Bitcoin....who's gotten into it?

[pureantigravity]

Really good new story if you can get around the paywall.
https://www.bloomberg.com/news/featu...ns-go-to-zero?

However, this next one is one of the better treatments of crypto - the narratives and economics of it*.

The Non-Innovation of the Token Schemes
https://www.stephendiehl.com/blog/non-innovation.html


*I take one issue with his assertion that it is not a currency. It obviously is because ransomware demands it. For that use only it serves a purpose and only so long as secondary markets exist where it is used for speculation. But you decide. He lays out a well constructed analysis of the whole ecosystem.

[Skidog]

ill just leave this here.

[pureantigravity]

South Korean toilet turns excrement into power and digital currency
https://www.theglobeandmail.com/worl...al-currency-2/

“I had only ever thought that feces are dirty, but now it is a treasure of great value to me,” postgraduate student Heo Hui-jin said at the Ggool market. “I even talk about feces during mealtimes to think about buying any book I want.”

[byates1]

bought an acre of land at he mouth of lamoille canyon, elko nevada

will put a couple styled out camper trailers there for a ski base camp in the ruby's

thx bitcoin!

[tgapp]

bought an acre of land at he mouth of lamoille canyon, elko nevada

will put a couple styled out camper trailers there for a ski base camp in the ruby's

thx bitcoin!

FKNA, good for you man! That's killer!!


Sent from my Pixel 4a (5G) using Tapatalk

[Benny Profane]

Miami scam.

https://www.nakedcapitalism.com/2021...onference.html

[frorider]

^ Echoes the rolling stone article on the conference.

This El Salvador btc thing was apparently an effective way to change the narrative as the FMLN dood ducked having his administration subject to anti corruption agreement.

“They have to take the bitcoin, but not the risk. So they will translate that risk to the government,” he said. If the value of a transaction in bitcoin, which regularly shifts by 10 percent in a given day, changes between the sale of a stick of ice cream and the time to transfer the money to the bank, Bukele says the government will convert the bitcoin to dollars at the value of bitcoin when the ice cream was sold, assuming any gain or loss.

To bankroll these fluctuations, the new law creates a trust fund through the public Development Bank of El Salvador. “The purpose of the trust fund is not to make money, but to support this decision of having bitcoin as legal tender and that it runs for years and years with no problems,” explained Bukele. “It doesn’t involve the Federal Reserve or even our central bank. It’s just a trust fund in our development bank.” He added that merchants can also trade their bitcoins for dollars on private cryptocurrency exchanges.

None of these explanations made it to the Assembly floor, into state-run media broadcasts, or even into the Spanish language.

[Benny Profane]

Where'd everybody go? Miami?

[Dexter Rutecki]

Hodlers will still go down with this Ponzi scheme, I am sure.

https://www.cnbc.com/2021/07/13/blac...orth-zero.html

[jono]

Where'd everybody go? Miami?

It was a long read. Took me most of a busy day but now I want to see Samantha Bee or some respectable correspondent from the Daily Show at every Bitcoin conference.

[byates1]

reading the book now. is btc the scam or is the current system the scam?

[byates1]

liquidated most of my btc. put 4g into ada, 2 into algo, 1 into xlm, 5 into physical silver , platinum, gold,

6 into land, hoping btc slides lower before the next halving, will buy back in lower.

keep spreading fud pg, looking for 2 btc for the price of 1. keep up the good work!

[up an down]

Dogecoin co-creator blasts crypto as a scam to help the rich get richer: https://on.mktw.net/3wDUNB9

[pureantigravity]

liquidated most of my btc. put 4g into ada, 2 into algo, 1 into xlm, 5 into physical silver , platinum, gold,

6 into land, hoping btc slides lower before the next halving, will buy back in lower.

keep spreading fud pg, looking for 2 btc for the price of 1. keep up the good work!

Are you going to buy the dip? Or the dip after the dip after the dippity dip dip?

[pureantigravity]

Dogecoin co-creator blasts crypto as a scam to help the rich get richer: https://on.mktw.net/3wDUNB9

Just read his post (thread!) on twitter. Moron uses completely bogus arguments to support FUD position.

https://twitter.com/ummjackson/statu...53984617914370

He's just jealous he didn't gift himself more free Doge like all the other cryptos! Nothing makes an intellectual anti-coiner like having fun getting poor! What does he know anyways!

[CarlMega]

The dude apparently donated his proceeds so there's that.

He's not wrong.

To paraphrase a bit of a Bogle break down: There are investments and there's speculation (returns). There's no doubt scammers are drawn to speculation markets like crypto like flies to shit. They're great while you're winning.

[m06fc8]

Ohai I’m a stupid spambot, here to spam you with my spam

[JimmyCarter]

Im gonna tell you about company whos mining bitcoins

Do you know where upstate NY is??

