2021-01-30 Forbes - Data Reveals Bitcoin Could Be About To Become The New GME

[acquafredda]

Bitcoin has surged this week, climbing after Tesla TSLA -5% chief executive Elon Musk gave the cryptocurrency a tacit endorsement.

Musk sent the bitcoin price sharply higher as a long-running battle between bullish retail traders organised via Reddit's WallStreetBets forum and Wall Street hedge funds that have long been shorting GameStop shares reached its climax—with regulators and brokerages trying to calm frantic markets with heavy-handed restrictions.

https://www.forbes.com/sites/billybambrough/2021/01/30/bitcoin-price-data-reveals-bitcoin-could-be-about-to-become-the-new-gamestop/

Oh Billy, another one from your side. Your friends cannot do what has been done to GME on BTC markets. They cannot be shut down, let alone get closed. It was too juicy for you to refrain commenting the GME drama in relation to BTC but your words shall not pass.

[IconFirm]

Forbes.....LULZ  They just don't understand how BTC works & are only capable of thinking in terms of fiat, which is hardly surprising seeing as they're a bankrolled rag.

I can only imagine that they think that closing/stopping exchanges trading in BTC will somehow end the currency, which of course, it won't. Personally, I'd like nothing more than to see that happen because it would force traders to go full-on decentralised exchanges - which should have happened in the first place.

Imagine how empty the scam section would become if that were to happen - no more exit scams, no more locked funds, no more KYC, no more fake exchanges - just pure, unstoppable, free trading for all. Bliss.

[DooMAD]

Bitcoin has surged this week, climbing after Tesla TSLA -5% chief executive Elon Musk gave the cryptocurrency a tacit endorsement.

Musk sent the bitcoin price sharply higher as a long-running battle between bullish retail traders organised via Reddit's WallStreetBets forum and Wall Street hedge funds that have long been shorting GameStop shares reached its climax—with regulators and brokerages trying to calm frantic markets with heavy-handed restrictions.

https://www.forbes.com/sites/billybambrough/2021/01/30/bitcoin-price-data-reveals-bitcoin-could-be-about-to-become-the-new-gamestop/

Oh Billy, another one from your side. Your friends cannot do what has been done to GME on BTC markets. They cannot be shut down, let alone get closed. It was too juicy for you to refrain commenting the GME drama in relation to BTC but your words shall not pass.

I don't get the sense from the article that the author is saying BTC markets can be shut down (aside from any on Robinhood, of course).  The main commentary just seems to drawing parallels around the price surge and the part where some institutional investors have left themselves in a precarious position with shorts that are currently losing them money.

[Karartma1]

Forbes.....LULZ  They just don't understand how BTC works & are only capable of thinking in terms of fiat, which is hardly surprising seeing as they're a bankrolled rag.

I can only imagine that they think that closing/stopping exchanges trading in BTC will somehow end the currency, which of course, it won't. Personally, I'd like nothing more than to see that happen because it would force traders to go full-on decentralised exchanges - which should have happened in the first place.

Imagine how empty the scam section would become if that were to happen - no more exit scams, no more locked funds, no more KYC, no more fake exchanges - just pure, unstoppable, free trading for all. Bliss.

I guess that is what most of us are waiting for. The Lightning Network need to mature as soon as possible so that we can rely on that to do some trading.
One of your point is actually very important: imagine how many exchanges will collapse as they clearly run on fractional reserve. The moment that would happen I would be opening my best bottle of whiskey.
Yes, we need fast and reliable DEXes on bitcoin steroids soon.

[error08]

After a significant increase in bitcoin price since October 2020, bitcoin has reached the new that $42k then get corrected 28%, and currently moving sideways above $30k, that's a normal market behavior but a different story compared to gme. Some corrections will follow after the bitcoin price spike up, but not a crash.
Moreover, the value of Bitcoin will strengthen against the depreciation of fiat currency such as USD while Pandemic still rules the world.

[cr1776]

Bitcoin has surged this week, climbing after Tesla TSLA -5% chief executive Elon Musk gave the cryptocurrency a tacit endorsement.

Musk sent the bitcoin price sharply higher as a long-running battle between bullish retail traders organised via Reddit's WallStreetBets forum and Wall Street hedge funds that have long been shorting GameStop shares reached its climax—with regulators and brokerages trying to calm frantic markets with heavy-handed restrictions.

https://www.forbes.com/sites/billybambrough/2021/01/30/bitcoin-price-data-reveals-bitcoin-could-be-about-to-become-the-new-gamestop/

Oh Billy, another one from your side. Your friends cannot do what has been done to GME on BTC markets. They cannot be shut down, let alone get closed. It was too juicy for you to refrain commenting the GME drama in relation to BTC but your words shall not pass.

My thought in what he was implying was that he was saying bitcoin could be the next GME due to the large number of short positions that have been opened by hedge funds recently.  Eg he says "Now, data has revealed hedge funds are short bitcoin to the tune of more than $1 billion, even as retail traders pile into bitcoin and other cryptocurrencies."

To me he is implying that given the large short interest, there could be a short squeeze on the exchanges if people buy bitcoin as they did GameStop and then don't sell enough to let the hedge funds cover their short interest.

The thing is, $1 billion in bitcoin isn't all that much compared to the market right now.  I guess we'll see.

[bbc.reporter]

Bitcoin has surged this week, climbing after Tesla TSLA -5% chief executive Elon Musk gave the cryptocurrency a tacit endorsement.

Musk sent the bitcoin price sharply higher as a long-running battle between bullish retail traders organised via Reddit's WallStreetBets forum and Wall Street hedge funds that have long been shorting GameStop shares reached its climax—with regulators and brokerages trying to calm frantic markets with heavy-handed restrictions.

https://www.forbes.com/sites/billybambrough/2021/01/30/bitcoin-price-data-reveals-bitcoin-could-be-about-to-become-the-new-gamestop/

Oh Billy, another one from your side. Your friends cannot do what has been done to GME on BTC markets. They cannot be shut down, let alone get closed. It was too juicy for you to refrain commenting the GME drama in relation to BTC but your words shall not pass.

I don't get the sense from the article that the author is saying BTC markets can be shut down (aside from any on Robinhood, of course).  The main commentary just seems to drawing parallels around the price surge and the part where some institutional investors have left themselves in a precarious position with shorts that are currently losing them money.

Agreed. I also read the article as a moderately positive one for bitcoin, however, without the author showing where his bias was. I would speculate that Billy wants to witness a short squeeze on bitcoin hehe.