61–70 of 111 posts
This is the reality of leveraged trading. If you've put up your crypto as collateral on a loan, which you used to buy more crypto (defi), and the price of the asset backing your loan drops below threshold it gets auto liquidated by the holder and your loan is cancelled out. It is automated in all cases with triggers and varying thresholds. Majority of these are 75-85% ratio which means if btc dips 15-25%, all of thos…
How do you know that?
It’s interesting and a little surprising to me that people selling almost $8 billion in BTC found ready buyers such that the market clearing price only dropped 10%. That’s a lot of money to move, and implies that a lot of other people saw this as a chance to buy a dip.
I still have problems with the idea that people are able to pick the correct winners. When the blockchain finally gets its killer mainstream app, why not do a new ICO on a restarted blockchain instead of a billion dollar wealth transfer to early adopters?
All crypto coins are fundamentally the same thing, easy to create or fork, and not backed by anything permanent like a government, so the value of them should approach zero over time. There's nothing supporting BTC's price, and I'm of the mindset there are shenanigans occurring to keep it afloat.
Easy to copy the coin, hard to copy the network effect.
Earlier quoted context omitted.
Buy a ticket, dont put in much. Adjust over time. I think the foolish point of view is to look at it as black and white. And whatever you do, don't rob yourself of participation in a meme, fun is not a zero sum game. I regret every time I invest in being smug.
There are other considerations too. Like buying into a tech that's largely backed by dirty energy.
Earlier quoted context omitted.
Zero to infinite. Good arguments all around. If governments decide it’s a threat I imagine it’ll go to near zero. Much to my personal shock that doesn’t seem to be happening.
Bitcoin seems to be approaching the realm of "too big to fail." A trillion dollars disappearing overnight could very well precipitate an economic crisis, and no democratically elected government wants to take the blame for that kind of eventuality.
I use those figures to decide on the future price of bitcoin, in case governments actually addopt bitcoin, so a future, very unlikely ~50X increase in bitcoin price is not enough for me to put money into it.
I've missed my chance and a very unlikely future 50X increase in price is not worth the risk, imho.
What I hate about Bitcoin is that I have absolutely no idea if this is 1) a good dip to buy, or 2) the start of a much bigger crash. Everything I understand about the topic and the world at large tells me it should be #2, but in retrospect it always winds up being #1. Am I passing up free money today? Or am I smart not to gamble in such an obviously rigged game? Will I look back years from now longingly and wish that…
Earlier quoted context omitted.
Zero to infinite. Good arguments all around. If governments decide it’s a threat I imagine it’ll go to near zero. Much to my personal shock that doesn’t seem to be happening.
I don't like cryptos for multiple reasons, a lot of which could be fixed in the future. But we're way over the phase where governments would ban it, on the contrary, I think bitcoin is a last resort fix for the immense global debt. My wild theory is after elites load up on bitcoin(and also a lot of ordinary folks) governments would change bitcoin to bitcoin 2.0 and completely crash other forms of fiat currency, wipin…
While I agree popularity reduces risk, some Governments have banned alcohol for years, or how about even banning certain types of securities (2008 crash)?
To say it is not the same is moot, for, the point is things get banned, popular or not.
Earlier quoted context omitted.
There are other considerations too. Like buying into a tech that's largely backed by dirty energy.
Because fiat money isn't backed by a trillion-dollar, oil-guzzling military-industrial complex?
What I hate about Bitcoin is that I have absolutely no idea if this is 1) a good dip to buy, or 2) the start of a much bigger crash. Everything I understand about the topic and the world at large tells me it should be #2, but in retrospect it always winds up being #1. Am I passing up free money today? Or am I smart not to gamble in such an obviously rigged game? Will I look back years from now longingly and wish that…
This can not be understated. Everything about “crypto currencies” and NFTs are a complete and total rig job. It’s not even hidden by the large SV capital, simply justified on the basis that...so what it’s the same thing the markets or art collectors have always done.
Instead of backroom dealings, it all takes place in chat rooms and discord servers. I’ll admit as somewhat of an artist I thought I’d submit my work to a “invite only” NFT marketplace and sure enough I get a DM from one of the most prolific and successful artists shaking me down for Bitcoin in exchange for the invite promising me a minimum amount in monthly NFT sales. Of course thinking that was a potential scam, I inquired about the pay to play and was not only told how the whole thing works from the founders down to these “anonymous” NFT collectors on Twitter run by the marketplaces themselves, and to confirm it I posted a tweet immediately liked by one such profile (to put in perspective the profile had bought an NFT from Musk’s partner for I think around $750k).
I never sent the Bitcoin on the basis of being disgusted with the whole thing, which in hindsight makes me a complete moron. Everyday as I see “artists” thanking the anonymous Twitter account for changing their life with a purchase of their NFT or how they are in tears because they can pay their student loan off...I consider giving the discord art submission, dm, and tweet to the news media...but then I realize they don’t care they probably are in on it too, or at least would calculate the amount of money on ad revenue and clicks they would lose if they exposed this scam and they could no longer write daily stories about NFTs.
You can definitely make money, just always remember it is a repeat of the gold rush and just marketing to poor people about life changing opportunity and gold so plentiful you can just pickup nuggets as large as your head, all you need to do if move to their town and buy their shovels. If you have no morals about it the better bet is to tell them you aren’t much of a digger but one hell of a shovel salesmen with a wink.