Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[Phil_S]

7777 today

77777 in 2020

[1679762862]

1679762862

[1679762862]

1679762862

[1679762862]

1679762862

[flynn]

7777 today

77777 in 2020

24777 in 14 days ! (I've got 0.25 BTC to collect from microgoossens)

[Phil_S]

I voted for end of February too, but I gave up on that long ago.

Good luck for people who selected summer months, haha!

[User705]

Tether is a separate legal entity to BFX.  Unlikely to pull down BFX (unless it triggers a run and BFX has been fractional reserve banking).

How does Tether even work? Suppose BFX/Tether went insolvent, would Tether remain? Or would people with any Tether just be screwed (ignoring the actual BTC price as a result of such an event)?

If Tether were to be insolvent (not fully backed by real USD), the moment it would be confirmed everybody would go dump their USDT for USD or other cryptos and very soon there would be noone buying it as the Tether bots would stop trying to maintain the peg so its value would crash to zero. Well, probably not really zero because:

- It's real fundamental value would depend on the perception of what percentage of Tether is backed by USD (ie: 20%, 60%, etc)
- Going under the price equating the real reserves, Teter (the company) could just try rebuy them all becoming solvent again (after destruction of the "overbooked" USDT).

After all the warnings about Tether, I wonder how many of it is still in the hands of people other than Teter itself. I would supposse many people have already dump it and noone would have a too big stake on it.

Yet the price of Tether haven't really crashed. BUT... what has crashed is all the crypto market which I think could be related. What if it was Tether/Bitfinex that had USDT somewhat backed.... NOT by USD but by a mix of USD, BTC and many other crypto?

If that were the case they would have been forced to liquidate those crypto assets to maintain the USDT peg stable. And, having to back more than 2 billion dollars overnight requires a lot of dumping, which causes panic and many other people dump too. Also as the price of the crypto assets go lower, more (coin units) dumping is required to extract the same value.... and there you have your doom circle.

Is that what has happened? Maybe, or at least it has been one in many factors behind the "crash".

This should have it’s own post but just remember at the heart of every ponzi is a bad trader.  If he knew how to buy low and sell high he wouldn’t need to print fake money.  Once the printing starts the mistakes just compound so no if tether is unbacked there is no rebuying of reserves because if they knew how to trade they wouldn’t need to print fake money and be unbacked.  It’s the exact same bs as Altucher ads.  If he knew how to make 10000% buying the next bitcoin he wouldn’t need to sell you a fucken trading course.

[Dakustaking76]

Still in a bug trap terrority  IT seems that iT isnt over yett

[El duderino_]

7777 today

77777 in 2020

24777 in 14 days ! (I've got 0.25 BTC to collect from microgoossens)

Going to be a tuff nut too crack , but Just imagining the rally iT would be
The memes the action that iT would bring with it ......

[Neo_Coin]

Tether = the perfect Ponzi scheme   

[ivomm]

Really? The chairs of both CFTC and SEC are bullish and nobody notice? Why I still see posts like " Oh, we will see 6K retest etc. etc. " It is finished with the dump, done, finito! Get over it!

"It's important to remember that if there were no bitcoin, there would be no distributed ledger technology."

That was the response from Commodity Futures Trading Commission chairman J. Christopher Giancarlo when asked by Arkansas Senator Tom Cotton about the value of the technology underlying cryptocurrencies like bitcoin.

............

Asked whether derivatives products like exchange-traded funds could help stabilize bitcoin’s wild price fluctuations, Clayton said it would depend on the investors.

Clayton went so far as to suggest that the agency might one day green-light such a financial product, a notable comment given that the SEC shot down the ETF proposed by investors Cameron and Tyler Winklevoss (that effort remains subject to an appeal).

"If we get comfortable ... then we can move forward," he said.



Sources:
https://www.coindesk.com/thered-no-dlt-without-bitcoin-says-cftc-chief/

https://www.coindesk.com/cftcs-giancarlo-used-volatile-assets-like-bitcoin/

[Dakustaking76]

Really? The chairs of both CFTC and SEC are bullish and nobody notice? Why I still see posts like " Oh, we will see 6K retest etc. etc. " It is finished with the dump, get over it!

"It's important to remember that if there were no bitcoin, there would be no distributed ledger technology."

That was the response from Commodity Futures Trading Commission chairman J. Christopher Giancarlo when asked by Arkansas Senator Tom Cotton about the value of the technology underlying cryptocurrencies like bitcoin.

............

Asked whether derivatives products like exchange-traded funds could help stabilize bitcoin’s wild price fluctuations, Clayton said it would depend on the investors.

Clayton went so far as to suggest that the agency might one day green-light such a financial product, a notable comment given that the SEC shot down the ETF proposed by investors Cameron and Tyler Winklevoss (that effort remains subject to an appeal).

"If we get comfortable ... then we can move forward," he said.



Sources:
https://www.coindesk.com/thered-no-dlt-without-bitcoin-says-cftc-chief/

https://www.coindesk.com/cftcs-giancarlo-used-volatile-assets-like-bitcoin/

Oke So what do you mean?


We Will go up now And not going down anymore? Bottom is in??

[TERA2]

Why is it now all these bears are allowed to run free without getting scolded by JayGuanGee

[BTCMILLIONAIRE]

Nice decoupling.

Gotta love reciprocal correlation in volatile markets.

[SidETH]

Seems pretty stable now. Good, let it be stable for a couple of days.

Oh and then please MOON, just to piss off that guy Roubini.

[TERA2]

New poll: glade or no glade

[milkshock100]

The starting gun has been fired

[HairyMaclairy]

New poll: glade or no glade

What exactly does glade refer to?

[Ibian]

At least ignoring people makes the page catch-up quicker.... But does no one else think some things are beyond the pale?

I just despair of a worldwide forum supposedly devoted to freedom for all being so intolerant and ignorant sometimes. I guess it's me that's the oddball looking at the shit that passes by here as 'normal' as far from it.  I have punched people for less, and yep, had the shit kicked out of me for objecting, too. 

However, I don't think advocating racism and even genocide on here is anything but abhorrent and I never will, so I can't change my spots. 

I cannot tolerate it when my forbears fought and were prepared to (and sometimes did) die to fight this, so I think I had better stop lurking here.

Emotional language, nothing concrete. D-

[flynn]

New poll: glade or no glade

What exactly does glade refer to?

That's the beauty of it : nobody knows. So it has the potential to become the next major meme of bitcoin.

[TERA2]

New poll: glade or no glade

What exactly does glade refer to?

Previously I thought a glade either referred to a garden or an air freshener, but another poster used it to refer to like a dead cat bounce, and now we're trying to start a trend of using the word glade.

[BTCMILLIONAIRE]

New poll: glade or no glade

I'm glade you asked and I'll go with glade.

[TERA2]