4 ms·

I don't really follow this space, but is evaporating $50bn not a concern to anybody?

• deleted 8mo ago
  [deleted]
• SpicyLemonZest 8mo ago
  There was never a real $50bn to be evaporated. It's like saying that $1.2tn evaporated in the Bitcoin market drawdown since October - it doesn't mean value has been destroyed, it means the market's estimate of how much value existed was wrong.
• bombcar 8mo ago
  The reality is that the $50bn was already gone, the collapse just revealed it. It's like with Madoff; the billions weren't lost when it collapsed, the billions were already gone (or never existed).
• klodolph 8mo ago
  The $50bn is what you get when you multiply the number of coins times the price of one coin. This is a kind of fun number to think about but there are a lot of ways it doesn’t match up with reality. Like, if I make a company with ten billion shares, and then put shares for sale at $5 a piece, and you buy one, then my company would also have a $50bn valuation, by the same logic that Terra / Luna had a $50bn valuation.
• arkis22 8mo ago
  you might consider me an ass, but I think every dollar you put into crypto should be considered dead money. it is not protected by anything. you are gambling on nothing
  • soulofmischief 8mo ago
    How is US currency any different?
    • kortilla 8mo ago
      The government with a monopoly on violence and lawmaking uses it to pay for things and to collect taxes.
• wmf 8mo ago
  It was enough of a concern to cause a worldwide manhunt for the guy responsible who is now in prison.