# Bitcoin hits new record of $50,000



## TopCat (Feb 16, 2021)

Digital currency Bitcoin has risen to a new record high of more than $50,000 (£36,000).

The so-called cryptocurrency, which was created by an unknown inventor, has risen about 72% this year.

Bitcoin and other cryptocurrencies are generated by computers. Part of its supposed value comes from the finite number that can be computed.

But regulators have warned that they are risky, since their value can change fast, both downwards and upwards.

Much of this year's gain for Bitcoin came after Elon Musk's Tesla bought $1.5bn of them and said it would accept them as payment for its cars.

Supporters say Bitcoin can act as a store of value, like a digital version of gold.

"If that narrative comes to fruition, then the growth potential is off the charts as $50,000 per bitcoin equates to a market cap of roughly $931bn, which is almost 9% of gold," said John Wu, president at blockchain company Ava Labs.

"If BTC meets gold's market cap, then that would be at least $500,000 per bitcoin."

Unlike other commodities, however, Bitcoin cannot be used for anything else, merely bought and sold. This has made attempts to value it difficult.

Pricing is also susceptible to large swings because of the limited number which are traded. Many supporters are holding on to them in anticipation of higher valuations. Should they all sell at once, the price could tumble.

With no intrinsic value, unlike a physical asset such as land, and no ability to generate an income, unlike a company or bond, cryptocurrencies are extremely volatile and can crash as fast as they rise.

Critics point out that while Bitcoin may have a finite supply of units - 21 million - the number of cryptocurrencies is ever-growing and potentially limitless.

People have lost large amounts of money in steep drops in the value of cryptocurrencies and in hacks and scams associated with them.

Britain's financial watchdog, the Financial Conduct Authority (FCA), opened 52 investigations into suspected cryptocurrency frauds in the year to 30 June 2020, according to a Freedom of Information request from law firm RPC.

That was fewer than the 59 opened in the previous 12 months, sparking speculation that the regulator was short of resources to tackle cryptocurrency frauds.

"Given explosive growth in high-risk cryptocurrency and related frauds, we would expect the number of FCA investigations to jump up and not fall away," said Sam Tate, partner at RPC.

"The sheen of respectability now being given to cryptocurrencies is being taken advantage of by cyber-criminals and online fraudsters."

The FCA declined to comment on the figures.

Bitcoin's value dropped by $5,000 on 4 January to about $29,000 before recovering the lost ground. On 11 Jan, it dropped $9,000 to $32,000.

Because cryptocurrencies can pass international borders quickly and are not regulated in the same way as cash or regular investments, investigating thefts is hard.

Last month, the FCA issued a stark warning to investors in so-called cryptoassets.

The financial watchdog said investors should be "prepared to lose all their money" should their investment's value collapse.









						Bitcoin hits new record of $50,000
					

The digital currency has gained 72% so far in a volatile 2021.



					www.bbc.co.uk


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## Lady Adjani (Feb 16, 2021)

> With no intrinsic value, unlike a physical asset such as land, and no ability to generate an income, unlike a company or bond, cryptocurrencies are extremely volatile and can crash as fast as they rise.



Couldn't you say the same about paper money? Yeah it's backed by gold, but it only has value because we've agreed to use it as a means of exchange.


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## troon patrol (Feb 16, 2021)

I'm in it for better or worse.


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## HOMO FOR LIFE (Feb 16, 2021)

Lady Adjani said:


> Couldn't you say the same about paper money? Yeah it's backed by gold, but it only has value because we've agreed to use it as a means of exchange.


Currency you can use it to exchange good widely including cash.  Crypto you can't. Also fee for using it is high and it is slow as fuck.


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## Pyre (Feb 16, 2021)

When the crash finally comes it will be absolutely devastating.


Lady Adjani said:


> Couldn't you say the same about paper money? Yeah it's backed by gold, but it only has value because we've agreed to use it as a means of exchange.


The U.S. Dollar hasn't been backed by gold for nearly a century. The Dollar maintains its value through mutual, international agreement that it's a valuable currency. It's also the world's backup currency so it has value based on that fact as well. "Backed by the U.S. government," The most powerful political, military, and economic entity in the world. Difference with Bitcoin is that Bitcoin isn't backed by anything. It's an entirely artificial currency with value based solely on individual investment.


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## pitawilson (Feb 16, 2021)

Pyre said:


> When the crash finally comes it will be absolutely devastating.
> 
> The U.S. Dollar hasn't been backed by gold for nearly a century. The Dollar maintains its value through mutual, international agreement that it's a valuable currency. It's also the world's backup currency so it has value based on that fact as well. "Backed by the U.S. government," The most powerful political, military, and economic entity in the world. Difference with Bitcoin is that Bitcoin isn't backed by anything. It's an entirely artificial currency with value based solely on individual investment.


That is pretty much how all currencies work. There's no actual intrinsic value in currency, it's all in our heads.


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## HOMO FOR LIFE (Feb 16, 2021)

Utility of Bitcoin is not much different than gold but gold there are uses for it and has been so for centuries.  Bitcoin is an unproven concept based on scarcity and limited supplies.  I can basically say fucking beanie doll is a Bitcoin and it will have same concept as Bitcoin. Only good thing about Bitcoin is it is digital and can be distributed but hard to exchange... Basically a bad storage of value in the long run.


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## troon patrol (Feb 16, 2021)

HOMO FOR LIFE said:


> Currency you can use it to exchange good widely including cash.  Crypto you can't. Also fee for using it is high and it is slow as fuck.



Miami Florida is in talks to use it to pay all city employees, more importantly the bigger financial institutions are accepting it normalizing it, investing in it. Mastercard is getting onboard.
mastercard joins BTC


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## HOMO FOR LIFE (Feb 16, 2021)

troon patrol said:


> Miami Florida is in talks to use it to pay all city employees, more importantly the bigger financial institutions are accepting it normalizing it, investing in it. Mastercard is getting onboard.
> mastercard joins BTC


MasterCard is joining crypto and not necessarily a BTC.  Bigger financial institution jumping in is precisely when everyone should bail out.


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## troon patrol (Feb 16, 2021)

HOMO FOR LIFE said:


> MasterCard is joining crypto and not necessarily a BTC.  Bigger financial institution jumping in is precisely when everyone should bail out.


What is the logic behind jumping ship when all the larger financial institutions jumping on crypto? Whenever it's "normalized" it gains.


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## HOMO FOR LIFE (Feb 16, 2021)

troon patrol said:


> What is the logic behind jumping ship when all the larger financial institutions jumping on crypto? Whenever it's "normalized" it gains.


Normalized to what?  There is no fundamental to Bitcoin except demand.


