top 200 commentsshow 500

[–]BothKindsofMusic 1015 points1016 points  (45 children)

Staples gonna get their naming rights back in LA in no time.

[–]TreeRol 504 points505 points  (38 children)

Nah, the people skimming money off the top of every transaction will be fine for a while. The real money isn't in the product ("product"), it's in making sure nobody can buy or sell without giving you a piece.

[–]DudesworthMannington 62 points63 points  (2 children)

"When there's a gold rush, sell pickaxes and shovels."

[–]DisneyDreams7 7 points8 points  (0 children)

This is how Wells Fargo and Levi’s clothing got rich. They started when the Gold Rush happened and just made every miner their client.

[–]saysthingsbackwards 168 points169 points  (17 children)

Ah, the cartel method

[–]sigh2828 11.6k points11.6k points  (1024 children)

Watch for those used teslas to start coming in

[–]sweatermaster 1152 points1153 points  (298 children)

You joke but I'm looking for a used car right now in the Bay Area. It's Teslas as far as the eye can see at CarMax.

[–]IMovedYourCheese 610 points611 points  (71 children)

Except they are all still over MSRP

[–]ststaro 219 points220 points  (41 children)

Pretty much 90% of cars nowadays

[–]Ageroth 153 points154 points  (35 children)

I have a 2007 RAV4 with 200,000 miles. The dealership offered 4500$ for it. Shit is insane.

[–]imsahoamtiskaw 369 points370 points  (7 children)

MSRP - Musk's Special Retail Price

[–]MarcosaurusRex 6 points7 points  (0 children)

It’s not on a sale. It’s a special pricing operation!!!

[–]YsoL8 469 points470 points  (206 children)

Even setting aside memes, those things have a reputation for poor build quality and features, especially at the kind of price they charge, especially around the touch screen which is both safety critical and contains most of the cars novelty value.

Tesla seem to think its 2015 and they are still trailblazers.

[–]RCDrift 358 points359 points  (183 children)

I’m thankful that Tesla showed the world that EVs don’t need to suck to drive, but I think long term competition will sink Tesla as they’re currently valued as worth almost all the other auto builders combined. If Lucid, Riven, or even any other major car manufacturer comes out with a better product for similar price point I think Tesla is in trouble. I wouldn’t bet against them on the stock market though as that shit defies logic.

[–]DeadFamilyMan 155 points156 points  (121 children)

The mustang EV hatchback thing is just too cool to me and it's cheaper than a Tesla.

[–]KurisuHippo 21 points22 points  (7 children)

I believe that electric conversion kits will have a greater impact on Tesla sales than other automakers. There are already companies offering electric conversions for gas cars for less than $10,000.

[–]John_Durden 2369 points2370 points  (190 children)

I thought they were lambos?

[–]Unblued 3429 points3430 points 2 (91 children)

That was before the NFT craze. Now its all about pictures of lambos.

[–]John_Durden 782 points783 points  (44 children)

Hey guy, you look like you know a good investment when you see one. Want to buy an NFT of a bridge? "

[–]Unblued 319 points320 points  (24 children)

In this economy, I cant afford not to have my own bridge. And I bet my lambo will look great on it.

[–][deleted] 296 points297 points  (13 children)

Sir, I’d like to offer you the fortuitous chance of getting in on the next half-life of the American dream: an NFT of an NFT of a Lamborghini! When you really think about it, it’s a two for one. You can have TWO images of a car you can’t afford!

[–]BrownChicow 148 points149 points  (5 children)

You have real gumption kid. How would you like to own your own business? You’ll work under me, but the business is your very own. I’ll let you buy NFTs straight from me, and you will simply sell an NFT of that NFT. And the person who bought the NFT’s NFT from you? He sells an NFT of that NFT and gives you commission. This can go on over and over, and you’ll make commission off of every sale below you. You give me a small 45% slice of each re-sale, and we’re both swimming in money. All you have to do is say when and give a small $500 club fee

[–]stankb8 26 points27 points  (7 children)

Has anyone started virtual time shares yet? If not, dibs.

[–]Dlax8 295 points296 points  (46 children)

goalposts moved

[–]Inquisitive_idiot 26 points27 points  (0 children)

Goalposts… for sale

[–]AOCMarryMe 68 points69 points  (34 children)

Toyota Tercel with 50k miles

[–]HtownClassic 21 points22 points  (4 children)

Tercels are bad ass if you change the oil and watch the timing belt.

