OT: Bitcoin, Altcoins, NFT's & All Things Crypto

[Barnaby&Neill]

Just curious - since it’s viewed as digital gold, why wouldn’t folks flock to BTC on a day like this?

I’m not a crypto or precious metal guy, but most of the ‘safe haven’ assets see price declines on days of major market volatility because of forced selling.

Not sure if that happened on Friday, and didn’t look at the gold / silver prices, but if you look historically they tend to take major plunges at the onset of major market corrections.

When folks need to raise cash / collateral for margin calls, everything in the portfolio must go — even the assets they intended to preserve for downturns.

 

[RUAldo]

WSJ tackling the Satoshi Nakamoto issue:

Who Is Bitcoin Creator Satoshi Nakamoto? What We Know—and Don’t Know

In an age in which it is hard to be anonymous, the identity of the person or group using the name Satoshi Nakamoto remains a mystery.

www.wsj.com

I love the fact that WSJ took a shot at writing about it but how do they fail to explain how the identity of whomever registered the email addresses and website are “blocked”? Let’s be real, every keystroke leaves a trace and I’m pretty sure IP addresses, prior email communications, etc. leave bread-crumbs. There are $55B worth of reasons to launch a full blown investigation. Hell, even the idiots from the Curse of Oak Island make a better effort.

“Nakamoto used two email addresses and one website. The identity of the person who registered them is blocked.”

 

[RUAldo]

I’m not a crypto or precious metal guy, but most of the ‘safe haven’ assets see price declines on days of major market volatility because of forced selling.

Not sure if that happened on Friday, and didn’t look at the gold / silver prices, but if you look historically they tend to take major plunges at the onset of major market corrections.

When folks need to raise cash / collateral for margin calls, everything in the portfolio must go — even the assets they intended to preserve for downturns.

The main reason I was asking is because gold barely moved relative to the broader sell-off. Figured people would pile into BTC as a store of value.

 

[T2Kplus20]

Nice little pump for the market today.

 

[greenknight]

When there is a lot of fear out therer that is the time to BUY. All the weak hands and peeps no stomach for crypto ditchh their positions. In reality 9 x out of 10 the ditches are not putting in substantial $$. They are putting in like $1k and then goes down 60% they've afraid they are going to lose that $1k. If your so willing to buy high and sell low then try doing it the other way around when there is so much fear there the price has tanked grow a set and buy

 

[T2Kplus20]

When there is a lot of fear out therer that is the time to BUY. All the weak hands and peeps no stomach for crypto ditchh their positions. In reality 9 x out of 10 the ditches are not putting in substantial $$. They are putting in like $1k and then goes down 60% they've afraid they are going to lose that $1k. If your so willing to buy high and sell low then try doing it the other way around when there is so much fear there the price has tanked grow a set and buy

Looks like Jack Dorsey and SQ are going all in on BTC. Very bullish move:

Jack Dorsey's departure from Twitter gives him more time to focus on his passion for bitcoin

Decentralization of power on the internet is a major personal theme for Dorsey.

www.cnbc.com

 

[ScarletNut]

@bob-loblaw ,
Thoughts on the crypto market recently?

 

[T2Kplus20]

@bob-loblaw ,
Thoughts on the crypto market recently?

He will tell you that ETH continues to outperform BTC. :)

 

[RUDead]

Just curious - since it’s viewed as digital gold, why wouldn’t folks flock to BTC on a day like this?

Because it's a risk on/risk off market and has been for a while. Everything goes up or everything goes down.

 

[applesktrack]

Anyone have thoughts on crypto staking or lending?

