2. You don't understand the difference between crypto and Bitcoin.
Why don't you explain it to me genius. Bitcoin is Crypto but crypto isn't Bitcoin. Crypto is an asset class of Ponzis for a whole variety of assets scams from NFTs to DAOs... Hope this clears things up for you... Mark Cuban, is that you? Lol. Truly, you have a dizzying intellect. I'm so much more enlightened about "crypto" now. Sorry about being a prick back to you, but when people try to condescend me, well... |
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2. You don't understand the difference between crypto and Bitcoin.
Why don't you explain it to me genius. |
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Seems like the big boys are having trouble liquidating Celsius the way they want to. You can see all the middle of the night high volume dumps where someone was attempting to manipulate the markets downward. A lot of talk that it’s exchanges trying to force their own customers to be liquidated. This market’s goal seems to be to liquidate every single long and short until all the leveraged traders are wiped out.
I heard Celsius is talking to banks and can probably defend their position now. Liquidated positions for BTC and ETH are steadily dropping so everything is calming down. I have seen several posts from Simon Dixon (on twanker) talking about "helping them". Evidently he, and a group of investors he seems to guide have a lot of fingers in that pie.
It's interesting. Because from *MY* vantage point Celsius is the kind of company that is doing wrong by Bitcoin... maybe some of their products are legit... but they SEEM like the sort of company that is doing all kinds of shenannagains via selling paper bitcoin, and offering leverage products. I dunno. Maybe they are just collateralized loans? which is not SO bad... but I do not know.Also I have always felt Dixon was respectable... but this sort of thing makes him take a dent too in my humble opinion. The Old fiat system's bread and butter was loaning out the same thing more than once... and people have not looked at Bitcoin hard enough to realize why that is a SUPER-TERRA-BAD idea. It works when what you are dealing with is DEBT... but Bitcoin is NOT debt, it is actual value. Anyway... it just seems to me these setups are just a recipe for disaster. Even people investing great sums in bitcoin businesses either just don't understand bitcoin, or are willing to take risks to basically rip people off. I think crypto investors/users/exchanges should demand insight and proof of collateral positions held by coins. Exchanges should only list coins they can prove to be solvent IMO. But yes this bear market has done good to get rid of the worst setups... 1. Satoshi created Bitcoin as a response and rejection to all the fiat scammery and fuckery going on in the trad finance market and banking system. 2. A centralized, pre-mined, no hard limit, over-leveraged, fractional reserve Ponzi shitcoin/de-fi ecosystem gets created around Bitcoin called "crypto", embodying all the same scammery and fuckery of the trad finance market and banking system. 3. People out there who claim to understand what Satoshi created are inexplicably defending the Ponzi shitcoin/de-fi ecosystem with phrases like "maybe some are legit" or "maybe they are ok" or "just collateralized loans, so not that bad" or "may bring some good to the world". Sigh. Really ?? REALLY?? There is ZERO defence to the "crypto" fuckery scam ecosystem. Zero. It's the same shit being created in the fiat trad finance world all over again, just with a new coat of paint. It is a blight on the world, and is dragging Bitcoin adoption down. All by design. |
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This weekend has to be quite simply the dumbest, clunkiest bear raid attempt I've seen on Bitcoin's market in a long time.   Although it is my suspicion that they were really targeting ETH below the psychological $1000 mark, not so much bitcoin. |
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As I catch up with the WO thread, I just have to shake my head in disgust at all the pusillanimity.
You dudes need to punch yourselves in the nuts WAY more often.
It seems like every bear market, the fear and whining and doom-and-gloom is exactly the same. Guess I shouldn't tell them about that time I bought some bitcoin at $1000, and it fell all the way to $230. Oh, woe is me.  Bear trolls swarmed the WO at the bottom of the market (just like now) saying "cheap coins!" and it's "going to crash to $50" and "this time it's different tho". Does no one study the past anymore?? Patterns of observation are your friend.  |
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the msm fud machine will run hot next week
Next week? Try now. They make sure that it's right on the front page. https://www.cnbc.com/ |
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Good morning Bitcoinland.
