THE CRYPTO CRASH IS REAL I REPEAT THE CRYPTO CRASH IS REAL
If you think you've heard this song and dance before, this time I assure you it is different. Terra Luna, colloquially called "stablecoin" because it was maintaining 1-1 value with the US dollar, has plummeted below 30 cents. It has basically lost 90% of its value in 24h. People are literally writing suicidal posts on the subreddits and offering emotional support to eachother. But who cares about any of that shit.
Waitchads, we're finally going home. After all these years. The GPU prices will plummet to way below their MSRP, and we'll be able to nab a respectable GPU. Our days of waiting have paid off. Just a little more now...
Can it recover? Should we buy Luna now and get rich later bros? Please respond
Okay. Hopefully this kills companies spending all their money on NFT stuff like gscgw, squenix, ubisoft, etc.
Should I just keep waiting to buy in until it bottoms out and starts to rise for a couple days?
>can it yes >will it no lol if you want to buy, buy into something slightly more stable. But I'd still advise against because of the flood of sanctions hitting crypto as of late, we have no idea when it's gonna stop, and this panic spiral is just making things worse for right now.
Suicides and kike media reporting might be the best bottom signals
pretty much, walked into best buy yesterday, 3070ti's just hanging out, 12GB 3060's with 750W PSU on newegg for $450, shits back to normal for the most part.
you can't really mine with consumer GPU's anymore either
How long can retards drag this hot potato game? Jesus Christ how many pink fields takes to exterminate them all?
You expect companies not to be retarded lmao did you not see square enix sell their western studios + their IPs for pennies just to invest it into NFTs.
No, it’s only just beginning
Cant even view Luna in tradingview. Coin crashed too hard
Delicious cryptonigger tears, soon their pretend monies will be worth the same as their lives
>mfw some dumbass buys a used GPU online that's been cooked to shit in a crypto farm for months nonstop and wonders why it runs games like ass
I feel for anyone who lost $50k or less, but anyone who lost more deserves it and I hope their suffering continues.
what part of INVEST IN WHAT YOU"RE WILLING TO LOSE" do normalniggers just not understand?
>highfleet overlay KEK
crypto is a threat to the US dollar, it just took the old fucks a while to wake up and realize it
So what happened? Last I checked everything was floating between 35-45k. Stonks have been down over the past 6mo too. It can't just be the rate hike, can it?
>le jews did this typical crypto cope
>believing in stable anything economy >believing you can actually peg a "currency" to anything Man people are really economically illiterate. Even during the Gold Standard era things went wrong and you can't really get more stable than that.
Look at historical data and decide for yourself. The rise is often just bait.
Basically, UST is a shitcoin that was supposed to be valued at $1 USD each. It's not the first "stablecoin", but unlike the more popular ones its value wasn't backed by external reserves of real world assets, but it used other buttcoins as collateral and employed some computer wizardry to keep the price in check. The market dropping meant that the reserves fell in value and the algorithm could no longer keep the price in check, which then triggered a bank run where people ran away screaming and dumped the value even further in the process, further increasing panic and hastening the dump. And since all crypto is more or less interconnected and the LUNA ecosystem was a fairly large one, it had massive effects on the market at large and now everything's on fucking fire.
these crypto tears are delicious
Did I miss another Pink Meltdown™ at /biz/ or am I still in time? The Wojak Index is not working.
>sell everything >create panic >buy it all back >wait >... >sell everything
remember how they were mocking gamers, now it's our turn
Layer-1 shitcoin called Luna and its algorithmic dollar stablecoin UST were effectively exploited for billions of dollars Its founder had about 80k Bitcoin in reserves to ensure UST was pegged 1:1 to dollars and was forced to sell most of his Bitcoin, and as one would expect 80k Bitcoin being dumped into the open market caused a widespread crash
crypto is backed by nothing, there's a shitload of incoming famine due to the water crisis, there's a WW3 on the near horizon, crypto was mostly hedged by russians to try and upset the US dollar, etc.
there's a lot of bad shit coming down the pipeline, covid was nothing compared to whats coming.
Not as bad as a few years ago, but still laughable
I have like $58k I've just been letting sit in a savings account for years getting like 30 cents of interest a month how stupid am I