 

[RU in IM]

So one month to go for bitcoin to hit $100,000, per all the “experts”

2/9/2021 crypto pumper Mike Novograz “Bitcoin could hit $100,000 by year end”
8/10/2021 Fundstrat’s Tom Lee sees it hitting $100,000 by year end
2/17/2021 SkyBridge’s Anthony Scaramucci predicts bitcoin to $100,000 by year end
9/9/2021 Standard Chartered predicts bitcoin will hit $100k by year end
10/28/2021 Coinlist CEO sees bitcoin hitting $100,000 by the start of 2022.
9/4/2021 CEO for Chainanalyis sees bitcoin hitting $100,000 by end of 2021
and tons more have the same prediction……

and takers? That would be a 75% return in a month. I read all the articles, but don’t see any real support. Very interesting that this asset class seems to need the big shots to generate interest, as the only way it can go up is if they can drum up more buyers. Got to hand it to them as it’s working……for now.

i find it interesting that stock analysts are all over the map in stock price predictions, but the big bitcoin backers all came up with the fancy headline price of $100k. At least Cathy Wood has her own projection, $500,000 in 5 years.

with what has happened with crypto, I wouldn’t bet against it, including hitting $100k in the next 30 days. It’s just not for me…. I get the creeps when CNBC brings in the Novogratz’s of the world to promote it.

 

[RUAldo]

So one month to go for bitcoin to hit $100,000, per all the “experts”

2/9/2021 crypto pumper Mike Novograz “Bitcoin could hit $100,000 by year end”
8/10/2021 Fundstrat’s Tom Lee sees it hitting $100,000 by year end
2/17/2021 SkyBridge’s Anthony Scaramucci predicts bitcoin to $100,000 by year end
9/9/2021 Standard Chartered predicts bitcoin will hit $100k by year end
10/28/2021 Coinlist CEO sees bitcoin hitting $100,000 by the start of 2022.
9/4/2021 CEO for Chainanalyis sees bitcoin hitting $100,000 by end of 2021
and tons more have the same prediction……

and takers? That would be a 75% return in a month. I read all the articles, but don’t see any real support. Very interesting that this asset class seems to need the big shots to generate interest, as the only way it can go up is if they can drum up more buyers. Got to hand it to them as it’s working……for now.

i find it interesting that stock analysts are all over the map in stock price predictions, but the big bitcoin backers all came up with the fancy headline price of $100k. At least Cathy Wood has her own projection, $500,000 in 5 years.

with what has happened with crypto, I wouldn’t bet against it, including hitting $100k in the next 30 days. It’s just not for me…. I get the creeps when CNBC brings in the Novogratz’s of the world to promote it.

I was very close this Fall to taking a shot at BTC/crypto based on plenty of research and listening to both sides, including those on this board which I totally respect in terms of SMEs. However, the more I looked at the volatility and the more I researched BTC ownership and mining operations, I found it quite troubling. Then, one of the shrewdest guys I know that made a fortune going all in after the Financial Crisis buying up stocks left for dead like Wells Fargo, basically explained to me why crypto is the biggest “decentralized” pump and dump scam the world has ever seen for which nobody will ever spend a second behind bars. According to this guy, the BTC whales across the globe are engaged in a coordinated effort to drive the price up then sell-off together - rinse and repeat. Apparently, they are careful not to completely tank BTC because not only is it not in their financial interests and would take other assets with it, but it would make it impossible to attract new money. And without any governing body or way to audit these whales are basically financial ghosts.

I’d love for someone on this board to tell me why the guy is off his rocker on the whale pump and dump theory.

Bitcoin ownership concentrated among a few investors, new study reveals

A new study has found that less than 10,000 people worldwide collectively own 5.5 million bitcoin — nearly a third of the 18.77 million bitcoin that thus far has been mined.

nypost.com

 

[RUAldo]

I was very close this Fall to taking a shot at BTC/crypto based on plenty of research and listening to both sides, including those on this board which I totally respect in terms of SMEs. However, the more I looked at the volatility and the more I researched BTC ownership and mining operations, I found it quite troubling. Then, one of the shrewdest guys I know that made a fortune going all in after the Financial Crisis buying up stocks left for dead like Wells Fargo, basically explained to me why crypto is the biggest “decentralized” pump and dump scam the world has ever seen for which nobody will ever spend a second behind bars. According to this guy, the BTC whales across the globe are engaged in a coordinated effort to drive the price up then sell-off together - rinse and repeat. Apparently, they are careful not to completely tank BTC because not only is it not in their financial interests and would take other assets with it, but it would make it impossible to attract new money. And without any governing body or way to audit these whales are basically financial ghosts.

