For the history books... 11min later Mega-pump in progress.
$40k conquered (again).
ATH imminent.
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The flippening has happened, doge flipped Bcash  Edit: and so did Stellar! Shitcoin fight!!! |
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ATH is right around the corner this Sunday Night.
I'm probably wrong, but I have a feeling we're going to see $50k over the next seven days. Nope, I think you're absolutely correct seconded $53.65K is the "magic" number in $$, though (a tril). I'd drink to that |
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Idiot begs on BITCOIN forum, doesn't even provide a bitcoin address.
Ignored for major fail in begging101 |
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wtf why are we still under $50k? I blame outdated poll! (adam wouldn't let such oversight happen)
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Wow whole 3% APY and they don't even guarantee your money, where do i sign up (not). If everyone began to send their coins to these institutions wouldn’t that enable the market manipulators to open larger short positions since there would be more BTC available to borrow? This in turn would mean that “they” would be able to push the market down harder and faster. If everyone just kept a hold of their BTC until the moment they wanted to sell then there would literally be no BTC available to borrow to open shorts. Or am I being too naive here? Yeah sure you're technically correct. But shorting only works short term. If you believe BTC is inevitable, you can earn interest and buy more BTC cheaper while traders try to hold the price down For short profits the mantra is don't give bears opportunity to short, they can use the ammo for flash crashes and other manipulation. But on the other hand if someone wants to bet against BTC i say let them try, just make sure to make them pay for it, i'd need more than 3% and broker guarantee. No free BTC for flash crashes |
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Wow whole 3% APY and they don't even guarantee your money, where do i sign up (not). |
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Yeah, this FUD is several days old. Read it before. Don't think it's gonna be approved though. It's one of those classic FUDs similar to China bans Bitcoin  Private? Good thing bitcoin's ledger is as public as it gets. What did you expect from the country that got rid of it's largest banknote with few days notice, and restricted gold ownership. |
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There are BTC900+ asks on coinbase till $34200 seems like a single entity cashing out
Pop goes the weasel! Asks were eaten Since we all like to shit on Robin Hood they might be liquidating their assets to cover their losses. Hmm wtf is this bitcoin on our balance sheets anything legally preventing us from running it at a fractional reserve to cover our short term capital gap??? /conspiracy |
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There are BTC900+ asks on coinbase till $34200 seems like a single entity cashing out
Pop goes the weasel! Asks were eaten |
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There are BTC900+ asks on coinbase till $34200 seems like a single entity cashing out
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RobinHood allows you to buy btc (and other cryptocurrencies), but you can't move it out. This could cause legitimate worries about all btc on RH being just paper IOUs.
So a number of btc newbies have some (paper?) btc on RH, and now they want to get it out of a likely sinking boat. The only option they have is sell now (taxable event, ouch!), get the money out (RH does allow you withdraw $$, duh!), keep aside the taxman's share (ouch again), send the money to some "normal" exchange, get less btc than you used to have (boo-ho!), transfer that to a wallet you control (your own keys: it's finally been turned into your bitcoin, win!).
I've got two questions - food for thought.
1) How many newbies are going to jump through the multiple hoops?
2) What if many actually do? There are likely consequences for RobinHood: assuming they never actually bought the backing crypto, they'd be under by a lot. Just think of the doge bull. I could care less about them, though. What happens to the price when a shitload of redditors sell at the same time?
TL;DR RH is really throwing shit at anyone trying to go against the system - either people who try to punish asshole over-100%-shorting hedge funds, or people who buy btc (or doge in recent days, well you know, newbies!). I wish RobinHood went out of business. Which isn't totally unlikely as a result of the latest shenanigans.
Are you sure about that? Wouldn't swapping paper BTC for real BTC fall under a wash rule for 'murikans? The rule defines a wash sale as one that occurs when an individual sells or trades a security at a loss and, within 30 days before or after this sale, buys a "substantially identical" stock or security, or acquires a contract or option to do so. https://www.investopedia.com/terms/w/washsalerule.aspI wasn't thinking of a wash sale to dodge taxes. Quite the opposite: the newbie bitcoiner would have to sell on RH, likely at some profit, and pay taxes on that! That's what I meant by "setting aside the taxman's share": keeping some fiat for the taxes. That's why the soon to be bought substantially identical amount of btc would be a little less. Biodom already corrected me, look like wash sale rules wouldn't apply to bitcoin ...
there is no wash sale (theoretically) in bitcoin since it is not a stock or security. In fact, it looked like IRS allowed for LIFO, FIFO and specific batches for base price determination, imho.
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So what happens when WSBers realize that they can go the other way and also short a company over 100% into a bankruptcy? Are corporate raids/hostile takeovers next?
