Crypto thread

Of course and to profit off the decline. Notice since the futures came in the price action is much more subdued than before it.

I dont think that is the case. What you are referring to is more little guy thinking...meaning retail shorts will freak out and bail at losses. I think people that are shorting this know what they are doing and have deep pockets and a time horizon that they can and will wait it out.

Also, since the futures have come out the prices have been lower which is a confirmation of their short. If the price goes crazy up then sure the shorts will cover but I dont know if there is a free market enough to make that happen...meaning the futures control things quite a bit and maybe more than usual.

I clearly made a mistake when I made my NAS price quote statement (don't believe everything you read on the internet), but the moral of the story here remains the same. There is no such thing as "easy money" unless you can rob a bank and get away with it. 

I suppose these crypto curriencies are an excellent trading vehicle as they are extremely volatile and have given ample opportunity to traders. However, the lack of intrinsic value leaves them exposed to corrections such as we are seeing now. In the end, I believe 90% of them will end up worthless. 

I continue to recommend caution with any of these currencies.

So you guys sticking in on this drop? 

Lots of those cheapies like ADA and XLM are down like 60% quick, XRP almost back into the 80s again. Looks pretty widespread and it seems the news keeps being bad, governments are starting to take action due to the way these are being used. Nothing so far from the US but sheesh if a peep comes from the US this will look like an UP day, it will be mass destruction.

This will all work itself out. The bigger coins are staying. The technology is staying.

I'm holding ETH, which mostly kept it's footing. I'll keep my XRP, too. I believe that coin has plenty of legs, despite the ugliness of the last few days.

I like a shakeout here, just as I like a shakeout in the main markets. Need to keep it honest.

This Tether investigation will be very interesting. Tether had contracted with  New York accounting firm, Friedman LLC, to conduct an internal audit late last year, but Tether either fired Friedman or Friedman removed themselves voluntarily from the process. Friedman was NOT able to locate the 420 million dollars that were supposed to be tied to every Tether token. 

Fast foward a few months and Tether has now issued over 2 billion in Tether tokens which are supposed to be backed by one USD for every token. 

If Friedman could not verify the 420 million backing the tokens in 2017, what are the odds that the investigation is going to find 2 BILLION US dollars backing the outstanding Tether tokens? Anyone invested in crypto currencies better hope the investigation ends up finding the 2B.

This is a serious question for everyone on this thread. If the money is not found, what does this mean for the future of crypto? 

Bitcoin under 8k, XRP below 70 cents, Ether under 800 ADA and XLM at 30 cents...

And GE is in the dumpster, and APPL is down, and who woulda thunk it but is GOOG is down, too.

Futures pointing to a red day in the markets, again.

It's the way it all goes.

Jamie....The Dow, S&P, QQQ and other major markets were LONG OVERDUE due for a breather. The fact is that this correction in progress is good for the markets. Earnings are beating estimates, so this will be short winded for stocks. 

For crypto?

As I have pointed out many times, stocks have earnings backing up their value. You put in X and you get back Y in the form of earnings per share of stock plus a dividend if it pays one. Crypto has no earnings....that's the problem crypto investors have. It's the one thing that will never change. It's a store of value and perhaps a currency in the future. Compound that with the possibility that ponzi schemes are perhaps taking place and you have a recipe for disaster.

The voice of reason has spoken. 

Well that reversal was fast...too fast seriously. They cant whip these things 50% in a day (down to up) and expect things to cool down...its nuts!

Sheesh that goes to show you this drop is nothing...these suckers are way overbought and can fall much much more.

Or....this correction was an appropriate response, and the climb back north can henceforth proceed, but this time with the adults in the room...As you all know, pullbacks are an important part of all markets. I don't have to reference today's sell-off, do I?

Relative selloff and in the stock market today was zippo, nothing at all. Keep your eye on rates and what other central banks say and do and how their rates change. I think the markets might be cornering the central banks on rates and the higher rates go the stronger and lower the markets do until they meet on a relative basis which is FAR FAR from here.

The markets moves do not correlate at all to moves in crypto. It's coincidence that they just happen to be moving downward together at the moment.

I do agree with WallStreet that the market is spooked by higher rates, but the Fed will not capsize this market. The Fed (Alan Greenspan) of the past acted on impulse and with reckless abandon, and it was partially, if not mostly, the fault of the Fed for creating the 2008-2009 crisis by lowering rates every quarter to boost the economy. After all, the housing crisis would have been impossible without all of the free money the Fed made possible. 

The Fed of today very well understands the control they have on the markets....2008 taught them a lesson. What is happening now is healthy for the markets. Rates need to rise. It's one of the growing pains of a healthy economy. 

So you guys sticking in on this drop? 

Lots of those cheapies like ADA and XLM are down like 60% quick, XRP almost back into the 80s again. Looks pretty widespread and it seems the news keeps being bad, governments are starting to take action due to the way these are being used. Nothing so far from the US but sheesh if a peep comes from the US this will look like an UP day, it will be mass destruction.

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Im still hangin hard, cant shake big fkn poopoopants out that easy! im like a fish on the shark baby!.see where this freeroll taks us,my 2 gurus dumped on the 1st...im still hangin! no quit in poo...moon or bust! freerolling at its finest!

Not suggesting there is a coincidence, though I do think some of the traders in the crypto world did sell off based on what was generally happening.

I am saying a sell off for crypto is a good thing, just as in the regular markets. Needed it. Got it. And now can move on.

Believe me, I'm no apologist for cyrpto. But I'm not one to stick my head in the sand and say this isn't a technology that is going to get stronger in the coming years. I don't mind waiting. I'm a patient investor.

Why the consternation? I am giving solid advice and I think you probably would confirm that. I appreciate your angles on being a proponent of crypto but I'm not convinced many of these coins will not completely disappear a year from now or get hacked even sooner. This is also not to say that there is not corruption in the stock market. There definately is. 

We have no need for contests, but I would be interested to hear what your #1 coin would be....maybe I'll put a few bucks on it.