Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

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

theblockcrypto.com

Post reply on HN
Print view View original

51–60 of 111 posts

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

#51

Post by xur17 »

fny wrote: post #28
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

The difference is that stocks can be "valued" whereas crypto and other assets that lack a revenue stream can only be priced.

Interestingly, some crypto assets do have revenue streams. Ex: uniswap has an optional cut that their governance token can take of fees, and their fees aren't minuscule ($5M over the past 24 hours). Other assets like Ethereum can be staked in return for mining rewards - I suppose this is more difficult to reason out as a revenue stream since it is a mix of inflation and transaction fees.

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

#52

Post by TechBro8615 »

paulryanrogers wrote: post #26
scsilver wrote: post #17

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.

Because fiat money isn't backed by a trillion-dollar, oil-guzzling military-industrial complex?

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

#53

Post by HashBasher »

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.

Easy to copy the coin, hard to copy the network effect.

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

#54

Post by [deleted] »

fny wrote: post #28
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

The difference is that stocks can be "valued" whereas crypto and other assets that lack a revenue stream can only be priced.

[deleted]

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

#55

Post by r0m4n0 »

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.

You can say the same thing with most trading cards but there always seems to be some second hand market that no one understands.

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

#56

Post by tedunangst »

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.

I think these were futures contracts?

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

#57

Post by Traster »

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.

Alternatively it could be as simple as lots of people having a crap execution strategy. I’m sure there are thousands of people who just have orders in the book that got swept and others with simple python scripts that “buy the dip” with no concept of risk or stop loss. The question is whether those people need to get out of their positions in the next few days causing a further drop or whether they can hold in which case the price will stabilise and eventually continue to run up.

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

#58

Post by b112 »

amelius wrote: post #38
bradleyjg wrote: post #32

Earlier quoted context omitted.

If you don’t have any thesis beyond “hey, it could go up,” then you are gambling. That doesn’t mean you’ll lose, sometimes gambles pay off. You should no more feel bad about not having won gambling on btc than you do about not having picked the winning lotto numbers last week.

Old trading wisdom: there is more room for it to go up than down.

You could say that about any commodity, like a stock. How is it valuable info though, a predictor of future performance?

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

#59

Post by cperciva »

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.

You're assuming that there actually was $8B in transactions. It's possible that there was $800M in transactions and $7.2B in tape painting.

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

#60

Post by [deleted] »

raducu wrote: post #49
treeman79 wrote: post #12

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…

[deleted]
Post reply on HN