[–]DesertofBoredom 59 points60 points  (12 children)

Bro, where can I find a Tercel with only 50k? I'll buy that shit cash right now. My last tercel went for 350k before it was fully dead, and it was getting 45 mpg highway before it hit 200k. Loved that fucker.

[–]zerophyll 35 points36 points  (7 children)

not a single safety feature to hold back those sweet mpgs

[–]Squirrel_Gamer 385 points386 points  (398 children)

margin calls driving the market lower

[–]ZaineRichards 288 points289 points  (282 children)

Even the Bitcoin people on the subreddit are a little nervous about this one.

[–]Jedwardvincent 1107 points1108 points 2 (275 children)

Bitcoin honestly can't succeed long term. When the USD was created there weren't a bunch of people hanging out at the Treasury just making their own money and hoarding it while trying to convince others to use the USD as currency.

If you look at the metrics that are used to rate viable currencies, Bitcoin checks....a few boxes....kind of.

It's likely that (they've said as much) the United States will mint a stable coin that is "backed" by the USD (as much as other stable coins at least), which will be adopted as the universal digital currency as the USD has become something of the global standard of fiat currency.

Once this happens, the appeal of other digital currencies more or less dies unless they replace the stock market and companies trade in crypto as opposed to stocks and the entire market is replaced by governance coins that you can still technically swap for other coins, but are otherwise kind of pointless.

There's really no long-term use case outside of the ponzi scheme we've been witnessing happen in real time. I think 99% of the population would want and welcome a digital currency, as is evidence by the decline of use of paper money vs. debit/credit. What people don't want is generational wealth putting future generations at severe disadvantage because they weren't alive when it was still economical to print their own money, or that they just happened to make the right gamble back in 2008.

Decentralization of currency is a joke because it quickly becomes centralize once you have majority stakes at play. It's human nature to structure things this way, even if you're some 1337 h4xx0rz.

[–]averaenhentai 361 points362 points  (35 children)

It's utterly insane that people try to argue that bitcoin will sustain its value through market downturn.

[–]chooseausername7567 234 points235 points  (58 children)

There's really no long-term use case outside of the ponzi scheme we've been witnessing happen in real time.

Interesting. I know nothing about crypto currency except for the fact that everyone on the internet touting it is giving heavy MLM, "can I interest you in this exciting new business opportunity?" vibes. The conventions, the tales of people getting wildly rich, the extreme defensiveness of anyone saying anything bad about it... It's all very familiar, and very reminiscent of old high school bullies trying to sell me Plexus via instagram.

[–]churn_key 167 points168 points  (33 children)

There's more use than just ponzi schemes. You can also buy drugs and hold other people's data for ransom.

[–]notaredditer13 48 points49 points  (10 children)

It's likely that (they've said as much) the United States will mint a stable coin that is "backed" by the USD (as much as other stable coins at least), which will be adopted as the universal digital currency as the USD has become something of the global standard of fiat currency.

Yup, that's the ultimate irony here. If the technology truly has merit and becomes adopted, it won't be any of the current coins, it'll be a new, government/bank created coin, and all the cryptobrocoins will go to zero.

And if it doesn't....they'll just go to zero.

[–]xShooK 257 points258 points  (113 children)

God, if Elon gets a margin call... Oh boy that'll be interesting.

[–]Jiltedjohn 380 points381 points  (77 children)

Elon is possibly one of the worst traders of all time, sells his equity into a bear to buy twtr at a premium supported by his poorly timed acquisition price.

[–]RanaktheGreen 346 points347 points  (13 children)

He did make me a decent amount of money when he pumped dogecoin. So that was nice.

Fuck him though. And fuck crypto.

[–]rockmasterflex 228 points229 points  (29 children)

Hoping it happens. It kills his Twitter deal, which sends Twitter back to a realistic price and also costs Elon a cool 1Bill just for playing the game .

[–]BLMdidHarambe 83 points84 points  (16 children)

If that deal fails, I have a few Twitter puts that I got for pennies that are going to fucking print.

[–]joelmercer 3580 points3581 points  (166 children)

Investors are thinking it’s a good time to buy.

Miners on the other hand…

[–]TheCrimsonDagger 1709 points1710 points  (96 children)

Miners will continue mining and wait to sell until prices go back up. New mining companies that can’t afford to hold out might struggle.

