$ (BTC) The Bitcoin Thread - NO SHITCOINERS ALLOWED

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Treasure Champs

Treasure Champs

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MirnaMinkoff said:
It’s amazing how many times I’ve seen that tinfoil posted.

Do Kwon was running a Ponzi scheme and they always go tits up when the money tightens up. The fact his ponzi was tied into the crypto ecosystem amplified the effect of collapse.

Months ago I would hear Luna described as “like a ponzi but evolving away from that aspect” yet people are shocked with the looks like a ponzi, smells like a ponzi, acts like a ponzi collapses like a ponzi scheme? No, must have been the evil hedge funds trying to ruin it.
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It's unusual for a ponzi shitcoin to reach a top ten marketcap. It did look pretty legit for a long time there, as long as you didn't look too hard into the attached anchor protocol and their 20% apy.

Anyway, this is one of the worst things to happen in crypto for years and although the redditors are all crying and suicide baiting cos they're retards, they do have a point that it's BAD.

So, hang onto your hats, boys, it's probably going to get worse before it gets better. Every time in BTC's history when it has lost the 100 week moving average (we lost it on May 6th, at $36,206) it has dipped to the 200 week MA (currently at $21,831). If you see a $20,000 bitcoin, buy the shit out of it. Not financial advice.*

*BTC has crashed 85% on FOUR different occasions, and each time come back to trade at an all time high. Eventually. Unlike any company or stock.
 
The Ugly One

The Ugly One

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Treasure Champs said:
It's unusual for a ponzi shitcoin to reach a top ten marketcap. It did look pretty legit for a long time there, as long as you didn't look too hard into the attached anchor protocol and their 20% apy.

Anyway, this is one of the worst things to happen in crypto for years and although the redditors are all crying and suicide baiting cos they're retards, they do have a point that it's BAD.

So, hang onto your hats, boys, it's probably going to get worse before it gets better. Every time in BTC's history when it has lost the 100 week moving average (we lost it on May 6th, at $36,206) it has dipped to the 200 week MA (currently at $21,831). If you see a $20,000 bitcoin, buy the shit out of it. Not financial advice.*

*BTC has crashed 85% on FOUR different occasions, and each time come back to trade at an all time high. Eventually. Unlike any company or stock.
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Each time BTC came back, it coincided with USDT trades becoming an even larger fraction of overall crypto volume; it's now well over double BTC's volume. Tether's starting to look shaky now...flash crashed down to $0.95 this morning, and then Tether appears to have removed about 2 billion USDT from circulation, which might have stabilized things for a bit.
 
Kendall Motor Oil

Kendall Motor Oil

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MirnaMinkoff said:
Do Kwon was running a Ponzi scheme and they always go tits up when the money tightens up. The fact his ponzi was tied into the crypto ecosystem amplified the effect of collapse.
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Who would've thought having a stable coin rely on another token for stability would open it up to issues?

The Ugly One said:
Each time BTC came back, it coincided with USDT trades becoming an even larger fraction of overall crypto volume; it's now well over double BTC's volume. Tether's starting to look shaky now...flash crashed down to $0.95 this morning, and then Tether appears to have removed about 2 billion USDT from circulation, which might have stabilized things for a bit.
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Bank run on USD-T when? :cunningpepe:
 
The Ugly One

The Ugly One

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Neigh said:
Who would've thought having a stable coin rely on another token for stability would open it up to issues?


Bank run on USD-T when? :cunningpepe:
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Nobody can actually redeem USDT. Tether Ltd reserves the right to refuse redemptions to anyone, and to date, I think there have been no documented redemptions by individuals. You can only sell them to other bagholders.
 
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Iron Jaguar

Iron Jaguar

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Menotaur said:
I still find it hard to take crypto so seriously when the 8th most popular coin is...Dogecoin. I'm probably going to get shat on, but 99% of these coins are hilarious.
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Doge was only ever meant to be a memecoin...but I made quite a bit of profit from it. Pure luck, though.
 
