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Original poster

To think a huge crypto bitcoin bloodbath is on the cards.

181 replies

Viviennemary · 10/01/2022 14:47

I have thought this for quite a while. But surely it's any day now. How this crypto market is sustainable is a mystery. A lot of it is backed up by Tether a so called stable coin meant to be worth 1$ but it is suspected Tether isnt backed by anything. Its just printed tokens backed by nothing.

OP posts:
PattyPan · 10/01/2022 15:00

Yup. The FCA advice is pretty much only put money into crypto that you are happy to never see again. It’s an environmental nightmare too.

sheroku · 10/01/2022 14:58

YANBU. I think it was Warren Buffet who said "Investment must be rational - if you can't understand it, don't do it.". Anyone "investing" in bitcoin is basically just gambling.

Also bitcoin is terrible for the environment.

Cardboardboxingring · 10/01/2022 14:58

It's a bubble that has to burst eventually. Everyone who owns them has a vested interest in them keeping their value though, which is why crypto-bros get so defensive over it.

betwixtlives · 10/01/2022 14:57

a bloodbath?!

daimbarsatemydogsbone · 10/01/2022 14:56

What do you mean by bloodbath?

housemaus · 10/01/2022 14:52

YANBU. Crypto fans love to rave about how it's fairer and safer because it's decentralised but in reality, it's unstable and majority owned by a small handful of players who control the field and are making money at the expense of everyone else.