Another day, another leg down... currently $18862USD/$24572CAD (Bitcoinaverage).
Still waiting to see how this goes. What a week.
___
It looks like I may have to pass on the house I was planning on buying. I'd rather forfeit my $70k deposit than sell another $1.3m+ at these prices.
When I signed the purchase-sale agreement, Bitcoin was worth over $40kUSD. I started to DCA my BTC liquidation and was about a third of the way there after selling another 5BTC last week (June 6-10). I planned to sell another 3 coins on Monday and more again on Friday (yesterday) but backed off when I saw the dip. I consulted my main OTC connections who said they were also suspending business until things stabilized a bit. Now it's almost a week later and there's no rebound in sight.
The house is what I'd been looking for... ideal downtown location, income potential (AAA tenants in place), fully renovated, rooftop garden, etc...
but I'm not going to gut my BTC nest egg to buy it. I don't want to ever have a mortgage again. I learned that lesson over 30 years ago when my cheap 6.5% mortgages jumped to almost 20%. I laugh at kids who bellyache about single-digit inflation. I swore I'd only ever pay cash. Credit is a scam.
My BTC stash is still enough to live happily ever after. I want to keep it that way.
I know that must have been a hard decision, but good on you to make the right choice for you. I'm sure you'll get another chance to own such a property in the future. If it is any consolation, we had to do a similar thing. We punted on a major expansion project on the house that we had been planning for two years now. My SO and I said the same thing: "No way that we are going to sell any btc at these low prices to finance that project." And the irony? After waiting all this time, our builder just finally freed himself up to do the work. Lol. Luckily we hadn't signed any contracts with him yet. He'll likely be a little disappointed that we are not moving forward with it right now. We'd rather live free forever than sacrifice our future over a 'want', not a need. Life is all about hard choices. |
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The Fed's role (and the ECB) is first and foremost to control inflation, and after a decade of not having to do anything about it as it was low, now is the time to do something for them.
The Fed actually CREATED the insane inflation that we are seeing by printing 30+% of all U.S. fiat in existence in less that a year and shoving that out into the world. And now they supposedly want to tame the inflation they themselves created? They can fuck off. All they are going to do by raising rates is finally get the massive global layoffs they didn't get with Covid and pushing mandatory vaccines. All by design. I mean I dislike the feds as much as the next guy but "vaccines" are not a government weapon. Don't believe the antivax BS Fuck off troll |
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The Fed's role (and the ECB) is first and foremost to control inflation, and after a decade of not having to do anything about it as it was low, now is the time to do something for them.
The Fed actually CREATED the insane inflation that we are seeing by printing 30+% of all U.S. fiat in existence in less that a year and shoving that out into the world. And now they supposedly want to tame the inflation they themselves created? They can fuck off. All they are going to do by raising rates is finally get the massive global layoffs they didn't get with Covid and pushing mandatory vaccines. All by design. Why would the Fed, a bunch of bankers, care about vaccines, or want layoffs ? What's in it for them ? 1. Fed's friends are the world's billionaires who own all the mega corporations around the world. 2. Mass layoffs = lower overhead costs for corporations, layoffs = demand destruction, demand destruction reduces input costs for goods, reduces number of goods created, stabilizes consumer goods price inflation (supposedly, haven't seen that yet) and increases corporate net profits. 3. Mass layoffs also = reduction in rising salary pressures for corporations due to inflation. Making mega corporations more profitable, and thus making their wealthy elite buddies happy. THAT is what is in it for them. They could give a shit about low unemployment. If you think that full citizen employment is the Fed's mandate, then this ongoing chart would like to have a word with you: https://www.bls.gov/charts/employment-situation/civilian-labor-force-participation-rate.htm |
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The Fed's role (and the ECB) is first and foremost to control inflation, and after a decade of not having to do anything about it as it was low, now is the time to do something for them.
