- Joined
- Apr 10, 2021
I'd like to invest (albeit only small amounts of money) in precious metals like silver or gold, but the prohibitive taxes involved in investing in them puts me off the idea.
$ (BTC) The Bitcoin Thread - NO SHITCOINERS ALLOWED
- Thread starter CrunkLord420
- Start date
-
🔧 At about Midnight EST I am going to completely fuck up the site trying to fix something.
- Joined
- Jan 9, 2020
These were just questions I asked and some statement of fact. I didn't say it is better or not or anything.
But I find it interesting that many crypto buyers I know like to lecture me on the evils of our current system and with some nostalgia like to pretend and whine on about the famed "Gold Standard" and how we should not have left it.
But then they say they do want to return to it - but only if BTC is considered the new Gold.
In fact, they want BTC to replace ANY backing of a currency, i.e. it would not matter of it was Gold, hot chicks in slave camps, plutonium, Hulk Hogans Balls, or all the real estate in the world - it is all inferior to a computer code.
But when I point out there can literally be billions of identical codes produced like BTC I get told the difference is some people have adopted BTC so that makes it special - but then they are argue the only reason BTC isn't working well enough is because it isn't adopted.
I find the positions of BTCers to be a position whereby the facts are twisted to suit the argument rather than the other way around. It is a field of contradictions.
And this happens on every single front. I get told the Fed, Covid and the evil governments are responsible for the current drop (as everyone thought it would be at 200K now), but then they argue that this is naturally part of the halving cycle and it as entirely expected - except hardly any of them saw it coming and they all got wasted on their portfolios.
I guess it would be nice to have a conversation where BTC isn't always right whether it is up or down, with DeFI collapses and loss of value all being justified as part of the "clean up" but then regulators are blamed etc. etc.
I don't think BTC is a joke, but the people who live and breath it is cling to it like a sports team or politicians party and justify everything with found data rather than real data.
And for the record, the 7 or so people I know directly who are into BTC and other Crypto and lecture me on its value and power have never purchased shit with it, they have just traded it as speculators.
I see a lot right with the technology behind it, but not in it's use or purported benefits or value (overblown).
Akashic Retard
kiwifarms.net
- Joined
- Mar 19, 2021
Bitcoin gets classified
SEC Chairman Gary Gensler labels Bitcoin a commodity, giving fresh hopes for Grayscale’s spot ETF for the crypto.- Bitcoin’s called ‘digital gold’ for a reason – and Gary Gensler appears to sorta agree, reaffirming the SEC’s stance on CNBC this week that BTC is not a security like stocks, but a commodity like – yep, you guessed it – gold. However, Gensler was less willing to label other tokens as such, leaving Ethereum’s classification still unclear.
- The news gave rise to hope that Grayscale’s Bitcoin spot ETF might have a chance of being passed by the SEC in a yes-or-no decision on July 6. With further recognition of what Bitcoin is, Grayscale will prolly be pining for Gary to pass it, especially given there’s already a Futures and Short ETF for BTC.
- Bitcoin fell 2.12% on Tuesday as it hovers around the $20k mark. The market leader has now spent two weeks under the 200 week moving average – a slump BTC hasn’t experienced before. And while the wider crypto market did recover its $1tn market cap last week, everyone in the cryptoverse is still looking for a decisive move by the OG.
- Joined
- Jan 26, 2020
Just an FYI, but it would be easier for you to get good answers to these questions if you didn't bring up 12 different points at a time. People have more time to discuss things if you keep it to one aspect of something.
Speaking of gold, Uganda is claiming to have discovered $12 trillion of the stuff. It as, as far as I can tell, unverified, but it would basically double the circulating supply. (archive)
No-one has paid much attention to this apart from the crypto bros, obviously b/c they are interested in the competing store of value.
- Joined
- Jan 9, 2020
Uganda did find a bunch - but it will take a darn long time to extract it, so it isn't about to double the worlds supply anytime in the next decade or two. Sort of like finding shale - yet, but its gonna take 20 years or more to get it.
