I reckon much of us are misinformed on this story behind GME. The mainstream media always creates exciting storyboards for more clicks hehe. The real story is this pump was started by Michael Burry. It only begun a domino effect from there.



Burry's hedge fund Scion Asset Management spent nearly $15 million to purchase 5.3% of ailing video game retailer GameStop at between $2 and $4.2 a share. According to Forbes, Burry's play was to convince GameStop to use its cash to buy back stock – thereby retiring about half of its shares outstanding.

Burry, who was dramatized by Christian Bale in "The Big Short", called for GameStop to exhaust its $300 million buyback authorization in a sharply worded letter to its board of directors. The company's entire market cap at the time of his letter was just $300 million. Burry's play reportedly sparked one of the most out-of-control trades in financial history, resulting in billions of dollars in paper profits for some investors – including quite a few amateur speculators. In turn, this caused billions in losses for some of the world's biggest hedge funds.

Source https://meaww.com/michael-burry-game-stop-scion-hedge-fund-honcho-minted-millions-2008-crisis-again-covid-19-pandemic

https://fintel.io/so/us/gme/scion-asset-management-llc

@Betwrong, @mindtrust. I am reading through your posts. I might be mistaken, however, it appears that you are contradicting yourselves.

Similar, to some premined altcoins, 78% of the bitcoin in circulation has become illiquid. They are only held in wallets as speculative investments waiting to be sold at higher prices. There are presently only 4.2 million coins that are traded daily.

It will not take that much to pump the price to $100k or dump this to $10k.

Also, on Tether if taken down, bitcoin might pump in the beginning, however, will everyone really want to sell their bitcoins for worthless, taken down USDT? There will be a liquidity shock. All bitcoins might not have enough buyers for the sellers.

I disagree. It would take less than that, I reckon. I would argue that the top 20 exchanges can coordinate a pump that might reach $400k by themselves. You see only 22% of bitcoins are presently in circulation. This is only 4.2 million coins.

Also, it might not take great effort for a market collapse if the largest holders decided to dump their coins.



That means that around 78% of the circulating Bitcoin supply is considered illiquid.

Only 4.2 million BTC (22%) are currently in constant circulation and available for buying and selling.

Source https://insights.glassnode.com/bitcoin-liquid-supply/

Agreed. Also the assets under these bitcoin trusts are not redeemable not similar to the real ETFs. All the billions invested in them would strictly be locked up. It would certainly be better for institutions to buy bitcoins for themselves.

@Sithara007. I reckon for the legitimate companies that issued stablecoins with the proper licenses per state in America, it will be hard without an order from the courts. For Tether, it might occur anytime. They are not regulated and do not have the proper licenses.



Tether isn’t regulated by FinCEN. Rather, it is registered with FinCEN. These two R words are quite different. When an institution is registered with FinCEN, this means FinCEN has provided it with an electronic account for uploading suspicious transaction reports (SARs) and $10,000 cash transaction reports (CTRs). As per FinCEN requirements, a registered entity must also implement measures for collecting and verifying the identity of customers.

While it is commendable that Tether has chosen to register itself with FinCEN, collect customer information and regularly file SARs, there’s nothing special about this status.

PayPal, which I mentioned above, is regulated as a money services business in over 50 different U.S. states. Circle and Coinbase, which together issue the second-largest stablecoin, USD coin, have are licensed multiple state financial services departments.

Source https://www.coindesk.com/what-tether-means-when-it-says-its-regulated

@ralle14. I think after 2 weeks of rest the Chiefs might not only cover the spread but also win by more than a 10 point lead. The Chiefs are playing for history to be included in a list of teams to win back to back superbowls. They also have the best record in the regular season.

Should it not be -6.5 or a full touchdown? However, it might move to -3 when thousands of fans begin betting their money on the goat Tom Brady hehe.

@Hueristic. I speculate Las Vegas Raiders. They wanted an old star quarterback last year hehehe. They might try again.