[stalefish3169]

Meanwhile, J-POW flat out denies on CNBC yesterday that low interest rates primary benefit asset holders and increase inequality.

No wonder the dentist crowd digs the status quo.

Sent from my Pixel 4 XL using Tapatalk

[JimmyCarter]

Meanwhile, J-POW flat out denies on CNBC yesterday that low interest rates primary benefit asset holders and increase inequality.

No wonder the dentist crowd digs the status quo.

Sent from my Pixel 4 XL using Tapatalk

Quoted for unintentional irony

[pureantigravity]

The dude apparently donated his proceeds so there's that.

He's not wrong.

To paraphrase a bit of a Bogle break down: There are investments and there's speculation (returns). There's no doubt scammers are drawn to speculation markets like crypto like flies to shit. They're great while you're winning.

My bad. I should have added the '/s' to my post. Both founders have come out the last 2 months and said pretty much the same thing aka - this is a pure 'Greater Fools Game' and one with tragic consequences for most participants.

[Kevo]

I wonder how low BTC will to in this cycle? Maybe $12k? Or $10k?

I'm planning to buy the dip. Still have no intention of selling BTC. I don't need the money I put into it.

[pureantigravity]

Without straining yourself, the answer is obvious.
Poocoin*



Poo to the moooon!

*Not financial advice. Shit is as shit does. Here Poo today, gone-poo tomorrow. #soft and easy. #Perfectcoil technology.

[pureantigravity]

I wonder how low BTC will to in this cycle? Maybe $12k? Or $10k?

I'm planning to buy the dip. Still have no intention of selling BTC. I don't need the money I put into it.

Barring any major action like law enforcement or Binance collapsing**, they will milk each gold vein as they always do on the way down. Like I said earlier in May ... for the whales and big exchanges this isn't a price problem so much as an inventory problem.

The whales got so so so much free tokens and very low-cost-basis tokens (BTC and ETH and all the others) that they just can't sell without moving the market drastically in the wrong direction. Exchanges also got tons to sell that they charged as listing fees and that they accidentally bought with bots-gone-bezerk. All the really big players have tons and tons of inventory to sell. We are talking people with paper net worth of $50M to $500M in USD IF THEY WERE ABLE TO SELL AT THIS PRICE (which they can't). Just look at token IPO sales and you will see lots and lots of players in these paper-wealth ranges.

As a result, they milk every range where it went sideways or had good uptake on the way up, but on the way down. After each range, they try to bounce it higher and then catch dip-buyers on the way down further. (also brings in the extra-smart revenge traders that trade just to cover losses)

Then down to the next level. Always milking old ranges where support was present on the way up.

Also, they are cashing altcoins to ETH and BTC and then cashing ETH and BTC to real cash. BTC is gaining share in this stage and sometimes moving opposite of alts. But BTC is overall down until the bear cycle is over. When? No one knows.

BTC at $18K to $22K is next logical step IMO. According to my calculations it will complete a 35% drop in the next 33 weeks to 50 weeks.

Long term, I think $8K to $12K is the low low low*** (barring any major disruptions - like law enforcement etc.)

Big factor right now is what will happen with unlocked BTC from Grayscale coming to market. Will they sell and how fast will they sell? The market is manipulated (no shit ) so of course the price can actually rocket upwards when whales simply stop selling. Bears are firmly in control for now.

*None of this is advice or intended to motivate you to buy or sell. Just my interpretation. Always remember also that volume on crypto charts is bot-influenced and therefor mostly faked. The only semi-reliable indicator of support level is actually price and time. Price and time. Price and time.

**Binance withdrawals are now impossible in places -- actually lending to more price support because those folks can't cash out. The payment rails are coming offline due to bank pressure and ransomware mitigations. Very volatile situation for buys and sellers. Don't be surprised to see more rug-pulls and exit scams.

*** The real low low is probably the level where supply cannot suffice for people trying to pay off ransomware. So that depends on the rate of BTC coming online for sale. Suffice to say, $1 BTC could not work because then only $24M of ransom could be paid per day (assuming all the BTC was trading and available). So let's say that $5K to $12K is a price where supply is sufficient to allow ransomware to function.

FINAL CAVEAT. It could also moon! Don't fail to factor the need for ransomware payments and if everyone left in the game hodles, then the price will go to $100K to $1000K etc. Supply and demand. Ransomware is forced demand. Most retail buyers are in a loss position right now.

[Bunion 2020]

I wonder how low BTC will to in this cycle? Maybe $12k? Or $10k?

I'm planning to buy the dip. Still have no intention of selling BTC. I don't need the money I put into it.

If you are still up who cares? Best of luck to ya.