I’d love for someone on this board to tell me why the guy is off his rocker on the whale pump and dump theory.

Bitcoin ownership concentrated among a few investors, new study reveals

A new study has found that less than 10,000 people worldwide collectively own 5.5 million bitcoin — nearly a third of the 18.77 million bitcoin that thus far has been mined.

nypost.com

I should have added that the “guy” said it was essentially a cartel or underground organization that acts like the OPEC of BTC.

 

[RUBlackout]

So one month to go for bitcoin to hit $100,000, per all the “experts”

2/9/2021 crypto pumper Mike Novograz “Bitcoin could hit $100,000 by year end”
8/10/2021 Fundstrat’s Tom Lee sees it hitting $100,000 by year end
2/17/2021 SkyBridge’s Anthony Scaramucci predicts bitcoin to $100,000 by year end
9/9/2021 Standard Chartered predicts bitcoin will hit $100k by year end
10/28/2021 Coinlist CEO sees bitcoin hitting $100,000 by the start of 2022.
9/4/2021 CEO for Chainanalyis sees bitcoin hitting $100,000 by end of 2021
and tons more have the same prediction……

and takers? That would be a 75% return in a month. I read all the articles, but don’t see any real support. Very interesting that this asset class seems to need the big shots to generate interest, as the only way it can go up is if they can drum up more buyers. Got to hand it to them as it’s working……for now.

i find it interesting that stock analysts are all over the map in stock price predictions, but the big bitcoin backers all came up with the fancy headline price of $100k. At least Cathy Wood has her own projection, $500,000 in 5 years.

with what has happened with crypto, I wouldn’t bet against it, including hitting $100k in the next 30 days. It’s just not for me…. I get the creeps when CNBC brings in the Novogratz’s of the world to promote it.

Its called Pump and then eventually dump scheme

 

[Ash_Hole]

It’s been a pump n’ dump scam propped up by a thousand or so of the richest people in the world. Brilliantly orchestrated by buzzwords, promises of decentralization, aiding 3rd world countries, and billing it the “people’s currency” — when a few thousand own almost all of it 😂.

Now are people stupid for going into it? Not necessarily, because the uber rich are determined to keep it going for as long as they can. They pull the strings and are trying their damnest to legitimize their money laundering.

Additionally, playing the pump is certainly is/was smart. But unlike the ones who own most of it, you won’t be privy to when to jump off. If you truly believe in bitcoin, it’s not about the technology (especially with a future of quantum computing/hacking) — it’s about whether you believe those 1000 people are powerful enough to coerce the world to use bitcoin. They just might be.

This is also why Bitcoin has been so cyclic. It’s all mathematical. Don’t crash it, or you’ll lose the dopes. They know this. More brilliance on their part.

In the end, lot of people overall have made money. Awesome. But 10,000 made an ungodly sum, global change kind of
money, and we’re just now scratching the surface of who they are.

When a memecoin’s many clones are following the same kind of pump n’ dump strategies in a small scale, ie Shiba Inu, it should have been abundantly clear what’s going on. But we, as humans, love gambling, and more so, love the idea of massive gains.

Those gains will have a price one day. After a saver economy with so much injected
money, crypto could fly… but what happens when your average person needs to liquidate positions to pay bills? Do you keep a “store of value” (ie digital gold, digital oil) that you can’t do much with? Or pay bills? Fear sets in, hype fades. A market crash would take crypto with it.

Then are those thousand or so people going to leave billions/trillions on the table? Doubt it. Even if they have this ‘secret cabal’ to ease sell-offs, they won’t want to be the one losing out when sh*t hits fan.