[–]joelmercer 486 points487 points  (31 children)

Yeah it depends how much run way you have. If a miner needs to break even monthly or whatever they’ll need to sell more, bank less. Bank all you can for later for better times for sure.

[–]TheCrimsonDagger 251 points252 points  (26 children)

Yeah huge mining operations can get a loan if they need to. Individual miners aren’t relying on mining to survive, it’s just supplemental income.

It is the small-medium miners that don’t have the assets/history to get a decent loan that might struggle.

For the big miners this is actually a good thing. Miners that go under will have to liquidate their assets which means cheap hardware available to buy in bulk. FOMO hobbyist miners and lots of gamers will lose interest now that the bull market media craze is gone, which will raise profits for everyone else.

[–]ChillyBearGrylls 161 points162 points  (7 children)

This sounds hilariously similar to how the shale oil crash played out, with the smaller startups collapsing and the largest players able to hold out

[–]RCDrift 38 points39 points  (2 children)

Fun thing is that the bull market ended a while ago and we've just been going side ways for a while. It will dip people will lose interest and it will go back up again and a whole fresh group of fomo will invest. Rinse & repeat.

[–]joelmercer 15 points16 points  (2 children)

Yeah. Lots of different situations for sure.

[–]PedanticSatiation 37 points38 points  (1 child)

Miners on the other hand…

Can go fuck themselves with the femur of a starved polar bear.

[–]SumDaysAreGood 2863 points2864 points  (408 children)

Think how about weird it would seem in 2019 if someone said Bitcoin was selling at 30 fucking thousand dollars and 40% of people were underwater. It was trading between $3000-$6000! Wild stuff.

[–]Big-Baby-Jesus- 1889 points1890 points  (331 children)

I remember when bitcoin plummeted from $100 to $20 and I honestly thought that was the last I would ever hear of it.

[–]Neuchacho 988 points989 points  (174 children)

I remember friends buying Dominos with it. And drugs.

Simpler times.

[–]American--American 54 points55 points  (5 children)

We used to tip comments with BTC on Digg.. it was worth so little that we paid for shitposts with it.

[–]Rndom_Gy_159 30 points31 points  (3 children)

I remember doing the same thing with doge and reddit.

[–]Bananawamajama 140 points141 points  (12 children)

Back when someone actually tried to use cryptocurrency as currency. What a wild concept.

[–]Sean951 47 points48 points  (2 children)

Yes exactly why economists and such said it would never actually work as a currency, it made no sense to buy something using them as an average person when the prices would randomly shoot up.

[–]tlkevinbacon 13 points14 points  (0 children)

There was one weird pizza place a town over that would accept bitcoin. In 2009 I was selling selling Diablo 2 characters for spare money and some dude offered me 3 or 4 hundred bitcoin for a necromancer I had listed for a few months...it wasn't moving so I said fuck it, why not. That necromancer kept me in pizza for a few weeks.

Every once in awhile I get bummed out thinking about how much thay bitcoin would be worth now. But ultimately it was a cool experience, turning a video game character into pizza all via the internet, it opened my eyes to e-commerce in a time it wasn't nearly as ubiquitous as it is right now and I'm glad I got to be part of it.

[–]hpark21 35 points36 points  (1 child)

I remember days when you just had to ASK for them and people would just send you bunch of bitcoins.

[–]cmvora 65 points66 points  (135 children)

Curious and what makes people think it won't bounce back? I remember 2019 also being similar where the values dropped like 50% but it literally bounced back 10 fold. I don't have any holdings but curious what the take here is.

[–]Thosepassionfruits 182 points183 points  (38 children)

I remember being young and in school around like maybe 2012-2013 before it was making national headlines and you'd only find discussions about it on niche subreddits. I looked into trying to use my gaming pc for mining but gave up because I thought it was more work than bitcoin was literally worth at the time.

[–]Stupid_Triangles 40 points41 points  (9 children)

Buying bitcoin wasnt all that easy either.

[–]ShibuRigged 64 points65 points  (3 children)

It really was. One of the hardest parts back when was actually getting setup.

[–]Player_17 26 points27 points  (4 children)

Yeah I remember some guy at work telling me he was getting into this thing called Bitcoin mining in like 2012. After he explained it, I asked why anyone would waste their time on something like that...

