Bitcoin crash coming (27 Viewers)

[L3urntout]

Yeah, and I went for the Chinese cheapos....

I bought like 6 btc worth of MLN, sold at 97% loss

Still bagholding a few more, I got Iota as well lol

 

[HaRDHouSeiNC]

I bought like 6 btc worth of MLN, sold at 97% loss

Still bagholding a few more, I got Iota as well lol

The worst shitcoin I think I played with was Tron because its quite useful, I still think tron has a great use case
I think when it hit 3c and ETH was down I traded it off and was done with it.
Probably lost a little but then ETH rallied, so maybe even.

Those no name shitcoins you gota just ride the pump then dump, they have no long term use case or utility

Even Ripple to me is a long gamble
If it passes 1.50 Ill probably just sell it for ETH in the upcoming alt season pump
If BTC keeps this up and not HUGE correction the alt season pump could be soon

 

[wuffle]

CEO of dogecoin just tweeted about BTC

https://twitter.com/x/status/1340573003579617280

 

[wuffle]

fresh all-time high

 

[johnjohn]

to the moon!

 

[SpaceMonkey420]

Maxed at 15 in November. Love seeing 25 this morning in December. Ship it!!!

 

[L3urntout]

I keep selling my btc only to funnel it back into eth...

The damn ratio is too appealing

 

[L3urntout]

Also liquidated a bunch of my loser tokens and now have a huge sushi stax.

Also opened a 33% long using Compound on eth. Approx 6% apr, liquidation at sub $200 for 30k USD worth of leveraged ETH.

Scared money don't make money!

 

[Payback]

Anyone get lucky and get the 1inch airdrop yesterday? I hadn't made any trades on there. Very sad as the extra 1-2k could've come into handy at Xmas time, or to buy more BTC.

 

[L3urntout]

Anyone get lucky and get the 1inch airdrop yesterday? I hadn't made any trades on there. Very sad as the extra 1-2k could've come into handy at Xmas time, or to buy more BTC.

Not me :/ probably would have if i knew about it though! Been using dexes more and more at least for the eth tokens.

 

[Payback]

Not me :/ probably would have if i knew about it though! Been using dexes more and more at least for the eth tokens.

I'm wondering if any other exchange might be thinking about doing another one and if so which ones might be candidates to just put some volume on for the potential.

 

[L3urntout]

I mean I would look at 1inch competitors then, most in the space have 2 (Sushi vs Uni) (Compound vs Aave), there has to be another DEX Aggregator that is up and coming

 

[L3urntout]

We're popping off for sure, but gotta ask when will the current trend will reverse, feeling a bit euphoric everywhere now... Hopefully we can simmer down and get an Alt run. Huge arbitrage opportunity with open up with reclassification of ETH-E to reduce the holding period to 180 days Jan 5th i believe? GBTC premium down big though, crazy times ahead! I hit more BTC sell-offs... so I'm hoping we dip again.

Btw in 2017 we peaked Dec 17 and it took until approx jan 12 for ETH to peak... so I'm hoping we see some similar fireworks!

 

[wuffle]

Not me :/ probably would have if i knew about it though! Been using dexes more and more at least for the eth tokens.

Got a few addresses that qualify lol

 

[wuffle]

I'm wondering if any other exchange might be thinking about doing another one and if so which ones might be candidates to just put some volume on for the potential.

Off my head - Zapper, dydx, Opyn, shell protocol, paraswap

 

[L3urntout]

Can't sleep because gotta watch BTC punch right through 27k

Seems like so much but it is only a 1% move lol...

 

[SpaceMonkey420]

27500 ship it!!!

 

[johnjohn]

 

[wuffle]

anybody has circles account and can easily accept USDC? Will be great if you can help since I don't have paypal FF and have to pay 4.5% fees

 

[PlayerADK]

Touched 28k

 

[HaRDHouSeiNC]

anybody has circles account and can easily accept USDC? Will be great if you can help since I don't have paypal FF and have to pay 4.5% fees

I used Bitstamp when I got ETH on firesale early this year
Their fees were pretty low
I can buy some crypto on crypto.com with debit and the fees Id have to check but it seems like less than 5%
Scoop me up some chips I need, Ill trade you for eth

 

[wuffle]

I used Bitstamp when I got ETH on firesale early this year
Their fees were pretty low
I can buy some crypto on crypto.com with debit and the fees Id have to check but it seems like less than 5%
Scoop me up some chips I need, Ill trade you for eth

Lowest fees should be buying in Binance with stablecoins.

i have ETH, looking to get more THC leaded sets if possible

 

[johnjohn]

 

[PlayerADK]

Hello again 28k

 

[HaRDHouSeiNC]

Yah now to see does it correct big or touch 30k which is like a big thing like just mentally big round number then who knows

 

[DrStrange]

Let's do a thought exercise. Some time in the future, bitcoin has achieved fiscal mastery of the world. No Dollars, Pounds, Euros, Yen. No central banks. Every transaction is bought and paid for with bitcoin.

Bitcoin is proving to be highly deflationary, as designed. The coin rises in value 25% a year or doubles every three year. So how would this work?