The Fed actually CREATED the insane inflation that we are seeing by printing 30+% of all U.S. fiat in existence in less that a year and shoving that out into the world. And now they supposedly want to tame the inflation they themselves created? They can fuck off. All they are going to do by raising rates is finally get the massive global layoffs they didn't get with Covid and pushing mandatory vaccines. All by design. |
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The bitcoin price between here and wherever the fuck it is going to find a bottom is completely fake and irrelevant.
Exchange owner whales can naked short with exchange/miner friend's re-hypothecated coins and non-existent fake coins for as long as they want.
The only thing they have to consider is potentially destroying their own future business (and that of their miner friends) if they push the price too low.
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Literally no one: Me: Jim Cramer is a total clown fraud  |
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Elon Musk's Networth: 2020 - $20 billion 2022 - $220 billion Once his net worth will be below $100 billion, I might call that a bottom. What do u say? Did you see the Tesla price hikes? Musk must be trying to get to a trillion. Elon starts his company building really expensive EVs that no one can afford, then brags about building more affordable EVs, and now is heading back to building really expensive EVs that no one can afford. |
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The Fed launching their own shitcoin soon. Another so-called conspiracy becoming reality.  |
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We've seen it in the past (e.g. ICOs, DAO, Bitconnect, De-Fi, Block-Fi, Luna/TerraUST, etc.) and we're going to continue to see it in the future. Before the insider whales run up the market, they've already got their market "rug pulls" set up ahead of time. The problem is that there is nothing that can stop them from doing it over and over again every 3-4 years. Every entity that buys huge amounts of btc on leverage and doesn't have a plan to NOT be margin call liquidated during a downturn is a liability to the market, not an asset.  |
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Hmmm... This is dystopian.
But I do hope the seats on top can go all the way down just to add that extra, free-of-charge claustrophobia into the journey.
Just wait until the person on the top bunk spills their drink and you have ice-cold cranapple dripping in your lap/into your macbook. Or the fat lady at the window seat needs to get up to go pee. |
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OT Shower thought:
Ya' know, it just occurred to me that wealthy billionaires and even Central Banks around the world are likely a bit scared right now.
Rotating into commodities was always a short-term hedge play for them, which is why they always kept the majority portion of their portfolio in equities, instead of the other way around.
The problem that most commodities have always had is, they have no supply cap. They are always growing, or always have the potential to grow. Without sufficient or rising demand, supply will soon grow and thus always put negative downward pressure on prices. If you have a sufficient monopoly to collude, you can fix the price of a commodity for while, but sooner or later that catches up and you can no longer maintain the 'peg'. Then it is boom and look out below.
Conversely, rising equities represent GDP growth, and the supply of a corporations' stock can be controlled, as well as 'bought back' to further limit the supply of market stock, thus raising the price.
So imagine a prolonged recessionary, stagflationary environment where the Fed has raised interest rates high, cheap debt is no longer available, and global GDP growth has fallen off the cliff. Obviously in such a scenario, logic would dictate that commodities would become more attractive than equities, and thus the world's billionaires would "pile all-in" to commodities for the long haul.
BUT, there is a problem. Commodities have no supply cap. The price of commodities would constantly be facing the headwinds of ballooning supply surpluses and falling global demand. Prices would not keep up with long term inflation. This is NOT a scenario that wealthy billionaires and central bankers want to be in long term. The price of commodities would eventually fall far behind that of monetary inflation. They would end up losing wealth BIG time.
So they are worried right now of such a long term scenario. They don't want to be in commodities for very long. They want GDP growth to pickup and be long in equities once again. They will really start to panic if this recession stretches out into 2023 or even 2024.
What does this have to do with Bitcoin? Only that if this stagflationary, high Fed rate scenario stretches out for years, those billionaires will be looking for commodities and deflationary assets with the most scarce or fixed supply: Bitcoin, precious metals, and high value real estate.
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