Today we had basically 2 premiers of the 2 provinces which have the largest housing bubbles basically writing a letter to the bank of Canada, begging not to raise rates next week.

Rates weren’t going to get raised anyways. But the fact that they wrote this letter and posted it publicly shows you how bad it is in those provinces.

Housing is so expensive there that a small 25bps hike can have huge consequences for many home owners. And if they are not home owners they are landlords which just pass on these costs to the tenants.

I think the way it works is as follows. Tether holds mostly US treasuries with that tether. So they are getting 5% per year. They got like 60B worth so they make billions doing nothing pretty much.

Some of that money they used to buy Bitcoin. I think they do this because there really isn’t much else to invest to be honest. Most other assets are already overpriced or risky. Hence Bitcoin at $20k or $25K seemed like a safe investment for tether.

The only hack that I ran into was back in 2015 or so when there were new alt coin added every day and I ended up downloading some new wallet which had malware. It was on a mining rig so nothing to steal but it made me be more cautious about downloading software from people who are newbies on this forum.

Another was basically keeping coins on exchanges and these exchanges got hacked or went bankrupt. Had a few of those throughout the years. Basically get a hardware wallet if you want to be safe.

I think this was a good project when it started to explode on twitter but buying it recently it’s just way too risky. I think it ran its course and most likely will go nowhere. Especially since other legit projects can’t rally then what hope is there for this meme coin.

When it comes to meme coins you need to get in early and get out quick when it stalls you don’t hold it becuase it’ll become worth one day. These aren’t tokens you should be going all in on because it’ll lose it hype one day and disappear.

Canada has one of the most at risk housing bubbles currently. And a large portion of Canadians gdp is tied to real estate. Instead of investing in tech and other sectors they just concentrated on real estate.

And you can see what is happening. Millions of new immigrants but the gdp fails to go up, doesn’t make sense and the previous gdp numbers were revised.

You got people crying on TikTok because they paid $20 for grapes and people who can’t afford to buy their kids school supplies. It’s not looking good.

Yes I hate these surveys which are bias because they got a small sample size and are geared towards a specific audience.

This is like asking a bunch of gear heads if they think the speed limit should be raised. Or asking a bunch of Tesla fan boys If they prefer Twitter or Facebook?

Either way it’s great for adoption and especially important since inflation is bad but it’s highly impossible that half the country is using bitcoin on a daily basis.

They have been unlocking this amount every single month for as long as I can remeber. And it’s always on the first of the month, this is nothing new.

I haven’t looked into it but I think they might burn this right away also and not actually spend it. Either way, don’t panic, it’s been happening every month for the past few years and nobody seems to care anymore. They their lock it up again or burn it or just don’t spend it.

My advice is you should just start using Defi instead. Because while there are some exchanges right now, usually after a few months they are all forced to KYC. It happened with bybit, then kucoin and now with bitget. And eventually whatever exchange you are using will most likely enforce KYC.

Hence you should just start and see if defi is right for you. Unless you are some large whale the liquidity won’t be an issue for you. And you can use a hardware wallet along with Metamask to sign your transactions for security.

I tried to use this pattern in the past and never had success. What you posted is basically in hindsight and it worked out.  But try this pattern in real time and you will basically see that it difficult to apply.

You are just better off longer when it break from that top pivot instead of buying before the break and assuming it’s a cup and handle pattern because many times it’s just a double top and heads back down.

So we had record low volatility and then after the GBTC news we finally broke up and pumped hard, only to stall and head back down before the pump.

It was nothing but a fake move. And most likely the sideways trading action will continue. When we head towards the end of September we will see more volatility and October and November will reveal what type of action we will have whether it’s bullish or bearish. 

I live here and it depends what province you live and whether you are a home owner or not. The biggest issue is most of the population of Canada lives in either Vancouver or Toronto (or surrounding area) and these two in the past couple of years had crazy rent prices. We had large immigration recently and it only made it worse.

I am talking about $3000 to rent a one bed room apartment. Most can’t afford this so they share a room. It’s not like this in every city however. Many other cities are affordable. But everything else is expensive like food, utilities, insurance, etc.

In most places around the world real estate is way over priced, except maybe in some small Chinese cities. There are some stocks I invest in but many of the larger caps like AI are over priced like Nvidia. Same with Apple and Netflix.

The only other good safe investments is bonds. You can buy a government bond and yield 4-5% with basically no risk. And if they cut rates then you will end up making more money faster.

It might or might not be a lie. They can post the wallet and if it never moves then obviously they weren’t lying. If you think its bad, Ftx also stored private seeds for billions in an unencrypted text file over some cloud network.

There were other exchanges in the past that also lost money because their computer crashed and they lost the private key to customer funds. These days with hardware wallets this shouldn’t happen however. Especially since there are many ways like multi sig to keep funds safe.

I’ve got used to it being posted in both ways. The official bitcoin symbol stands out and you can see it’s an amount that’s required to be paid by Bitcoin. I don’t have an issue with this but I don’t like the micro and milli units of bitcoin.

Whenever I see uB or mB I always think I will pay the wrong amount and need to get calculator out. Even if my wallet supports those formats, I want to see in sat form of how much I am spending.

I think all these lending platforms going bust it all boils down to Grayscale and their GBTC trust. From those that don’t know, this trust usually traded at a premium. So you could buy spot bitcoin, and hedge with shorting GBTC and after 6 months your shares would unlock and you could close the trade and profit off the difference.

3AC borrowed BTC from Genesis which borrowed from Gemini. They locked up these BTC at grayscale and were going to profit off the difference however the premium disappeared and they were in trouble and this lead to their collapse and dozens of others.

This Consumer confidence doesn’t really mean anything. Go look at May data and it was lower than last months. And a year was also pretty low. I don’t think this had anything to do with bitcoins moves.

Right now economy is still good. People are working, buying cars, traveling and inflation is still an issue. The confidence will probably tank once we are in a confirmed recession. Which could be a year away from now.

Robinhood is a very popular broker. You go to wall street bets and many people there use it. Many stopped after the GMC halt but it’s still widely used. And these people got tons of money to throw around. Everyday there is some kid there is which yoloing $100K on some option that will expire at the end of the week.

They got tons of money and it’s no surprise that in total over $3B is tied up in bitcoin. I don’t think they are doing custody for Blackrock. Because blackrock would never use Robinhood. If needed they would use coinbase custody instead. There is also a similar wallet for dogecoin. It’s also on the top of the rich list.

Today the first 3 etfs were delayed, it was basically off by a few minutes for each but then there was nothing for like an hour or so for the blackrock etf. So people assumed since they weren’t delayed then they must be approved. But eventually they were also delayed.

And the market actually was spooked because it sold off on that event which we knew was quite common, an bitcoin etf getting delayed as usual. No idea why people shorted on the news which we all knew would happen.

If you were some whale and had insider data you wouldn’t do it in one transaction like this. You would spread it out with multiple addresses and multiple hours and spread it out.

This is probably some exchange moving some funds around. Sure it happened during a big event but it was just nothing more than a coincidence.

Very odd how right after Blackrock said they would launch an etf. That they lost the lawsuit with XRP and now with GBTC. Pretty much a few weeks after.

Seems the SEC is getting kicked in the balls and they are in trouble. I wouldn’t be surprised if one day that Gensler guy is forced to resign and it’ll be taken over by someone more fair. The decision is very soon for the blackrock etf but I am guessing it’s going to be delayed.