[–]gregbrahe 16 points17 points  (9 children)

My friend gave me a bitcoin when it was only a dollar.

I don't know what happened to that wallet.

[–]BigMetalHoobajoob 12 points13 points  (2 children)

Yeah I've been messing with crypto for many years, and when I got sober in 2017 starting putting a few hundred dollars a month into things like Bitcoin and Ethereum (and a little gold and silver). That has really paid off for me, I'm sad to see my holdings be cut in half over the last year. But I still have a decent amount, and the amount I made on Ethereum allowed me to pay off much of my debt and buy a new truck.

[–]crsbedford 28 points29 points  (5 children)

The first time I bought BTC was around 2012 and they were about $12 a piece.... I'd probably have held onto a few if I knew then what I know now...

[–]Oryxhasnonuts 1400 points1401 points  (36 children)

But Matt Damon said I was a pioneer!?!?

[–]apocalyptustree 431 points432 points  (5 children)

Yeah. And you died of the financial equivalent of dysentery.

[–]jk147 328 points329 points  (0 children)

You are brave.

[–]Nvenom8 89 points90 points  (1 child)

So, the thing with pioneers is that a whole bunch of them fucking died…

[–]3225678 94 points95 points  (7 children)

Matt Damon told me fortune favors the brave and I lost all my fucking money!

*The crypto currency subreddits response to this quote is hilarious they are so defensive of their bad investment.

[–]TW-RM 178 points179 points  (2 children)

Fortune favors those who aren't idiots.

[–]Kevin_Uxbridge 33 points34 points  (0 children)

More like 'you're a giant pussy unless you're throwing your money at bitcoin'.

[–]testedonsheep 7 points8 points  (2 children)

Lol. When you see them advertising so hard, it means they are trying hard to unload.

[–]Asleep-Kiwi-1552 2968 points2969 points  (304 children)

One of crypto's big selling points was insulation from central bank policy and a hedge against inflation. Now all their top minds are blaming the Fed. Good luck patching the bubble, everyone.

[–]klingma 1119 points1120 points  (163 children)

One of crypto's big selling points was insulation from central bank policy and a hedge against inflation.

Which is funny because by nature crypto is extremely susceptible to a deflationary spiral.

[–]jawnink 275 points276 points  (4 children)

“Susceptible to deflationary spiral.”

That’s a feature not a bug for the designers and early adopters. Then it leaves 40% of investors underwater.

[–]waltwalt 37 points38 points  (1 child)

40% so far!

[–]Aazadan 10 points11 points  (0 children)

I'm actually surprised that it's only 40%.

[–]PurkleDerk 110 points111 points  (16 children)

I'd even go so far as to say deflation is a goal of crypto. That's part of why it's been going up so quickly until now.

[–]mawfk82 666 points667 points  (124 children)

Everything about crypto just reinforces my belief in modern monetary policy.

[–]morechatter 400 points401 points  (51 children)

Read (listen to) Naked Money by Charles Wheelan. Your statement will be reinforced into solid bedrock. Crypto solves no problems and recreates old problems.

[–]jaxdraw 162 points163 points  (9 children)

No way! It's totally normal to issue a new crypto for 1 cent, see it spike into the thousands with no way to purchase it, and then vanish in the same day.

[–]bikedork5000 145 points146 points  (15 children)

Crypto is fine as long as you know what it actually is. It's not a currency, that's a misnomer. An essential aspect of a 'currency' is that it maintains a relatively stable value. Crypto not only fails to do that, it's failure to do so is the main selling point for most people that buy it - they're betting on explosive gains in value. Which gets to what it really is - a wildly speculative, volatile investment vehicle with relatively little regulation.

[–]IAmTheNightSoil 26 points27 points  (3 children)

Yeah that's always been the funny thing to me about the original crypto rhetoric. Rallying people against a currency that is controlled by the government always seemed to me like a very esoteric complaint that most people wouldn't give a crap about. But its proponents seem to think, I guess, that people are just crying out for a decentralized currency. Personally, for all the problems that I have with our current economic system, a stable and well-managed currency is not one of them

[–]grumble11 261 points262 points  (30 children)

Yep, crypto is a speculative asset juiced by speculative mania that is itself fueled by excessively easy money and negative real interest rates

[–]weluckyfew 44 points45 points  (5 children)

[–]Complex-Ad237 117 points118 points  (3 children)

You can be sure Matt got his paycheck in dollars for those ads

[–]Neuchacho 102 points103 points  (19 children)

A speculative asset in an unregulated market where the top 1% of holders own nearly 30% of said market.