Until then, it’s fun. I have crypto positions, made money. But I very much worry about the inexperienced diving in to “diversify” or the trend-chasers or those who are gullible enough to still believe in this grand utopic vision that a few thousand people will help make it a world/people’s currency.

Remember, plenty of people
also made fortunes buying and selling tulips at one point. But most ended up holding wilted plants…

 

[JFP3]

It’s been a pump n’ dump scam propped up by a thousand or so of the richest people in the world. Brilliantly orchestrated by buzzwords, promises of decentralization, aiding 3rd world countries, and billing it the “people’s currency” — when a few thousand own almost all of it 😂.

Now are people stupid for going into it? Not necessarily, because the uber rich are determined to keep it going for as long as they can. They pull the strings and are trying their damnest to legitimize their money laundering.

Additionally, playing the pump is certainly is/was smart. But unlike the ones who own most of it, you won’t be privy to when to jump off. If you truly believe in bitcoin, it’s not about the technology (especially with a future of quantum computing/hacking) — it’s about whether you believe those 1000 people are powerful enough to coerce the world to use bitcoin. They just might be.

This is also why Bitcoin has been so cyclic. It’s all mathematical. Don’t crash it, or you’ll lose the dopes. They know this. More brilliance on their part.

In the end, lot of people overall have made money. Awesome. But 10,000 made an ungodly sum, global change kind of
money, and we’re just now scratching the surface of who they are.

When a memecoin’s many clones are following the same kind of pump n’ dump strategies in a small scale, ie Shiba Inu, it should have been abundantly clear what’s going on. But we, as humans, love gambling, and more so, love the idea of massive gains.

Those gains will have a price one day. After a saver economy with so much injected
money, crypto could fly… but what happens when your average person needs to liquidate positions to pay bills? Do you keep a “store of value” (ie digital gold, digital oil) that you can’t do much with? Or pay bills? Fear sets in, hype fades. A market crash would take crypto with it.

Then are those thousand or so people going to leave billions/trillions on the table? Doubt it. Even if they have this ‘secret cabal’ to ease sell-offs, they won’t want to be the one losing out when sh*t hits fan.

Until then, it’s fun. I have crypto positions, made money. But I very much worry about the inexperienced diving in to “diversify” or the trend-chasers or those who are gullible enough to still believe in this grand utopic vision that a few thousand people will help make it a world/people’s currency.

Remember, plenty of people
also made fortunes buying and selling tulips at one point. But most ended up holding wilted plants…

I always like reading all perspectives on this stuff because I’m far from an expert.

that said, if a few thousand are manipulating the Bitcoin market to pump and dump, how and why are they figuring out who dumps when? Bitcoin has boomed & busted cyclically for years now. Any whale who chose to dump when the market skyrocketed to, say, $10k for the first time, would have made much more if they waited to dump until the market rose to $30k or $60k (or hopefully 100k and beyond). Ash - how does this square with your market manipulation theory? (Totally agree that market for doge and shiba and similar coins is being transparently manipulated).

Bob - always interested in your takes. What do you think of above? And do you still think 100k by end of year is likely or even plausible?

 

[RUAldo]

It’s been a pump n’ dump scam propped up by a thousand or so of the richest people in the world. Brilliantly orchestrated by buzzwords, promises of decentralization, aiding 3rd world countries, and billing it the “people’s currency” — when a few thousand own almost all of it 😂.

Now are people stupid for going into it? Not necessarily, because the uber rich are determined to keep it going for as long as they can. They pull the strings and are trying their damnest to legitimize their money laundering.

Additionally, playing the pump is certainly is/was smart. But unlike the ones who own most of it, you won’t be privy to when to jump off. If you truly believe in bitcoin, it’s not about the technology (especially with a future of quantum computing/hacking) — it’s about whether you believe those 1000 people are powerful enough to coerce the world to use bitcoin. They just might be.

