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All things on investing money

phil spade
@Phil · 2:14

Crypto Crash! Market opens lower and coinbase.com is down.

Well, it looks like it will be a very ugly day for cryptocurrencies and also an ugly day for the stock market as well. Looking at cryptocurrency prices, Bitcoin is down about 25%. Ethereum has been down about 40%, Dodge Coin down about 40% as well. Just not a pretty day here. A lot of this has to do with how much leverage was in the markets. I'm reading where Bitcoin had $3 billion worth of margin calls, just liquidations


phil spade
@Phil · 0:41
Just wanted to post a picture of what's going on Coinbase. Com actually looks like right now their site is completely down and it has been down for the last 25 minutes. I just find this absolutely unbelievable. Having worked for a company that powered a lot of high volume sites, I just find it unfathomable that they can't, especially on a trading where people's money is housed. This just cannot happen. It can't
Karan Dev
@Karan.Dev · 0:28

@Phil how do you view China’s latest move on cryptocurrency?

Hey, Phil, I was actually thinking of you when I came across the news about China cracking down on cryptocurrency in financial services. So I was wondering what you make of this news in the context of the crash of Coinbase. Is this something that is going to have a Domino's effect across the world? Or I mean, how does one read this situation, especially someone who isn't very familiar with the world of crypto and the markets at large
phil spade
@Phil · 1:22

@Karan.Dev China's moves could be a larger signal

Three state backed organizations, which include the China Banking Association, warned that the country could further regulate cryptocurrencies, and they warned financial institutions not to invest or do business in cryptocurrencies and told retail speculators that expect to lose all your money in cryptocurrencies almost as a fear tactic is what I kind of read, but maybe it wasn't, but I absolutely took that as a signal to what other countries could possibly do as well
Taylor J
@Taylor · 1:55

Oy vey!

The major cryptos in the red. And they were really in the red. And it just sort of goes to show. I don't know. Maybe there are some folks out there that should take more advice when it comes to investing from people that have experience investing and less advice from people who are playing with an incredibly volatile market, such as crypto. It's scary. I think it is scary how this bounces back. If it bounces back, we'll see. I hope it does
Taylor J
@Taylor · 0:35
I also want to add, I just checked my email and I received a message from one of those, like coin collecting precious metals companies that was basically saying, and, hey, Crypto is down and explained the whole China thing that Phil sort of laid out here and then went on to say, you know what's up and you know what's not going to go down like, Crypto gold. You should buy some gold right now. And I just think that that's pretty unbelievable
Sudha Varadarajan
@sudha · 4:24
Maybe it's my failure, but I've not understood what the intrinsic value is. I don't see an intrinsic value in crypto. I see none. I think it should be worth zero. Now I could be completely wrong and I will be wrong because I see that the future is headed towards that. But I think the future is headed towards more about governments using moving to digital currency instead of physical currency because of the benefits of digital transactions and the ability to track money movements and so on
Shahnaz Ahmed
@bookishpodcast · 2:46

I have no idea what I’m talking about

And he said, Well, if you want to dabble in it, he says, that's fine. Just make sure you do not take out more than 5% of your investments. And he says, that's what he told me. Well, at that time, I was like, okay, well, let me look into it. I was actually going to do some research on it