I wasn't really looking for dialogue with BTCers, I was just giving a shopping list of horseshit about it. If the answers were original from coin holders I might give a hoot, but the people I know from across the globe who are invested have the same answers to the same questions every time. From NZ, Australia to Dubai and the USA they say exactly the fucking same thing - almost verbatim.
They all think they have it figured out and are entirely free thinking. They are not. I could literally ask a question from "Tom", and "Lucy" and have "Lucy's" answer swapped for Tom's and it would be the same as Tom's. I wish I were joking. I really do.
- Joined
- Dec 21, 2018
Don't mind me, just posting some stupid take's I've collected from BTCMaxi twitter(really dislike these people, especially the whores that pimp this scam)
If you agree with a shred of any sentiments expressed above you shouldn't be allowed to manage your own finances.
If you agree with a shred of any sentiments expressed above you shouldn't be allowed to manage your own finances.
- Joined
- May 3, 2015
So do people think BTC is going to dip below 18k again? Been consistently joking with a friend I might chuck a few hundred bucks at it if it hits 19k again and it just went well below that. No interest in staking a fortune on it, but in a rare position where I could burn that much and not care right now.
- Joined
- Jan 26, 2020
Yeah, more than likely. The optimistic scenario is that it drops under 18k to make a nice double bottom with the low from 10 days ago, and just starts heading on back up. At any rate it's very likely to make a solid bounce off the low it reaches here, whether you want to stick with it after that is.... eh <gestures at the crypto meltdown thread>
I bought at 18k-ish and I'll buy there or under again, but I'm intending to sell a lot of that on the rebound and decide what to do depending on what it looks like/ if the Fed looks pivoty / if more crypto companies go under.
- Joined
- Dec 28, 2014
Because the price is so massively speculative at this point, there's almost always a hard bottom somewhere because everyone has a price where they'd buy again. Except the idiots who bought at 50K+ and lost their shirts.
- Joined
- Dec 21, 2018
It's going under 10k, then from there who knows where it will bottom out at. I imagine there will be a lot of people trying to catch the falling knife, and zoomies will talk themselves into buying more "generational wealth is at stake!". Inevitably there will be a certain amount of liquidity locked in the market, so it will most likely never hit "0" whatever that really means when they measure half the coins out there to the 0.00000001 point. I would suggest you put that money outside of paper/digital assets.
- Joined
- Nov 23, 2021
I think as long as the consensus on Reddit is to DCA and buy the dip, there's still a lot left to lose. If the recession picks up and the layoffs continue to grow exponentially, Bitcoin is going to keep crashing.
Just my dumb prognostication. Calling a bottom when the learned-to-code crew out of bootcamp is no longer clearing 200K jerking off.
- Joined
- May 3, 2015
Meh, fuck it. Nowhere I look lets me switch fiat for crypto without revealing huge amounts of personal info I've managed to keep off the internet for 20+ years.
grasshoppermustard
kiwifarms.net
- Joined
- Sep 24, 2021
- Joined
- Jan 9, 2020
While my bother lectures me on the evil central bank, I like reading the news about the latest exchange or De-Fi or Rug Pull that swiped billions from people - because BTC and Crypto is for the "people that want to create a better system". Billions in lost exchanges, billions in lost coins. Huge sums that are hard to grasp.
This is what happened: A few guys got lucky and have BTC they got for a few hundred bucks and they've given this to De-fi groups that have given them out billions of dollars - tens of billions - for their Crypto at 25 / 50% LVR.
Those same guys then took that money and purchased other coins to pump and dump, but not before loaning those coins to other De-Fi operations to against borrow money on those coins in addition to their BTC.
They then used this loaned money from their coin collateral that was money from their BTC loan collateral to then use leveraged positions to bet on BTC and other coins through again, different De-Fi and exchanges.
And because they can bet against their own holdings, they can manipulate the market by opting to sell their original BTC coins when it suits to fluctuate the market for their leveraged bets to win or lose.