This is also why Bitcoin has been so cyclic. It’s all mathematical. Don’t crash it, or you’ll lose the dopes. They know this. More brilliance on their part.

In the end, lot of people overall have made money. Awesome. But 10,000 made an ungodly sum, global change kind of
money, and we’re just now scratching the surface of who they are.

When a memecoin’s many clones are following the same kind of pump n’ dump strategies in a small scale, ie Shiba Inu, it should have been abundantly clear what’s going on. But we, as humans, love gambling, and more so, love the idea of massive gains.

Those gains will have a price one day. After a saver economy with so much injected
money, crypto could fly… but what happens when your average person needs to liquidate positions to pay bills? Do you keep a “store of value” (ie digital gold, digital oil) that you can’t do much with? Or pay bills? Fear sets in, hype fades. A market crash would take crypto with it.

Then are those thousand or so people going to leave billions/trillions on the table? Doubt it. Even if they have this ‘secret cabal’ to ease sell-offs, they won’t want to be the one losing out when sh*t hits fan.

Until then, it’s fun. I have crypto positions, made money. But I very much worry about the inexperienced diving in to “diversify” or the trend-chasers or those who are gullible enough to still believe in this grand utopic vision that a few thousand people will help make it a world/people’s currency.

Remember, plenty of people
also made fortunes buying and selling tulips at one point. But most ended up holding wilted plants…

Yes, this is basically the same thing the guy told me. He also said the whole thing could work and

I always like reading all perspectives on this stuff because I’m far from an expert.

that said, if a few thousand are manipulating the Bitcoin market to pump and dump, how and why are they figuring out who dumps when? Bitcoin has boomed & busted cyclically for years now. Any whale who chose to dump when the market skyrocketed to, say, $10k for the first time, would have made much more if they waited to dump until the market rose to $30k or $60k (or hopefully 100k and beyond). Ash - how does this square with your market manipulation theory? (Totally agree that market for doge and shiba and similar coins is being transparently manipulated).

Bob - always interested in your takes. What do you think of above? And do you still think 100k by end of year is likely or even plausible?

I’m always interested in Bob’s take as well. With that said, the conspiracy theory, or truth for all I know, is that the whales essentially created a cartel similar to OPEC before they actually became OPEC. They coordinate selling/buying in an attempt to model a legit stock’s volatility. It doesn’t always work exactly as they anticipated since those select individuals don’t own it all, but their goal apparently is not to crash the whole damn thing, while ensuring they can suck in new entrants. I think it’s an interesting theory for sure.

I always go back to Satoshi Nakamoto. You have a bunch of idiots spending years combing the world for treasure like Oak Island, yet other than sporadic articles about Satoshi Nakamoto theories, nobody has taken up a serious effort to find out who or what organization is behind BTC? Or what is going on with the $55B (?) in BTC the mysterious figure apparently owns but has yet to touch?

 

[T2Kplus20]

A lot of recent dumb posts in this thread. Thanks for the laugh!

 

[RUAldo]

A lot of recent dumb posts in this thread. Thanks for the laugh!

Let’s be clear, I’m not saying I believe anything at this point. But, since you are an active BTC promoter, please explain how BTC ownership fits within your notion of “decentralization”? I’d also add that back in the mid-2000s many folks that actually understood derivatives and CMBS would tell you it was all a well-orchestrated financial gymnastics sham that very few realized was happening. Which, ultimately, was proven true.

Bitcoin ownership concentrated among a few investors, new study reveals

A new study has found that less than 10,000 people worldwide collectively own 5.5 million bitcoin — nearly a third of the 18.77 million bitcoin that thus far has been mined.

nypost.com

 

[Zimm80]

Yes, this is basically the same thing the guy told me. He also said the whole thing could work and

I’m always interested in Bob’s take as well. With that said, the conspiracy theory, or truth for all I know, is that the whales essentially created a cartel similar to OPEC before they actually became OPEC. They coordinate selling/buying in an attempt to model a legit stock’s volatility. It doesn’t always work exactly as they anticipated since those select individuals don’t own it all, but their goal apparently is not to crash the whole damn thing, while ensuring they can suck in new entrants. I think it’s an interesting theory for sure.

