts)I have no sympathy for investors who buy into a commodity that has absolutely no basis of worth, other than there is a bigger idiot willing to buy shares after you do.
Let's see, I'm going to fill a huge tank with sand, keep half for myself, and then sell the remaining grains to clueless investors at inflated prices. Once the price per grain goes hyperbolic, I'll sell them grains from my half and just go get some more to backfill. They are of course free to exchange them among themselves.
Oh, and you can only buy sex, drugs, and rock and roll with the grains. Completely untraceable (well, not really, the authorities can trace them person to person).
Meh, they deserve what they get.
ZonkerHarris
(25,577 posts)
displacedtexan
(15,696 posts)Greedy wingnuts always seem to repeat their scams, don't they?
ColinC
(11,098 posts)I imagine the interest in crypto will remain, and if it does -perhaps it bottoms out at 5-10k? 
localroger
(3,782 posts)After the first peak which briefly hit $20K, it sank below $6K briefly before drifting back up to eventually touch its high of $50K+. There are probably enough diehards to keep it from sinking back to $100/coin levels.
paulkienitz
(1,507 posts)There's always going to be someone who starts thinking it has value. Unless someone cracks open the security of the blockchain (which could happen), this shitshow will still keep repeating history no matter how many times it fails. There's nothing to stop it, and all it takes is two naive dorks to start the cycle all over again.
localroger
(3,782 posts)All of the "bitcoin hacks" have been of exchanges and other third-party mechanisms, not of the blockchain itself. A hack of any of the blockchains would discredit the whole silly idea to a large degree, but original bitcoin is probably immune to a 51% attack at this point and nothing else is known to be workable. I admittedly have a little bitcoin -- at last measure 0.022 btc -- which is the remnant of originally about 0.2 btc donated to me by various people through the tip jar of my personal website back when it wasn't worth nearly so much. Had lunch today at Applebee's on one of those gift cards, in fact. And I really like the electric lawnmower which I'd never have bought if not for the "free" Home Depot gift cards.
paulkienitz
(1,507 posts)My understanding is that some altcoins have different encryptions on their chains which may be resistant to quantum attacks, but the OG chain does not.
Oneironaut
(6,299 posts)I mean they are, but, you’d have to go inside Google or IBM to see one. They’re not exactly in Russian hackers hands yet. By the time that happens, security algorithms will be stronger.
paulkienitz
(1,507 posts)The odds probably favor that weaknesses will be mitigated before they become too vulnerable, but there is some risk that the blockchain could be destroyed without warning at any time.
ColinC
(11,098 posts)I have a feeling a lot of the popular cryptos are going to see another all time high in the next year or two.
greenjar_01
(6,477 posts)
localroger
(3,782 posts)And casino cheques can have real value, but only as long as the casino that backs them stays in business.
paleotn
(22,218 posts)That being it's real worth. Like a response above, maybe sand will be the next faux asset bubble. The comparison ends there since with sand you can condition heavy, clay soil, make concrete or fill you child's sandbox. Crypto? No so much.
paulkienitz
(1,507 posts)Real commodities and bonds and stocks have something of value attached to them, even if it's something that you can't claim because it's been stolen by somebody.
LiberalFighter
(53,544 posts)
Warpy
(114,615 posts)I vaguely remember a large bitcoin transaction just before Jan 6 that funded buses and plane travel.
Found it: https://www.yahoo.com/video/exclusive-large-bitcoin-payments-to-rightwing-activists-a-month-before-capitol-riot-linked-to-foreign-account-181954668.html
My guess is that has gone on since then, although the payments aren't as generous now that cryptocurrencies have had the bottom fall out of them.
yaesu
(9,328 posts)
twodogsbarking
(18,785 posts)
JCMach1
(29,202 posts)yaesu
(9,328 posts)so I found the softest coin I could, bit it, chipped a tooth and will never mess with bitcoins again.
central scrutinizer
(12,654 posts)Fuck the “extreme market conditions” excuse! Let the chips fall where they may. You bet wrong? Tough shit!
paleotn
(22,218 posts)full of crypto deposits. Do they pay interest in crypto? Can I take out a crypto loan? I promise to pay them back in an equally worthless currency. Confederate dollars perhaps. Wooden nickels?
Cryptocurrency. Manufactured from fairy dust and the fever dreams of 14 year old boys, frantically surfing the net in mom's basement.
Oneironaut
(6,299 posts)I’m waiting for BC to become next to useless. Then, I’ll throw my hat into the ring. 
Crowman2009
(3,524 posts)paulkienitz
(1,507 posts)"After all, it has a cash value of 1/20 of a cent." That's a quote from a blog post I wrote shortly before the crash started.
Back in the nineties, I was in a dialup online community, and there was a guy there who later went on to become a big early adopter of Bitcoin. Back in the day he used to give me shit for using an Amiga. Several years ago I made a Farcebook post where I happened to mention the old Amiga, which I found was still in working condition, and he chimed in with some mockery. I told him "Someday my old Amiga will be worth more money than your bitcoin", and I hope I live to see the day that comes true. That was about the last contact I had with him, so I don't know if he came out of this as a sucker or a suckee.
Lucky Luciano
(11,863 posts)