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There is a major panic ongoing, but most of it is happening behind closed doors. Despite the appearance, this is not the story of a bunch of degenerate kids pl
by stephc_int13 4y ago
There is a major panic ongoing, but most of it is happening behind closed doors.
Despite the appearance, this is not the story of a bunch of degenerate kids playing with made-up money.
Real serious money is at stake, billions of it, people are losing their shirts, or something else.
- discreteevent 4y agoIs it really billions or is that some people bought some worthless tokens at a low price then later a crowd valued those tokens at a high price. Then when the tokens are devalued the original people claim that they lost 'billions'. Of course some people who bought at a middle price lost real money but did that add up to billions?
- rippercushions 4y agoActual billions were invested, but the crypto market cap reached $3 trillion during the heady days of exactly one year ago. That's already shrunk to $800B and will keep doing so for quite a while.
- fallingknife 4y agoHow does a financial panic happen behind closed doors when I can see the prices of every token? How are people losing their shirts if the asset prices aren't dropping? This isn't a scenario with illiquid assets and murky pricing.
- stephc_int13 4y agoThis is a Mexican standoff situation.