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$7.6B in crypto long positions liquidated in 1 hour as Bitcoin plunges to $52k

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Re: $7.6B in crypto long positions liquidated in 1 hour as Bitcoin plunges to $52k

#91

Post by raducu »

Salgat wrote: post #81
raducu wrote: post #49

Earlier quoted context omitted.

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…

China and the US will never give up monetary policy, it's one of their most powerful economic tools.

I know, and it's just one of my tinfoil hat theory, but the fact that they haven't banned it already, or the USDT on some obvious money laundering issues, just fules my paranoia that taking over the future dominant crypto is more beneficial than just banning it now.

Re: $7.6B in crypto long positions liquidated in 1 hour as Bitcoin plunges to $52k

#92

Post by awb »

peter422 wrote: post #20

Remember folks: If the price goes up, that’s good. If it goes down then you can buy more at a discount, which is also good. It’s a great system where nothing can go wrong.

Is this sarcasm? Any investment can go to 0, or go down and stay down.

Re: $7.6B in crypto long positions liquidated in 1 hour as Bitcoin plunges to $52k

#93

Post by blueblisters »

ullevaal wrote: post #63
burlesona wrote: post #16

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.

Yes, for someone whose prior has been: “The price will crater and most people will lose interest”, I think that the thousands of hours of developer time and institutional interest is probably starting to pay of in terms of more mature markets. 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 rest…

I think Bitcoin’s biggest strength (and weakness) is hype and FOMO. If another coin comes along that gets more attention (see Dogecoin), you’ll see the Bitcoin community try to discredit for the same reasons that Bitcoin is currently dissed for right now.

Re: $7.6B in crypto long positions liquidated in 1 hour as Bitcoin plunges to $52k

#94

Post by rasz »

candiddevmike wrote: post #39

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.

At current scale of operation and amount of money changing hands Im surprised we dont hear about rival groups hiring mercenaries to disrupt competitor mining operations. Couple millions should be enough for a team to go in, burn down a warehouse full of mining gear and blow up a substation or even full power plant for good measure.

Re: $7.6B in crypto long positions liquidated in 1 hour as Bitcoin plunges to $52k

#95

Post by rasz »

aent wrote: post #78
raducu wrote: post #73

Earlier quoted context omitted.

Did anything changed about tether having to reveal anything about their reserves? This has been going on for years, and it seemed that nobody was able to force them to prove anything.

It's part of their recent NY settlement: https://www.bloomberg.com/news/articles/2021-02-23/crypto-ex... >New York officials, who originally began investigating Bitfinex in 2019, will receive quarterly reports on composition of Tether’s reserves for the next two years. The companies will end all trading activity with New Yorkers. That starts in about a month

Didnt they already had dates set for publishing Audit results in January? and then without revealing anything they obtain a settlement? Show you the scale of money and what it can do. At $Trillions being printed per month they can buy anything.

Re: $7.6B in crypto long positions liquidated in 1 hour as Bitcoin plunges to $52k

#97

Post by [deleted] »

Geee wrote: post #46
patentatt wrote: post #4

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…

Most people look at the stock-to-flow chart as the leading indicator. https://digitalik.net/btc/

[deleted]

Re: $7.6B in crypto long positions liquidated in 1 hour as Bitcoin plunges to $52k

#98

Post by repsilat »

rybosworld wrote: post #72
polote wrote: post #11

Earlier quoted context omitted.

How is that different from the stock market ? Maybe you have 'more ideas' but that would not prevent you to be wrong. In both case nobody can predict what will happen next

I agree, I think at the end of the day, every asset gets 100% of it's value based on speculation. Though it may not be obvious. Let's say that a stock has value because of some combination of: 1. The underlying's earnings/cash flow, and 2. Speculation (I want to buy stocks that I think other people will want to buy) But if you think about it, #1 is also just speculation. Because at the end of the day, you are risking…

> #1 is also just speculation. Because at the end of the day, you are risking $X to make $Y. You are placing a bet that tomorrow, some other people will come to value this stock (perhaps based on earnings) higher than you do today.

Some people buy stocks for dividends never expecting to sell them, and not especially worried if the price goes down after they buy. I guess the projection of dividends coukd be called "speculation", but I don't think that's what you meant when you used the term.

Other things that don't quite fit include bonds, especially short-term government bonds. If held to maturity, it's a stretch to say the value is a social construct in a meaningful way.

(Non-meaningful phrasings abound of course -- by some definitions my monthly rent is speculation, because law and order and property are social constructs and I'm betting on society not changing its mind on them, but again I don't think you were making that sort of facile point.)

Re: $7.6B in crypto long positions liquidated in 1 hour as Bitcoin plunges to $52k

#99

Post by danans »

candiddevmike wrote: post #39

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.

> and not backed by anything permanent like a government

I agree with the overall point, but I'd add that the difference is the degree of permanence.

Not all governments are so permanent, and some are arguably less permanent at the moment than the big crypto schemes.

In addition, let's not forget for many of the original BTC enthusiasts, the purpose of BTC wasn't for it to be an asset class, but rather:

- A direct challenge to the dominance and reserve currency status of USD and the government and agencies that back it.

- A medium of exchange that the US government could not control.

These anarcho-capitalist goals have been greatly diminished as BTC becomes more of a regular asset class.

Anecdotally, I've heard many small scale investors (portfolios in the 5-10 million range) who are happy about these changes in BTC.

Re: $7.6B in crypto long positions liquidated in 1 hour as Bitcoin plunges to $52k

#100

Post by [deleted] »

echelon wrote: post #31
polote wrote: post #11

Earlier quoted context omitted.

How is that different from the stock market ? Maybe you have 'more ideas' but that would not prevent you to be wrong. In both case nobody can predict what will happen next

You have a sense of a company's prognosis and the industries they operate in. Bitcoin is a bunch of hope, hot air, and hubris. I suppose you could say it's an industry of its own, but I think it's harder to project than, say, the tech industry.

[deleted]
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