Bitcoin falls to fresh 18-month low as crypto meltdown deepens

  1. Kohl’s cash is the biggest pyramid scheme I’ve ever seen. Buy one thing there, you get Kohl’s cash to come back in a week, where you use your Kohl’s cash and get more Kohl’s cash. The cycle repeats until you enter rehab.

  2. I've been diligently accumulating reddit karma for a while now, just waiting for the right time to cash it out and buy my dream house in the Bahamas.

  3. Better start digging up the mayonnaise jar in the backyard…unless you spent that money on bitcoin already…

  4. Especially as it turns out that as recently as May 9th their president was tweeting about how he was using public funds to

  5. Fools! This year I invested in pumpkins. They've been going up the whole month of October, and I've got a feeling they're going to peak right around January and BANG! That's when I'll cash in!

  6. Ah, a fellow savvy investor. I’ve invested in Turkeys this November. Demand is skyrocketing! To the moon!

  7. Avocados usually peak at 6/30 pretty predictably as well. If you can help me short them, we can be rich.

  8. Forget that, I have my entire life savings plus a bunch on margin in ornamental gourd futures. They are going to take off

  9. This is the most confusing part of it for me. I work with a crypto enthusiast, and the most suspect aspect of the whole affair is that everything is good news. Crypto is stable? Proof of concept. Crypto is skyrocketing? Profits. Crypto is crashing? Time to buy.

  10. I'm still trying to understand the premise of using something so insanely volatile as currency. The whole point of currency is as a uniform measure of exchange.

  11. Bitcoin's price has been falling steadily since that ad came out, it was such a scam. If you invested a grand in bitcoin when that advert aired, you'd have just over $300 now.

  12. Everyone talks about Matt Damon, what about Larry David? His “stupid skeptic through history” commercials literally associate people not willing to buy cryptocurrency with people against electricity.

  13. Remember the crypto bros claiming Bitcoin was the way to go to avoid inflation and recessions cause the fundamentals were intangible? Where they at?

  14. Remember someone saying it was going to 500k by end of year. Trying to pump that ponzi with FOMO

  15. There’s still a ton of crypto bros begging people to buy the dip so they won’t lose their houses.

  16. I think the meme-ification of the crypto space killed that. In theory, I believe in what they were selling. But right now crypto is just another speculative investment class rather than what it was (is?) meant to be.

  17. Wow, it's almost as if crypto tracks with the rest of the markets because it's simply another tool the ultra-rich use to fleece the common man of his money

  18. This drop isn’t because of inflation. It’s because people speculated across all markets when money was cheap and now they are selling things to cover their losses. Bitcoin is perceived as riskiest, so it gets sold deepest. Doesn’t negate that it is legitimately deflationary by design. Market factors still apply.

  19. Once again, the conservative, sandwich-heavy portfolio pays off for the hungry investor.

  20. Pizza Hut lost me when they got rid of crust flavors. Just decided to stop offering all of them one day. I know you're joking though and this is not a pizza discussion 🍕

  21. Your comment made me realize we are def gonna see a crypto bro kill and aging family member for money so they can buy more cypto.

  22. A jar of farts will always have some value. Tangible assets are highly valued during economic downturns

  23. The Gamer Girl Piss market was strong in 2019 but it appears to have since dipped. I’m still HODLing my jar in anticipation for another Belle Delphine tweet about Pisscoin. Apes Strong. To Uranus 🚀🚀🚀

  24. Saw an ad last night for some crypto app on TV, they promised a 6% annual return on BTC just for using it as a credit/debit card. Tho I am in Argentina so maybe the news will take like a week to get here

  25. Crypto -- it's like owning stock in a company. when it goes up everyone wins. Except that there is no company. just stock.

  26. There was a video on reddit the other day of a podcast where the host basically got the crypto bro to admit that he can create demand for new ventures just by putting money in and then people seeing that somebody else has put money into this thing and they want to follow. Even if the thing they are putting money into does absolutely nothing and has no value outside the cash people put in.

  27. It's like Theranos, a seemingly groundbreaking but mostly flawed idea, and lots of investment. No real product and the product development get overtaken by the greedy VC part.

  28. And you just need some poor schmuk to buy the crypto you're desperately trying to sell as the potential buyer prays that the value goes up even more- Because crypto is based on nothing.

  29. Lol bro so you think some shit that some people did 150 years ago has anything to do with US?? Lmao bro humans have evolved so much since then

  30. I stupidly didn't sell when I had made around 3-4x profit about 2 years ago. I had been told a story by my girlfriend's dad: he got a good stock tip in the 80s from his brother in law, put in 500 bucks, it went to 5000 dollars, he sold and was happy with the profit but it would be worth several million today.