I always go back to Satoshi Nakamoto. You have a bunch of idiots spending years combing the world for treasure like Oak Island, yet other than sporadic articles about Satoshi Nakamoto theories, nobody has taken up a serious effort to find out who or what organization is behind BTC? Or what is going on with the $55B (?) in BTC the mysterious figure apparently owns but has yet to touch?

If you don’t look you’ll never find anything my friend, the good thing about shows like The Curse of Oak Island is it shows the entire process necessary to put you in a position to find what your looking for, and without the extra funds from being on a reality show per say they never would have been able to keep the search going. Now will they find a big treasure, maybe or maybe not but just the search for treasure is very exciting. There’s a lot of people all over the world that search for gold and I don’t consider them idiots and I’m sure the players on the Rutgers football team wearing there bling bling would agree. Everyone have a great day , the time it took me to write my rant puts me a few minutes closer to retirement 👍

 

[RUAldo]

If you don’t look you’ll never find anything my friend, the good thing about shows like The Curse of Oak Island is it shows the entire process necessary to put you in a position to find what your looking for, and without the extra funds from being on a reality show per say they never would have been able to keep the search going. Now will they find a big treasure, maybe or maybe not but just the search for treasure is very exciting. There’s a lot of people all over the world that search for gold and I don’t consider them idiots and I’m sure the players on the Rutgers football team wearing there bling bling would agree. Everyone have a great day , the time it took me to write my rant puts me a few minutes closer to retirement 👍

I was really just being facetious. I watch Oak Island for entertainment purposes only. Unfortunately, it’s become so contrived in recent seasons that the mystery and legacy of the Island have gotten lost.

 

[Njbound1]

Why did RIOT and HIVE tank today?

 

[T2Kplus20]

Why did RIOT and HIVE tank today?

HUT8 also tanked. The crypto market was choppy, but not down. I believe HIVE announced the issuance of more shares. This is the tricky thing about miners, they have to constantly raise capital for new equipment. Miners are good to trade, but not as long holds due to dilution (in my opinion).

 

[RUBlackout7]

What are the best sports NFTs? Any good ones on the horizon?

 

[Ash_Hole]

It’s been a pump n’ dump scam propped up by a thousand or so of the richest people in the world. Brilliantly orchestrated by buzzwords, promises of decentralization, aiding 3rd world countries, and billing it the “people’s currency” — when a few thousand own almost all of it 😂.

Now are people stupid for going into it? Not necessarily, because the uber rich are determined to keep it going for as long as they can. They pull the strings and are trying their damnest to legitimize their money laundering.

Additionally, playing the pump is certainly is/was smart. But unlike the ones who own most of it, you won’t be privy to when to jump off. If you truly believe in bitcoin, it’s not about the technology (especially with a future of quantum computing/hacking) — it’s about whether you believe those 1000 people are powerful enough to coerce the world to use bitcoin. They just might be.

This is also why Bitcoin has been so cyclic. It’s all mathematical. Don’t crash it, or you’ll lose the dopes. They know this. More brilliance on their part.

In the end, lot of people overall have made money. Awesome. But 10,000 made an ungodly sum, global change kind of
money, and we’re just now scratching the surface of who they are.

When a memecoin’s many clones are following the same kind of pump n’ dump strategies in a small scale, ie Shiba Inu, it should have been abundantly clear what’s going on. But we, as humans, love gambling, and more so, love the idea of massive gains.

Those gains will have a price one day. After a saver economy with so much injected
money, crypto could fly… but what happens when your average person needs to liquidate positions to pay bills? Do you keep a “store of value” (ie digital gold, digital oil) that you can’t do much with? Or pay bills? Fear sets in, hype fades. A market crash would take crypto with it.

