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Earlier quoted context omitted.
> 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.
As of writing, CoinMarketCap values TerraUST (the stablecoin) at $0.09. Needless to say, that 3B didn't do a damn thing. No amount of cash infusions are going to save Terra, because the problem is trust.
If it propped it up long enough for insiders to dump their positions it did it’s served it’s purpose.
"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! Good observation. I may not be Warren Buffet, but it angers me greatly to see this kind of moronic chatter masquerading as informed opinion on finance or market dynamics.
Anything that stops a supply from overwhelming demand results in an increase in price.
Commodities traders accept the seasonality of their assets, and arent perma-bulls, with the exception of metals traders. Bitcoin inherits a mixture of stock traders and metals traders sentiment, where perma-bulls mentality of “number go up forever” is present but less warranted.
There are obvious periodic supply and demand movements in bitcoin, just like there is in oil, natural gas, and other commodities.
I am extremely out of the loop on the latest crypto developments / schemes, but * Where did this foundation get $3B to buy Bitcoin? * Is there any proof at all that they traded it to a counterparty who actually attempted to prop up UST and didn't just run off with them?
* No, there's no proof.
This is a dry run of the Tether (USDT) collapse.
Earlier quoted context omitted.
> 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.
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.
This is a dry run of the Tether (USDT) collapse.
This is a dry run of the Tether (USDT) collapse.
Tether is atleast supported with real world assets (USD/bonds etc). The amount and quality of the assets might be debatable but it can't go into a death spiral to zero like Luna and UST.
So it could drop pretty far.