The Crypto Thread

tabbaker · April 23, 2021, 7:53am

Oh man all the people on the BTC Reddit blaming Biden too. This is great.

Ikioi · April 23, 2021, 7:53am

Bitcoin has plummeted…all the way down the ATH of (checks notes) six weeks ago.

wheatrich · April 23, 2021, 7:58am

I’ve done this so many times lmao yeah the horror of it being down to X weeks ago

the problem is in a down cycle you keep saying that with a later timeline over and over…

but I told myself to sell after stimulus and I did some just not enough

6ix · April 23, 2021, 8:15am

lol link plz

6ix · April 23, 2021, 8:20am

reddit layout is awful but this is the single dumbest thing i’ve ever read (three years old)

https://www.reddit.com/r/CryptoCurrency/comments/7s48s4/every_single_crypto_chart_has_been_following_the/

6ix · April 23, 2021, 8:26am

I was hoping one would maybe guess some sort of arbitrage happening, and one guy did, and even correctly realized that wasn’t correct! Unfortunately it was included in the one of the dumber posts in the entire thing.

tabbaker · April 23, 2021, 8:31am

Just a bunch of posts in the daily discussion thread

https://www.reddit.com/r/Bitcoin/comments/mwnvhh/daily_discussion_april_23_2021/?utm_medium=android_app&utm_source=share

6ix · April 23, 2021, 8:38am

Goddamn I can’t stand reading NPC crypto doods. They’re all such fucking idiots.

6ix · April 23, 2021, 8:48am

Maybe it’s just BTC maximalists:

Do they not get that at any one point in time there’s a finite amount of money in the world’s economy?

6ix · April 23, 2021, 9:41am

might want to check that math

zimmer4141 · April 23, 2021, 10:16am

The biggest thing working against Crypto when the price starts to fall IMO is that there just aren’t enough interested buyers as it goes down.

Like most people who have serious money in Crypto have relatively short funds in non-Crypto related assets. Anecdotal, but I know of multiple people (poker players) who have probably a $250k+ liquid net worth in Crypto assets and probably < $50k in non-Crypto.

Then there are people like me who aren’t interested in buying at any price. I still don’t believe in Bitcoin long term. I’m not looking to buy BTC at $60k, I’m not looking to buy if it hits $40k, I’m not looking to buy it if it hits $10k. Just because it’s hit a certain value before doesn’t mean there’s any more of a fundamental reason for it to be a buy when it’s even at 10% of its previous ATH.

I think this is ultimately where a lot of the institutional money sits as well. Institutional money (regular banks and Investment Banks) will buy lower prices in STONKS because there is a fundamental reason for the price to be where it is. If they are interested in owning Apple at a $1.3 Trillion Market Cap, they want to own more Apple at a $500 Billion Market Cap. With Crypto I don’t think they have the same interest. JPMorgan Chase isn’t adding Crypto to its balance sheets because they think the price is attractive or they think it’s good long term value relative to their other financial assets, they’re doing it as a hedge against Crypto and Crypto related assets gaining enough power and leverage on paper to threaten their other business interests. Just because they bought $1.5 Billion of Crypto when it was at $50k doesn’t mean they’re going to be pumping $Billions more in when it hits $10k.

ElSapo · April 23, 2021, 12:21pm

Simply posting as a datapoint … this is now multiple pitches, emails or stories I’ve seen, with this idea that bitcoin will become an enabler of renewable energy and potentially a marketplace.

Dunno if this is a real thing or some kind of coordinated rhetoric. But it appears like a change to me.

@zimmer4141 I understand your thinking (I think) … otoh, it seems to me we’ve reached some kind of inflection point, or will be … more companies discussing, considering accepting, corporations acquiring, cryopto ETFs, talk of bans … seems like it either basically sits here or lower, or has a lot of upside. Not saying I understand it, but seems binary.

tabbaker · April 23, 2021, 1:24pm

I’d subscribe to a YouTube channel of 6ix reading Reddit posts.

edc5036 · April 23, 2021, 1:57pm

That’s definitely pretty close to how I’ve seen the bitcoin energy problem playing out and why I’ve posted ITT months ago that carbon footprint concerns are overblown.

FWIW I think we’re pretty close a bottom here, maybe it was already this morning. 44k is my line in the sand technical floor where I’ll start reconsidering my thesis if we start closing candles below there. Got a bit out at 55k on the way down but still holding the rest.

Ready to post the loss porn if I’m wrong

Fossilkid93 · April 23, 2021, 2:31pm

If you use BitMart you can convert USDT to SafeMoon.

They’ve also announced that they’re trading on a couple new exchanges.

6ix · April 23, 2021, 2:39pm

safemoon is a literal pyramid/ponzi scheme

which is fine as long as you know that going in

first rule of greater fool club

clovis8 · April 23, 2021, 2:42pm

It’s SAFE and going to the MOON. What could possibly go wrong?

6ix · April 23, 2021, 2:44pm

6ix · April 23, 2021, 2:46pm

zimmer4141:

The biggest thing working against Crypto when the price starts to fall IMO is that there just aren’t enough interested buyers as it goes down.

Like most people who have serious money in Crypto have relatively short funds in non-Crypto related assets. Anecdotal, but I know of multiple people (poker players) who have probably a $250k+ liquid net worth in Crypto assets and probably < $50k in non-Crypto.

Then there are people like me who aren’t interested in buying at any price. I still don’t believe in Bitcoin long term. I’m not looking to buy BTC at $60k, I’m not looking to buy if it hits $40k, I’m not looking to buy it if it hits $10k. Just because it’s hit a certain value before doesn’t mean there’s any more of a fundamental reason for it to be a buy when it’s even at 10% of its previous ATH.

I think this is ultimately where a lot of the institutional money sits as well. Institutional money (regular banks and Investment Banks) will buy lower prices in STONKS because there is a fundamental reason for the price to be where it is. If they are interested in owning Apple at a $1.3 Trillion Market Cap, they want to own more Apple at a $500 Billion Market Cap. With Crypto I don’t think they have the same interest. JPMorgan Chase isn’t adding Crypto to its balance sheets because they think the price is attractive or they think it’s good long term value relative to their other financial assets, they’re doing it as a hedge against Crypto and Crypto related assets gaining enough power and leverage on paper to threaten their other business interests. Just because they bought $1.5 Billion of Crypto when it was at $50k doesn’t mean they’re going to be pumping $Billions more in when it hits $10k.

Counterpoint: It’s all a Keynesian beauty contest.

6ix · April 23, 2021, 2:47pm

If Zimmer is out of work after I overthrow and dismantle capitalism I will loan him a bitcorn.