Treasure Champs

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The Ugly One said:
Nobody can actually redeem USDT. Tether Ltd reserves the right to refuse redemptions to anyone, and to date, I think there have been no documented redemptions by individuals. You can only sell them to other bagholders.
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Huh? I don't get what you're trying to say here. What do you mean 'redeem' USDT? You swap it into dollars on a CEX and deposit it into your bank account.

Menotaur said:
I still find it hard to take crypto so seriously when the 8th most popular coin is...Dogecoin. I'm probably going to get shat on, but 99% of these coins are hilarious.
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There are 19,000 cryptos and yeah, about 99% of them are the retarded offspring of a joke fucking a scam. I do find it kind of fun, though. It's one of the very few spaces that's still Wild West and not regulated to death by boring governments and red tape and endless forms to fill in. Downside: things like Luna. It'll be regulated to death very soon and the party will be over.


Suburban Bastard said:
What are you talking about, this is the perfect time to buy, you can get an infinite number of LUNA coins for zero dollars!
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You laugh, but I've seen hundreds of people throw money into that black hole over the last few days. Like, oh, it's gone to a cent, how much lower could it possibly go? (looks) $0.00003. Dead projects, like dead cats, don't actually bounce, but lots of people think it is worth 'a punt' for $20 or in some cases, $200.*

*I have seen people quote this as a frivolous amount to gamble for a laugh. I am clearly far too fucking poor to hang out with these people.
 
The Ugly One

The Ugly One

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Treasure Champs said:
Huh? I don't get what you're trying to say here. What do you mean 'redeem' USDT? You swap it into dollars on a CEX and deposit it into your bank account.
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New USDT are issued when people send dollars to Tether Ltd (they claim this the only way they are issued). To date, no individual is on record as having gotten dollars back out of Tether Ltd by sending them USDT to redeem. Currently, Tether Ltd claims to have I think $50b of Treasury bonds. They recently claimed to be one of the largest holders of commercial paper in the world. $81b of claimed assets might not sound like a lot in an era where the federal government spends trillions, but it turns out that makes them larger than E-Trade.


Selling your USDT to any party other than Tether Ltd for dollars is not a redemption.
 
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trickyzerg23

trickyzerg23

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Here is what is happening with Bitcoin right now: the Jews have grabbed us all by the ankles and are holding us upside-down, shaking, until every coin has come rattling loose from our pockets. If you give in to this shake-down, you are a stupid goy.
 
Treasure Champs

Treasure Champs

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mindlessobserver said:
CNBC is saying it's getting worse. Time to buy.

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I'm holding off for the fundamentals to change. The change today is actually to the upside, but it's just a bounce imho. In a week or a few weeks or a month, BTC will go lower. The media, especially the leftwing media, will have an absolute field day gloating about ponzis and tulips and "I-told-you-sos", declaring BTC dead, everyone who ever invested an idiot and a moron, screaming headlines saying it's down 75 or 80% from its all-time high HA HA cryptobros, you lose!

THEN buy. Stock up on the big alts for pennies. Wait.

The Fed will pivot. The DXY will hit resistance and start coming down.

And the next bullrun will start.
 
Kramer on the phone

Kramer on the phone

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Neigh said:
Who would've thought having a stable coin rely on another token for stability would open it up to issues?


Bank run on USD-T when? :cunningpepe:
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USD-T has been known to be bullshit for awhile now. you can't bank run literal imaginary money
Retarded INTP said:
Not related to Bitcoin but I bought 50$ of LUNA yesterday. For the lulz. I am now up 700%. Peak clown market. I don't even understand how it can be in the green given the state of its ecosystem. What the fuck.

Edit : Holy shit what did I get myself into
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Where did you buy it? i literally tried multiple markets yesterday(Kraken,Gemini,binance) and they all said no. i knew it would bounce back, i'm still fucking pissed. BTW never use BITTREX.

BITTREX IS RUN BY ETHAN RALPH TIER SCAMMERS.
 
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