Up In Smoke: Crypto Disaster Sparks Anger, Incredulity

On Wednesday, amid a veritable collapse in crypto prices, one twentysomething in California explained his predicament to Bloomberg. "Every time I log in, it’ll take a minute and after it does log in, it won’t load any of my information," he said, lamenting that the platform he uses is "the only place I can buy Shiba and I missed my chance to get in on the dip." Although the exchange he referenced hadn't reported any problems, others had, including Coinbase, which experienced what it called

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6 thoughts on “Up In Smoke: Crypto Disaster Sparks Anger, Incredulity

    1. Still not the apocalypse the anti crypto crowd wants. $30K btc =/= $0.

      Look. It’s not complicated. Bitcoin is liquid/electronic gold. It takes off/works out (or not) through adoption. This is the only thing that matters. Adoption.

      Now, I’ll be the first one to admit that Musk antics are detracting significantly from the “institutional adoption” narrative we had seen emerged a month ago. Certainly setting us back months maybe a year.

      But that remains the play. Adoption or not. And it’s a pretty binary outcome. Either yes and BTC market cap will be huge (Gold is 11T but Gold is inconvenient so…) or no and the correct price for BTC is zero.

  1. In the world of crypto and centralized exchanges stop and limit orders are your only friends on crash days…

    1. I think Millenials and Z’s are used to this sham treatment from all their brokers. Robinhood was down quite a bit earlier in the year, not to mention frequently last March. When my Kraken account wouldn’t load this morning, I was wasn’t really bothered because buying (or selling) when there is crypto blood in the streets — however tempting — is a uniformly bad idea. These exchanges are like the bartender that took the drunk’s keys.

  2. When the stock market plummets Fidelity is just as bad. Last March there were periods when i could not access my portfolio. In the last 20 years there has been several times during high volatility that Fidelity servers became unresponsive.

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