I am not telling everyone that Tether, iFinex, Digiifinex and Bitfinex’s take down is a sure thing, however, their takedown if it were to occur might cause the cryptospace’s version of the big short and another long bear market. That is the speculation.

He might know how to use and might be owning bitcoin already, I reckon. Adesanya is also a nerd similar to many of us in the forum hehe. He likes to collect comic books and loves the anime Naruto.

@Sithara007. You understand, good. I have been telling everyone about this on another thread in the speculation subforum, however, they have called it FUD even if the argument was based on facts. How can anyone call it FUD if it was facts based? It is speculation.

Also, I speculate the market makers in the exchanges themselves would remove their coins from the USDT markets. Yes it might cause a pump in the beginning because of low liquidity from the sell side, however, it will certainly dump later on.

All growth of speculation in altcoins are presently going to Defi. Many of these Defi are rugpull scams, however, Defi as a concept, similar to the ICO as a concept, will have a postive future in the cryptospace, I reckon.

I very much disagree that Tether USDT holders can pump bitcoin when the takedown begins. You as a bitcoin holder, why would you sell your bitcoins for something that you know will be worthless after takedown?

@notblox1. There was news that John Kavanagh said Conor was harrassing the UFC and he was demanding for the rematch immediately. I speculate Dustin will also oblige. This is his chance to earn his retirement money.

@TopTort777. Ben Askren was also outboxed by Damien Maia hehehehe.

@Sithara007. My biggest concern is the Democrats might attack and takedown where they can also hurt the whole cryptospace. Tether.

There are a few people in here who are certain that bitcoin will pump if Tether was taken down because they would exit Tether by buying bitcoin hehe. This is comedy.

Agreed, however, we have also witnessed that much of the people in the cryptospace are only here to speculate on their favorite coins and sell them for fiat. I am not very optimistic about regulations to drive more people to the p2p economy.

I predict they leave when the regulatory crackdown begins and look for the next hype. Reddit users appear to be in on Gamestop stock and other equities hehehe.

Biden will end up very worse and very aggressive against the cryptospace. This might make us wish it was still Trump and his men in charge hehehe.

In any case, this article talks about how Trump’s presidency and his appointees might have created a lenient regime for the cryptospace. I would argue that we might not have witnessed bitcoin’s new all time highs if it was Hilary who won on 2016.



The Trump administration was largely friendly toward the industry (with a few notable exceptions), and ushered in a wave of regulations and products that were welcomed by the crypto community. The Trump administration stopped short of actually setting a policy direction, however. Almost all of the crypto-friendly actions were conducted by the regulators he nominated to various posts, and no significant legislation on the crypto space was passed or signed into law.

Source https://www.coindesk.com/trump-presidency-crypto-legacy

@bryant.coleman. America will never allow competition. It has always protected the dollar and its sanctity. I reckon it was one reason why America invaded Iraq on 2003 because Iraq began policies for dropping the dollar for crude oil trading on 2000. The American government did not take this lightly.



Baghdad's switch from the dollar to the euro for oil trading is intended to rebuke Washington's hard-line on sanctions and to encourage Europeans to challenge it. But the political message will cost Iraq millions in lost revenue. RFE/RL correspondent Charles Recknagel looks at what Baghdad will gain and lose, and the impact of the decision to go with the European currency.

Source https://www.rferl.org/a/1095057.html

Does anyone think the news on Janet Yellen being confirmed as the new treasury secretary really causing this dump on bitcoin? We know stricter regulations might be coming, however, might this only be an overreaction by participants of the market? I speculate we might have another pump.

Hehe it was Trump who was ok for bitcoin. What he says about his stance on bitcoin might be negative, however, his policies never went out of their way for a clear takedown of the cryptospace.

In any case, we will see the difference with Biden in the next 4 years. I speculate the next cryptocoin pump might be the last.

@cr1776. However, even with 20/20 hindsight, it did not end well for the analysts. After end of the day, the American traders dumped their coins back to the market causing a return to Asia’s opening price. What would the analysts tell everyone now hehehe.