# The 2020-03-12 crypto crash: how much did you lose?



## CowboyBeepBoop (Mar 12, 2020)

Hello!

Today, we experienced the largest crypto crash in recent history.









						Bitcoin Tackles $6K After 20% Crash as Stocks Rival 1987 Apocalypse
					

The aftermath of Bitcoin’s worst hourly performance in history continues to weigh on exhausted traders as Wall Street plummets again




					cointelegraph.com
				












						Bitcoin Hits 10-Month Low Below $6K as Stocks Plunge in Massive Sell-Off - CoinDesk
					

Bitcoin is in turmoil on Thursday, having quickly plunged to below $6,000 for the first time since last May.




					www.coindesk.com
				




So much for crypto being a hedge against stability. So, my fellow Kiwis, how much did you lose?

I lost around 200$ of my 700$ portfolio. Those numbers may seem small to you but I am in a second-world country and it was a significant chunk of my savings.


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## crocodilian (Mar 12, 2020)

Wasn't cryptocurrency supposed to be "the future"? What's the point of various iterations of -coin if it simply collapses alongside the dollar and every existing market it (apparently) sought to undermine?


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## BingBong (Mar 12, 2020)

I never invested in anything so I'm perfectly fine.


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## MuuMuu Bunnylips (Mar 12, 2020)

Get back to me when people start throwing themselves off of buildings.


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## byuu (Mar 12, 2020)

MuuMuu Bunnylips said:


> Get back to me when people start throwing themselves off of buildings.


Hard to do when you do your business in a basement.


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## MuuMuu Bunnylips (Mar 12, 2020)

garakfan69 said:


> Hard to do when you do your business in a basement.


Don't ruin this for me.


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## MrTroll (Mar 12, 2020)

Approximately the cost of the electricity it required to click on this thread and laugh.


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## Coolio55 (Mar 12, 2020)

BingBong said:


> I never invested in anything so I'm perfectly fine.


I'm still not sure how someone managed to market monopoly money so effectively
...scratch that. Monopoly money still exists without an internet collection.

I guess it was the "good old days" of 2011 when reddit and all the other internet monopolies allowed non preselected things to get popular and it had that "indie" spirit behind it.


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## Skeletor (Mar 12, 2020)

Why did anyone ever think crypto would be independent from the rest of the economy?


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## WeeGee (Mar 12, 2020)

$100, but 90% of it was from Brave, I'm sure it will go up once people stop shitting themselves and doing nothing.


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## ForgedBlades (Mar 12, 2020)

$1.55


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## Puck (Mar 12, 2020)

About 1200 but I'm never selling these fucking things


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## Hotpie (Mar 13, 2020)

I only have ripples I got free so I am still ahead just not as much.   I guess the moon was a battle station after all.


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## awoo (Mar 13, 2020)

crocodilian said:


> Wasn't cryptocurrency supposed to be "the future"? What's the point of various iterations of -coin if it simply collapses alongside the dollar and every existing market it (apparently) sought to undermine?



The point is that it still enables confidential transactions which was its original purpose. 

I would never "invest" in a cryptocurrency. I would feel moderately bad if I lost a lot in a stock market crash, but I would feel even worse if my currency mysteriously "disappeared" like in Mt. Gox. Triggers the crypto idiots every time.


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## CowboyBeepBoop (Mar 13, 2020)

It somehow got even worse. 

I can't even.





awoo said:


> The point is that it still enables confidential transactions which was its original purpose.
> 
> I would never "invest" in a cryptocurrency. I would feel moderately bad if I lost a lot in a stock market crash, but I would feel even worse if my currency mysteriously "disappeared" like in Mt. Gox. Triggers the crypto idiots every time.


There is no risk of your crypto disappearing if you have it in your own wallet. You are only at risk if you keep your coins on an exchange.


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## Boris Blank's glass eye (Mar 13, 2020)

Look at the bright side of things, it could be much worse.
At least you didn't get into Bitcoin when it was still climbing, around $11k, only to lose half your investment after China banned it and Gordon Gecko wannabes sold all their coins.

