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1221
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Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
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on: February 11, 2021, 04:05:54 PM
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The finance world is stirring with news, fake news, hints and innuendos. Interesting times indeed. SEC Commissioner Peirce Says Market Is Ready for a Bitcoin ETPU.S capital markets are ready for a bitcoin exchange-traded product, U.S. Securities and Exchange Commissioner Hester Peirce said on CoinDesk TV Thursday. - The regulator playfully known as "crypto mom" said people are already eager to trade a bitcoin ETP, "and so if we don’t give them the natural way, which I think would be an ETP, they are going to look for other (less optimal) ways to do it."
- Peirce also pushed back in her interview against an emerging government narrative that cryptocurrency is a dangerous rail for terrorist financing. She cast doubt on the size of the alleged problem and insisted there was no way to ban bitcoin outright.
- Pierce said she looks forward to working with SEC chairman nominee Gary Gensler once the former MIT digital currency professor is confirmed by the Senate.
Oh well. NOW that the cat is out of the bag, they could be ready for an ETF/ETP. Just when we feel we don't need it any more. An ETF/ETP could be an additional way for mainstream finance to manipulate the price. Imagine the fun they could have with naked shorting. I suggest writing to our representatives suggesting the time is ripe blah blah, protect the small investors from shady exchanges blah blah, BUT only if the ETF/ETP is payable in kind only. No paper, just plain underlying sweet bitcoin. Let anybody try to short the corn then. They'll learn what a honey badger does when badgered. |
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1223
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Economy / Economics / Re: Tesla Bought 1.5 B in Bitcoins
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on: February 11, 2021, 02:52:55 PM
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I think this news is by far the most important news in a long time, by far more important than PayPal. (I don't know if your "after Paypal" is meant on a chronological or importance order).
This is because not the effect on other CFO is they cannot ignore anymore the BTC option for their investment. One thing is a semi-obscure MicroStrategy share. Now we are talking about Tesla, one of the most knows brand in the world.
First of all, I was thinking about the importance in terms of general media coverage - because PayPal and Tesla sell news much better than, say, MicroStrategy or Grayscale - and we saw the effect literally in the first minutes after the news was published. Given Tesla’s reputation and the fact that Musk has over 40 million followers on Twitter this news spread with incredible speed and resulted in a price increase of 20% in the last 24 hours. Now it will be interesting to see how long this positive wave will last, because probably like all other positive news it will weaken at some point - which means we can expect a price correction, what do you think about that?
It's also always possible that BTC will crash. In particular, the higher the price gets, the more likely it is that governments see BTC as a high-priority threat that they need to take out of the picture. It's not easy to make Bitcoin technically unusable, but there are probably actions that the Biden administration could unilaterally take which would crash BTC to sub-$5k, for example
Anyone who understands how powerful the state's mechanisms are (especially when it comes to the US) must keep in mind that the world's leading power will not allow Bitcoin to threaten the US dollar in any way - which is regardless of who is in power has always been and will be a political constant. I always remember Congressman Brad Sherman who said during the Libra debate that “Bitcoin is a small baby here.", which during 2019 did not seem so far from the truth. An even more significant statement by the former U.S. Treasury Secretary Mnuchin came during 2020 when he stated ‘We want a stable dollar,’ says U.S. Treasury Secretary Mnuchin: ‘It is the reserve currency of the world and we’re going to protect that’. Hard to do, even for a well loved, uncontroversial president. Crashing, or at least hitting hard, the companies that invested in btc - including space exploring, tech innovating, financially ripping, US poster child Tesla? Quite unpopular move. Wall Street, fresh VC, tech innovators would take note. Not good. Small investors who are in these companies only for "the tendies" wouldn't be happy, either. If I were Biden, I'd go to great lengths to avoid a shitshow like that. |
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1225
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Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
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on: February 11, 2021, 02:03:49 PM
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Pump to 48K is being driven by this uncontrolled rumor coming from bitcoin Magazine:
DEUTSCHE BANK is preparing to buy Bitcoin - source n/a
@Bitcoin_Magazine
DYOR in any case: my body is ready. Deutsche Bank has been an inverse Midas a long time already: everything they touch becomes shit. They're in deep trouble. Maybe they finally picked bitcoin as their lifeline? It's not as big a piece of news as Tesla. Or if, say, Amazon or Apple jumped on the bandwagon. As for German banks, the news I want to hear is "Bundesbank has bought bitcoin."  |
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1226
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Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
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on: February 11, 2021, 01:01:57 PM
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This is big. It may be "just an African country", but it's a central bank. I just wonder how do they expect to be able to manipulate money supply without being able to inflate it? My guess is they'll use it for reserve only. The custody bank said Thursday it will hold, transfer and issue bitcoin and other cryptocurrencies on behalf of its asset-management clients.
Issue bitcoin? Someone's being delirious at BNY Mellon. Or some WSJ journalist doesn't have a clue about bitcoin and should do some basic reading. +1 WOsMerit |
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1234
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Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
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on: February 07, 2021, 05:06:19 PM
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Apologies if a link to this video has been provided previously. Michael Saylor/Ross Stevens bitcoin discussion at the MicroStrategy conference. Ross is a very eloquent speaker and made few points that should help companies on the fence see the light. https://www.youtube.com/watch?v=wA_fI-wUqnwThe same video is available at MicroStrategy website as well. A very eloquent speaker indeed. Rational bullishness from a guy in traditional finance - a risk management firm. If I had a few millions to take care of, I'd be itching to put it in bitcoin tomorrow. Or, wait, I could start today. I'm out of merit, but will fix you ASAP. +1 WOsMerits EDIT - Fixed after a few days |
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1235
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Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
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on: February 07, 2021, 01:27:36 PM
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Off topic: GME's shorts are still not covered by far (50%), and a delay of weeks is to be considered, before hedgies will cover. They covered about 2% on friday, as it seems, and the price rose by a tad under 20%. Coincidence?
Maybe it's a coincidence; maybe not. What I can say is that Friday, as the previous Wednesday, the NYSE disallowed shorting that stock at prices lower than the best bid. This 'circuit breaker' rule is triggered whenever a stock's price declines over 10%. It is meant to allow "real" long sellers to sell their long stocks before "fake" (short) sellers can push the price further down. It was established by the SEC in 2010. https://www.sec.gov/news/press/2010/2010-26.htm |
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1239
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Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
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on: February 06, 2021, 03:00:12 PM
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Even F2pool can only have so many BTC to dump before they run low/out. I don't think how many they have is relevant any more. There's a black hole of deep pockets ready to eat anything up. I hope to sneak my way as a minnow and chomp some of the goodies at a better-than-deserved price. In other words: F2pool, bring it on please. Pretty please! |
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