  31. Saw a TikTok, that I hope was a parody, that was an "amateur financial advisor" (legitimately 16 years old I believe) and he was making a bull case for DOGE on the basis that "I have a feeling Elon Musk is about going to tweet about it in the next two weeks"

  32. Hey, it’s easy to go around saying that bitcoin is a pointless scam and based on nothing and people deserve to lose all the money they’ve been scammed into putting into it since they’ve been warned about that since the beginning.

  33. We have to consider the pain and suffering of those who spent so long telling us funny meme coins only go up, and that they were going to the moon and spent a long time trying to convince random idiots to join them in putting their life savings into a sure fire win with no downsides.

  34. Bitcoin isn't based on nothing, it's a limited edition, numbered, certified high score for wasting electricity. Who wouldn't want to buy that off of you for actual money?

  35. I kinda feel bad for my buddy who put the majority of his life savings into crypto. Specifically Luna and Bitcoin. Every time we’d meet up for dinner, I’d have to sit through hours of cryptospeak. I humored him. I haven’t seen him since the crash.

  36. I think it's worth remembering that this has happened before with crypto though. It's volatile as fuck but we saw dips from 8k to 4k before, not really sure what that all means but we've seen drops this (relatively) big before and then it went to 60k. Idk what the fuck I'm talking about.

  37. "We're sick of your financial markets with your regulations and policing! We're making our own market, totally free of any whoops where'd my house payment go?"

  38. At some point Bitcoin went from new currency to make web purchases easy to investment vehicle. And it has been a mess ever since.

  39. Any time a crypto bro tells me bitcoin has intrinsic value, I immediately know that I have to speak to them like I would a toddler.

  40. Another thing to keep in mind during this is that folks who love to talk about how good crypto is sold it as something you would want to have because it wouldn't deal with the inflation that the US dollar does.

  41. It’s become a bit tethered to the stock market now that the crypto market has become dominated by institutional investors.

  42. Do people use these things to actually buy/sell real stuff directly, without converting it into “real” money at some point? I don’t know.

  43. A few weeks ago a customer at work tried to make an order and pay with it. We said no and they were confused why we didn't want it.

  44. Always Sunny is the best. Gasoline is the one thing you'd never sell door to door. Always cracks me up. "How do you plan on counting a liquid?" "I know how to count dude."

  45. The real money in crypto is in profiting off the fluctuations. It's like how the people who made the most money during the Gold Rush were the people who sold clothes and equipment to the prospectors. The difference being that the actual gold was worth something long term if you happened to find some.

  46. Thank God I didn't fall into the folly that is cryptocurrency. I invested my money into something that is going to be around to create generational wealth for my family, Blockbuster.

  47. This is actually quite remarkable. The point of crypto currency is the opposite of this. Not sure how forward going this will be but if consistent this shows bitcoin is NOT a safe haven against local currency. Quite the opposite as it crashes faster then… cash.

  48. The joy i get from this comes from the fact that crypto bro dudes are the most annoying fucking people. Also their papa Elon’s tear-stained pillows

  49. 1 year ago I had $4500 to invest. Instead of buying Dogecoin, I bought an actual Doge. A Shiba Inu puppy. Really glad I went for actual friendship and being social instead of watching that value just melt away.

  50. I’m sorry if this is a stupid question—I literally just learned what the terms resistance and support mean in this context, and I’m still a little confused.

  51. I’m an old fart and invested like 30 bucks a month or so ago in one of the crypto currency choices. I wanted to learn the process. I sold it when it got down to 20 today.

  52. It's not so scary if you didn't sink your whole life savings into it. I put a little expendable income into both stocks and some different cryptos if it goes back up I can get my money back, if it goes way up I can get more, but otherwise I just treat it as a little money spent rather than "oh god I've lost everything"

  53. It’s not really a meltdown as much as it is a de levering. Flushing the margin out of the market. Right? …right?

  54. The unmistakable signs of capitalism's death. Buying and selling nothing. A market in nothing. People going broke when their investments in nothing don't pan out.

  55. That's always been my reply to the promoters - you're talking about something that can crash based on a single Elon Musk tweet.

  56. guess I bought a little too soon. at least I'm playing with petty cash, not my life savings.

  57. We are probably not far from the point where the cost of electricity makes mining uneconomic, mining stops, and bitcoin ceases to be a thing.

  58. Responsible for electricity usage equivalent of 50 million people a year. Horrible for the environment

  59. It was intangible, until crypto exchanges started to allow trading in futures markets. The second that happened, it was over.

  60. All of the know-it-alls that were telling us that Bitcoin was the wave of the future are now saying, "If you had gotten out when I did, you'd be a millionaire.

  61. Crypto is today's fool's gold! All those investors trying to get their money out are driving the price down.

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