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

[shera]

She expressed concern that it could be manipulated. Im saying it already is. Thats all.

Yes, I guess it is manipulated for the purpose of running stops and making a few hundred million here and there. I also guess chinese miners use their supply in a profitable way. Chump change when you consider the larger picture.

Crypto market cap is now a couple of trillion, just starting to be big enough to be interesting to bigger money. Gold is like ten trillion?

I'm just trying to think this through. I guess I won't get any help in the padded room, but I wanted to throw it out there...

[shera]

You think the rise in BTC has nothing to do with the money printing? That's an incredible lack of understanding.

Yes, all assets are affected! When you normalize the stock market to money supply, there has been no real growth at all!

Remember that greed has no bounds and the ultra wealthy are all looking for the next opportunity. Crypto is on the radar.

[MultiVerse]

The potential of BTC mining to drive green energy production:
https://assets.ctfassets.net/2d5q1td...hite_Paper.pdf

Nutshell? Bitcoiners use kiddie construction paper lingo to push absurd narrative : tl;dr

[shera]

Actually it is analysis by Cathie Wood's and Jack Dorsey's research teams, but I'm sure you are infinitely smarter than them. I know I'm not.

[MultiVerse]

lol, Among the silliest quotes from the self serving toy paper are "The bitcoin and energy markets are converging" and "emerging synergy between bitcoin mining and clean energy production."

Yeah Bitcoiners are converging on energy production by giving second life to old dirty fossil units and restarting decommissioned coal plants in America.

So many weasel words too like, "we believe it could." It's not research, it's wish-fulfillment fantasy.

[Bunion 2020]

All one needs to do is drop some popular buzzwords like Synergy and everything is just fine.

[JimmyCarter]

All one needs to do is drop some popular buzzwords like Synergy and everything is just fine.

Now that's thinking outside the box!

[JimmyCarter]

And in the interest of full disclosure, I am currently long BTC and ETH. They made me money back in '18 and I'm currently running about a 700% return in the past 12-14 months too.
I'm just not a true believer and am in it (for now) just on market sentiment.

[jackstraw]

I'm quite concerned for you. You are not taking this seriously.

Thank you. I appreciate the concern.

I've literally made life changing money in this bull run.

I'm really happy for you.

...What are you getting out of posting here? You are absurdly wrong.

I have not personally posted a position on either side of this topic, so I'm not sure how I can be wrong when I don't have a position? But keep assuming.

[4matic]

What would happen if someone holding say 50,000 btc dumped them all on the market at once in 100s or 1,000s of transactions? Would the market just freeze? Is there something to prevent that from happening?

It would be like 2010 flash crash, 2000 tech sell or 1987 crash. In the dotcom crash the biggest issue was market makers not making a market. That was somewhat mitigated by requiring mm’s to always show a market. I don’t think there is any such requirement in BTC so the “market” could simply fail.

https://www.google.com/amp/s/mobile....68G4Z620100917

[4matic]

A 20% decline in one day and it’s normal and healthy so where is the pain point? 50% in one day?

[byates1]

the latest drawdown saw ~ 10% or 10 billion liquidated supposedly, 64k to 52k, back around 55k now.

not a big deal, 100k seems very possible and conservative for this year, max keisers 220K i don't see.

if the layer 1 money/hardest asset narrative plays out over the next decade, btc will be a multi hundred thousand dollar asset.

as a 5/10% part of an overall basket of assets, holding something that no gov owns is very appealing to me.

[TahoeJ]

And in the interest of full disclosure, I am currently long BTC and ETH. They made me money back in '18 and I'm currently running about a 700% return in the past 12-14 months too.
I'm just not a true believer and am in it (for now) just on market sentiment.

Same. It's just a game like everything else, no reason to get all evangelical about it.

[shera]

I'm in it for the tech! Hahahaha. Actually I do have some fun with the tech...the more I learn the more interesting it is tbh.

Holding BTC, ETH and LINK. Many gainz, much wow.

[4matic]

the latest drawdown saw ~ 10% or 10 billion liquidated supposedly, 64k to 52k, back around 55k now.

not a big deal, 100k seems very possible and conservative for this year, max keisers 220K i don't see.

if the layer 1 money/hardest asset narrative plays out over the next decade, btc will be a multi hundred thousand dollar asset.

as a 5/10% part of an overall basket of assets, holding something that no gov owns is very appealing to me.

How many transactions or volume did it take to initially drop from 64>50? It’s where volume goes after the initial big move.

[pureantigravity]

Bitards

Cryptards.

Sent from my Blackberry using Tapatalk

[pureantigravity]

How many transactions or volume did it take to initially drop from 64>50? It’s where volume goes after the initial big move.

Probably didn't take anything at all. I imagine that a number of Longs were opened when COIN was listed last week. Being smart, someone said "Lets wash the longs". Pitty those that got liquidated on exchanges with 10X+ margin allowances.

If you are like TahoeJ and get a little coin, then you really are the 1%. Kudos to TahoeJ for actually taking some winnings.

[pureantigravity]

A 20% decline in one day and it’s normal and healthy so where is the pain point? 50% in one day?

Here's Kraken ADA/USD (Cardano) on Feb 16, 2021. It went from $1.20 to $0.156 cents in 24 hrs. The crash from $1.015 to $0.156 was almost instantaneous. An 87% decline after a good nights sleep dreaming of Lambos.

Now imagine, you are that dude that bought at $0.20and put in a stop loss at $0.16 and was getting all cummed up watching it moon past $1.00. And the friends on the Telegram group told you to HODL and trust the leader "Cardano Jesus" that made millions and he says HODL.

The next day, you wake up, it is Monday Morning and .... your stop loss was called. That's how it works.

[AKPogue]

Here's Kraken ADA/USD (Cardano) on Feb 16, 2021. It went from $1.20 to $0.156 cents in 24 hrs. The crash from $1.015 to $0.156 was almost instantaneous. An 87% decline after a good nights sleep dreaming of Lambos.

Where's the evidence that happened?

[jm2e]

How ‘bout that Doge?


Sent from my iPhone using TGR Forums

[bennymac]

even cumrockets has softened on todays news

[pureantigravity]

^^^ This is where the refractory period begins.

[pureantigravity]

How many transactions or volume did it take to initially drop from 64>50? It’s where volume goes after the initial big move.

Let's just suppose you want to trust the crypto order books. Perhaps this tool will help:

https://data.bitcoinity.org/markets/books/USD

Combined order book: Orders sum in BTC required to move price by 1%. You can see as well for each exchange by hovering.

Right now, on GEMINI 25 BTC will move the price +1% and 28 BTC will move it +3%. On Bitfinex, 281 BTC for +1% and 855 for +3%. It depends on buy vs sell. Also changes constantly. But somewhat rough idea of what the order books say. Pretty much meaningless unless you understand how easy it is for them to front-run or spoof.

And why anyone would want to play wack-a-mole with bots is a mystery. In any trading, having your own targets and sticking to it pays better.

[byates1]

[pureantigravity]

LOL. That was pretty good. Here's one for laughs.