Crypto crashing - reversed by Crypto Reserve tweet

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I hope it continues personally. The whole thing seems designed to recreate dutch tulips around a fancy package. There is no real use case or value I can see. The banking industry has solved the ability to move money easily with venmo, Apple pay etc. the nefarious use cases are the main true value of crypto.

Can someone explain to me the real difference between Bitcoin and Trump coin other than the false emotional sense of security Bitcoin seems to give people?

Happy to be enlightened but I think it's worth zero.
 
Dutch Tulips reference is cool...I use this in class to get the discussion started on bubbles.





What's a Bubble? 4:14
 
I was talking to some fellow bankers, some who have platforms that allow clients to trade in crypto. I was asking the how much of the value of crypto was as an alternative currency versus a speculative investment. ow, I know several bookies down here who say about 80% of their volume has shifted to crypto...so I was expecting an answer of maybe 50/50. The bankers said they thought 90-95% of the money in crypto was as an investment (which I found appalling, they just kind of shrugged).
 
CRHeel94 said:
I was talking to some fellow bankers, some who have platforms that allow clients to trade in crypto. I was asking the how much of the value of crypto was as an alternative currency versus a speculative investment. ow, I know several bookies down here who say about 80% of their volume has shifted to crypto...so I was expecting an answer of maybe 50/50. The bankers said they thought 90-95% of the money in crypto was as an investment (which I found appalling, they just kind of shrugged).
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The new talking points are that bitcoin is a store of value not a currency. I think crypto bros changed the narrative because you can't have a currency that by design only handles 7 transactions per second. There is an infrastructure above bitcoin that allows more transactions but IMO its existence and necessity kind of goes against the problems bitcoin was attempting to solve. If you're relying on third party networks on top of bitcoin, it seems to me you lose some of your decentralization benefits.
 
Melania coin is down more than 90% from its initial bump. Again, somebody explain to me how that is really different from bit coin except people see Bitcoin as a tulip
 
CRHeel94 said:
I was talking to some fellow bankers, some who have platforms that allow clients to trade in crypto. I was asking the how much of the value of crypto was as an alternative currency versus a speculative investment. ow, I know several bookies down here who say about 80% of their volume has shifted to crypto...so I was expecting an answer of maybe 50/50. The bankers said they thought 90-95% of the money in crypto was as an investment (which I found appalling, they just kind of shrugged).
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Fool………………………….. His money
 
uncgriff said:
Melania coin is down more than 90% from its initial bump. Again, somebody explain to me how that is really different from bit coin except people see Bitcoin as a tulip
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The value of many things are based on public perception of its value. The more people who feel that something is valuable, the more valuable it is. That goes for fiat currencies as well as cryptocurrencies. (I am not saying these two are equivalent as the former has the support of governments which ideally protect their values.)

Bitcoin has value because it is the original and has been around for a long time.

Melania coin is nothing but one of thousands (maybe tens of thousands if you consider the meme coins that are created daily) of crypto currencies. Obviously, they can't all be viewed as valuable by the public.

One other difference is that I believe Melania coin runs on the Solana blockchain (or another similar one) whereas bitcoin runs on its own blockchain. If I understand it correctly (and I very well may not), Solana allows smart contracts and those smart contracts can be used to essentially created currencies within the blockchain itself.

That fact itself might lead one to question the validity of Melania coin although running on a larger network does help prevent 50+% attacks I suppose.


Note none of this should be taken as an endorsement of cryptcurrencies.
 

“Investors in cryptocurrencies are seeing red today. In the past 24 hours, the prices of most major cryptocurrencies and meme coins have plummeted. This includes crypto heavyweights like Bitcoin, Ethereum, and XRP as well as popular meme coins like Dogecoin (DOGE) and TRUMP.

…
Unsurprisingly, the crypto that is getting the most headlines today is Bitcoin, which as of the time of this writing currently sits at around $89,000 per coin. That’s a 7% drop in the last 24 hours alone. It also represents of few other ignominious milestones for the cryptocurrency king as of late.

First, today’s decline marks the first time that Bitcoin has fallen below $90,000 since November 2024, after Donald Trump’s election victory sparked a crypto rally. Second, Bitcoin is now also down 20% since another important Trump marker: his inauguration day on January 20. …”

IMG_5207.jpeg

Reasons listed:
* Economic Uncertainty of tariffs, budget, etc. and the Bybit hack:

“… It’s not just Trump’s actions that are rattling crypto investors. Last week, the cryptocurrency exchange Bybit was hacked, leading to $1.5 billion dollars of cryptocurrencies being stolen.

It is reportedly the largest crypto heist on record and is believed to have been carried out by actors in North Korea, reports CNN. …”
 
Lost most of my shit when Voyager went belly up. Got a little of it back after litigation. Also got in on BTC when it was at 50k then it dropped and I panic sold at 30k (ish) like a dumbass. You buy when it's low and sell when it's high. I did the opposite. Let my shitty moves serve as a cautionary tale. Now I just trade in baseball cards and beanie babies. I've got a 89 Donruss Gregg Jefferies card that I'm waiting to sell when it moons then I'm moving to St. James to retire.


