An insight on Bitcoin

[hellhamster]

still holding out for those 6 figure calls!!



A lot of the stupid money is now rushing to the next great grift.

Don't worry, crypto will eventually bounce, as it always has since <$1. Not because crypto has value, even if you think it hasn't, but because of the need for digital stablecoins. Markets are fearful for now, and volatile assets take the strongest beating every time. The entire crypto market cap is still less than Apple's, and if you don't think it will at least touch gold eventually (a 4x, which is a 160k bitcoin), you are completely delusional.

[Zan15]

Don't worry, crypto will eventually bounce, as it always has since <$1. Not because crypto has value, even if you think it hasn't, but because of the need for digital stablecoins. Markets are fearful for now, and volatile assets take the strongest beating every time. The entire crypto market cap is still less than Apple's, and if you don't think it will at least touch gold eventually (a 4x, which is a 160k bitcoin), you are completely delusional.

Don't worry Wyckoff will save us! I think he has a cold right now (get it...wy--ckoff...get...it)

On a serious note, in the past crypto hasn't really had to deal with the full market/economic headwinds it has now. It's been piggybacking on an insane stock market run that should have never got to where it is now without some kind of reasonable pullback.

I think at this point it has a better chance of hitting 4 figures before it hits 6.

At least not till there is some serious regulations and limitations on the 11,000ish crypto's out there start to shake out and disappear. Of course, there is no real cost to the "creators" like say a bankruptcy and crushing debt that makes corporations disappear and consolidate. You can just keep creating these "crypto's" theoretically as long as you want till someone steps in and regulates the whole mess.

As I said before it all reminds me of the pyramid "plans" back in the early 90s. they were all the rage. One after another. Varying types, amounts and all groups making their own pyramid trying to be on top and get people to cash them out.

On top of the fact, we are experiencing a 2000 mini tech crash which people are taking a huge hit on. Leaves a lot less money to play with on things like crypto.

[gondrin]

Don't worry Wyckoff will save us! I think he has a cold right now (get it...wy--ckoff...get...it)

On a serious note, in the past crypto hasn't really had to deal with the full market/economic headwinds it has now. It's been piggybacking on an insane stock market run that should have never got to where it is now without some kind of reasonable pullback.

I think at this point it has a better chance of hitting 4 figures before it hits 6.

At least not till there is some serious regulations and limitations on the 11,000ish crypto's out there start to shake out and disappear. Of course, there is no real cost to the "creators" like say a bankruptcy and crushing debt that makes corporations disappear and consolidate. You can just keep creating these "crypto's" theoretically as long as you want till someone steps in and regulates the whole mess.

As I said before it all reminds me of the pyramid "plans" back in the early 90s. they were all the rage. One after another. Varying types, amounts and all groups making their own pyramid trying to be on top and get people to cash them out.

On top of the fact, we are experiencing a 2000 mini tech crash which people are taking a huge hit on. Leaves a lot less money to play with on things like crypto.

It more reminds me of the tech stock boom as you said. Too many companies then didn't even have any form of revenue and were on posting IPOs constantly and being propped up with investor money. Sooner or later it came crashing down, this will too. The big thing is, will crypto end up like the tech industry where a handfull was able to weather it out because they had decent business models or will it take the whole thing with it. This may not happen tomorrow, next month or hell, even in the next decade but it will happen.

- - - Updated - - -

OH FUCK YES, GO GIRL! I've been hoping she'd figure out how to make a NFT off this for her own health.



Too bad it sounds boring as hell : (

Cyanide and Happiness already has the fart in a jar thing covered.

[jonnysensible]

Bitcoin price doesn't drop because of market signals so I wonder what the shenanigans were.

Does anyone know what the break even price for miners is?

Miners are already holding so many billions that they can't sell without crashing the price. They have been borrowing from Galaxy Digital, Silvergate and DCG etc with their unsold Bitcoin as collateral. Imagine how badly it will crash if they have to sell up.

[hellhamster]

Bitcoin price doesn't drop because of market signals so I wonder what the shenanigans were.

Does anyone know what the break even price for miners is?

Miners are already holding so many billions that they can't sell without crashing the price. They have been borrowing from Galaxy Digital, Silvergate and DCG etc with their unsold Bitcoin as collateral. Imagine how badly it will crash if they have to sell up.

Factually wrong, stocks follow crypto, especially the lower caps, which have been bleeding since September/November. Volatile assets and microcaps are the first to dumpola during imminent market crashes, they are the canaries in the coal mine.

Miner capitulation is priced in already, but I'm not sure though.

- - - Updated - - -

So far everyone is waiting on Wednesday, the FED will either announce a rate hike, or not at all. Markets have reacted to that. If a rate hike is averted, then nothing will happen and markets will bounce. Inflation will be a problem if wages don't compensate. If a big rate hike happens, prepare for some ridiculous market dumps. Bitcoin might hit 4 figures, but my buy in price will be around 20k if that happens. Usually the markets already know on that day.

I'm expecting a meager rate hike that will cause a March 2020 crash and a quick bounce later, but I really don't know.