Neither did I.
The ideal of Bitcoin was murdered and its corpse raped several times when Gox disappeared, when the network was taken over by a mining pool, when China got into mass mining on cheap electricity, and when bankers used it as just another investment without anything to counteract them.


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## Alex Poulos (Mar 13, 2020)

Nothing because I didn't sell.


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## AmpleApricots (Mar 13, 2020)

I like how this pretty much confirms that cryptocurrencies are basically just a scheme to get at that dirty, dirty fiat money of other people buying into the same scheme


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## Leonard Helplessness (Mar 16, 2020)

This is from a crash that occurred 2 years ago, but relevant as fuck.  So is this:


I didn't lose anything personally.


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## Varg Did Nothing Wrong (Mar 16, 2020)

> Those numbers may seem small to you but I am in a second-world country and it was a significant chunk of my savings.



If you're in a "second world country" and your life savings is $700, you're either homeless or you're doing something wrong. Maybe your problem is throwing the money you do have away investing in retarded shit like crypto.


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## Mr Himmler (Mar 17, 2020)

crocodilian said:


> Wasn't cryptocurrency supposed to be "the future"? What's the point of various iterations of -coin if it simply collapses alongside the dollar and every existing market it (apparently) sought to undermine?





BingBong said:


> I never invested in anything so I'm perfectly fine.





MuuMuu Bunnylips said:


> Get back to me when people start throwing themselves off of buildings.





Skeletor said:


> Why did anyone ever think crypto would be independent from the rest of the economy?





chainlinktrillionaire said:


> About 1200 but I'm never selling these fucking things
> View attachment 1185321




Gold went down, stocks went down, everything went down. Fucking CSGO skins are probably down. Its just how economic recessions and depressions go. Buy now while its low, sell when the market rebounds. This isn’t the end of the world folks.

If the crypto market is truly fucked as some say, we have much larger issues. As user above stated, the crypto market is not independent from the economy. This is a _good _thing. Crypto is no longer a trinket or pipe dream thunked up by some euphoric redditor, bitcoin is digital gold and the altcoins are our gold standard currencies.

Praise the new one true god Bitcoin.


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## Liber Pater (Mar 17, 2020)

I lost nothing, as I had already exited the market in winter when I saw how oversold BTC, ETH and other large currencies were getting.
I have however, been putting money into (primarily) BTC over the past few days and will buy more every time the market drops. There is a good chance that we may go substantially below $4,000 again, depending on how bad the recession ends up being and whether or not people end up having to liquidate crypto along with other assets to pay for ongoing expenses/make up for lost income.
I am in it for the long-haul on BTC. Still not sure how to feel about XRP's long-term prospects, but I purchased a little bit when it dropped below $0.14 yesterday (3/16).


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## Alex Poulos (Mar 18, 2020)

Mr Himmler said:


> Buy now while its low, sell when the market rebounds.





Liber Pater said:


> I have however, been putting money into (primarily) BTC over the past few days and will buy more every time the market drops.


That's what bothers me the most: I can't throw fiat at this juicy dip without me being irresponsible doing so. In my current situation, I have to save money for unforeseen higher expenses. What do you think how long it will take until we see the effects of the halvening? Maybe a year? (Crypto isn't the only thing that I'd like to buy, btw. Just check out the AT&T stock. You'd really like to miss out on that 6% dividend a year?)


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## Mr Himmler (Mar 18, 2020)

Alex Poulos said:


> That's what bothers me the most: I can't throw fiat at this juicy dip without me being irresponsible doing so. In my current situation, I have to save money for unforeseen higher expenses. What do you think how long it will take until we see the effects of the halvening? Maybe a year? (Crypto isn't the only thing that I'd like to buy, btw. Just check out the AT&T stock. You'd really like to miss out on that 6% dividend a year?)


It all depends on Corona. Corona is the reason the economy tanked in the first place, and honestly I’m not sure how long this pandemic will be. I was one of the few who thought this would all blow over, I feel like an idiot.

Null said a good sign of recovery will be whenever Israel announces they’re working on a cure, and I can’t help but agree. Those shiesty fucks aren’t just good with banking


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## Angry Shoes (Mar 25, 2020)

Was anyone onboard when BTC hit $20,000 then fell like a stone in a trench? After that nothing hurts me anymore.


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