So what happens when DaRude realizes he can break bad and start making meth, robbing banks and pushing grandmothers under buses? Is a crime wave next? Realizes? Wayyy ahead of you |
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RobinHood allows you to buy btc (and other cryptocurrencies), but you can't move it out. This could cause legitimate worries about all btc on RH being just paper IOUs.
So a number of btc newbies have some (paper?) btc on RH, and now they want to get it out of a likely sinking boat. The only option they have is sell now (taxable event, ouch!), get the money out (RH does allow you withdraw $$, duh!), keep aside the taxman's share (ouch again), send the money to some "normal" exchange, get less btc than you used to have (boo-ho!), transfer that to a wallet you control (your own keys: it's finally been turned into your bitcoin, win!).
I've got two questions - food for thought.
1) How many newbies are going to jump through the multiple hoops?
2) What if many actually do? There are likely consequences for RobinHood: assuming they never actually bought the backing crypto, they'd be under by a lot. Just think of the doge bull. I could care less about them, though. What happens to the price when a shitload of redditors sell at the same time?
TL;DR RH is really throwing shit at anyone trying to go against the system - either people who try to punish asshole over-100%-shorting hedge funds, or people who buy btc (or doge in recent days, well you know, newbies!). I wish RobinHood went out of business. Which isn't totally unlikely as a result of the latest shenanigans.
Are you sure about that? Wouldn't swapping paper BTC for real BTC fall under a wash rule for 'murikans? The rule defines a wash sale as one that occurs when an individual sells or trades a security at a loss and, within 30 days before or after this sale, buys a "substantially identical" stock or security, or acquires a contract or option to do so. https://www.investopedia.com/terms/w/washsalerule.asp |
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So what happens when WSBers realize that they can go the other way and also short a company over 100% into a bankruptcy? Are corporate raids/hostile takeovers next?
Why would they do that? Their entire mission was predicated on putting firms who short companies out of business. These hedge funds that make money by betting against corporate America add nothing to society. Absolutely nothing. I applaud what they are doing wholeheartedly. Thought it was just to make money? I'm in no way rooting for the hedge funds, guess need to fight fire with fire. |
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So what happens when WSBers realize that they can go the other way and also short a company over 100% into a bankruptcy? Are corporate raids/hostile takeovers next?
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According to https://www.theblockcrypto.com/data/crypto-markets/futures which is the ultimate source of forbes "Contributor", hedge funds also have $750MM long interest so the ration is nothing crazy. Market manipulations are frowned upon in these parts of the town. Hold your own keys and don't worry about traders being traders |
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Ya, Gamestop is certainly a pawn in this whole thing.
I think it was more like a bunch of online traders that have been following the hedge funds shorting over and over again talking about it and saying they should do something but nobody ever does anything.
Then they go after Gamestop and there are enough gamers online to finally say, today we do something about it.
It could have just as easily been something like Alienware or other somesuch company that would rally the nerds around it.
I would buy a Gamestop solely so I would have dibs on the latest console games to come out. Though I'm not much of a gamer anymore. Too busy.
I thought it was the most shorted stock from all of them, the fact that it happened to be gamer stock was the cherry on top. |
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Can someone explain why that is so though? Can't exchanges similarly just "stop" people from buying bitcoin? I get that people can still do P2P transactions, but what happens if the "big" exchanges treat bitcoin similarly as RH did, restricting the buying...what happens then? SEC regulates publicly traded companies. Meaning they can delist/stop/halt the trades (which is NOT what happened with GameStop). But apparently brokerages also decided that instead of performing their function and just executing all legal orders, they now think they have the authority to prevent users from legally buying a publicly traded company. In that sense bitcoin is no different, individual shitty brokerages can do as they please they can lock/freeze your account and even go bankrupt (not your keys not your bitcoins). In fact back in the day we only had one "huge" exchange MtGox that later completely imploded and closed down with huge looses, it was so colossal that there was a risk that it'd bring BTC down with it. But history shows that "where there's a will, there's a way" the demand for BTC continued, and now we have dozens exchanges. So individual brokerages/exchanges acting in bad faith is not a problem as long as you have options to move to "good" exchange. The issue becomes when governments get involved, SEC actually has the power/authority over all US listed companies and can stop ALL trading at their whim. Luckily bitcoin is global and governed by the laws of mathematics rather than politicians. Some country banning porn, will have zero effect on your ability to watch porn. Now, if you live in such shitty country, you can leave it and move to a "normal" country, or become the outlaw and trade "underground" like everyone else in that country. (Look how well war on drugs working in US/EU etc...) tl;dr bitcoin is global and not under control of any single government. Just as you could care less of what exchanges ban in China/Russia/North Korea, they could care less of what exchanges do in US. When gov prevents their citizens from eating a pie, that just leaves more pie for other goverments and people willing to ignore their stupid laws. |
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