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## troon patrol (Feb 16, 2021)

HOMO FOR LIFE said:


> Normalized to what?  There is no fundamental to Bitcoin except demand.


Normalized to common use more liquid and more accessible. In example, last month I walked into a shitty little convenience store and saw a crypto atm . You haven't explained why now is the time to leave, I would genuinely like to hear this.


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## HOMO FOR LIFE (Feb 16, 2021)

troon patrol said:


> Normalized to common use more liquid and more accessible. In example, last month I walked into a shitty little convenience store and saw a crypto atm . You haven't explained why now is the time to leave, I would genuinely like to hear this.


Why is it ever time to enter except to say bitcoin is a legal way to pump and dump your money?  I see it as a highly sophiscated pyramid scam since it has no fundamental value.  

I am in it for the rising evaluation.  Its never going to be a long term investment.  Its a long term speculation.


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## TowinKarz (Feb 16, 2021)

Lady Adjani said:


> Couldn't you say the same about paper money? Yeah it's backed by gold, but it only has value because we've agreed to use it as a means of exchange.



As @Pyre said, US Dollars aren't backed by gold anymore, and I don't know of any major first-world currency that is.

It's only value is that which the consumer has in it.

And the fact that the US Govt. is a lender-of-last resort likely to BE there in some form even in the event of global cataclysm.

Bitcoin is just a medium that a group of people have agreed upon as being a currency, some have made a lot of money on it's speculation, some mainstream places even take it, Bully for them.

But, there is no lender-of-last resort on it, so, you're taking a chance that if something wipes the financial world to the point that the 99%-agreed-upon currency is now worthless, what makes you think your niche' one is going to be accepted by anyone outside the niche'?

Just like we used to ask of the gold hoarders who talked about the supposed "real value" in precious metal - in a disaster, a true disaster, who is going to trade you FOOD for shiny coins?  Well, whose gonna trade for  virtual shiny eCoins that don't even physically exist?  At least you could use a gold coin to level out an uneven coffee table.

Naturally, the response to this is to just keep promoting BTC until it reaches the same level of trustworthiness, but I'm not seeing it due to the fact it doesn't have L of LR protection as an integral part of it from the start.  If your economy goes bad, you know where your Government is, and whether at fault or not,  they're likely to respond to demands for redress   more easily and are more likely to respond at all than just howling into the internet if your bitcoin disappears or something.

Like if EMP nukes the hard drives tomorrow, what are you going to do to get your bitcoin back? At least I have documented records of how much cash was in my account and the FDIC says they'd cover it.


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## knobslobbin (Feb 16, 2021)

My prediction: Sept 2021 btc moons but as ppl rush to cash in driven by rampant speculation and FOMO another fee crisis hits and the mempool explodes tanking the price and crashing the price for years. Meanwhile eth and bch are the big winners on the fall of bitcoin.

To add insult to injury President Kamala issues an EO taxing crypto losses.


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## HOMO FOR LIFE (Feb 16, 2021)

TowinKarz said:


> As @Pyre said, US Dollars aren't backed by gold anymore, and I don't know of any major first-world currency that is.
> 
> It's only value is that which the consumer has in it.
> 
> ...


Value of fiat currency exists in relative value to goods created by the industry.

Yes, fiat does have value.

The problem with this dynamic is that when you go MONEY PRINTER GO BRRRR, you have created greater supply of currency in relative to the goods created by the nation.

Hence the crazy trade deficit that western nations is facing right now.  Companies are paying premium to ship the goods from China and with Corona lockdown, production is way down but the demand is the same.  This whole dynamic makes sense short term but in the long run, you just leveraged the future of nation in IOU.  Bacially the entire world leveraged the survival of their economy on the ability of China to produce their goods for them. 

This is fucking pathetic.


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## IoTbot (Feb 16, 2021)

Luckily for me i managed to move all 7k of my btc into more stable currencies.


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## Ghost In The Rain (Feb 16, 2021)

HOMO FOR LIFE said:


> Value of fiat currency exists in relative value to goods created by the industry.
> 
> Yes, fiat does have value.
> 
> ...



Wouldn't the value of the fiat currency going down be a good thing when the nation, the average person, and in fact as far as anyone can tell the entire earth is in debt in that currency?

Look at the collapse from the most extreme not-going-to-happen possibility: Suppose the US govt decided tomorrow to order the printing of a $100 trillion dollars of stimulus to be given to each and every citizen of the US. That IOU that we owe to china is going to be really fucking easy to pay in that world, isn't it? National debt is erased, all debts that are tendered in US dollars are effectively erased. Savings are too, and the currency is effectively dead, but so what? The farmland still will grow crops, the factories that exist will still exist.

I recall it coming up in conversations of UK versus EU currencies from time to time where I will see someone stating that the value of a currency going down is a bad thing due to trade and then a paragraph later stating that the value of a currency going up is a bad thing due to trade. Honestly I'm starting to think that no one actually understands economics at all and the entire thing, the whole world economy, is a cargo cult that works on blind faith. That would explain why crypto works so well with it.

Heck, the 'crazy trade deficit' thing: how is that bad? You're telling me that we have more actual physical goods going to us than away from us and that for some reason that is bad. Why would that be bad, we're getting stuff and they're getting an IOU that will never be paid, or if it is paid it'll be paid when it is worth a tiny fraction of what it is right now, and in the meantime we have all this stuff. Why would they even agree to this? Have they not read the parts of history pertaining to trade deals with westerners? They don't go well for the non-westerners: get paid in tangible, useful goods up front or you will get screwed.


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## Un Platano (Feb 16, 2021)

IoTbot said:


> Luckily for me i managed to move all 7k of my btc into more stable currencies.


I hope by "more stable" you mean not crypto, because if BTC goes down it's all going down. You can't get real diversity in a crypto portfolio because it's all the same shit in the end.


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## HOMO FOR LIFE (Feb 16, 2021)

Ghost In The Rain said:


> Wouldn't the value of the fiat currency going down be a good thing when the nation, the average person, and in fact as far as anyone can tell the entire earth is in debt in that currency?
> 
> Look at the collapse from the most extreme not-going-to-happen possibility: Suppose the US govt decided tomorrow to order the printing of a $100 trillion dollars of stimulus to be given to each and every citizen of the US. That IOU that we owe to china is going to be really fucking easy to pay in that world, isn't it? National debt is erased, all debts that are tendered in US dollars are effectively erased. Savings are too, and the currency is effectively dead, but so what? The farmland still will grow crops, the factories that exist will still exist.
> 
> ...


A) the main goal of the current inflationary policy is to inflate away the debt just like during WWII.

One small problem. USA is no longer a manufacturing nation with trade surplus and roboust industrial output and export. We are mainly an importer.  Even if we inflate our currency, unlike post-ww2, OUR TAX INCOME
WILL NOT INFLATE WITH IT.

