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$3B in Bitcoin was sold in a last-ditch attempt to save UST from collapse

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Re: $3B in Bitcoin was sold in a last-ditch attempt to save UST from collapse

#21

Post by vmception »

joosters wrote: post #4

"Sold" It's hard to show that they really sold these coins. Certainly, the LFG transferred the coins to some different exchanges. But did they truly sell them? If I was running a dodgy ponzi scheme and saw it collapsing catastrophically, I don't think I'd be throwing good money after bad trying to futilely patch it up. Much better to stash the remaining assets away somewhere and personally cash out later on. Also, “I…

> Also, “In a sense, the market is going to take that as kind of bullish.” - a.k.a. the standard 'this is good for bitcoin' quote, applicable whatever the news is!

Yes all weekend I had been wondering and cautious based on how much bitcoin was left to sell! Its just a commodity, supply can be faster than demand, specifically when one whale is expected to flood the market

Terra Luna rallied 500x (50,000%) off the lows. Minting many millionaires that bought that dip. The rumors were that the recovery plan involved a bunch of the bitcoin collateral. I couldn’t verify that well.

Knowing its all gone (or the selling pressure is done, whether you believe it was sold or not) is very helpful

Terra Luna resumes its crash too

Re: $3B in Bitcoin was sold in a last-ditch attempt to save UST from collapse

#22

Post by NelsonMinar »

joosters wrote: post #4

"Sold" It's hard to show that they really sold these coins. Certainly, the LFG transferred the coins to some different exchanges. But did they truly sell them? If I was running a dodgy ponzi scheme and saw it collapsing catastrophically, I don't think I'd be throwing good money after bad trying to futilely patch it up. Much better to stash the remaining assets away somewhere and personally cash out later on. Also, “I…

I'm sure we'll have an orderly audit and accounting for the loss of funds as adjudicated by the appropriate courts!

Re: $3B in Bitcoin was sold in a last-ditch attempt to save UST from collapse

#23

Post by NelsonMinar »

georgeecollins wrote: post #8

This is a dry run of the Tether (USDT) collapse.

Tether itself also had a dry run of the Tether collapse. It seems to mostly be holding steadyish in the past few days, but the dip down to $0.95 is a giant screaming alarm. It's still only at $0.9990; before the crisis last week it was pretty much always at $0.9998 or above.

Re: $3B in Bitcoin was sold in a last-ditch attempt to save UST from collapse

#24

Post by datalopers »

ChrisClark wrote: post #9
latchkey wrote: post #2

I'm kind of amazed that the Bitcoin price wasn't affected more given this event as well as the larger macro events with the stock markets, Fed and inflation.

Yeah, the previous crashes have been a lot more violent. The current bubble is definitely over though. Bubbles come like clockwork every 4 years (due to the 50% supply cuts every 4 years) it would be interesting to see if it happens again. Though an earlier bubble could be kicked off when ethereum cuts it's supply by 90%.

> The current bubble is definitely over though

Why do you say “over”? I see BTC reaching $20k this summer and then falling to <$10k as miners fold.

Re: $3B in Bitcoin was sold in a last-ditch attempt to save UST from collapse

#25

Post by fsckboy »

ChrisClark wrote: post #9
latchkey wrote: post #2

I'm kind of amazed that the Bitcoin price wasn't affected more given this event as well as the larger macro events with the stock markets, Fed and inflation.

Yeah, the previous crashes have been a lot more violent. The current bubble is definitely over though. Bubbles come like clockwork every 4 years (due to the 50% supply cuts every 4 years) it would be interesting to see if it happens again. Though an earlier bubble could be kicked off when ethereum cuts it's supply by 90%.

>The current bubble is definitely over though

with bitcoin hovering ~$30K, still seems like there's air in the bubble. a 50% drop (from $60K) is pretty normal for bitcoin. It could drop a lot more without shaking the confidence of the hodlers

Re: $3B in Bitcoin was sold in a last-ditch attempt to save UST from collapse

#26

Post by vmception »

NelsonMinar wrote: post #22
joosters wrote: post #4

"Sold" It's hard to show that they really sold these coins. Certainly, the LFG transferred the coins to some different exchanges. But did they truly sell them? If I was running a dodgy ponzi scheme and saw it collapsing catastrophically, I don't think I'd be throwing good money after bad trying to futilely patch it up. Much better to stash the remaining assets away somewhere and personally cash out later on. Also, “I…

I'm sure we'll have an orderly audit and accounting for the loss of funds as adjudicated by the appropriate courts!

By 2032?

We need new songs, “you just got Do Kwon’d” instead of “Mt Goxxed”

Re: $3B in Bitcoin was sold in a last-ditch attempt to save UST from collapse

#27

Post by ChrisClark »

datalopers wrote: post #24
ChrisClark wrote: post #9

Earlier quoted context omitted.

Yeah, the previous crashes have been a lot more violent. The current bubble is definitely over though. Bubbles come like clockwork every 4 years (due to the 50% supply cuts every 4 years) it would be interesting to see if it happens again. Though an earlier bubble could be kicked off when ethereum cuts it's supply by 90%.

> The current bubble is definitely over though Why do you say “over”? I see BTC reaching $20k this summer and then falling to <$10k as miners fold.

I mean it's not going back up to $60k. The bubble is over, but it's only the start of a longer bear market, so yeah, it can go much lower.

Re: $3B in Bitcoin was sold in a last-ditch attempt to save UST from collapse

#28

Post by ChrisClark »

fsckboy wrote: post #25
ChrisClark wrote: post #9

Earlier quoted context omitted.

Yeah, the previous crashes have been a lot more violent. The current bubble is definitely over though. Bubbles come like clockwork every 4 years (due to the 50% supply cuts every 4 years) it would be interesting to see if it happens again. Though an earlier bubble could be kicked off when ethereum cuts it's supply by 90%.

> The current bubble is definitely over though with bitcoin hovering ~$30K, still seems like there's air in the bubble. a 50% drop (from $60K) is pretty normal for bitcoin. It could drop a lot more without shaking the confidence of the hodlers

Yeah, I mean the bubble is over, it's not going to $60k. It still can drop a lot further.

Am I using the word bubble wrong? Another responded in the same way.

I mean it's now definitely a bear market, and going down, not up.

Re: $3B in Bitcoin was sold in a last-ditch attempt to save UST from collapse

#29

Post by onlyrealcuzzo »

datalopers wrote: post #24
ChrisClark wrote: post #9

Earlier quoted context omitted.

Yeah, the previous crashes have been a lot more violent. The current bubble is definitely over though. Bubbles come like clockwork every 4 years (due to the 50% supply cuts every 4 years) it would be interesting to see if it happens again. Though an earlier bubble could be kicked off when ethereum cuts it's supply by 90%.

> The current bubble is definitely over though Why do you say “over”? I see BTC reaching $20k this summer and then falling to <$10k as miners fold.

Why would miners folding cause Bitcoin to drop in value?

The same amount of Bitcoin will be mined no matter what.

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