And again for 100th time. Burning fee does not reduce supply! Hence there will be no effect on the price as some hope. The fees are not new minted ethers issued as a mining reward. This is a fee that users pay on top of the issued ethers as a mining reward. In this sense, the new fork will reduce miners income, which is 40% from the fees and 60% from the new ethers rewarded for each block. I'm not sure, however, that the miners income will be affected by 40% since there will be a difficulty bomb delay, which will probably lower the difficulty by 30%. I won't be surprised if the miner's revenue gets higher after the fork, like it did with every previous fork which reduced the mining reward but delayed the difficulty bomb as well.

Something interesting is going both on BFX and CB. On BFX the famous shorter now openly tries to supress the price by putting BTC3K+ sell wall. On CB some trackers report BTC50K inflow yesterday, others BTC80K. There is also BTC30K outflow. I've read quite contradictory suggestions on twitter, but it seems to me that this is like an internal wallet reorganisation going on. Is it bullish or bearish? I don't know, but it might be a sign that a huge purchase or a sell is incoming soon. Well, at least in this case we will see some action in either direction. Which is better than these boring upsi-downies lately.

Mmkay, firing another 1000€ purchase. I can do this for a long long time, you crazy traders 

That's exactly why all you cabbage hands bought at 60K and sold at 30K. I'm not sorry for your loss, you deserve HFSP completely!

July 24th, 2019: “I won’t be talking about #bitcoin in ten years, I can assure you that." - Steve Mnuchin

July 14th 2021: "If people want to buy #bitcoin as a substitute, no different than buying gold or some other asset, it's fine." - Steve Mnuchin

Video Interview on Squawk Box:
https://twitter.com/NeilJacobs/status/1415390103808221192

https://twitter.com/WhalePanda/status/1415228140763459589/photo/1

Some whales buying the dip? I also bought for €600. I can do this longer than bears think 

Which year?

I guess the most imortant question now is are we in a bear market? And if so, for how long we will be there, before starting to climb up to the last ATH and break it? If the trend changes in the next few weeks, I guess it won't be right to call it a bear market but rather a transition/recovery period from Elon&China FUD (actually they are the same, since there is leaked information that CCP is investing in Tesla and wants Elon to ban Bitcoin). In 2017 we had 3 such periods. The first in the winter - about 1 month, the second in the summer - about 2 months and the third in the autumn - about 1 month. So it is a bit early to tell if the current period is like an extended version of 2017's sideway periods. I guess, however, that if this period extends over 6 months, then we can hardly deny we've entered some kind of a bear market. Time will tell, I guess.

Yeah, fuck Elon, fuck the communists! Elon has sold his soul a long time ago to winnie the pooh - china's version. Whatever the ccp says, Elon is repeating it. The truth behind Tesla removing Bitcoin payments is that Winnie has commanded his bitch Elon to do so, otherwise - no money! Now ccp is in distress and pulling hair - how to stop the collapse of their economy hence the ccp ruling. And they are blaming for everything Bitcoin - the mortal nemesis to the ccp   But the collapse of the ccp regime is inevitable, especially when the truth about the covid-19 created as a bio weapon and tested on the prisoners in the yiguri concentracion camps, becames known to the world.

Profit taking

This is a non event. Each month the shares bought 6 months ago can be sold on the secondary market, which has nothing to do with the spot exchanges. So now the bitcoins bought on Jan above 30K with a positive premium can be sold at lower prices with a negative premium - definitely not attractive. The negative premium could attract new buyers who don't have an access to the spot market, which is bullish in general. But there is no big rush because after 6 months if the premium is still negative, there might not be a (big) profit, selling on the secondary market. So everyone is looking for another means of purchasing bitcoins, like the two Canadian ETF's.

So true!



https://twitter.com/sophiamzaller/status/1412170669928943618

I think that the chances for any number between 10K and 333K are equal and I can defend each of it easily. Let's see... Now we are around 33K and clearly a large scale pump and dump is going on in a 20% range 30K-36K. Since the institutions like Grayscale stopped buying, at some point the support at 30K may be broken, heading for 20K-25K. However, after 5 months the damage will be repaired and the price will return to the current range.

I may surprise you with my bearish prediciton, but I decided to use a random number generator (between 10K and 333K), and here is the first number I've got:



So, my prediction is 211. $32339. But since I'm terrible at predictions, I guess the price will be above 100K by then.

Yes, you've got it right. I've cashed out for 17 years ahead, but I will keep my job until I find a better place to live, like a Greek island or in Spain. My country is horrible in any aspect, so what use for the good job?!?  But I need to buy also a real estate so I will probably sell some between 120K and 200K. The remaining part will be spend only if I am short on the fiat part. Hopefully that will be after 10-15 years, when the price will be above 1mil (I know, some hopium but 30K was untinkable in the last year). That's my plan.