B) if you inflate your currency to a point where the world no longer recognizes it as world currency reserve, why should anyone want to trade with USA and take their IOU? 

Think for a second.  Why should anyone take American currency in exchange for good if they know that America's intention is to deflate its value?

C)  inflating your economy comes with several problems that you have not addressed. One is income stability.  Income lags behind the inflation. Always.  Second is pension.  Pensioners receive set amount of money per month and annually.  Inflating economy erodes purchasing power of these individuals that rely on stable currency.  This will eventually lead to SEVERE homeless problem among the elderly and more.

D) trade deficit is not at all the worst thing in the world but simply a reflection of noncompetitive nature of American economy in general against China. 

And finally, the debt.

We are currently living in the one of the lowest rate environment in the history of america.  Should our economy "recover," ask yourself. Do you think we will ever increase the rate to "normality?" The answer is no.  And if we do, the collapse of american economy is a guarantee. Nay, the world, because everyone is abusing modern monetary policy to a point where endgame is "you will own nothing and you will like it."

Finally, deflating our currency has several effects.  One is inflated value of assets like stocks and real estate where your "money" will hold their value.  They are inflated through, again, IOU. 

Let's be real.  Our economy is not real.  We have misallocated trillions of capital in assets that does not produce any good.  A healthy economy will undergo natural cycle of crash and recession, deflate these inflated assets, and reallocate our capital towards productive assets that creates goods and value to economy.

It doesn't right now. And that is not changing anytime soon.


That is why I am heavy on mining and extraction assets.  They produce things.  And they will continue to produce things through inflationary period.


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## Inventor of the Telephone (Feb 16, 2021)

Would someone send me one of these "bit coins"? I want to inspect one up close, out of curiosity. Just for a minute.


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## Cool Dog (Feb 16, 2021)

I dont get how it hasn't crashed already, this price is unsustainable

You cant even use it as a medium of exchange anymore, its pure speculation



knobslobbin said:


> My prediction: Sept 2021 btc moons but as ppl rush to cash in driven by rampant speculation and FOMO another fee crisis hits and the mempool explodes tanking the price and crashing the price for years. Meanwhile eth and bch are the big winners on the fall of bitcoin.
> 
> To add insult to injury President Kamala issues an EO taxing crypto losses.


When it crashes its going to take all the other cryptos down with it, except stablecoins like DAI

And how you tax losses?


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## Vecr (Feb 16, 2021)

wendys dog said:


> I dont get how it hasn't crashed already, this price is unsustainable
> 
> You cant even use it as a medium of exchange anymore, its pure speculation
> 
> ...


It's an asset, I don't think you tax losses in the US.


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## knobslobbin (Feb 16, 2021)

wendys dog said:


> ...
> 
> And how you tax losses?


That would be the joke.


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## troon patrol (Feb 17, 2021)

just hit 51K


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## MelloYello (Feb 17, 2021)

Lady Adjani said:


> Couldn't you say the same about paper money? Yeah it's backed by gold, but it only has value because we've agreed to use it as a means of exchange.



Bitcoin has more in common with dutch tulips than paper money. There is no reason it should be more valuable now than a year ago, other than demand.
The problem with that is, eventually, you'll run out of "greater fools" to drive up the price.

There's great potential in the concept, but the morons thinking of  Bitcoin as a way to get rich quick by doing nothing keep rendering it less useful as a currency.
They certainly made the creators of Bitcoin very wealthy, though. Working as intended.


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## Cool Dog (Feb 17, 2021)

MelloYello said:


> rendering it less useful as a currency.


Bitcoin is less useful as a currency because its obsolete, there are a number of other cryptos that do this job much faster and are actually untraceable, governments have been able to track btc transactions for a while which is why all silkmarket types and hackers have moved to monero

If you have a company and want to accept crypto you're much better off with a stablecoin since btc, eth or any non-stable coin could wreck your finances with one of its price swings. Say you take payments in btc, right now you would be losing customers because they dont want to spend their coins during a bubble. And every hacker group out there is going to be trying to hack your wallets because you're a visible target

And if you get a bust like the one after the ATH from a couple years ago then you're fucked, you lost like 5/6ths of the revenue you made before the crash if you're still holding the coins instead of fiat. Thats like retroactive bankruptcy, the kind of shit that happens in countries like mine but even here the currency dont go from 1 to 1/6 of it overnight

So why nobody is using stablecoins then? because you cant get rich quick with those, which shows the entire crypto scene is just a tulip mania, coins like btc and eth are only being used to speculate on the price and offload it to a bigger fool before the price crashes again

Frankly I wish some government uses a quantum computer and cracks the key already so this bullshit can end, but now that tesla and wall st. joined the party thats not gonna happen. Its known the chicom elite is behind the chinese miner operation


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## MelloYello (Feb 17, 2021)

wendys dog said:


> If you have a company and want to accept crypto you're much better off with a stablecoin since btc, eth or any non-stable coin could wreck your finances with one of its price swings. Say you take payments in btc, right now you would be losing customers because they dont want to spend their coins during a bubble. And every hacker group out there is going to be trying to hack your wallets because you're a visible target
> 
> And if you get a bust like the one after the ATH from a couple years ago then you're fucked, you lost like 5/6ths of the revenue you made before the crash if you're still holding the coins instead of fiat. Thats like retroactive bankruptcy, the kind of shit that happens in countries like mine but even here the currency dont go from 1 to 1/6 of it overnight
> 
> So why nobody is using stablecoins then? because you cant get rich quick with those, which shows the entire crypto scene is just a tulip mania, coins like btc and eth are only being used to speculate on the price and offload it to a bigger fool before the price crashes again


Well, that's the conundrum, isn't it? The coins which are popular aren't stable, and those which are stable aren't popular, thus largely unused.


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## Cool Dog (Feb 17, 2021)

MelloYello said:


> Well, that's the conundrum, isn't it? The coins which are popular aren't stable, and those which are stable aren't popular, thus largely unused.


Is not just that but btc itself its obsolete, its the CP/M of coins

The only reason its still being used is because of the speculation around its price, FOMO and get rich quick idiots

If it depended entirely on its usability as a currency then it would be in a museum instead


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## mindlessobserver (Feb 17, 2021)

Un Platano said:


> I hope by "more stable" you mean not crypto, because if BTC goes down it's all going down. You can't get real diversity in a crypto portfolio because it's all the same shit in the end.



Not entirely true. ETH is very different to BTC at the fundamental level. ETH is not money is not meant to be.