Summary of example:
He lent his BTC coins to a De-Fi, at the time worth $50,000 per BTC, and got for arguments sake 1 Billion. They also offered him 10% per annum return,. That company took his coins and gave it to another DE-Fi that promised 15% APR.
He took that Billion and purchased 1 Billion worth of coins and BTC.
He took that and gave that a De-Fi that agreed to give him $250 Million for his coins as a LVR. Plus an annual return of 10%.
He then took that 250 Million and did shorts/longs equating to 2 Billion Dollars on Cryptos. But that exchange that allowed the bets is ALSO taking the coins as a De-Fi operation but for different customers!!
The guy stands to make a fortune if he gets a fraction of his bets right. And he expected to. So what happens when there are 2 movements in the market doing the same thing, but one is moving against the other?
Well, unfortunately the De-Fi that backed both is getting calling the losers.
Unfortunately, it is the De-Fi that has been using what as liquidity? Why the coins that were backing the bets. And who was backing those coins? Why the same De-Fi that lent the original amounts on his original BTC. Yes.
How could they do this? Why because those De-Fis and Exchanges happen to have cross agreements where the Exchanges LENT the coins for returns that were not their coins. So not only do the De-Fi's not have enough coins, neither do the exchanges.
This is so convoluted and fucked up it isn't funny.
How many exchanges are actually insolvent if there is a run? Every...single...one... They are all technically insolvent.
They are BEGGING and doing everything they can to keep the whales from cashing all out because if they do the market crashes - no surprise there, but what has changed now is that they have so many customers that did the same thing that were not whales that when they act as one group and move to pull out or put in money, it is the same as a bunch of whales.
So who is going to lose? The whales are slowly unwinding positions and while the wallets show them as "holding" their BTC, you will see the number of wallets holding 1 BTC skyrocket as they secretly transfer the risk to the average guy. It is not risk they are transferring - it is a guaranteed LOSS.
In a run it is the average guy who will be last to act so they've already lost their coins. How can I possibly know this? Because the exchanges are already insolvent and it is absolutely assured that traders right now who THINK they can time their withdrawal have no chance to do so.
While the market is made up of 20% little guys and 80% big guys, the exchanges have enough to cover only 60-70% of persons. If the little guys run it is over. If the big guys run, it is over.
Ergo the only strategy that works to prevent an entire collapse is HODL, which is why it is being pushed so hard. No matter how high BTC or the other coins go, there is never going to be enough liquidity to cover the Exchanges because the backing value goes up and so does the promised rate of return and so does the leverage. Even if BTC trades at 250,000 the loan ratios and returns promised outsize the liquidity because the liability also increases.
If those retail giants do not come into the market in the next 30-60 days; and IF the small guys need their money because the mortgage rates have gone up and inflation means they need money, so whole thing is going to collapse splendidly.
Expect hell to break loose. Shortly.
If BTC and other coins go below the LVR margins set, the domino effect is going to be catastrophic.
The only way they are avoiding the crash is buy more coins with leveraged positions because if they buy BTC at 20K, the margin call won't come in until 10K.
So where are they getting this extra money if their current money is all tied up?
Why, new customers. A new customer's 1$ is worth 4$.
The exchange takes "their" $1 and buys a BTC. It takes that BTC to a De-fi and says "give me 2$", they do. They take that $2 and go buy a leveraged position of $4 BTC that won't get a call unless it drops to 10K.
So if they pump the market with THIER OWN BUYING they are safe. The moment new buyers drop off the true value of BTC must fall as their are no "buyers" even though the exchanges and de-fi are actually the buyers for almost all coins but they need the liquidity to do MORE BUYING.
Ladies and gentleman, I offer you not a house of cards, but of gossamer threads. And now you know why when these De-Fis and exchanges blow up they aren't short 10%, they are short like 50% or more. And now you know why Robinhood owns nearly 50% of Dogecoin - they are the bank, the lender and the casino all in one. And to top it off, they've got loans on their holdings. This is why many De-Fis limit the returns to small deposits because they don't want whales when they go down, they want US. They will gladly take 1 million customers for $20,000 each but won't take a single whale for a million dollars.