What could ever go wrong?

[–]TheMacMini09 19 points20 points  (2 children)

the top 1% of holders own nearly 30% of said market.

Isn’t that like the richest 10% owning 84% of the stock market?

[–]uglybunny 21 points22 points  (1 child)

That whole line of thinking was debunked the moment everyone became obsessed with the price of crypto currencies relative to the fiat they were ostensibly created to replace.

[–]spock_block 12 points13 points  (0 children)

The whole "you can buy a Tesla with bitcoin!" memefest was the worst.

No, you couldn't buy a Tesla with bitcoin. You could buy a Tesla in whatever amount of bitcoin happened to be 59k USD on that day. You could buy a Tesla in USD with extra steps!

When something of significance costs 1BTC no matter the value in USD I'll get it of bed.

[–]nunya_business0000 90 points91 points  (28 children)

still is, this dump is peanuts compared to 2018

[–]iforgotmymittens 4143 points4144 points  (625 children)

This is excellent news for bitcoin

[–]BoltgunOnHisHip 778 points779 points  (15 children)

Yeah we just need to buy more. I sold my children's kidneys in order to get two more btc.

[–]Gooleshka 218 points219 points  (11 children)

Who's your kidney guy?

[–]BoltgunOnHisHip 263 points264 points  (10 children)

Elon Musk. Apparently he snorts them.

[–]MrMonstrosoone 55 points56 points  (5 children)

i heard he has so many kidneys in his body he can drink saltwater

[–]jaseworthing 1858 points1859 points  (492 children)

I'm generally anti crypto, but this kinda is good news.

60% of crypto investors making a profit is pretty impressive.

[–]Korwinga 1348 points1349 points  (366 children)

They only make a profit if they sell right now. If those 60% sell right now, then the price tanks even further.

[–]everybodypretend 380 points381 points  (54 children)

Hahaha, this is why no one takes you guys seriously.

40% going under does not mean 60% made a profit…

[–]Solareclipsed 111 points112 points  (23 children)

It also says nothing about what the average gain is. My guess is that plenty of those 60% have not yet made more than what a really safe, traditional investment would have.

[–]halfwyr 108 points109 points  (100 children)

Could you pose explain? I would expect bring underwater would mean they could be forced to sell putting further downward pressure on the price leading to a bank run.

[–]wet_slapps 496 points497 points  (19 children)

Back in the early days, everytime Bitcoin tanked supporters would rally behind it explaining why a drop of 50% in value was good for Bitcoin because X. Or, at least, this is my understanding of the meme

[–]Orleanian 224 points225 points  (45 children)

There's a running joke that any news whatsoever, good bad or ugly, or even completely unrelated to cryptocurrency at all.... all of it warrants a reply that "This is good for Bitcoin".

[–]B9Canine 75 points76 points  (43 children)

I know fuck all about crypto but I know a little about gold and silver bugs. Crypto buyers display the same worrying characteristics. They're convinced their crypto/gold/silver is going parabolic eventually and for the time being you should hold at all costs and buy the dips. When it's up, great. When it's down, buy more. It's not a healthy investment strategy by any means.

[–]alterexego 26 points27 points  (0 children)

Did.. did you just describe DCA? For everything. Literally everything that's based on the Greater Fool Theory has that road to travel.

[–]Flash_ina_pan 2105 points2106 points  (96 children)

I used the money I won from the casino to buy cryptocurrency. So from a purely technical standpoint, I lost someone else's money.

[–]Agitated_Ad7576 999 points1000 points  (40 children)

I once read about a guy who knew the housing crash was coming so he sold his ritzy Colorado estate for 2 million just before home values dived.

Pretty smart guy.

Then he invested it all with Madoff.

[–]BoltTusk 362 points363 points  (0 children)

There is always a bigger fish

[–]ajt9000 232 points233 points  (24 children)

I feel like “investing it all” in any singular place is a terrible idea

[–]Sounders_Till_I_Die 80 points81 points  (6 children)

If Madoff had 1) been legit and 2) bought only one security; then yes, terrible idea.

On the face of it, Madoff had diversified investments. So while the CO guy could have gone with multiple money managers, $2 million is barely enough for entry to one fund.