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## ConfederateIrishman (Feb 17, 2021)

I don't really get why people are panicking over Bitcoin crashing -- it has crashed before and will crash again; Yeah if someone FOMOs right now there is a good chance they will get raped, but if it massively crashes again chances are you can probably buy the dip since people circlejerk so hard about BTC and how it the biggest cryptocurrency and the oldest that eventually it will just go up again.


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## HOMO FOR LIFE (Feb 17, 2021)

FYI, 

You can buy bitcoin on margin.

yes, you can double leverage on speculative assets.


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## irishAzoth (Feb 17, 2021)

knobslobbin said:


> My prediction: Sept 2021 btc moons but as ppl rush to cash in driven by rampant speculation and FOMO another fee crisis hits and the mempool explodes tanking the price and crashing the price for years. Meanwhile eth and bch are the big winners on the fall of bitcoin.
> 
> To add insult to injury President Kamala issues an EO taxing crypto losses.


Damn right lol 
bitcoin is slowly becoming boomer tech with everything going to smart contracts now
theres still time kiwis join a liquidity pool and profit with me. I promise their will be gains along the way


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## cantankerous jackalope (Feb 17, 2021)

This is not a record. When it hits 100k by the summer, that will be when the champagne comes out.


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## Bad Gateway (Feb 17, 2021)

This time it's real!


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## Blake Chortles (Feb 17, 2021)

Alright someone tell me bitcoin is crashing tomorrow so my 2/19 50p in RIOT are gonna print.


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## IoTbot (Feb 17, 2021)

Un Platano said:


> I hope by "more stable" you mean not crypto, because if BTC goes down it's all going down. You can't get real diversity in a crypto portfolio because it's all the same shit in the end.


No lol. 
USD, It was a joke made at the expense of the possible future of the US economy.


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## troon patrol (Feb 19, 2021)

55K


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## HOMO FOR LIFE (Feb 19, 2021)

Omfg my Bitcoin ETF is outperforming my shitty blue chip stocks


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## Tookie (Feb 19, 2021)

Augggh I'm gonna fucking mooooooooon...


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## Cool Dog (Feb 19, 2021)

Now its 56k, how the fuck it keeps going up?

And how big is going to be the collapse this time?


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## Sanshain (Feb 19, 2021)

inb4 some people STILL don't cash out after buying in at 5k or under because they don't want to be left behind if it goes even higher before inevitably powerslamming into the ground at mach 9.6


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## HOMO FOR LIFE (Feb 19, 2021)

Lmao my crypto ETF is da bomb right now. 

Pls people pump it more. I wanna cash out soon.


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## HeirenPlaya (Feb 20, 2021)

I think that it would be a good idea to cash out around 60K. Even if it goes up farther, it's likely going to go down to 30K or below...


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## mindlessobserver (Feb 20, 2021)

I am calling shenanigans. This is not normal growth and is 100% a bubble. If it is natural growth then a massive amount of USD has been turned into BTC, in which case the ban hammer is waiting in the wings. 

I've only been involved in the crypto market since january so take that for what you will. I rather like Ethereum and BAT long term. I have never liked Bitcoin. So take that bias for what it is too. That said something too good to be true is absolutely too good to be true. BTC is overvalued by alot. If I had money in it (I do not) I would be heading for the exit now.


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## HeirenPlaya (Feb 20, 2021)

Compared to other coins, BTC's technology is inefficient, but that doesn't mean that it is a shite coin.

I do agree that it is far overbought at this time, and it is looking like a bubble. Price targets set at $64K to take profits, personally. I could be totally wrong but will press the button, to hell with FOMO.

Always have a sound target when investing so as not to get too caught up in emotion.


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## tulskij_tochnyj (Feb 20, 2021)

mindlessobserver said:


> I am calling shenanigans. This is not normal growth and is 100% a bubble. If it is natural growth then a massive amount of USD has been turned into BTC, in which case the ban hammer is waiting in the wings.


Feb 15 was another deadline for Tether to submit their internal documentation (how USDT is issued/backed etc.) to the NY AG. There is no way USDT is fully backed and this will be revealed to general public as investigation proceeds. When it happens, Tether is done for. I get a feeling that this BTC pump is the final money grab by Tether/Bitfinex before they run with their clients USD/crypto. Just like Mt.Gox, just like ICOs in 2017. Someone should make a compilation of "#HAVEFUNSTAYINGPOOR" comments from BTC lemmings, add suicide hotline numbers at the bottom and shove this picture in their faces once the BIG DOOMPA begins.


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## HeirenPlaya (Feb 20, 2021)

Any thoughts on alternative stablecoins, or do you think that they are boned too once the USDT flames rise?


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## tulskij_tochnyj (Feb 20, 2021)

HeirenPlaya said:


> Any thoughts on alternative stablecoins, or do you think that they are boned too once the USDT flames rise?


In theory, stablecoins issued by US Law-compliant exchanges should be more stable, but I'm not an expert in this. I've only been following Tether's story because shit's hilarious.


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## mindlessobserver (Feb 20, 2021)

HeirenPlaya said:


> Any thoughts on alternative stablecoins, or do you think that they are boned too once the USDT flames rise?



I am sure all the cryptos will take a shit if BTC does, but I do like Ethereum, and that is what Coinbase is using for their stable coin, which they have unimaginatively called the US Dollar Coin.


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## Cool Dog (Feb 20, 2021)

HOMO FOR LIFE said:


> Lmao my crypto ETF is da bomb right now.
> 
> Pls people pump it more. I wanna cash out soon.


Cash out now, I know people who got into the last ATH at 17k, didnt cash out at 19k and got fucked for years

Some even moved to bubbly shitcoins so they probably missed this ATH


mindlessobserver said:


> I am calling shenanigans. This is not normal growth and is 100% a bubble. If it is natural growth then a massive amount of USD has been turned into BTC, in which case the ban hammer is waiting in the wings.
> 
> I've only been involved in the crypto market since january so take that for what you will. I rather like Ethereum and BAT long term. I have never liked Bitcoin. So take that bias for what it is too. That said something too good to be true is absolutely too good to be true. BTC is overvalued by alot. If I had money in it (I do not) I would be heading for the exit now.


Its 100% bubble, theres no actual demand for BTC as a coin, its like a speculative security now


HeirenPlaya said:


> Compared to other coins, BTC's technology is inefficient, but that doesn't mean that it is a shite coin.


Nobody saying its a shitcoin but it is obsolete, there's no denying it

If you want to do anonymous transactions and not pay fees out your ass to banks there are better, faster, cheaper and more stable coins out there

Like tell me a reason not to take payments in DAI, seriously I cant find a reason against it

Wish there was a stablecoin fork of monero tho, you know with that level of privacy


tulskij_tochnyj said:


> Feb 15 was another deadline for Tether to submit their internal documentation (how USDT is issued/backed etc.) to the NY AG. There is no way USDT is fully backed and this will be revealed to general public as investigation proceeds. When it happens, Tether is done for. I get a feeling that this BTC pump is the final money grab by Tether/Bitfinex before they run with their clients USD/crypto. Just like Mt.Gox, just like ICOs in 2017. Someone should make a compilation of "#HAVEFUNSTAYINGPOOR" comments from BTC lemmings, add suicide hotline numbers at the bottom and shove this picture in their faces once the BIG DOOMPA begins.