Good morning ladies and gents! I'm so bored by this price action that I've bought another chunk for 1000€. Thanks to JJG and Dabs for the very useful comments on my last post. I'm still thinking about the balance between sold and kept Bitcoin stash. I guess I've sold a bit too much, so now I rebuy back some. Of course, I won't sell everything under any circumstances, except terminal disease! I will need a couple of years perhaps to find a better place to live and then cash out for a real estate. 

Well, I have 17 years to my retirement and there is no possiblity of an early retirement with a pension in my country. So, I guess, I will need something like 17x4 yearly salaries to live comfortably, but I won't be able to afford a big house or lambo (Audi e-tron GT tops). Currently my networth is around that sum, so I guess I'm alright. The first 17-year sum I've already cashed out just to be sure in case I lose my job, which is quite possible now. I have a goverment job which requires me to be in the office only 6-7 hours per week and with a huge 6 months yearly vacation. But the problems are 3. First, the government can shut us down. Second, my boss is an asshole and is stealing from his employes. So I have a choice to be silent and get what he gives me, or to be vocal and lose my job. Third, I have 4-5 illnesses which are not life treatening for now, but our health system is horrible and I can't get a proper treatment. For these reasons, I am looking for another country, where to move after say a couple of years, living only with the profit of my Bitcoins. I am thinking about Greece and Spain, where the real estates are very cheap, even cheaper than in my poor country.

All this will be possible if the price goes above 100K, which will happen in the next months or 1-2 years, I guess. I the meantime I enjoy donating small sums to various organizations and buying for myself computer stuff and quality guitar equipment. My latest purchase arrived yesterday - a Gretsch guitar. I'm a big ACDC fan and enjoy playing their music at home and with my friends. I feel  happy with every direction Bitcoin takes. I continue mining and buying Bob-alike degenerade style. Bitcoin has already changed my life. Now I have much bigger confidence. In my poor country I naturally started with much smaller investment compared to the western world. But the current situation is that if I cash out everything now, I will enter the list with 900 richest people in my country. So I go to shops, buy and don't care about the price. I often interrupt the salers, who are used to offer cheap stuff, and I order the most expensive things, like glasses, tablets (galaxy S7+ is a beast by the way), etc.  

I've just bought for 500€ and I will keep doing that DCA each month until I retire. My advise for bigger sums is to divide them at least in 3 parts and buying now with the first part. In case the price falls enough, fire the next buy and so on.

There was an article about him in coindesk and cointelegraph shortly after 12 March 2020, when he lost his short position. His name is known, but I don't remember it. He is and OG shorter often sharing some TA and many follow his lead. After the 2020 fiasco he twitted it is time to retire from active trading. Clearly, the bitter taste of losing tens of millions, probably even over one hundred million made him to change his mind. Of course, he still has around or above $100mil.

Edit. I think, I found part of the info:
https://amazingcrypto.com/a-big-bitfinex-bitcoin-whale-is-anticipating-a-severe-correction-will-he-be-right/
https://pulse.bitfinex.com/post/2ccbfa7b-60f0-4637-b94d-2536d8f16fef

As it is seen, he wasn't correct about Bitcoin not going over 10K. Sounds just like proudhon   I remember vaguely his tweets about his leverage short position at 6K going rekkt. He anticipated a double bottom at least. But not this time. The coming halving prevented this from happening. He was one of those claiming the halving was priced in. I really can't understand how such a moron made this profit. Recently BFX increased the leverage limit up to 10x. So this 800mil short position at 10x is backed up by only $80mil, which is 50-80% of the bitcoins this whale has. This is quite stupid  IMO. A 10-20% increase will liquidate his position.

I've been following the actions of this whale for several years. He is a legend, making $100-200mil by leverage trading on BFX and other derivate exchanges. Since he is well known to the owners of exchanges, he can't openly manipulate the market. My observations show that he is working alone and he is a fair player. In that sense his shorts can't harm the price. Also, he was not always right. It's just that his successful trades are more important than the unsuccessful ones. For example, after 12 March 2020, when the price recovered to 6K, he was confident there will be a pull back to 3K. He failed miserably then, losing a big portion of his wealth. After that, he announced he is retiring. But clearly, he changed his mind recently, when he saw the 12+ consecutive red hours, repeating each Friday. He closed his shorts just before the price fell to 28K last week, fearing a strong rebound. He was right. Now he thinks the price will fall to 30K and is waiting with $800m+ shorts. I don't know what is the leverage, but by a pure speculation it is between 5x and 20x, probably 10x. I've noticed that he added his short positions after the price fell to 33K area yesterday, which clearly shows he is not involved in the regular dumps. Moreover, even if he dumps on BFX, it won't affect the price on the other exchanges. Nowadays Binance is forming the price and the huge volume there makes it harder for a single whale to manipulate the price. But there are other futures exchanges, so this is a valid possibility, of course. Especially, if we have a group of whales making coordinated dumps simultaneously on several exchanges.