Then are those thousand or so people going to leave billions/trillions on the table? Doubt it. Even if they have this ‘secret cabal’ to ease sell-offs, they won’t want to be the one losing out when sh*t hits fan.

Until then, it’s fun. I have crypto positions, made money. But I very much worry about the inexperienced diving in to “diversify” or the trend-chasers or those who are gullible enough to still believe in this grand utopic vision that a few thousand people will help make it a world/people’s currency.

Remember, plenty of people
also made fortunes buying and selling tulips at one point. But most ended up holding wilted plants…

Staged drop happening right now. Nearly every crypto in freefall as of posting. Bitcoin hit $44k. Doge to 13 cents. BAT slaughtered.

Those few thousand people (if that) who own majority of Bitcoin circulation do it late on Friday night, when the retail investors are asleep. Will probably rebound a bit over weekend, unless omicron news get worse.

Lot of factors in play right now. Margin Call crisis on the horizon

 

[Postman_1]

Major dips! Does it keep going lower? Gonna be a interesting few days

 

[RUAldo]

Staged drop happening right now. Nearly every crypto in freefall as of posting. Bitcoin hit $44k. Doge to 13 cents. BAT slaughtered.

Those few thousand people (if that) who own majority of Bitcoin circulation do it late on Friday night, when the retail investors are asleep. Will probably rebound a bit over weekend, unless omicron news get worse.

Lot of factors in play right now. Margin Call crisis on the horizon

Yup, BTC cartel struck at a time when retail investors wouldn’t be able to react because if they did it yesterday and the retail folks got scared it would have been a crisis.

Boblaw, is there a different way of viewing this plunge?

 

[T2Kplus20]

Staged drop happening right now. Nearly every crypto in freefall as of posting. Bitcoin hit $44k. Doge to 13 cents. BAT slaughtered.

Those few thousand people (if that) who own majority of Bitcoin circulation do it late on Friday night, when the retail investors are asleep. Will probably rebound a bit over weekend, unless omicron news get worse.

Lot of factors in play right now. Margin Call crisis on the horizon

This is the margin call/liquidation crisis. Stupid people do stupid things.

 

[RUAldo]

This is the margin call/liquidation crisis. Stupid people do stupid things.

Yeah right, and that’s something typically done late on FRIDAY NIGHT when US and EU retail crypto holders are unsuspecting and in bed sleeping heading into the weekend?! Come on, Man, wake up and smell the crypto coffee. If it was simply a margin call/liquidity issue it would have occurred during a normal trading day/time. They chose Friday night because of the weekend. You think margin calls typically occur at 1:00 AM Saturday morning?

 

[T2Kplus20]

Yeah right, and that’s something typically done late on FRIDAY NIGHT when US and EU retail crypto holders are unsuspecting and in bed sleeping heading into the weekend?! Come on, Man, wake up and smell the crypto coffee. If it was simply a margin call/liquidity issue it would have occurred during a normal trading day/time. They chose Friday night because of the weekend. You think margin calls typically occur at 1:00 AM Saturday morning?

I don't do margin, so I don't care about the timing. Short term pain is good for long term progress. The growth after this dump will be real (as it has happened many times before). The crypto market is what it is. It's part of the game.

 

[RUAldo]

I don't do margin, so I don't care about the timing. Short term pain is good for long term progress. The growth after this dump will be real (as it has happened many times before). The crypto market is what it is. It's part of the game.

You’re right - it’s nothing more than a game. Now, if you want to trade the swings and try to make a few bucks hoping in the long term it becomes legit, nothing wrong with that. But anyone that thinks these swings are naturally occurring due to things like margin calls or liquidity need to understand how the markets work and that collusion is driving it. This is OPEC 2.0 only nobody knows who these whales really are and regulators have virtually no way to respond. There are a lot of Russian criminals laughing this morning.