I literally cant believe a shady fucking outfit like bitfinex is still in business after the 2016 hack where they basically took coins and FIAT from its users to cover the btc that got "stolen", and I say that because rumors were they faked it, after all they issued those worthless tokens instead and they bought back a ton for a pittance

Anyone who holds tether deserves whats coming


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## HOMO FOR LIFE (Feb 20, 2021)

How high is this gonna go before it pops. Wtf. I feel like it can go up to $100k


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## mindlessobserver (Feb 20, 2021)

HOMO FOR LIFE said:


> How high is this gonna go before it pops. Wtf. I feel like it can go up to $100k



I would bet closer to 60k, any higher and regulators are going to start getting involved and I would bet big money quite a few of the BTC clearing houses have bodies in the back lawn. This reeks of a pump and dump securities fraud. If it's not then big movers are converting their cash into BTC at an alarming rate to hedge against the US Dollar. Not sure which is worse. Either way the SEC is sure to start nosing into peoples business.


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## Oughtism (Feb 20, 2021)

mindlessobserver said:


> I would bet closer to 60k, any higher and regulators are going to start getting involved and I would bet big money quite a few of the BTC clearing houses have bodies in the back lawn. This reeks of a pump and dump securities fraud. If it's not then big movers are converting their cash into BTC at an alarming rate to hedge against the US Dollar. Not sure which is worse. Either way the SEC is sure to start nosing into peoples business.


Why is 60k the point that will get regulators involved? Why wasn't it 40 or 50? I just think it is difficult to predict these kind of things, just as it is hard to predict the overall movement of the crypto market.

Do I think BTC is inflated? Yes, definitely. But even that is speculation. The fact that BTC has had a couple high-profile injections of cash recently is definitely a sign that _some _people with money are hedging against the USD. Would they do that if they think a clamp down is imminent? Not sure.

Regardless, I hope that all farmers don't put all of their *(kiwi) *eggs in one basket and that we all make it through unscathed.


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## HOMO FOR LIFE (Feb 20, 2021)

Oughtism said:


> Why is 60k the point that will get regulators involved? Why wasn't it 40 or 50? I just think it is difficult to predict these kind of things, just as it is hard to predict the overall movement of the crypto market.
> 
> Do I think BTC is inflated? Yes, definitely. But even that is speculation. The fact that BTC has had a couple high-profile injections of cash recently is definitely a sign that _some _people with money are hedging against the USD. Would they do that if they think a clamp down is imminent? Not sure.
> 
> Regardless, I hope that all farmers don't put all of their *(kiwi) *eggs in one basket and that we all make it through unscathed.


I don't understand why people say this is a bubble.  BTC has no intrinsic value.  Therefore, it could be a million dollars tomorrow and it will still not be a bubble.  There is no floor where we can measure it's median value.

  There is no way to measure the value of this object except supply and demand.

We know that there is actually an infinite supply of currency right now because the governments of the world made it so.  BTC could go up indefinitely without end.


----------



## Erika Furudo (Feb 20, 2021)

Shit like this makes me regret not getting into BTC before all the KYC got introduced and put me off coin exchanges, because you absolutely can make money off this. But to me this looks like a modern version of Tulip mania. 


			https://en.wikipedia.org/wiki/Tulip_mania
		


The main reason I never saw the appeal of crypto was that it had no backing other than trust and some barter stuff. Now it still isn't a currency, it's a stock people invest in, not realising it only has worth if you can sell it to other people. Atleast with shit like gold, it's a physical thing that has some actual value even if it's just for computer parts or wedding rings, I get the feeling the crash will hit people hard. I think monero will do fine, ETH will do fine, maybe a few others with actual functions, but I think if it crashes BTC won't get back up.


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## HOMO FOR LIFE (Feb 20, 2021)

Erika Furudo said:


> Shit like this makes me regret not getting into BTC before all the KYC got introduced and put me off coin exchanges, because you absolutely can make money off this. But to me this looks like a modern version of Tulip mania.
> 
> 
> https://en.wikipedia.org/wiki/Tulip_mania
> ...


I hope BTC crashes so I can finally invest in some legit crypto with fantastic utility.  Bitcoin doesn't have any lol.

You know all crypto will collapse along with BTC but some better than others.  I am waiting for that shit.  That will be another opportunity for smart investors waiting the next thing.


----------



## Erika Furudo (Feb 20, 2021)

HOMO FOR LIFE said:


> I hope BTC crashes so I can finally invest in some legit crypto with fantastic utility.  Bitcoin doesn't have any lol.
> 
> You know all crypto will collapse along with BTC but some better than others.  I am waiting for that shit.  That will be another opportunity for smart investors waiting the next thing.


The issue is crypto is already being assimilated by banks. KYC removes anonymity and requires you to go through a central authority to access trade platforms. Unless you mine crypto, or provide a service in exchange for crypto you need to use fiat and hope your bank lets you do it. If you are then authorised to use platforms like CB, and the bank is letting you purchase crypto, you can still get your account closed like people who tried to send money from theri CB wallet to KF. 
For a supposedly decentralized idea, it seems there is a high level of dependence on powerful groups where you just hope they wont fuck you. Unless you want to buy hardware and hope that your coins are worth more than the cost of mining, but even if that were the case you can't go to the store and buy food with any of this. Hell lets say you could, lets say that more places just allow crypto. Who the fuck would accept it after this bubble bursts? Stability is kind of a big deal for trade, and the only stable stuff is bound to fiat and unusable, and fiat is only stable because it's everywhere and backed by the government.

But as a short term investment, crypto seems pretty good. Or it was anyway.


----------



## HOMO FOR LIFE (Feb 20, 2021)

Erika Furudo said:


> The issue is crypto is already being assimilated by banks. KYC removes anonymity and requires you to go through a central authority to access trade platforms. Unless you mine crypto, or provide a service in exchange for crypto you need to use fiat and hope your bank lets you do it. If you are then authorised to use platforms like CB, and the bank is letting you purchase crypto, you can still get your account closed like people who tried to send money from theri CB wallet to KF.
> For a supposedly decentralized idea, it seems there is a high level of dependence on powerful groups where you just hope they wont fuck you. Unless you want to buy hardware and hope that your coins are worth more than the cost of mining, but even if that were the case you can't go to the store and buy food with any of this. Hell lets say you could, lets say that more places just allow crypto. Who the fuck would accept it after this bubble bursts? Stability is kind of a big deal for trade, and the only stable stuff is bound to fiat and unusable, and fiat is only stable because it's everywhere and backed by the government.
> 
> But as a short term investment, crypto seems pretty good. Or it was anyway.