Credit is a strange beast. "Normally" a currency with negative interest rates leads to lenders paying the borrower to take the money. But with bitcoin, the holder can keep on HODLing rather than lending and paying for the privilege.

Buy a house with a 15 year mortgage? Every bitcoin at purchase is worth 32 bitcoins at payoff, though you will be paying less than that over the life of the loan.

Buy a car with a six year note? The payoff is 4x the purchase price.

Almost no one ever gets a "raise". Pay cuts every six months for life. The purchasing power stays the same, but the number of bitcoins you get shrinks forever. Over a 45 year work life, your final pay is something like 1/16,000th of what you got paid back in the good old days.

Everyone is going to want to pay bills in advance. Every month is worth 2%. But the vendors aren't going to want to take fast payments. Gumming up the works, forcing people to wait to get their bills, stretching out commercial payment terms will become business as usual.

There is a reason why most economists fear deflation more than inflation. Many strange things happen when effective interest rates are negative. I can't say we wouldn't find ways to adapt. But I can say such adaptations are going to be painful, especially for people at the lower end of the economic system.

The structure of the coin system is intended to create massive deflation. I think we should be careful what we wish for.

 

[L3urntout]

Bitcoins is coded to be permanently inflationary. It is only considered deflationary in comparison to our current system of parabolic inflation.

Realistically it isnt going to supplant all centralized currencies and function like they do.

Also it is a ridiculous premise to assert that the value captured by the world would double every 3 years, which is what you are alluding by saying the value of btc doubles every 3 years.

I think you should search for a more honest thought experiment.

 

[ekricket]

Is this really a rehash of a “gold” or other precious metal based currency - you can only issue currency backed by the actual metal, and since there is a finite amount of the metal there is only a finite amount of currency? Except now we are talking about limiting it artificially by our choice of algorithm?

so “money” becomes a primary investment vehicle, and instead of spending we hoard, only buying what you need when you need it and only just enough of it (because our money is worth more later, don’t spend it now). Instead of a vehicle to facilitate commerce it becomes the commerce itself?

I think a lot of this falls into the category of “works great as long as only a few do it, but fails tremendously when everyone adopts it”.

 

[DrStrange]

I do remember having similar discussions with "gold bugs" back in the day as I have with crypto "investors". But perhaps this time is different? I do try to keep an open mind. Sure, I will call out nonsense. But the study of economics is a strange thing, there are a lot of things we really don't understand.

Inflation in the USA has been running ~~2%/year for quite some while, at least 20 years. In a technical mathematical sense this is "parabolic" inflation Even a flat line is a parabolic function. If someone is playing bitcoin as a defense against "runaway" 2% / yr inflation - - - perhaps that might be misguided.

I'd like an explanation for how bitcoin is coded to be permanently inflationary. It is a really tiny window to be defending against the current levels of inflation and yet not dropping below zero into deflation, all without a central bank. I am sure I just don't fully understand how the coins work. Please help us understand. Bitcoin has risen in value from $0.08 in 2010 to $20.00 in 2012 to $25,000 today. This is deflating far, far faster than doubling once every three years,

I read Warren Buffet, perhaps the greatest investor of modern times, calls bitcoin "rat poison". I suspect Berkshire Hathaway doesn't have any crypto coin in their portfolio. Yet I see the value of all the crypto coins now exceeds the value of Berkshire Hathaway. Someone is really, really wrong.

Lets see, bit coin isn't going to become a substitute for "real money" We aren't going to buy and sell real estate with it, Not going to get paid in bitcoin. Not going to be part of the credit cycle that powers the modern economy.

So what good is it? Ok, sure you can buy stuff you hope not to get tracked back to your name. Maybe sell drugs, trafficked children, unregistered firearms, bribe government officials. Paypal will facilitate [lawful?] transactions. But only a teeny, tiny sliver of the world's commerce.

I have been around all sorts of ponzi plans / multi level investments / "get rich quick" plans. A few of these payed off. Mary Kay turned out to be an effective business model. Sometimes things look great until they don't - Bernie Madoff made thousands of people rich until it all fell apart. < if only all those investors had HOLDed they wouldn't have run into problems?>

Bitcoin and the rest of the coins look like a game where the last suckers are left holding an empty bag. Yeah, I am that sort of cynical old man. But perhaps I am misjudging the situation. Which is why I keep trying to understand what a bitcoin is actually good for? What is the value? If it isn't going to somehow become a medium of exchange, then what?

I do wish you guys all the best. I hope you become rich beyond avarice. And that you have the wisdom to convert some of those riches into more tangible things. And most of all, if this all goes bust, I hope you didn't bet the farm on a fool's dream -=- DrStrange

 

[PlayerADK]

And that you have the wisdom to convert some of those riches into more tangible things.

Like... Chips?

BTC for me is huge on the sole fact that it's decentralized. Nobody can print bitcoin whenever they want. It's a network with majority consensus that is extremely extremely unlikely to ever be exploited.

The government may(likely will) attempt to regulate cryptocurrencies in the near future but in the end it's still going to be a truly decentralized network with no singular person calling the shots.