This is what happened: A few guys got lucky and have BTC they got for a few hundred bucks and they've given this to De-fi groups that have given them out billions of dollars - tens of billions - for their Crypto at 25 / 50% LVR.
Those same guys then took that money and purchased other coins to pump and dump, but not before loaning those coins to other De-Fi operations to against borrow money on those coins in addition to their BTC.
They then used this loaned money from their coin collateral that was money from their BTC loan collateral to then use leveraged positions to bet on BTC and other coins through again, different De-Fi and exchanges.
And because they can bet against their own holdings, they can manipulate the market by opting to sell their original BTC coins when it suits to fluctuate the market for their leveraged bets to win or lose.
Summary of example:
He lent his BTC coins to a De-Fi, at the time worth $50,000 per BTC, and got for arguments sake 1 Billion. They also offered him 10% per annum return,. That company took his coins and gave it to another DE-Fi that promised 15% APR.
He took that Billion and purchased 1 Billion worth of coins and BTC.
He took that and gave that a De-Fi that agreed to give him $250 Million for his coins as a LVR. Plus an annual return of 10%.
He then took that 250 Million and did shorts/longs equating to 2 Billion Dollars on Cryptos. But that exchange that allowed the bets is ALSO taking the coins as a De-Fi operation but for different customers!!
The guy stands to make a fortune if he gets a fraction of his bets right. And he expected to. So what happens when there are 2 movements in the market doing the same thing, but one is moving against the other?
Well, unfortunately the De-Fi that backed both is getting calling the losers.
Unfortunately, it is the De-Fi that has been using what as liquidity? Why the coins that were backing the bets. And who was backing those coins? Why the same De-Fi that lent the original amounts on his original BTC. Yes.
How could they do this? Why because those De-Fis and Exchanges happen to have cross agreements where the Exchanges LENT the coins for returns that were not their coins. So not only do the De-Fi's not have enough coins, neither do the exchanges.
This is so convoluted and fucked up it isn't funny.
How many exchanges are actually insolvent if there is a run? Every...single...one... They are all technically insolvent.
They are BEGGING and doing everything they can to keep the whales from cashing all out because if they do the market crashes - no surprise there, but what has changed now is that they have so many customers that did the same thing that were not whales that when they act as one group and move to pull out or put in money, it is the same as a bunch of whales.
So who is going to lose? The whales are slowly unwinding positions and while the wallets show them as "holding" their BTC, you will see the number of wallets holding 1 BTC skyrocket as they secretly transfer the risk to the average guy. It is not risk they are transferring - it is a guaranteed LOSS.
In a run it is the average guy who will be last to act so they've already lost their coins. How can I possibly know this? Because the exchanges are already insolvent and it is absolutely assured that traders right now who THINK they can time their withdrawal have no chance to do so.
While the market is made up of 20% little guys and 80% big guys, the exchanges have enough to cover only 60-70% of persons. If the little guys run it is over. If the big guys run, it is over.
Ergo the only strategy that works to prevent an entire collapse is HODL, which is why it is being pushed so hard. No matter how high BTC or the other coins go, there is never going to be enough liquidity to cover the Exchanges because the backing value goes up and so does the promised rate of return and so does the leverage. Even if BTC trades at 250,000 the loan ratios and returns promised outsize the liquidity because the liability also increases.
If those retail giants do not come into the market in the next 30-60 days; and IF the small guys need their money because the mortgage rates have gone up and inflation means they need money, so whole thing is going to collapse splendidly.
Expect hell to break loose. Shortly.
If BTC and other coins go below the LVR margins set, the domino effect is going to be catastrophic.
The only way they are avoiding the crash is buy more coins with leveraged positions because if they buy BTC at 20K, the margin call won't come in until 10K.
So where are they getting this extra money if their current money is all tied up?
Why, new customers. A new customer's 1$ is worth 4$.