I think there is a case for an idea of digital gold.

In a world where government call print as much as they can, people would want something that "backs it".  I think we are done with the idea that government would store gold to build confidence and balance in their currency system. Fuck government "audit". 

With crypto, you can at least decentralize that process to each individual ownership.


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## mindlessobserver (Feb 21, 2021)

Oughtism said:


> Why is 60k the point that will get regulators involved? Why wasn't it 40 or 50? I just think it is difficult to predict these kind of things, just as it is hard to predict the overall movement of the crypto market.
> 
> Do I think BTC is inflated? Yes, definitely. But even that is speculation. The fact that BTC has had a couple high-profile injections of cash recently is definitely a sign that _some _people with money are hedging against the USD. Would they do that if they think a clamp down is imminent? Not sure.
> 
> Regardless, I hope that all farmers don't put all of their *(kiwi) *eggs in one basket and that we all make it through unscathed.



Which is a fair point. The trillion dollar valuation and corporations adding it to their balance sheet probably already has the regulators looking under rocks.


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## Kosher Dill (Feb 21, 2021)

HOMO FOR LIFE said:


> I don't understand why people say this is a bubble. BTC has no intrinsic value.


Why would that stop it from being a bubble? Beanie Babies had negligible intrinsic value too.


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## tulskij_tochnyj (Feb 21, 2021)

Was going to write a post about Tether and insufferable twitter lolberts, but made this meme instead.


Spoiler: How A Lolbert Learned to Stop Screeching and Love the Fiat


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## TheFLORIDAman CountDooku (Feb 21, 2021)

I put 1/4th of my savings into Bitcoin the day before it was announced 1.5 billion was invested, it was a good return but it is quite confusing trying to time the actual crash. I get that a lot of people speculating aren't actual financial advisors or so-called experts but before I was hearing cash out around April - October but now I hear cash out in December 2021 - January 2022 and now I hear people on here saying it's about to happen in the next 3-5 months but I don't know man lmao this shit gets confusing when I try to generally time it. Just don't wanna absolutely demolish all my shekels but I am prepared somewhat. 

I am mainly waiting to see what the next stimulus package will do to the market and crypto, until then I am keeping my mouth shut on legitimate bitcoin predictions.


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## mindlessobserver (Feb 21, 2021)

TheFLORIDAman CountDooku said:


> I put 1/4th of my savings into Bitcoin the day before it was announced 1.5 billion was invested, it was a good return but it is quite confusing trying to time the actual crash. I get that a lot of people speculating aren't actual financial advisors or so-called experts but before I was hearing cash out around April - October but now I hear cash out in December 2021 - January 2022 and now I hear people on here saying it's about to happen in the next 3-5 months but I don't know man lmao this shit gets confusing when I try to generally time it. Just don't wanna absolutely demolish all my shekels but I am prepared somewhat.
> 
> I am mainly waiting to see what the next stimulus package will do to the market and crypto, until then I am keeping my mouth shut on legitimate bitcoin predictions.



In theory the central banks can keep this kabuki theater going indefinitely. I am just not buying it though. The surge in speculative assets, get rich quick pump and dumps and so on resemble the dot com bust alarmingly. And unlike back then we have since so overly securitized everything that so many things have exposure. Nothing was learned for the great recession sadly, except that there is apparently no such thing as moral hazard.


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## tulskij_tochnyj (Feb 21, 2021)

TheFLORIDAman CountDooku, I think there is no way to predict the timing of correction crash. Crypto markets are driven by small group of insiders using less-than-legal practices (obfuscated "stable" coins, DeFi with insane yields in monopoly money, straight-up scams etc.). That shit is unpredictable on itself, now add regulators into equation and you'll understand why some older traders won't touch crypto with 10-foot pole. Yes, you absolutely can make money in this environment, but the risk is high. So, don't keep your coins on exchange's wallets, avoid stablecoins and hope for the best.


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## Danny (Feb 21, 2021)

In 2017 I bought one coin at $1200+/- and pretty much forgotten about it until the past couple of months.
 IDK who needs to hear it but thanks.


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## TheFLORIDAman CountDooku (Feb 21, 2021)

mindlessobserver said:


> In theory the central banks can keep this kabuki theater going indefinitely. I am just not buying it though. The surge in speculative assets, get rich quick pump and dumps and so on resemble the dot com bust alarmingly. And unlike back then we have since so overly securitized everything that so many things have exposure. Nothing was learned for the great recession sadly, except that there is apparently no such thing as moral hazard.


Yeah, I guess I didn't think about it like that. It's a shame that political figures don't even want to actually in-depth mention Crypto out of fear of retribution or their careers I assume.


tulskij_tochnyj said:


> TheFLORIDAman CountDooku, I think there is no way to predict the timing of correction crash. Crypto markets are driven by small group of insiders using less-than-legal practices (obfuscated "stable" coins, DeFi with insane yields in monopoly money, straight-up scams etc.). That shit is unpredictable on itself, now add regulators into equation and you'll understand why some older traders won't touch crypto with 10-foot pole. Yes, you absolutely can make money in this environment, but the risk is high. So, don't keep your coins on exchange's wallets, avoid stablecoins and hope for the best.


I might sound like a Norman or a bone marrow baby when I say this but how would someone run off with the money of a stable coin? Especially if the tether is like a 30 billion market cap I don't think you could actually just run off with that.


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## Tookie (Feb 21, 2021)

I'm guessing it crashes back down to around $20K in the next three months. Roughly 2/3 of the exchange volume looks like Tether flying around so I'm assuming a crash of around that amount when the wheels come off that bus.


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## tulskij_tochnyj (Feb 22, 2021)

TheFLORIDAman CountDooku said:


> I might sound like a Norman or a bone marrow baby when I say this but how would someone run off with the money of a stable coin? Especially if the tether is like a 30 billion market cap I don't think you could actually just run off with that.


Alright, I guess I have to write Tether post anyway.