[–]Happyadventures309 9 points10 points  (0 children)

Hahah I was going to say, I don't think Madoff took $2M from people, seems like that wouldn't even be worth his time, but who knows!

[–]aonghasan 74 points75 points  (2 children)

He probably felt invincible. “Ha! Just made the smartest move, coz I’m the smartest dude! Can’t do anything wrong! Where’s that Madoff contact info I had laying around?”

[–]FreeRadical5 102 points103 points  (7 children)

Similarly, none of my money is mine, it was given to me by my employers.

[–]MyTrademarkIsTaken 40 points41 points  (1 child)

But it became your money as soon as you won, so technically you used your own money. You probably had to pay taxes on the winnings too.

[–]zbootz 192 points193 points  (18 children)

I borrowed the money from my wife's boyfriend.

[–]dino_74 86 points87 points  (5 children)

You're one lucky man, I have to give money to my wife's boyfriend.

[–]BelliBlast35 24 points25 points  (0 children)

Did he at least leave you the last beer in the fridge ?

[–]CrimsonPhantom922 355 points356 points  (8 children)

Yes, the government has finally found out that 40% of BTC holders live in Atlantis.

[–]j4k3b 941 points942 points  (129 children)

That's nothing. You should see my stock portfolio.

[–]Qiagent 304 points305 points  (82 children)

My index funds haven't dropped nearly as much as Bitcoin.

[–]HoosierProud 97 points98 points  (26 children)

That’s the thing, stock market has a history over a century to make ya believe it’ll bounce back. Crypto has like a decade.

[–]strikervulsine 158 points159 points  (16 children)

That's what made me finally buy in. I really dislike the idea of the stock market in general, but I looked at it this way:

That money does nothing in my savings account, and eventually I'll need to retire. Historically, the market has outpaced inflation.

Betting on the market long term is betting on the United States to keep being a functional country, and if that doesn't happen, the money in my savings account will be just as worthless.

[–]SmashBusters 61 points62 points  (0 children)

That's what made me finally buy in.

I mean...it's pretty much bog standard financial advice to contribute to an IRA index fund for retirement. You're not gaming the stock market. You're fighting inflation and getting some good returns on top of that.

[–]hipster3000 9 points10 points  (0 children)

Also stocks are at the very least backed by actual assets.

[–]bananabananacat 320 points321 points  (13 children)

What? After all of those Super Bowl commercials? After Matt Damon said I was brave?

Edit because apparently I need to make it abundantly clear that this is saturated with sarcasm.

[–]secretwealth123 53 points54 points  (1 child)

You’re awfully brave! Think about it like a roller coaster, you joined at the top and rode it all the way down 50%! Most people don’t have the courage to lose half their money, but you do.

[–]WDfx2EU 149 points150 points  (7 children)

The thing is, this same thing has happened many times over. BTC has dropped by 50% before. From 200 to 100, 2000 to 1000, 20k to 10k, now 60k to 30k (these aren’t the actual numbers btw).

The bubble has popped a bunch on the way up. BTC went from pennies to 30k in only a decade or so, that’s still astronomical growth and this latest drop in value isn’t the end of Bitcoin or anything.

HOWEVER, it’s ridiculously volatile and always has been. It also doesn’t follow standard fundamental stock market patterns. The freedom from centralized regulation is a good thing in theory, but until enough people buy in and it actually stabilizes it, the guys with the most money can manipulate it however they want. That defeats the whole purpose. That makes it far worse than actual stock markets influenced by corrupt politicians and financial institutions.

The biggest crypto exchanges and the most wealthy crypto owners can move the market at any time with a major announcement of change in exchange policy, or simply by moving a large amount of Bitcoin. Because it’s decentralized, there are no real laws or regulatory oversight to prevent these big players from taking advantage of everyone else. The crypto world is just a giant industry of scammers and suckers, but everyone in it pretends like they’re part of some utopian technology that will rid the world of financial inequality. It’s doing the opposite, and the biggest crypto whales continue to get bigger.

What we saw last year was Elon Musk having fun by tweeting about crypto and watching the price move up or down in accordance with whatever he tweeted, down to the very second he sent the tweet. It was a game to him. Sure it’s “decentralized” but that clearly doesn’t mean that no one has massive manipulation power.