The exchange takes "their" $1 and buys a BTC. It takes that BTC to a De-fi and says "give me 2$", they do. They take that $2 and go buy a leveraged position of $4 BTC that won't get a call unless it drops to 10K.
So if they pump the market with THIER OWN BUYING they are safe. The moment new buyers drop off the true value of BTC must fall as their are no "buyers" even though the exchanges and de-fi are actually the buyers for almost all coins but they need the liquidity to do MORE BUYING.
Ladies and gentleman, I offer you not a house of cards, but of gossamer threads. And now you know why when these De-Fis and exchanges blow up they aren't short 10%, they are short like 50% or more. And now you know why Robinhood owns nearly 50% of Dogecoin - they are the bank, the lender and the casino all in one. And to top it off, they've got loans on their holdings. This is why many De-Fis limit the returns to small deposits because they don't want whales when they go down, they want US. They will gladly take 1 million customers for $20,000 each but won't take a single whale for a million dollars.
Last edited:
- Joined
- Jul 15, 2016
- Joined
- Jan 9, 2020
It depends if Coinbase has raised collateral with their coins. They probably have. Other exchanges did it, so why not them?
One thing is certain beyond any doubt: They do not have enough liquidity to cash everyone out. Not even close.
The battle is locked where retailers and whales both can not run at the same time - this has never happened before in the history of this Ponzi Scheme. The exchanges know this too.
Ironically, to save the whole system some of the whales may in fact take some of their coins and deliberately collateralize them to get cash for the sole purpose of buying BTC at a total loss to entice FOMO with the guys that have been burned.
To save their 100,000 BTC from becoming worth a few grand a piece, they are willing to take 10% of their stake and lose it for the purpose of artificial inflation. If they have a billion, having 900 million is a better proposition than having 300 Million after the rout.
Coinbase has a unique position in that it knows through AI it's buyers and when they will buy and when they will sell so they can have some prediction of the cash flow needed and are likely adjusting it to fein liquidity.
It will only take a Black Swan event like another Luna type situation to throw their predictions out and for the liquidity con to unravel.
If you own coins, and if you truly believe in HODL, then take your coins out, forgo the bullshit returns being offered by DE-FI or the pretentious security offered by the exchanges and look at it at the end of 2022.
Most will not do this because FOMO is a marvelous tool and they know it. So most will not - and that's why the con will probably go on for quite some time.
Imagine if the hedge fund, the bank and the depositor were all the same customer. That is what is happening. Worse, they are also the buyers.
And BTW, putting your money into a StableCoin is still in the system. It is just like any other coin. And in fact, a Stablecoin would in fact be the WORST coin to have in a crash ironically - a real crash as that's what they are hoping to accept as "cash" and not real money.
Last edited:
- Joined
- May 20, 2021
With this program you will be transacting with an individual not a corporate entity. I think Zelle transactions are still not reported to the US government (the individual will learn your name at your bank and email) and instead if you want you can send Amazon gift cards which are also not reported (but you will get less btc per USD).
You need about $25-40 worth of btc to get started (for escrow).
wtfNeedSignUp
kiwifarms.net
- Joined
- Dec 17, 2019
It's pretty much autistically missing the point. The gold standard wasn't good because gold has some intrinsic value, it was good because it kept the government from printing money every time they wished.
Any opinion what will happen if a crash actually occurs? My guess is that the severity for outside is dependent on how much crypto is held by non-crypto corporations, governments and banks.
- Joined
- Jan 9, 2020
I don’t think - it I wouldn’t believe - that the exposure outside of the crypto world would be too bad. Perhaps 150-250 billion? That’s a total guess. Not enough to cause contagion to the global economy. Total guess.
Samson Pumpkin Jr.
kiwifarms.net
- Joined
- Jun 13, 2020
I don't really know what will happen if a crash occurs, but I think it could be pretty severe. If a lot of people lose faith in crypto and sell their holdings, the prices could plummet and we could see another big drop like we did in 2018. This time around though, I think the downside would be even worse because there's more money involved now and more people are invested. So yeah, I'm not sure what will happen exactly but it could be pretty bad.