Spoiler



*1) "Should've read the ToS, bro"*
Let's start with their ToS | archive:


> Tether reserves the right to delay the redemption or withdrawal of Tether Tokens if such delay is necessitated by the illiquidity or unavailability or loss of any Reserves held by Tether to back the Tether Tokens


Well, up for a great start. What are "Reserves"? In theory, USD deposits, securities and other assets. In practice, Tether Inc. is some shady company that:

was founded by CSO and CFO of Bitfinex. Conflict of interest? No such thing on a True and Honest Free Market!;
has very limited access to banking (kinda like Josh but for much more nefarious reasons);
have never provided a financial audit. Crazy conspiracy theorists like me think that Tether Reserves are mostly crypto, DeFi contracts or IoU notes from unregulated exchanges (those of you who had witnessed MtGox fiasco should start getting flashbacks at this point).
Yeah, and both Tether and Bitfinex are now under NY AG investigation. The latter brings us to:


> *Any individual who is a U.S. Person and any entity that is a U.S. Person is prohibited from using the Site or any Services, including but not limited to using a Digital Tokens Wallet on the Site. Exceptions to this policy may be made by Tether, in its sole discretion, for Eligible Contract Participants only, which shall be customers solely of TLTD. *


Here's the reason why USDT isn't traded on (((regulated))) exchanges with US Clients on them. While it seems detrimental at first, it's actually beneficial, because USD and USDT aren't traded against each other and their "ecosystems" are air gapped. You can't tell if 1:1 USD:USDT peg is real if you can't trade both against each other on the same platform and let market forces to reveal the real price. If this is not a red flag, I don't know what is.

*2) How to get rich quick on the Internet*
Here's how money are made with USDT (to put it simply):

USDT is minted, lent to exchanges (with crypto or IoU as collateral);
Exchanges sell USDT to clients for their BTC, and/or use USDT as a collateral for margin trading (*THAT* margin trade in crypto, where retail investor can get more leverage than any GigaJew.Inc can get IRL. Power to the People you say?) and DeFi, thus pumping the BTC price nominated in USDT;
Because of 1:1 peg, BTC price nominated in USD is also pumped;
BTC accumulated by Tether and exchanges are sold on Coinbase or other (((regulated))) exchange for USD
PROFIT!
goto 1.
This scheme works as long there is USD influx in the system. There are two issues:

You can run out of retards eager to change their Fiat to Fiat(tm). Hence the endless shilling of #DigitalGold, #HaveFunStayingPoor etc. The world's first decentralized pyramid scheme needs you!
Uncle Sam finally slamming Tether and other "stablecoins" with regulations/lawsuits. Google "STABLE Act", "NY AG investigation on USDT". The thing is, USDT basically undermines US Currency. Do you think the government will let it fly? Hell no.
And now you start getting articles like this:








						Bitcoin rally faces potential test from falling market liquidity -  BNN Bloomberg
					

The rally in Bitcoin that took the digital token to a fresh peak over the weekend could face a test from declining liquidity in the market for the largest cryptocurrency.




					www.bnnbloomberg.ca
				





			https://archive.md/H4noT
		


Quite an experience to live in fear, isn't it?


----------



## HOMO FOR LIFE (Feb 22, 2021)

tulskij_tochnyj said:


> Alright, I guess I have to write Tether post anyway.
> 
> 
> 
> ...


I will upload when this bubble inevitable burst at 70k lol.


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## mindlessobserver (Feb 22, 2021)

It's truly depressing how much of the economy is held together with meme magic.


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## TheFLORIDAman CountDooku (Feb 23, 2021)

mindlessobserver said:


> It's truly depressing how much of the economy is held together with meme magic.


Company stocks with impending bankruptcy hold a large part of this Mount Everest market so I would agree with that depression bit.


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## Overly Serious (Feb 23, 2021)

I think I'm with most people here in believing that we're likely to see some major transfer over to a blockchain currency from the US dollar. I just don't think it will be BTC when it happens. There are other coins that have better underlying technology. Then again, I've seen enough in my career to know that decisions are made on many other factors than which is best technically.

Personally if I had made a substantial profit on BTC I would be getting out at this point. I know I would still be happy saying: "I made a lot of money even though I could have made a bit more" at the end of the day. Sure, it could keep going up and up but if it does then it's because the fiat dollar is going down and down and if that's the case there are more secure stores of wealth than Bitcoin that you could get into right now like property or metals.

The one thing I'm still trying to figure out is if there is a big transfer away from the dollar, what does that do to big mutual funds. Are they still a good thing to invest in if you believe the dollar is going to drop big time (I mean, more than it already is)?


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## HOMO FOR LIFE (Feb 23, 2021)

Anyone selling now. 

I am holding. Selling pressure doesn't seem to justify my belief that the collapse has come.


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## mindlessobserver (Feb 23, 2021)

HOMO FOR LIFE said:


> Anyone selling now.
> 
> I am holding. Selling pressure doesn't seem to justify my belief that the collapse has come.



This is because Musk opened his Gob again and everyone rushed to be the first out the door. I would not sell personally. Honestly thinking of buying.

*edit* and tether getting yeeted by NY state. Rough water ahead. Glad I am in ETH but alas its getting shat on too atm


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## Cool Dog (Feb 23, 2021)

The correction is underway, $45k and 13% down just today with no sign of stopping


tulskij_tochnyj said:


> avoid stablecoins


Why tho?


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## HOMO FOR LIFE (Feb 23, 2021)

mindlessobserver said:


> This is because Musk opened his Gob again and everyone rushed to be the first out the door. I would not sell personally. Honestly thinking of buying.
> 
> *edit* and tether getting yeeted by NY state. Rough water ahead. Glad I am in ETH but alas its getting shat on too atm


All your airline gains are fucked.


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## Kosher Dill (Feb 23, 2021)

Spotted on Etsy:


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## tulskij_tochnyj (Feb 23, 2021)

wendys dog said:


> Why tho?


If a stablecoin is not properly backed (and now we know that at least USDT wasn't backed 1-to-1 in 2017-2018, see their settlement agreement. And they haven't provided complete audit since then), it'll create digital "bank run" when people will get scared and decide to cash out. At first, exchanges/token issuers will impose redemption limits in hope of waiting out liquidity crisis. If the panic continues, desperate people will start buying crypto with stablecoins, so they can later sell that crypto for USD. As a result, crypto priced in stablecoin will skyrocket, while the price nominated in USD will plummet. This will drive the market further into the ground as the trust in "1-to-1 peg" is lost. At this point, exchanges/issuers will face a choice: to become insolvent and hold their customers' bags filled with useless stablecoins they can't redeem, or enter damage control mode, freeze customers' wallets and buy tickets to an undisclosed island in Caribbean. Given the fact most of them are already located on said islands, what makes you think they will choose the first option?

This is the worst case scenario, of course. Some stablecoins may survive the crash, you should be looking for those that comply with US regulations.