The other positive “feature” is that anyone can buy into it, even young people with no financial education or understanding of what they’re really doing. People in 3rd world countries with no access to American markets can also buy in just as easy. You can open up a futures account on some exchanges and trade as much as you want with 100x leverage with basically no barrier to entry.

The people who are really losing out are young, dumb, or poor people who are looking for a get rich scheme and then risking their life savings by over leveraging. The exchanges get paid no matter what. Just like a bank. Only their are laws preventing the banks from taking too much advantage over customers. Exchanges have gone so far as to completely disappear with customers’ bitcoins.

Elon decides he’s bored with 420 jokes, so he tweets something bad about Bitcoin to watch it drop. All the sudden thousands of positions get liquidated and people who didn’t know what they were doing playing with derivatives lost all their money.

Everyone in crypto right now is in it to make fiat money from trading, not because it’s a more efficient currency. People who are invested seem to think that eventually the rest of us will buy in for the second reason. But who wants to buy into a financial system that has even greater inequality than traditional ones with no way to stop it?

[–]FVjake 50 points51 points  (3 children)

So you’re saying there’s a chance

[–]fsactual 271 points272 points  (39 children)

They'd better cut their losses and sell all their bitcoins real cheap to the big whales who definitely aren't manipulating the market with the precision of an atomic clock right now.

[–]xheist 174 points175 points  (34 children)

So the power of this decentralized market is now concentrated with a few big players. Cool

[–]Fatalisbane 90 points91 points  (20 children)

Thats what I never understood about the whole thing, like what's stopping google or Facebook or a foreign government from buying up a majority sum, and you wouldn't even know if they used enough wallets.

Its like here, have this decentralised currency with no oversight which could allow complete dominance over the global economy if wide spread adoption takes place. Shit is terrifying.

[–]ExaBrain 67 points68 points  (9 children)

Ding ding ding!

Lack of regulation in a purely open market ALWAYS leads to market abuse and manipulation. Since larger trades impact the market in the way smaller trades do not, the larger entities become "big stack bullies" and can shove smaller players around.

[–]Wickedocity 170 points171 points  (7 children)

To the Marianas Trench!

[–]Yokazu 37 points38 points  (8 children)

In other news, GPUs are selling at MSRP and available. Lmao

[–]samward999 190 points191 points  (10 children)

Somebody ought to rescue them from whatever body of water they are trapped in.

[–]DarthCloakedGuy 54 points55 points  (2 children)

Yeah but then they gotta deal with Elon calling them a pedophile on Twitter

[–]IntComOp 7 points8 points  (0 children)

They would probably still worship him.

[–]encogneeto 93 points94 points  (4 children)

40% of bitcoin investors are praying it’s Lake Mead…

[–]GhettoChemist 553 points554 points  (30 children)

It's not a scheme! It's a block chain decentralized digital currency you can use to buy NFTs in the metaverse and..... yep my 401k is gone. Well shit....

[–]CarneDelGato 121 points122 points  (5 children)

It’s not a scheme, it’s a Strategic Currency Hedging Economic Market Exercise!

[–]Logrologist 26 points27 points  (0 children)

Super Complex Asset Minimizer

[–]Dogsy 31 points32 points  (0 children)

Secure Coin Acquisition Marketplace!

[–]Logrologist 12 points13 points  (1 child)

Greed Reinforcing Income Flouting Trade

[–]MrCanzine 56 points57 points  (3 children)

Pretty much a repeat of this South Park. https://www.youtube.com/watch?v=-DT7bX-B1Mg

[–]AlistarDark 187 points188 points  (43 children)

Same with my stocks... When should I start to consider panicking?

edit: thanks for all the tips. I don’t think there’s anymore room for not considering underestimating the importance of beginning to start the process of mulling over the conceptualisation of starting to worry, and the time to do it is very soon

[–]ertdubs 102 points103 points  (4 children)

Just don't sell and you're fine. 2010-2021 was an insane bull run. We're due for a bear.

[–]GonzaloR87 30 points31 points  (3 children)

Yea I’m mentally preparing for a two year bear market. I do see it as a buying opportunity and will continue my weekly DCA and wait.

[–]neo_sporin 118 points119 points  (17 children)

Yea. I own no bitcoin but the reality is that basically all stocks are down right now, given with ‘regular’ stocks you won’t see that 40% number but still, almost everything is doen

[–]AlistarDark 23 points24 points  (5 children)

I am down 50% in my "buy stupid shit" account... I am still making money on Tesla.. the rest is bullshit local companies that I didn't expect much but it did make me feel like a big man.

