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Merged Bitcoin - Part 3

Solitaire said:
Ah, I see my error.

The little guys, the holders, don't bring down markets. They don't get
out until the market reaches bottom. So the big guys cause the declines.

And sure enough, I found a very short article on that.
Bitcoin was down 8.8% to $36,308, at last check,
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8.8% is a rock steady price by bitcoin standards.

Solitaire said:
The big guys buy longs rather than shorts on tech stocks. And when those derivatives incur losses in a down market, they cover by selling their cryptocurrency holdings.
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I don't have enough data to conclude that this is a major factor in crypto pricing. They would only have to sell assets if they had a margin call or if they had to buy back stock that they had previously shorted (and the price rose instead of falling).
 
Terra (UST) spent may 8-9 losing its peg to the dollar. This is an algorithmic stable coin that is tied to $LUNA. Do Kwon (spelling?) , the founder, sunk a bunch of fake money to buy more fake money to prop it up to try and reach $1, but it looks like he only got it to 90 cents and it’s heading down again.

https://www.cnbc.com/2022/05/09/what-is-terrausd-ust-and-how-does-it-affect-bitcoin.html

This thing is always supposed to equal $1.00

f33740b6cd83ce6815fe8e01fc9d9e11.jpg
 
carlitos said:
Terra (UST) spent may 8-9 losing its peg to the dollar. This is an algorithmic stable coin that is tied to $LUNA. Do Kwon (spelling?) , the founder, sunk a bunch of fake money to buy more fake money to prop it up to try and reach $1, but it looks like he only got it to 90 cents and it’s heading down again.

https://www.cnbc.com/2022/05/09/what-is-terrausd-ust-and-how-does-it-affect-bitcoin.html

This thing is always supposed to equal $1.00

[qimg]https://uploads.tapatalk-cdn.com/20220509/f33740b6cd83ce6815fe8e01fc9d9e11.jpg[/qimg]
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Yes tide going out.
Buffet and Munger looking to get last laugh.
 
Gord_in_Toronto said:
Or to quote P.T. Barnum (purportedly), “There’s a sucker born every minute”.
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Sure, while the price is spiraling downwards, nay sayers will spring up from all over the place to say "I told you so". (A couple of years ago one poster wanted to have me boiled in oil for refusing to rule out the possibility that the bitcoin price could ever reach its 2017 peak).

You won't have anything to say during the next big price peak.
 
psionl0 said:
Sure, while the price is spiraling downwards, nay sayers will spring up from all over the place to say "I told you so". (A couple of years ago one poster wanted to have me boiled in oil for refusing to rule out the possibility that the bitcoin price could ever reach its 2017 peak).

You won't have anything to say during the next big price peak.
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I'll say it now: "A fool and his money are soon parted." Thomas Tusser, 1557.

At least in the case of the Tulip Bulb Bubble when it was all over you could eat the damn thing . . . or plant it for a pretty flower in the Spring.
 
Gord_in_Toronto said:
I'll say it now: "A fool and his money are soon parted." Thomas Tusser, 1557.

At least in the case of the Tulip Bulb Bubble when it was all over you could eat the damn thing . . . or plant it for a pretty flower in the Spring.
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Sure. Say it now - just like the many posters before you have done. Like them, we wont see you when the price hits a new high.
 
psionl0 said:
Sure. Say it now - just like the many posters before you have done. Like them, we wont see you when the price hits a new high.
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Oh, I fully expect it to hit a new high at some point. It is too easy a market to manipulate and to find bag holders you have to have a nice bag.
 
psionl0 said:
Sure. Say it now - just like the many posters before you have done. Like them, we wont see you when the price hits a new high.
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I make no claims about Bitcoin having a permanent collapse. hell, the wild volatility is an important part of the get rich quick promise that draws in suckers and predators alike. The fortune destroying lows are what make the peaks so profitable.

My point has always been that this is, at best, a casino, but more often a hunting ground for the well-financed to get richer off suckers through a variety of schemes.
 
I wonder how many people are going to kill themselves as a result of being ruined by the current crash.

The terraluna subreddit has the suicide hotlines pinned as their top post.
 
SuburbanTurkey said:
I wonder how many people are going to kill themselves as a result of being ruined by the current crash.

The terraluna subreddit has the suicide hotlines pinned as their top post.
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If the declines continue to the classic 80% of history, (I note Netflix is down 80% as an aside) there must be overwhelming depression with hodlers on this sequence. I think the last bull run served to persuade many that cryptos really are valid.
Some may doubt it. There have been 5 big waves from inception, so the next ten years may be doldrums.
 
Something that will affect BTC is starting to slip right now.

The crooks at Bitfinex / Tether will probably find duct tape and band-aids for today, but Tether can't last forever. Janet Yellen already called them out a couple of times in the past few days.

wXaGvvt.jpg
 
Let's not forget the network effects into other cryptocurrencies.


MicroStrategy Extends Week-Long Decline by Matthew Fox

MicroStrategy stock extended its week-long decline to 53% on Wednesday
as bitcoin continued to fall. Bitcoin dipped below $30,700, which is the
average price MicroStrategy paid for its stash of 129,000 bitcoin. MicroStrategy
could get margin called and be forced to sell some of its bitcoin if the crypto
drops to $21,000.
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But don't worry about Michael Saylor, he'll do fine.
 
This does not sound good:

Coinbase earnings were bad. Worse still, the crypto exchange is now warning that bankruptcy could wipe out user funds

https://fortune.com/2022/05/11/coinbase-bankruptcy-crypto-assets-safe-private-key-earnings-stock/

Coinbase said in its earnings report Tuesday that it holds $256 billion in both fiat currencies and cryptocurrencies on behalf of its customers. Yet the exchange noted that in the event it ever declared bankruptcy, “the crypto assets we hold in custody on behalf of our customers could be subject to bankruptcy proceedings.” Coinbase users would become “general unsecured creditors,” meaning they have no right to claim any specific property from the exchange in proceedings. Their funds would become inaccessible.
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I guess if this happens we will find out exactly what a unit of crypto is actually "worth". Maybe they can be traded for plugged nickels? :eek:
 
Gord_in_Toronto said:
This does not sound good:

Coinbase earnings were bad. Worse still, the crypto exchange is now warning that bankruptcy could wipe out user funds

https://fortune.com/2022/05/11/coinbase-bankruptcy-crypto-assets-safe-private-key-earnings-stock/

I guess if this happens we will find out exactly what a unit of crypto is actually "worth". Maybe they can be traded for plugged nickels? :eek:
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I know the entire thread is too long for you to go through but you are making the same remarks that hundreds have made before you going back more than 12 years.

Like them, you are trying to conflate crypto exchanges with cryptos themselves.
 
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