Spoiler: Also, Tether update












						Attorney General James Ends Virtual Currency Trading Platform Bitfinex’s Illegal Activities in New York
					

Click to read more.




					ag.ny.gov
				



Archive
Tether and Bitfinex had a settlement with NY AG. They shall pay $18.5 mil in fines, can't do business in NY and shall provide regular financial reports.
Naturally, they started bragging on Twatter:


			https://twitter.com/Tether_to/status/1364197571300913153
		

Archive
The agreement itself is an interesting reading. I'm not a lawyer, but that's what I was able to extract from that:
1) The AG office looked into events that took place from 2017 to 2019.
2) From June to September 2017, 446 mil of USDT were backed by $61 million.
3) After growing concern, Bitfinex and Tether requested an audit in June 2017.
4) Conveniently, missing $382 million were transferred to newly made Tether bank account from Bitfinex so auditors can verify it.
5) Tether shat out "transparency update" with convincing numbers obtained from auditors.
6) Audit was never completed after that.
Summary: Tether had issued misleading report, omitting the fact USDT was not fully backed by USD from June to September 2017.
Also, in 2018 Tether was lending money to Bitfinex without disclosing or collateralizing the debt, because Bitfinex fucked up and got $900 mil seized on third-party accounts. Later, Tether ninja-edited its ToS to accommodate the changes in Reserves policy.

So, despite Tether's claims on Twitter, they DID break the law and they're not off the hook yet. First, they have to provide regular reports to NY AG office for the next 2 years. Given that Tether is allergic to auditors, I doubt they will ever send anything. Second, nothing prevents federal agencies from investigating Tether, using this case as a jump-start. But this settlement gives Tether a much needed time either for exit scam or for getting their shit together .
Overall, happening is cancelled, heads aren't gonna roll just yet.


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## 419 (Feb 23, 2021)

tulskij_tochnyj said:


> This is the worst case scenario, of course. Some stablecoins may survive the crash, you should be looking for those that comply with US regulations.


Would you say BUSD (Binance USD) is a good one to start using instead? Supposedly unlike Tether it is NYDFS-approved and audited at least once a month with reports made publicly available.


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## Cool Dog (Feb 24, 2021)

tulskij_tochnyj said:


> If a stablecoin is not properly backed (and now we know that at least USDT wasn't backed 1-to-1 in 2017-2018, see their settlement agreement. And they haven't provided complete audit since then), it'll create digital "bank run" when people will get scared and decide to cash out. At first, exchanges/token issuers will impose redemption limits in hope of waiting out liquidity crisis. If the panic continues, desperate people will start buying crypto with stablecoins, so they can later sell that crypto for USD. As a result, crypto priced in stablecoin will skyrocket, while the price nominated in USD will plummet. This will drive the market further into the ground as the trust in "1-to-1 peg" is lost. At this point, exchanges/issuers will face a choice: to become insolvent and hold their customers' bags filled with useless stablecoins they can't redeem, or enter damage control mode, freeze customers' wallets and buy tickets to an undisclosed island in Caribbean. Given the fact most of them are already located on said islands, what makes you think they will choose the first option?
> 
> This is the worst case scenario, of course. Some stablecoins may survive the crash, you should be looking for those that comply with US regulations.
> 
> ...


Yea I get it, tether was always a bitfinex scam but what about other stablecoins like DAI?


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## tulskij_tochnyj (Feb 24, 2021)

419 said:


> Would you say BUSD (Binance USD) is a good one to start using instead? Supposedly unlike Tether it is NYDFS-approved and audited at least once a month with reports made publicly available.


Well, US-based part of Binance (Binance.US, BUSD and their partner Paxos) seems OK. After all, that's their poster child (archive) made to divert regulators attention from off-shore entities.


wendys dog said:


> Yea I get it, tether was always a bitfinex scam but what about other stablecoins like DAI?


I was talking about stables backed by fiat. I know very little about DeFi stablecoins.


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## 419 (Feb 24, 2021)

tulskij_tochnyj said:


> After all, that's their poster child (archive) made to divert regulators attention from off-shore entities.


well shit


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## Leo Bonhart (Mar 13, 2021)

>Tulip Mania
>Beanie Baby Parallels
>Muh I can't buy a cup of coffee with it
>Invest in stablecoins

Stay Poor : The Thread


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## HOMO FOR LIFE (Mar 13, 2021)

Buy gold fags


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## cantankerous jackalope (Mar 13, 2021)

only 40k more until im vindicated


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## HOMO FOR LIFE (Mar 13, 2021)

How do I short Bitcoin. I feel like I am safe to short it.


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## troon patrol (Mar 13, 2021)

HOMO FOR LIFE said:


> How do I short Bitcoin. I feel like I am safe to short it.


Kraken and Binance allow margin trading of BTC but, good or bad let us know how it goes. I'm still going long on BTC for better or worse.


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## HOMO FOR LIFE (Mar 13, 2021)

Saying you long Bitcoin is like saying you long GME.


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## Vecr (Mar 13, 2021)

That's not exactly right, if you are long of 5USD GME or 1000USD XBT, it's probably okay, you have enough time to get out if a major issue happens.


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## mindlessobserver (Mar 13, 2021)

People are about to get a shit ton of free money. I expect all thr cryptos are going to surge in price.


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## HOMO FOR LIFE (Mar 13, 2021)

mindlessobserver said:


> People are about to get a shit ton of free money. I expect all thr cryptos are going to surge in price.


It's already priced in bro.


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## mindlessobserver (Mar 13, 2021)

HOMO FOR LIFE said:


> It's already priced in bro.


They are about to dump so much printed money into the economy over the coming months I seriously doubt the current prices could possibly cover it ahead of time.


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## HOMO FOR LIFE (Mar 13, 2021)

mindlessobserver said:


> They are about to dump so much printed money into the economy over the coming months I seriously doubt the current prices could possibly cover it ahead of time.


Bro market is always quarter ahead.  Economy gets fucked after market crashes.  It's been this way for centuries.


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## Sweet and Savoury (Mar 20, 2021)

I'm not into Bitcoin myself but even as a normie I've notice a large uptick in anti-Bitcoin articles flowing out of the usual suspects in the last few weeks.  Obliviously  the big boys have taken notice of crypto and are gearing up to do...something.


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## Super-Chevy454 (Mar 29, 2021)

Sweet and Savoury said:


> I'm not into Bitcoin myself but even as a normie I've notice a large uptick in anti-Bitcoin articles flowing out of the usual suspects in the last few weeks.  Obliviously  the big boys have taken notice of crypto and are gearing up to do...something.



Styx bitchuted about the same thing.
https://www.bitchute.com/video/pphgXkpfRFFw/ 

One bitchuter dropped some food for thoughts.


> Rockhopper
> It’s simple reverse psychology. Tell people they can’t have it and everybody wants it. Bitcoin is a Trojan horse for a cashless society. It pays out it in fiat currency


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## Ahriman (Mar 29, 2021)

Chris Titus (Linux youtuber) weighs in


----------