[lagiacrux]

probably the most comprehensive look at crypto and nfts ive seen yet. dont get scared by the long runtime, its worth watching

[Belize]

OH FUCK YES, GO GIRL! I've been hoping she'd figure out how to make a NFT off this for her own health.



Too bad it sounds boring as hell : (

I hate the world we live in. I really do.

[hellhamster]

No rate hike by the FED. The markets were shitting themselves for nothing. I knew they wouldn't dare, but it was still fucking too close to call. Pump it.

[Jastall]

probably the most comprehensive look at crypto and nfts ive seen yet. dont get scared by the long runtime, its worth watching

"In a lot of ways this is a system for deferring trust unto machines and pretending there aren't humans on the other end".

There's loads of relevant information and good quotes in that video, but this is IMO the most indicative one. It encapsulates everything wrong with this system and the delusions so many people have with it, believing it a cold, machinal and fair playing ground when it's just another way for the wealthy and early adopters to make more money- more or less literally a casino. Thanks for that video, it's indeed extremely comprehensive.

[Zan15]

No rate hike by the FED. The markets were shitting themselves for nothing. I knew they wouldn't dare, but it was still fucking too close to call. Pump it.

wait who thought there would be a rate hike this week and not in march?

[jonnysensible]

saw the stable coin printed this month :

TETHER - $5,406,996,607

BUSD - $425,829,646

USDC - $3,836,625,107

TUSD - $0

TOTAL: $9,669,451,360

anyone actually believe 9 and a half billion new USD entered the crypto system in 28 days?

[Edge-]

saw the stable coin printed this month :

TETHER - $5,406,996,607

So they printed enough to make up for the $4B drop a week ago and then some.

Haha, crypto printer to bbbrrrrrrrrrrrrrrr

[Milchshake]

Someone post the list price of GameStop shares next plz!

Honestly, that was more conventional stock market hype. Except for the part that PopUlist politicians were calling it a ReVOlution!.

Sorry kids, but the Revolution wont be led by day traders from reddit. It wont be financed by Bitoins or NFTs.

[Forogil]

Sorry kids, but the Revolution wont be led by day traders from reddit. It wont be financed by Bitoins or NFTs.

I'm interested in this Revolution you are talking about. Will it be televised?

[Elegiac]

saw the stable coin printed this month :

TETHER - $5,406,996,607

BUSD - $425,829,646

USDC - $3,836,625,107

TUSD - $0

TOTAL: $9,669,451,360

anyone actually believe 9 and a half billion new USD entered the crypto system in 28 days?

Wait wasn't one of the chief selling points of this garbage that it can't be printed endlessly like fiat supposedly can?

[wunksta]

Wait wasn't one of the chief selling points of this garbage that it can't be printed endlessly like fiat supposedly can?

Bitcoin has a finite amount of coins that can be created. Most other crypto don't have a cap.

[Elegiac]

Bitcoin has a finite amount of coins that can be created. Most other crypto don't have a cap.

So yeah, Line Goes Up.

[Zan15]

Someone post the list price of GameStop shares next plz!

Honestly, that was more conventional stock market hype. Except for the part that PopUlist politicians were calling it a ReVOlution!.

Sorry kids, but the Revolution wont be led by day traders from reddit. It wont be financed by Bitoins or NFTs.

Please they don't even report on the even bigger problem from the day trader/meme/wsb bunch, Options losses.
GME looks tame compared to the losses this bunch is suffering from crypto and options trading.

[hellhamster]

Decent pump today after months and months of dumpage, but crypto is far from being in bull mode. Bitcoin did in a day what the S&P 500 did in a year, which is why I love this market, because all this was done with a low volume ($2.5 billion for the day). The months long obvious downwards trendline got broken, at least for a bit. The best case scenario right now is holding above that downwards trendline for at least few days, which is about 39k right now. The highest probability scenario is a fakeout, make bulls believe the markets are reversing, because we are still in a bear market and this is simply the most obvious play the markets can make.

I still think March isn't looking that good for global markets due to FED rate fuckery causing derisking scenarios once again, but that depends on which side runs the highest risk of liquidation. One of these is gonna get royally fucked, I can't know yet: bears who got in way too late to the party, or bulls that bought in way too early, thinking the dump is over?

If FTX runs the crypto market, I truly believe it is still in their best interest to reignite a bull market, for at least a year or 2. Accumulation is great and all, but if they kill the market for a 3 year bear, that's one hell of a risky move when volatility can effectively dump the market to zero. Which is why I am a firm believer of the Wyckoff accumulation schematic, it's short and sweet and always does the job. Anything beyond that and people will just lose interest. I have no idea how long that accumulation will take, the prediction I made in a post in December or whatever was mid January for a breakout, but we are in February right now witnessing either a breakout or a fakeout.

[Edge-]

I still think March isn't looking that good for global markets due to FED rate fuckery causing derisking scenarios once again

So is the Fed bad because they keep interest rates low and the money printers going brrr or are they bad because they're finally looking to increase interest rates after like, a decade to address rising inflation?