My friend makes a good profit on this speculative asset now,
so if he can do it, then why not do it?
What do you think, how much time would it take for Bitcoin to have a price of 50+ grands again?
outflow from crypto to meme stocks and then back into crypto with the profits. The focus of this army of "retail reddit" investors has turned so many times its getting hard to keep track. this includes massive swings when they push into a given crypto like dogecoin as a single coordinated force.
Buh Byeeeeeeeeeeee !!
People don't rotate out of one asset to another, from one stock to another, from stocks to bonds.....??
Damn I wish I didn't have to put all my money in one place and be forced to keep it there forever!!!
Based on reading WSB for months now that's exactly what is happening as people follow the trend. You see the same bunches of people in crypto forums as you do WSB.
There is sometimes a correlation between one asset class movement vs another's movement.
Buh Byeeeeeeeeeeee !!
Bitcoin has existed a bit longer than the AMC debacle, more than a decade to be precise, so I don't really know what you're talking about when you argue that there's a correlation concerning money flow from meme stocks such as AMC to bitcoin and the opposite.
- - - Updated - - -
While I agree that bitcoin is garbage as I've stated many times in this thread, it's still absolutely vital for the entire crypto currency sector that Bitcoin is kept healthy for now. If Bitcoin dies right now, the entire market will take at least half a decade to recover. You are severely underestimating its marketing appeal in the influential sense and its image within cryptos.
- - - Updated - - -
A small update on bitcoin price action for the people who follow, judging from the wicks lately I'm 70% certain my original assessment is correct. We are seeing price manipulation by whales yet again, trying to get longs liquidated by giving bitcoin a small pump to 40kish. Obviously, it failed as there is 0 buying pressure, meaning we will fall dangerously at support levels very soon and will plummet to 20k soon enough because it's becoming increasingly battered by failure to swing higher.
I'll be severely astonished should the bulls come out on top right now and we shoot up to 44kish.
Another thing to note is that usually the thing you don't expect tends to happen because it is a zero sum game and people with a lot of money make the magic happen, so I'm still curious to see where this is going. For example, I see massive shorts opening in the past couple hours due to failure to reach a higher high, maybe this was planned to liquidate shorts eventually? Who knows.
I also think the doom and gloom scenario is actually better for bitcoin in the medium to long term. That is correlated with risk factor, risk of buying bitcoin is a hell of a lot lower when it dumps even harder than when it is buying it right now, and I think this will be a bargain for money to flow in again.
Last edited by hellhamster; 2021-06-04 at 04:54 AM.
Nowhere did i say it was the only thing that was happening to cyrpto/bitcoin or that it was the main reason or that its been happening "forever".
they have already done this with jumping from one stock to another and i have seen it happen over the past year with stock to crypto jumps with this group of retail investors. WSB even had to go as far as just about banning even talking about any crypto except in just passing, no topic creation allowed.
Buh Byeeeeeeeeeeee !!
Personally I think the best thing that could happen for BlockChain tech is that the entire crypto idea crashes, burns, and dies. And you can get actually productive uses of BlockChain instead of it just being a value commodity. The potential uses in the tech are worth far more than just being value assignments when anything can be used for that. There is a reason we dropped the gold standard.
- Lars
The commodity and store of value of cryptocurrencies depend on the very important idea of decentralisation, cryptography and open data, ie on the ideal of having a global currency that isn't controlled by a central authority that works from the shadows, creates a sea of problems, then tries to solve those problems by putting band aids everywhere, ie infinite money printing.
Decentralised currency stomps every single notion of inequality because it completely foregoes national currencies and exchange rates, essentially distributing and creating wealth fairly across the globe regardless of nationality.
Blockchain is THE most important technological discovery in the last couple decades, cryptocurrencies are just an important, albeit still new and underdeveloped, implementation of that technology.
Decentralised currency using a commodity that has value that can't be changed on a whim is the same as just using the gold and silver standard. Where supply of bullion changed value of money on a whim of people.
Instead of controlling interest rates to make sure the value of money is always dropping so that money itself isn't worth hoarding for the sake of hoarding something valuable.
- Lars
Which is precisely one of the reasons commodity money was ditched - available specie being unable to keep up with the amount of economic activity. That is a bad thing, not a good thing.
Again: crypto is just the gold standard for tech bros. As evidenced by the constant bitching about needing decentralized currency to avoid manipulation by “shadowy entities” which in itself is an antisemitic dogwhistle. Lol.
Originally Posted by Marjane Satrapi
Because insisting we need to free currency from shadowy manipulators is a rehash of the “international conspiracy of Jewish bankers” BS that underpinned the gold standard so repeating that insistence betrays either a massive lack of self awareness or, at worst, active buy-in.
Originally Posted by Marjane Satrapi