No investment is safe. People assumed that Netflix or Facebook would be safe investments and look how badly they performed this year. You want safe investments then invest in treasury bonds/yields or just keep it in your savings bank account.

I got friends like that also. They wanted to give me $10K and said turn it into $100K. Like it’s easy making a 10x investment. Too many people consider Bitcoin and crypto as a get rich quick scheme and hence why they get burned.

Many people bought Bitcoin at the peak because they were worried about inflation. So instead of losing 8% of their buying power they lost more than 50%.

These are the people that mostly sold during the big dump. I remember November 2021 very well. Celebrities were shilling Bitcoin. Everywhere you went in public people on their iPhones were on Binance trading shitcoins.

It’s not a surprise that we had a nasty crash. Way too many people were expecting something crazy like $250K or $1M Bitcoin.

The dev was warned that his coin had problems and security issues. People showed ways how someone with a large enough bankroll can cause a crash like this. However he is kept insulting people who pointed out flaws in his coin.

I remember on twitter people saying its a scam and the entire UST backed by BTC is going to collapse if there is any volatility in the markets. Instead it was a flaw which caused BTC to go down because it had to be sold in thin liquidity to keep the peg up 1:1 however when all was said and done, the UST stablecoin failed anyways and was delisted a few hours ago on most exchanges.

Crazy stuff. Feel bad for everyone that kept their funds and savings on that stablecoin.

The reason why people are devasted is because it wasn't their investments like Bitcoin or Ethereum that lost value, it was the stablecoin. The stablecoin should of been pegged properly to the US dollar and this shouldn't have happened.

The issuance rate couldn't keep upwith keeping the peg at 1:1 and seems that both the UST and LUNA pairs are getting removed from most exchanges as we speak. Basically its like $40B gone in a week or two. This was much worse than the Bitconnect scam back in 2018.

People are mad because Do Kwon made it seems like keeping it backed by BTC would make it more secure and decentrazlied than tether and people kept their life savings in it.

I don't think it will go to $20K however. In the past it didn't retest a prior high. I think either the $25K might of been the low or the low might be like $22K or so. Either way we need to see how this weekly candle closes.

Tomorrow is another stock trading days and if there is a sell off due to bad earnings bitcoin could again go and retest the $25K area and possible break it this time. I have a feeling this is going to be a busy weekend of trading.

I know many either bought at $30K or $28K because it seems like a great price. Or even earlier at $25.5K.

However if you look at past bear cycles you are going to have a lot of time to make your purchase. Better buying 10% higher from the low than guessing and getting a massive 50% loss.

Remember November 2018, it broke $6000. Went to like $5K, people assumed it was the bottom and then the ultimate rug pull down to $3.2-3.5K.

You could of waited and bought close to the mid $3K for weeks.

Patience and stay away from leverage….

I read the topic and figured this was probably a year old topic that somebody had to bump because who would want to start mining during a time like this.

Most miners are going to be packing up their gear and selling it off soon with the way things are going. Right now better to wait and see instead of beginning your mining journey.

There are miners out there that will capitulate.

It doesn’t make sense but the issue is that many miners bought most of their gear on credit. Typically with a credit card with some 20% APY rate.

It will reach the point where they will need to sell everything ASAP because the interest alone will be more than the profits from mining.

Sad story but I’ve seen it happen.

So far they are minting crazy amounts of Luna and people are taking advantage by buying UST and getting $1 worth of Luna and then selling that to repeat the process.

The supply is growing like crazy however and this will see single digit in the cents pretty soon. When Luna value is Very low then buying UST won’t make sense anymore since they only mint like 1,000,000 per minute.

Yeah many people got liquidated. Especially those who were holding Luna. You go to their Reddit you can see sad talks of losing everything and Suicide messages. And even those who held the stable coin UST.

The peg is getting closer to closing however many probably panicked and sold earlier at 50% loss because they were worried. This month will be a very volatile month for crypto and stocks .

Nobody knows when it will bottom out and make a new ATH.

I wouldn’t be buying at $28K unless we get some type of confirmation. Remember back in 2018, it broke $6000 support and went to $5000 stayed there for a day and went lower and everybody assumed it was the low. Many got liquidated when it went into the $3.5K area.

Getting ugly out there. Stay safe and don’t use leverage. Who knows how long this bear market will last. The global markets are all messy these days including all the nasdaq stocks.

Today was a nasty day for the peg. It’s down to 0.60 and no signs of recovering. The dev already started to move the BTC into the exchanges and people are panic selling Bitcoin because they fear of the $1.5B sell order he can make. This was so massive that Bitcoin went below $30k even.

Wonder if the peg will go back to $1. Makes me feel uneasy holding any type of stablecoins honestly. Feel bad for the people who held their savings in the UST stable coin. Only to wake up and have half of it disappear.

No this is not the reason for the sell off.

And this was discussed for years. When quantum computers come out then Bitcoin will most likely upgrade its code to be more secure. And so will banks and most companies to secure their systems.

This is years and years away however. Today’s sell off was due to the UST unpegged from 1:1 causing panic.

Today bitcoin had a bad day for 2 reasons

1) Stock sell off especially the tech nasdaq index

2) UST Luna peg started to drop all the way from $1 to $0.60 and spooked investors because it’s backed by BTC reserves and those reserves started to move.

So the BTC would be sold to keep the peg at 1:1. No idea if they were sold yet. However someone is dumping large amounts of UST on all exchanges.

I don’t think you drew the fibs correctly. A better way would be to use the covid bottom because it’s the main impulse move.

Also the 0.236 rarely plays out, it’s mostly the 0.382 and 0.618 and sometimes the 0.50

Where we are now is a good area because it’s the 30000 psychological number.

There are a lot of people that are calling it quits. This past few months have been brutal and the final nail on the coffin was what happened in the last couple of weeks.

Bitcoin had a nasty day today and a few days prior and so did the stock market. Many have lost all their 20-21 earnings and are down bad and quit.

I think the bottom must be near… at least temporarily.

I remember back in the 2018-2019 ETH bear market days. I think my old RX 470 4GB made like $0.20 profit using $0.20 electricity. So basically broke even. It was 30mhs or close to it. So that’s equivalent to like $0.70/100mhs.

Yeah mining sucked and it was cheaper to buy. ETH kept going lower and lower and I was waiting for those with expensive power to shut off their rigs, they never did. Difficulty was always high, even in bear market.

The GPU in the bios has safeguards in place if the temperature goes too high it sends a special signal to the motherboard to do an emergency shut down.

So if it’s not shutting down you are most likely fine. They design GPUs to run extremely hot. I had many old GPUs and they ran at like 80-90 degrees on GPU chips for years because AMD design them to be quiet. So it had high temps to not be crazy loud and it lasted like 5 years before I sold it. So I wouldn’t worry about damaging anything.

The issue I am seeing regarding inflation is this. Everybody is talking about the coming recession. However when you go out in public people are still spending money like crazy.

Gucci store is full, lululemon is packed, so is Apple store. Everyone is spending money, adding debt with rising interest even though they know there is going to be a recession sooner or later. Why is everybody being careless.

When unemployment is too high it’s not good but when it’s extremely low it’s not good either. Right now we are experiencing very low unemployment levels. It’s hard for employees to find workers.

Next time you go out in Public, look how many times you will find notes saying that they are short staffed or they are hiring. It’s going on everywhere.

This is not good because it decreases productivity. The report came out last week of low productivity levels for workers. And it increases inflation because they need to pay a higher wage which is passed on to the customer.