Conservatives and Bitcoin

[Number6]

Cryptocurrency sees loss of more than $1.35 Trillion in value.

Thousands of Americans who jumped into crypto investing over the past two years in hopes of a rocket ride to instant wealth now face a similar reckoning: Prices for cryptocurrencies — from relative stalwarts such as bitcoin and Ethereum to more exotic tokens — have cratered since reaching all-time highs in early November, wiping out an astonishing $1.35 trillion in value globally, nearly half of the total market, according to CoinMarketCap.

The slide has accelerated over the past week as investors have fled riskier bets for safer harbors. The "crypto crash” has put pressure on Washington regulators to impose stricter rules on the industry — and raised fresh questions about the dangers of cryptocurrency for the average investor.

The plunge in crypto prices has tracked a stock market sell-off that has seen the broad-based S&P 500 shed about 8 percent of its value this year, as investors brace for interest rate hikes from the Federal Reserve and potentially underwhelming corporate earnings.

Yet both the crypto and stock markets are attempting to claw back some of their recent losses. Bitcoin, which was trading below $33,000 on Monday morning, recovered to around $37,000 on Tuesday afternoon. And after two days of wild swings, the S&P 500 and the Dow Jones industrial average stood at their levels at the start of the week.
https://www.msn.com/en-us/money/markets ... li=BBnb7Kz

Those who "invested" in cryptocurrency and are complaining to their Congressmen about their are, IMO, idiots. Investing in cryptocurrency is like investing in the stock market in that it is risking a loss and not a guaranteed profit. My opinion on cryptocurrency hasn't changed; it's a scam.

[ZoWie]

The whole point to investment is diversity and hanging onto as much of your principal as is possible in what is otherwise a casino for suckers. Crypto was a crash waiting to happen. It's the 21st century version of the Tulip Mania and the guy who took investments in a project to balance Manhattan before the lower part and midtown tipped it into the harbor.

I assume that crypto's inventors were interested more in untraceable cash, but then the speculators got into that, and then we got NFT and all the other Big Ideas, and now it's a ticking bomb. Meanwhile, it really is accelerating climate change. Not too many investments ever achieve that honor. Puts it up there with oil, coal, and forest products. No thanks.

Presumably there are enough suckers to keep the game going a while longer. Now they'll be saying, well look, it lost 50% in a few months, let's get in while it's a bargain.

I won't be playing.