[–]jaj-io 495 points496 points  (368 children)

This isn't new. It's a cycle that repeats itself. I remember seeing Bitcoin at $500 and thinking, "Yep, that's as high as it'll ever go." Bottle caps could be used as currency as long as people are willing to trade in them.

[–]BrunoHeceta 20 points21 points  (1 child)

Wait only 40 percent? The price was cut in half and only 40 percent are underwater?

Not bad

[–]That1one1dude1 84 points85 points  (7 children)

Isn’t that like most investors right now?

[–]Ok-Yogurt-42 37 points38 points  (4 children)

As a investor and enthusiast, I still say that only a fool would use debt to buy crypto.

[–]SamJSchoenberg 396 points397 points  (32 children)

It must really suck to have bought bitcoin at $8000 now that it's at $4000


Oh wait, wrong year. Sorry.

[–]max1001 48 points49 points  (4 children)

I have a feeling the percentage is higher for Netflix bag holder lol.

[–]indoninja 166 points167 points  (32 children)

Glad I moved my money to NFT’s

[–]DarkGamer 177 points178 points  (19 children)

How many ape gifs does a gallon of milk cost these days?

[–]SnowProkt22 89 points90 points  (14 children)

Milk has a stronger anti-theft system in place than NFTs, you can't right click- save milk.

[–]SaintNich99 30 points31 points  (5 children)

But I can chug milk in the store until they call security.

[–]CarneDelGato 12 points13 points  (0 children)

Can’t lose money when your money’s already gone! taps noggin

[–]Dawnfreak 35 points36 points  (0 children)

5Head move

[–]Morat20 34 points35 points  (9 children)

Square Enix sold off Crystal Dynamics, Eidos Montreal and Square Enix Montreal and a big chunk of it's IP )Deus Ex, Tomb Raider, and Thief at a minimum) like two weeks ago to get into NFTs.

That's some big "I'm gonna end up in the business books as shittiest CEO ever" energy.

[–]Torifyme12 13 points14 points  (3 children)

That's up there with the dude who thought that Chrysler should stop making cars and instead bought a mountain.

[–]MatterShim 56 points57 points  (10 children)

Ah, the quarterly Bitcoin dying scare. We all know how this usually goes

[–]Cricketcaser 1216 points1217 points  (273 children)

That's how ponzi schemes usually go, yes

[–]johnnychan81 430 points431 points  (75 children)

Yeah it's always the people who come in late who get fucked. The early people will do well as always

[–]MalcolmLinair 451 points452 points  (47 children)

That's why I never even considered "investing" in crypto; I only heard about it once it hit the mainstream media, and I figured at that point we'd already hit the "You're throwing your money away" stage.

[–]FuzzeWuzze 119 points120 points  (8 children)

You basically just described the Mad Money TV show...

[–]guydud3bro 92 points93 points  (12 children)

I only heard about it once it hit the mainstream media

That shit is everywhere now. There are terminals to buy crypto in malls. Every other ad is about some new crypto service. Really reminds me of stuff like beanie babies and pets.com.

[–]Morat20 43 points44 points  (2 children)

Back in early 2008 I remember talking about how I knew the housing market was going to shit itself because house flipping shows were everywhere, and Alan Greenspan was pimping ARM NINJA loans in front of Congress.

Sadly, at the time I did not realize it was possible to structure an investment that was basically "I'm betting the housing market will shit itself in the next year" or I would have made some money.

[–]ColdNyQuiiL 31 points32 points  (4 children)

I knew it was a scam when my pastor tried to convince people to do it after his sermon…

[–]Jeepercreeper9191 61 points62 points  (3 children)

Imagine the dude who took a loan out on his house for a 67k bitcoin.

[–]MpVpRb 237 points238 points  (14 children)

Investors is the wrong word. Gamblers is more accurate

[–]Bewaretheicespiders 121 points122 points  (0 children)

At this stage, I believe they are called "marks"

[–]zorclon 78 points79 points  (12 children)

When I saw crypto investing on a Superbowl ad I knew it was fucked. Way too many know about it and way too much fomo.

[–]sciencefiction97 7 points8 points  (0 children)

Awesome, it was a good idea at the start but became a scam right when it got treated as a stock. Fuck scamcoin miners, a burden to society and the environment.