151–160 of 540 posts
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> 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.
Even if it goes below $10k, that would be normal price action for Bitcoin. It would start to get interesting if it goes below $1k.
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> There is no possible way that trillions of new bitcoins could suddenly be created. That's a slightly strong perspective; it is not impossible; it is merely extremely hard.
> it is merely extremely hard. Care to elaborate how it could be done? Even if it were to happen, which it could not, the chain would fork from the moment before the hack and continue on without the hack.
The only reason we're not calling "Bitcoin Cash" by the name "Bitcoin" is that the last part didn't happen, right?
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.
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You'll have to explain how that's usefully different from the fiat context.
Because there's no such thing as unbacked BTC. You either have the UTXOs pointing at an address you hold the keys for, or you do not. If someone loans you BTC, the supply of BTC has not increased.
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You'll have to explain how that's usefully different from the fiat context.
First you'll have to explain to me why you would give somebody your bitcoin and allow them to give it to somebody else!
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No. There is still 1 BTC in this scenerio. When you choose to deposit your 1 BTC you've lost custody of it and somebody else has gained possession of it. All you have is a promise that you'll get it back - which is not === BTC.
You said what happened to Luna can't happen to BTC because the BTC supply is capped. It's not. The inability to mine new BTC doesn't actually matter. The pseudobanks we call exchanges are still able to introduce numberless BTC into circulation through loans. The result is inflation and possibly market crashes in case of defaults. Really no different from what Tether and every other bank is doing. I've written more de…
Yes, it is. They are not introducing BTC into circulation. This is verifiable via the blockchain.
Banks creating IOU's or derivatives or whatever other abstraction they can come up with never generates new BTC. You'd hope that people foolish enough to work with such financial institutions would know the risk of possessing nothing but an instrument created by the bank. If you're unwilling to take custody of your own bitcoin, you better damn well do some good research on third party custodians.
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Because there's no such thing as unbacked BTC. You either have the UTXOs pointing at an address you hold the keys for, or you do not. If someone loans you BTC, the supply of BTC has not increased.
All bitcoin is "unbacked". There's no intrinsically useful asset behind bitcoin. Your private key is just a bundle of bits. Bits are so abundant as to be worthless.
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> I mean it's not going back up to $60k. Oh man. I'll have fun poking you next year about how embarrassingly wrong you were.
I wouldn't say next year, but by 2025 I think there will be a new ATH. But I'm just very conservatives in my predictions.
Which were ultimately based on what exactly? See, TA in this space is the demarcation of those who know exactly nothing, but feel the need to contribute their misinformed opinion: short of being a whale who can make the market move (Bearwhale) I doubt you really have anything of substance to base your opinion.
And even then it's literally impossible to call a high, I've been in this for over 10 years and the 'price discovery' mechanism is really just not there. And most of the innovative stuff happens during times when the price is low.
Consider two things: Mining/Hashing power is at ATH, and we just 2x the amount of nations who have adopted its a national currency--with more expressing interest and are meeting with the President of El Salvador as we speak.
And yet we are sub 30k... again, I think no one knows anything about what the price will do, but that doesn't stop people for relying on conjecture to explain x, y, z event in this space.
Tether was a joke, and Luna was a scam... what this has to do with BTC is entirely lost on anyone with any semblance of knowledge: they dumped BTC, sure, but that is like conflating what Pellaton's stock price drop means for Apple's long term viability.
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Sure but how much legit volume did those specific exchanges do at those price points allowing more than 50x or 100x returns?
Amongst all volume I was not particularly amused by the 15minute bars, it would have been hard to move 7 figures usd, but they could eat a 6-figure market order easily. The rest would need just a little patience. No need for me to move the goal post to legit vs not real volume, there were some AMMs that had the same liquidity depth.
Of course for a chump like me, 100x’ing anything like $1K would be moderately life changing (mostly short term easing of career and life pressure)
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> 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…
> Terra Luna rallied 500x (50,000%) off the lows. The patient is alive! There may no longer be a head attached to the body; but - look! - the little finger is twitching.
A buy the dip trade fueled by unverifiable rumors of a recovery plan.