Im Brilliant Sheldon Cooper GIF by CBS
 
I also think that the public attention drawn to crypto by $Trump and $Melania, followed by high profile rug pulls by the pastor who spoke at Trump’s inauguration and Milei, in particular, have undermined faith in crypto for obvious reasons.

Background:

Argentina's crypto scandal dings Milei, involves strange mix of characters

abcnews4.com abcnews4.com

“Argentine President Javier Milei is facing a corruption probe into his promotion of a meme coin, which is a highly speculative form of cryptocurrency that’s surged in popularity after President Donald Trump and his wife launched tokens of their own.

The budding scandal in Argentina has been dubbed locally as “cryptogate” and has links to a diverse cast of characters, including a high-profile U.S. influencer, a crypto developer who uses the pseudonym “Meow,” and a 28-year-old American entrepreneur who said he helped launch first lady Melania Trump’s meme coin last month. …”
 
MOUNTAINH33L said:
Lost most of my shit when Voyager went belly up. Got a little of it back after litigation. Also got in on BTC when it was at 50k then it dropped and I panic sold at 30k (ish) like a dumbass. You buy when it's low and sell when it's high. I did the opposite. Let my shitty moves serve as a cautionary tale. Now I just trade in baseball cards and beanie babies. I've got a 89 Donruss Gregg Jefferies card that I'm waiting to sell when it moons then I'm moving to St. James to retire.


Im Brilliant Sheldon Cooper GIF by CBS
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My dad had boxes and boxes of '80s baseball cards. We didn't know what to do with them so my brother took them to get evaluated. He was told to use them as firewood and that anything '80s or after is pretty much worthless.
 
MOUNTAINH33L said:
Lost most of my shit when Voyager went belly up. Got a little of it back after litigation. Also got in on BTC when it was at 50k then it dropped and I panic sold at 30k (ish) like a dumbass. You buy when it's low and sell when it's high. I did the opposite. Let my shitty moves serve as a cautionary tale. Now I just trade in baseball cards and beanie babies. I've got a 89 Donruss Gregg Jefferies card that I'm waiting to sell when it moons then I'm moving to St. James to retire.


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I worked with a guy in the early 2000's whose son was in tech out in CA. He came to me one day and said his son told him to invest as much as possible in this company because they have a product that is going to change everything. He showed me a video of the IPhone. I said, what's the big deal it's just a phone. Plus I like my Blackberry (Doh!). That same guy a few years later came to me and said his son told him to invest in this new type of currency called Bitcoin. I said it looks like a scam. I no longer work with this guy, but if I ever hear any recommendation from his son in the future I'm going all in.
 
ChapelHillSooner said:
My dad had boxes and boxes of '80s baseball cards. We didn't know what to do with them so my brother took them to get evaluated. He was told to use them as firewood and that anything '80s or after is pretty much worthless.
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I probably have somewhere between 10k to 15k baseball cards. Most from the 70's and 80's and yes most are worthless. Got a handful of good ones though. I'm just holding to pass down to my kids. Maybe they'll come back into favor one day. I actually have boxes of cards still in the wax packs unopened. Might be fun to open those up but the gum is probably pretty awful.
 

‘Don’t Buy The Dip’—Stark Bitcoin ETF Warning Adds To ‘Extreme’ Fed Price Crash Fear​


www.forbes.com

‘Don’t Buy The Dip’—Stark Bitcoin ETF Warning Adds To ‘Extreme’ Fed Price Crash Fear

Economists are warning a “nightmare” scenario for the Fed could be about to hit the price of bitcoin...
www.forbes.com www.forbes.com

[The issue noted in the link is fear of stagflation and uncertainty about the Trump/Musk plans for the Fed]



——
www.the-independent.com

Bitcoin price tumbles in latest Trump market shock: Live

Markets plunge almost 10 per cent over worries about hacks and memecoins
www.the-independent.com www.the-independent.com

IMG_5208.jpeg
The zoom out says plenty of room to breathe (unless your bought high with limited liquidity).
 
black market scam is all it is. few gonna make a lot a few gonna make a little.....a bunch are gonna lose a lot.
 
ChapelHillSooner said:
The new talking points are that bitcoin is a store of value not a currency. I think crypto bros changed the narrative because you can't have a currency that by design only handles 7 transactions per second. There is an infrastructure above bitcoin that allows more transactions but IMO its existence and necessity kind of goes against the problems bitcoin was attempting to solve. If you're relying on third party networks on top of bitcoin, it seems to me you lose some of your decentralization benefits.
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But being a store of value is just one of the three things that makes something a currency, right? I think early on Bitcoin was thought to be a legitimate medium of exchange (one of the other 2), but as you said, it doesn't scale.

There are other crypto currencies that scale much better. I haven't kept up on if any can scale to the amount of transactions that process every second currently. That problem can likely be solved, I would think?

I generally agree with the skepticism, I'm not sure how decentralized it really is. We've heard of investigations into crimes that have led to law enforcement finding out where the money went, and to whom. If so, how? If these transactions are really secure? Might be my lack of understanding.

I think there are some use legit use cases. I also think there are some "black swan" type of events that could render it completely useless.
 
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