 

[T2Kplus20]

You’re right - it’s nothing more than a game. Now, if you want to trade the swings and try to make a few bucks hoping in the long term it becomes legit, nothing wrong with that. But anyone that thinks these swings are naturally occurring due to things like margin calls or liquidity need to understand how the markets work and that collusion is driving it. This is OPEC 2.0 only nobody knows who these whales really are and regulators have virtually no way to respond. There are a lot of Russian criminals laughing this morning.

I'm a long hold on crypto (BTC, ETH, and a few companies). My timeline is 9 years, when my daughter finishes HS. Hopefully by then this account will be some fun money for me and the wife. If the market is still down like this on Monday morning, I will buy the dip (with my crypto stocks, my coin positions are pretty good)!

 

[mosito]

What would be the safest way to purchase Cryto right now.

Late to the party but want to invest 10% of my saving on the side on crypto that has been doing shit for a while.

 

[RUAldo]

What would be the safest way to purchase Cryto right now.

Late to the party but want to invest 10% of my saving on the side on crypto that has been doing shit for a while.

Join the Russian mob…

 

[T2Kplus20]

What would be the safest way to purchase Cryto right now.

Late to the party but want to invest 10% of my saving on the side on crypto that has been doing shit for a while.

The safest way to buy BTC or ETH is via the Grayscale Trusts (GBTC and ETHE). This is done with a normal investment account. The next safest way to do so is via PayPal. You can't "move" your coins yet, but PayPal has the size and infrastructure to be stable and secure.

Then you have Coinbase. This is a safe option as per the exchange itself. However, there are a ton of scammers trying to fake Coinbase emails and messages and get your account info. If you are not stupid, it also should be a fine option. The advantage of Coinbase is it have vastly more crypto options to buy. The others are really only the big two.

 

[mosito]

The safest way to buy BTC or ETH is via the Grayscale Trusts (GBTC and ETHE). This is done with a normal investment account. The next safest way to do so is via PayPal. You can't "move" you coins yet, but PayPal has the size and infrastructure to be stable and secure.

Then you have Coinbase. This itself is a safe option as per the exchange itself. However, there are a ton of scammers trying to fake Coinbase emails and messages and get your account info. If you are not stupid, it also should be a fine option. The advantage of Coinbase is it have vastly more crypto options to buy. The others are really only the big two.

Through PayPal I can buy it... I will check it out... thank you

 

[FastMJ]

I’m not a crypto or precious metal guy, but most of the ‘safe haven’ assets see price declines on days of major market volatility because of forced selling.

Not sure if that happened on Friday, and didn’t look at the gold / silver prices, but if you look historically they tend to take major plunges at the onset of major market corrections.

When folks need to raise cash / collateral for margin calls, everything in the portfolio must go — even the assets they intended to preserve for downturns.

Spot on. The same knuckleheads that bought Cathie Woods garbage etfs on margin also hold a bunch of crypto and needed to meet their margin calls somehow

 

[RUAldo]

Spot on. The same knuckleheads that bought Cathie Woods garbage etfs on margin also hold a bunch of crypto and needed to meet their margin calls somehow

True, except for the fact that the midnight Friday/Saturday plunge that we all woke up to this morning was not margin calls. Think about it - the likelihood of a broker demanding that a holder deposit additional funds on a late Friday night or Saturday morning, or if automated, that a holder would actually comply on a Friday/Saturday night-morning is ludicrous. Guys, this is not rocket-science here. This is collusion/manipulation 101. Like I said, if you trade it and get rich all the power to you. And if you wait 10 years and it’s legitimized somehow even better.

 

[RUAldo]

At one point, 1,500 BTC was sold in less than a minute.

 

[RUAldo]

LOL…El Salvador missed the biggest drop by 7 minutes. El Salvador knows it’s a no lose situation. If BTC ends up being legit, the country is in great shape. If BTC plummets, they will beg the World Bank to save them from bankruptcy.

Bitcoin Falls 20 Percent as El Salvador Buys 150 Coins in Dip

President Nayib Bukele announced on Twitter that his country had missed the bottom price by seven minutes.

www.newsweek.com